Bookkeeping Tips and News

Accounting For Startups

Basics Of Bookkeeping For Startups

Are you a startup business or a small business? If so, the sooner you get your accounting systems in place the better for your business. Please read below to learn how you can do this. Bookkeeping refers to recording all the financial transactions of a business or company. It, therefore, entails recording the sales, purchases, payments, receipts, and accruals for receivables or payables. Bookkeeping specialists help businesses track their income and expenses for the calculation of profits. It also involves keeping [...]

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Qualities Of A Good Bookkeeper

Qualities Of A Good Bookkeeper

What qualities does it take to make a good bookkeeper? Not everyone is cut out to be a bookkeeper. Let’s take look now at what makes a good reliable bookkeeper. Bookkeeping is critical to any business organisation, and finding the best bookkeeper could contribute to the financial success of your business. Whenever a business is looking to hire a bookkeeper, there are essential qualities such a business should look out for. Hiring a bookkeeping specialist with the right qualities helps a business [...]

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Formal Bookkeeping System

What Does the Term Formal Bookkeeping System Mean?

Are you familiar with the different types of bookkeeping that are out there? Which one is best for your business? Let’s take a look at the different types of bookkeeping in the article below. If you are a business owner then you will have to deal with accounts at some point. Having an organised system to keep track of what is going on with your business’ finances is an absolute must. When we talk about this type of system, it is [...]

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Bookkeepers vs Accountants

Which are Better and Why – Bookkeepers or Accountants?

If you’re in Melbourne and planning on hiring someone to help manage the finances of your business, then you have probably found yourself wondering whether you need a bookkeeper or an accountant. What’s the difference, and which should you bring on board to help take care of your company? What is a Bookkeeper? Bookkeepers are responsible for the day-to-day tracking of the finances of your business. A bookkeeper can help you with a lot of tasks, including processing invoices and receipts, keeping [...]

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journal entry

Is Journal Entry and Double Entry Bookkeeping the Same Thing?

Bookkeeping can be a confusing task because there are so many ways to do it. It’s not easy for someone who is untrained to understand how to log transactions.  Most people have heard of double-entry bookkeeping, but what about journal entry?  What’s the difference between these two? Is there even a difference at all? Journal Entries A journal entry, in the field of accounting, is the idea of logging a transaction as a journal item.  A journal entry can be several recordings, and [...]

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outsourcing a bookkeeper

Can I Outsource A Bookkeeper?

Can I outsource a bookkeeper? This is a common question among entrepreneurs because of the many advantages associated with the concept.  And it is only natural for you to ask the same thing if you want to make more cost-effective decisions for your business.  When running a startup, you need to keep an eagle-eye on your expenses.  However, as a business owner, you already know there is more to numbers than just adding and subtracting.  Things need to happen in a certain way [...]

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restaurant bookkeeping

What is The Best Bookkeeping Software For a Restaurant?

Running any form of small business is stressful and challenging, but the restaurant industry can be particularly tricky, because there are so many costs to take into account, and income can be so variable.  Restaurants have both fixed and variable overheads, and it is likely that they will be taking in a lot of cash on a day to day basis.  This means that good record-keeping is essential. Let’s take a look at some of the best accounting software for restaurant [...]

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General Bookkeeping: The Four Element System [2019]

What Is The Four Element Bookkeeping System?

Bookkeeping is the process of recording daily transactions for a business.  That is a brief way of defining it but that can also oversimplify the actual work which goes into the process.  Bookkeeping is more involved than the simple recording of income, expenses and a tally of how much cash is on hand.  It is also used to protect a business’s assets and note errors before they become problems at tax time.  The following information explains general bookkeeping using the four-element system. Cash Income and [...]

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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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