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bookkeeping basics

Understanding Bookkeeping Basics

Bookkeeping is the core of the accounting system for all businesses.  The people responsible for it are tasked with recording and categorising financial transactions as well as the techniques of recording those transactions.  Small business owners are quick to disregard the significance of bookkeeping due to the lack of knowledge of what it entails and how essential it is to their entity.  This article will look into the fundamentals of bookkeeping and help you understand more about it. Who is An Accountant? A bookkeeper [...]

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tax-late

Tax Late? 5 Signs Your Business Needs A Bookkeeper

Owning a business comes with a great deal of responsibility, including making sure that your finances are in order.  You may have tried handling this on your own, but hiring a bookkeeper would be in your best interest.  Here are 5 reasons to bite the bullet and seek out professional help. 1. On-Time Tax Filing When you run a business, it is easy to get so caught up in all of the daily tasks that you forget about tax deadlines.  If you pay taxes [...]

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Advantages And Disadvantages Of Double-Entry Bookkeeping

Advantages And Disadvantages Of Double-Entry Bookkeeping

You may have heard people in finance mention double-entry bookkeeping and wondered what the big deal is.  This is a method of bookkeeping that has many advantages as well as disadvantages.  Before deciding whether this is an option for your business, it would be a good idea to continue reading to learn more about what can be expected. Advantages This method of bookkeeping makes it easier to create a balance sheet. Once the fiscal year is over it will make it simple for [...]

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Bookkeeping Basics For Small Businesses Owners

Bookkeeping Basics for Small Business Owners

When you buy a new car you want reassurance that you scored a great deal. You’ll probably listen to the engine sounds, check the oil, check the tires and much more. It’s unlikely that you’ll pack it away in your garage or check on it every second. However, as you keep using your vehicle, you’ll naturally keep performing certain checks to make sure your car is still in good condition. In the same way, small businesses need bookkeeping services when [...]

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golden rules of bookkeeping

6 Golden Rules To Follow When Bookkeeping

Many people do not realise how important solid bookkeeping is to the success of their business. While making money is important, there needs to be a system in place to ensure that every bit of money is accounted for. Whether you decide to handle things on your own or call in a professional, here are some golden rules that need to be followed. 1. Never Mix Business And Personal Finances This applies to business owners as well as those they may [...]

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hire a bookkeeper

Why Should You Hire A Bookkeeper?

Bookkeeping involves the recording of important financial transactions of a business on a day-to-day basis. A bookkeeper should maintain accurate financial records of a business and keep them up to date. Accuracy is the keyword when it comes to keeping books on behalf of a business. Bookkeeping is a highly specialised job that should be performed by a professional who is trained and experienced in the subject. A bookkeeper is a person who maintains accurate financial records on behalf [...]

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What is the Future of Bookkeeping

What is the Future of Bookkeeping?

Bookkeeping is something that every small business must do and there is no escaping from it – unless you don’t mind the ATO knocking on your door. However, the world is changing rapidly and the days of bookkeeping being done using a pen and a double entry notebook are on the way out. Now even using an Excel spreadsheet is considered archaic to some. If you want to be successful with your bookkeeping, you need to work smart. How Technology [...]

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A Beginner's Tutorial to Bookkeeping

A Beginner’s Tutorial to Bookkeeping

Bookkeeping is the act of recording and classifying different accounting transactions in any business and the techniques used for such processes. For small business owners, there is the option of doing your own bookkeeping, hiring someone else to do it for you or outsourcing it to a third party. Taking this into consideration, following is what you need to know about bookkeeping as a beginner. Currently, there are numerous bookkeeping programs on the market. However, there are some things you [...]

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Why is Bookkeeping Important for a Small Business

Why is Bookkeeping Important for a Small Business?

Bookkeeping is an integral process for any small business. Business owners can choose to hire bookkeepers, outsource the work to them or do it themselves depending on their bookkeeping knowledge. Whatever they choose, bookkeeping ensures the following benefits to each and every small business. Ensures Proper Budgeting With thorough bookkeeping records, it’s easier to stick to a budget. Remember, small businesses have smaller resources so wasting these resources can hurt. If the income and expense are organised accordingly, you [...]

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10 Expectations To Set For Your Bookkeeper

10 Expectations To Set For Your Bookkeeper

Hiring a bookkeeper is definitely the right decision for a small business however, it’s even more critical that you find the right bookkeeper for your business. This process requires a lot of patience, research and due diligence. Remember, the bookkeeper is working for you so you should set the right expectations to make sure you achieve the best results. Taking the above into consideration, let’s take a look at the top 10 expectations you should set for your bookkeeper to help [...]

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