Choosing The Right Accountant
A good accountant is an invaluable resource. Here are our tips to ensure you choose the right accountant for your business.
Bookkept - Melbourne Accounting & Tax Blog
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Contractors And Employees
While it might seem at first glace that a contractor is cheaper and easier because of PAYG Withholding, Superannuation & Annual Leave – it can be a very complicated space where there might not be a right answer.
Self Managed Super Funds
The chief reasons for the popularity of SMSF’s include control over assets,
tax benefits associated with superannuation, flexibility in funding retirement, potential cost savings by eliminating trustee and portfolio fees & estate planning opportunities.
Cash Flow Forecasts & Budgets
Lack of cash flow can be the difference between success and failure for small businesses – the planning of cash flow can reduce stress for both you and your creditors and the knowledge that you have money spare allows you to expand.
Negative Gearing vs Positive Gearing
Negative gearing is one of the most misunderstood concepts in tax and is something commonly said in the media without any real explanation. Simply, gearing is “borrowing to invest”.
What Are Franking Credits?
A franking credit is a tax credit attached to “franked” dividends that shareholders receive from companies. Is it where the company issuing the dividend has already paid taxes on the income used to pay the dividend. To an individual, it is similar to PAYG taxes than your employer pays on top of your net wages.
Director Penalty Notices
Directors are legally responsible for ensuring that their company meets its pay as you go withholding, GST and superannuation obligations. If a company fails to comply with their obligations, company directors are held personally liable for the amount the company should have paid.
Sharing Economy
The sharing economy describes an emerging social concept that connects people via the internet to those who will share services for money.
Buying A Business
Buying an existing proven business can be easier than starting from scratch – an established business has brand awareness, a (hopefully happy!!) customer base, regular suppliers and immediate cash flow.
Tax Effective Entity Structures for Asset Protection
Asset protection is needed as early as possible to protect yourself from a disastrous first few years of trading -it’s not only for the wealthy! It can mean the difference in protecting your family home and not.
Employee Allowances
Allowances are separately identified payments made to an employee to cover expenses they incur while performing their role. Allowances paid in conjunction with normal salary and wages are not treated separately for PAYG withholding, but can still have special treatment in the eyes of the ATO.
Is This A Hobby Or A Business?
When you’re at the stage of asking this question, it’s often the case that there’s no right answer. Many businesses will start out as hobbies, and there will be a point when you could say it’s either. Your accountant can help you consider the differences in the characteristics of commercial business and a hobby to make sure you’re lodging your taxes correctly.
Car tax deductions – How to claim the right way & maximize your tax refund
There’s no doubt that claiming for your work-related car expenses at tax time is one of the great joys of life! However, you must be certain that you have strong documentation to substantiate your claims.
How Do Working Holiday Maker Taxes Work?
Working Holiday Makers Taxes & the so called Backpacker Tax… Holiday makers on a 417 visa have often never been involved in tax returns so we’ll explain how tax residency & Working Holiday Marker income works.
Bookkeeping Tips For Small Business in Melbourne, Victoria
Bookkeeping For Small Business in Australia When you opened the doors of your small business, you were probably excited to meet your first customers and
Bookkeeping Systems To Use For Small Business
Bookkeeping Systems To Use For Small Business Learning the types of bookkeeping systems is essential in identifying which one to adopt and use in
Are accountants good at math?
Are accountants good at math? A degree in accounting is a great way to ensure that you are on the path to a stable career
How do you maintain bookkeeping?
How do you maintain bookkeeping? Few people start a new business so they can do paperwork. Spending time adding up receipts or pushing invoices around
What are the duties of a bookkeeper?
What are the duties of a bookkeeper? Bookkeepers are responsible for maintaining an organisation’s key accounting records, known as ledgers. Day-to-day activities include recording transactions
What Are The Types Of Bookkeeping?
What Are The Types Of Bookkeeping? Learning the types of bookkeeping systems is essential in identifying which one to adopt and use in keeping the
Should I Hire An Accountant For My Small Business?
Should I Hire An Accountant For My Small Business? Maybe you’ve just started your business, and you’re wondering if you need to hire an accountant.
What Are Some Accounting Strategies?
What Are Some Accounting Strategies? Far too few business owners understand the role that smart accounting plays in their success. But make no mistake –
What Does A Bookkeeper Do For A Small Business?
What Does A Bookkeeper Do For A Small Business? Keeping the books is just one of the tasks modern bookkeepers might handle. Depending on the
What Are The Basics Of Bookkeeping?
What Are The Basics Of Bookkeeping? Bookkeeping is the process of recording all financial transactions made by a business. Bookkeepers are responsible for recording, classifying,
Can I claim expenses without a receipt?
Can I claim expenses without a receipt? Do you claim tax deductions when you don’t have a receipt? Claiming with no receipt is becoming
How can accounting grow your small business?
How can accounting grow your small business? The accountant is a key player in any business – after all, bad money management often equates to
How much should I pay a bookkeeper?
How much should I pay a bookkeeper? The cost of bookkeeping largely depends on two components: data entry and accounting application. Straightforward bookkeeping services that
How can I be successful in accounting?
How can I be successful in accounting? College can be fun just as much as college can be a drag. But at the end of
Bookkeeping For Small Business in Australia
Bookkeeping For Small Business in Australia When you opened the doors of your small business, you were probably excited to meet your first customers
How do I keep books for a small business?
How do I keep books for a small business? Running a business can be unpredictable, but an excellent record-keeping system can make things easier.
How To Choose The Right Bookkeeper?
How to choose the right bookkeeper? A good bookkeeper is pivotal for the long-term success of any business; therefore, hiring the right bookkeeper is equally
How to start a bookkeeping business from home?
How to start a bookkeeping business from home? To begin with, when you start a bookkeeping business, this can be as simple as working
What are the basic bookkeeping skills?
What are the basic bookkeeping skills? Bookkeepers record and classify financial transactions. As well as being comfortable with numbers, organisational skills are particularly important for
How Can I Get A Bigger Tax Refund?
How Can I Get A Bigger Tax Refund? With 84% of taxpayers expecting a refund, and the average size of rebates last year reaching
How do I become a bookkeeper with no experience?
Are you interested in becoming a bookkeeper but have no experience? For entrepreneurs, coming up with an idea and starting a new business can happen
What are the basics of running a business?
How do you run a business? There are no limits on who can become a great entrepreneur. You don’t necessarily need a college degree, a
How Much Should A Small Business Owner Pay Himself?
How Much Should A Small Business Owner Pay Himself? The entrepreneur salary—it’s a number that’s both thrilling and complex. I still remember the day I
What do bookkeepers do?
What do bookkeepers do? Keeping complete and accurate financial records isn’t the most glamorous part of building a company, but you can’t have a solid
What Are The Necessary Bookkeeping Skills?
What Are The Necessary Bookkeeping Skills? Bookkeeping and accounting often get used interchangeably. However, there are a few differences between the two. Both accountants and
What are common bookkeeping challenges faced by a small business?
What are common bookkeeping challenges faced by a small business? How has operating your small business been like for you? During the initial phase, you
What are the two kinds of bookkeeping?
What are the two kinds of bookkeeping? Traditional bookkeeping was performed using one of two systems. Accountants and bookkeepers used the systems to manually calculate
What are the types of bookkeeping?
What are the types of bookkeeping? Bookkeeping is the backbone of the small business financial system. The process involves organising and storing accounting and financial
Why should I hire a bookkeeper?
Why should I hire a bookkeeper? Consider a scenario where your startup is on its way from idea to formal business. There are many, many
When to hire an accountant?
When to hire an accountant? We often get enquiries from small business owners who have a problem. Usually, they have a little mess that needs
How to start a bookkeeping business?
How to start a bookkeeping business? Thinking of starting up your own bookkeeping business? You’ve come to the right place. Whether you’re taking the leap
What are the strategies in bookkeeping?
What are the strategies in bookkeeping? When you are running a business, it seems like the bills are always piling up and making it hard
What does a bookkeeper do for a small business?
What does a bookkeeper do for a small business? Bookkeepers can wear many different hats depending on what a business needs. That said, most bookkeepers
What qualifies a small business?
What qualifies a small business? Small business is defined as a privately owned corporation, partnership, or sole proprietorship that has fewer employees and less annual
How to Keep Records for Your Small Business?
Tips for keeping records for your small business. As a small business owner, you probably don’t get excited about tax season. At best, prepping your
Is bookkeeping a good career choice?
Should you consider a bookkeeping career? Bookkeeping is a popular profession here in Australia. It has the advantages of being a semi-professional ‘white-collar’ career. Still,
How do I get QuickBooks Certified?
A QuickBooks ProAdvisor is someone familiar with the QuickBooks product line which has joined the QuickBooks ProAdvisor program and passed a certification exam. There are
Is it hard to become a bookkeeper?
Is it hard to become a bookkeeper? Are you a spreadsheet whiz that loves spending all day highlighting cells in the most impressive colours? Is
How do small businesses reduce taxes?
Have you wondered how small businesses reduce their taxes? Taxes can be stressful for a small business owner. You likely wear many hats, and the
How do you identify a small business?
Tips on identifying a small business. If you own a business, it’s important to understand how size affects your operations. According to government agencies, different
How Much Tax Can You Claim Without Receipts?
Can you claim tax without receipts? Do you claim tax deductions when you don’t have a receipt? Claiming with no receipt is becoming a bit
What do small business consultants do?
Everything you need to know about small business consultants. Small business consultants give business owners advice on strategy, problem-solving, and developing skills. They also come
How to choose an accounting firm for your small business?
Choosing the perfect accounting firm for your small business? Every year legislators twist and tweak tax laws, leaving the average citizen scratching his head when
What are the marketing tips best for small businesses?
All the marketing tips you need to know a small businesses It goes without saying that 2020 should be the year you focus your efforts
What are the bookkeeping mistakes should avoid?
Bookkeeping mistakes you should avoid Small and medium enterprises show a lot of zest for expanding the business, but more often, they fail to grasp
How do taxes work with Airbnb?
How do taxes work with Airbnb? With the rising popularity of Airbnb and other vacation rental companies, more and more people are renting their homes
What should first-time entrepreneurs know before launching?
Tips for first-time entrepreneurs before launching? There’s no ‘one size fits all’ answer to this question. What someone going into an aircraft business needs to
What Can Tradies Claim On Tax?
The things Tradies can claim Tax on. Tradies work long and hard to meet tight deadlines, which often leaves little time or energy to think
What can you claim on tax for teachers?
The things you can claim tax on as a teacher. Many educators have been teaching remotely due to COVID-19 restrictions. What are some expenses teachers
Is Xero better than QuickBooks?
Is Xero better than QuickBooks? The search for the right business accounting software can be extensive—deciding what features you need, what your budget looks like,
What expenses can you put on your taxes?
What expenses can you put on your taxes? It’s soon time to lodge your tax return, so you should start thinking about any work-related and
Why Is My Tax Refund So Low?
Reasons why your tax refund is low If you are an Australian resident for income tax purposes and you pay tax on your taxable income,
What to know for your small business accounting software?
Choosing the right accounting software for your small business Not having a good bookkeeping system in place is one of the main reasons businesses fail.
What are the features of small business management?
Have you wondered what are the features of managing a small business? Let’s face it, running a small business is a hard slog. Keeping on
What’s The Difference Between An Accountant And A Bookkeeper?
What’s The Difference Between An Accountant And A Bookkeeper? Bookkeeping and accounting are two functions which are extremely important for every business organization. In the
What are the most profitable small businesses?
What are the most profitable small businesses? Every day, new companies open their doors, provide jobs, and drive local economies, helping to sustain the functions
What Is The Best Bookkeeping Software For Small Business?
What Is The Best Bookkeeping Software For Small Business? Small business owners benefit from accounting software because it helps them track accounts receivable and accounts
What Is A Tax Write Off And How Does It Work?
What Is A Tax Write Off And How Does It Work? Under the instant asset write-off, eligible businesses can claim an immediate deduction for the
What are the tips to start a small business?
What are the tips to start a small business? Embarking on a new business venture is both exciting and terrifying in equal measure. On the
What are the promotional strategies tips for business?
What are the promotional strategies tips for business? Marketing is the process of getting your business noticed by the people who need or want your
What is Full Cycle Accounting?
What is Full Cycle Accounting? Accounting measures business activity within a certain period. The act of completing each necessary activity in the accounting period is
The best accounting and bookkeeping apps for small businesses
The best accounting and bookkeeping apps for small businesses When it comes to balancing the books, many of us simply leave it to the professionals,
Tax Tips For Manufacturing Businesses Australia
Tax Tips For Manufacturing Businesses Australia The manufacturing industry is a diverse sector. It includes commodity products such as some foods and beverages to high
Why is cloud bookkeeping best for small businesses?
Why is cloud bookkeeping best for small businesses? “The cloud” is a phrase that means something very different these days, due to the increasing use
40+ Best Business Accountants in Melbourne, Victoria [2021]
Accounting is one of the essential services of any business, be it small or big. Businesses are often forced to spend a lot on the
30+ Best Business Bookkeepers in Melbourne, Victoria [2021]
To some, the roles seem synonymous. Even the dictionary contributes to the confusion, listing both as a person who records the accounts or transactions of
How Much Should A Small Business Spend On Bookkeeping And Accounting?
How Much Should A Small Business Spend On Bookkeeping And Accounting? If you’re a small business owner, managing your financial books is not an expense
How Much Tax Do I Pay On ABN?
How Much Tax Do I Pay On ABN? The hot topic in the Australian offices this week, which several clients have asked us about is
Understanding Gross Salary: What Is It And How It Works?
Understanding Gross Salary: What Is It And How It Works? Gross salary is the term used to describe all of the money you’ve made while
Do I Need A Separate Bank Account For Being Self-Employed?
Do I Need A Separate Bank Account For Being Self-Employed? In the event of a claim made against the business, you could be on the
Hiring Staff
Hiring Staff Chapter 1: The hiring process: how to hire staff Are you ready to hire your first employee? Or maybe you have a few
GST and BAS in Australia
GST and BAS in Australia You’ve probably heard of GST before – it stands for goods and services tax and is added to nearly everything
Cloud Accounting
Want to learn about cloud accounting for your small business? Browse our guides on mobile accounting, what to consider when you’re choosing a cloud provider
How to set up your business for online sales in 5 easy steps
How to set up your business for online sales in 5 easy steps For many brick-and-mortar shops, diversifying revenue streams means putting products on an
When should you start paying yourself as a small business owner?
When should you start paying yourself as a small business owner? It’s a common question that business owners grapple with but figuring out how and
Remote Working
Remote Working Chapter 1: How accountants and bookkeepers can adapt to working remotely The COVID-19 lockdown has suddenly forced businesses to accept remote work arrangements
HR Leaders Today Need These 4 Skills to Thrive
Do you consider yourself an HR expert? We asked 500 HR leaders from Australia and across the globe how they’d rank their expertise. This lack
Not-for-profit crisis management: 7 things you can do right now
Not-for-profit crisis management: 7 things you can do right now As the coronavirus (COVID-19) pandemic spreads throughout the world, governments, businesses and not-for-profits (NFPs) race
Starting a new business
(Credit:Xero.com) Chapter 1: The secret to starting a business Starting a business is a process, not an event.People talk about taking the plunge’ into a
Online Payroll Explained
Online Payroll Explained Chapter 1: What is payroll? Payroll is a word with two possible meanings. It can mean the accounting process of paying
Marketing
Want to learn about marketing for your small business? Browse our guides for information on digital marketing, SEO, social media, email marketing and more. Chapter
Business Finance Guide
Chapter 1: What is Business Finance? Your new business idea is ready to go. Or maybe you’re ready to grow your current business. If you
Top tips for a lodging tax return: COVID-19 brings changes.
Top tips for a lodging tax return: COVID-19 brings changes. There are only a few days left of this tax year to make the most
Tax Return Tips for Australian Businesses
Business owners often find themselves drowning in paperwork, and tax time adds to the burden. There’s always so much to consider including what you’re eligible
How To Grow Your Accounting Skills In 5 Simple Steps
How To Grow Your Accounting Skills In 5 Simple Steps There’s more to becoming a good accountant than graduating with a qualification. Here are your
The Accounting Skills Most In Demand
The accounting skills most in demand There are ample opportunities for candidates who are well qualified in understanding data and understanding how it works for
What does an accountant do?
It’s a reasonable question. Do accountants manage bookkeeping? Help you understand financial ratios? Prepare taxes? While accountants are most visible around tax season, accountants work
What Are the Risks of an Accounting Career?
Crunching numbers and pushing pencils hardly seems risky, but there are some potential pitfalls in an accounting career. Accountants are responsible for accurate processing and
What Are the Generally Accepted Accounting Principles?
What Are the Generally Accepted Accounting Principles? Irrespective of the type of company, the GAAP is at the core of all of its accounting transactions.
6 Accounting Tips for Your Business
6 Accounting Tips for Your Business Well, 2020 was undoubtedly an unexpected year! It is essential now more than ever, during uncertain times, to reconsider
4 Expert Tips For Quickly Scaling A Business That’s Gaining Momentum
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How to start a bookkeeping business
How to start a bookkeeping business Why not? The benefits of starting a bookkeeping business are hard to deny. You can choose your own schedule,
What’s Your Accounting Firm Worth?
What’s Your Accounting Firm Worth? Accountants all want to know what their firm is worth? There’s no short answer to that question because every firm
5 Tips For Quickly Scaling Your Business And Achieving Repeatable Growth
5 Tips For Quickly Scaling Your Business And Achieving Repeatable Growth No matter the stage you’re at in your business, smart growth is vital for
Why You Need to Plan Your Business Growth
Why You Need to Plan Your Business Growth Business growth is essential to turning a startup into a long-term venture. With changing economic situations, personal
Six small business accounting tips for startup businesses
When you first commit to losing weight, you track your calorie intake as well as your kilos. When you bring your newborn home for the
The 2021 small business owner’s guide to bookkeeping
The 2021 small business owner’s guide to bookkeeping Successful businesses need financial information to control costs, manage cash flow and generate a profit. Without reliable
8 ways to grow your business
8 ways to grow your business Generating new business by growing your customer base is essential to your business success. However, it can sometimes be
Five ways to grow your tax and accounting practice
Five ways to grow your tax and accounting practice Winning new clients and developing a practise isn’t easy – it requires significant strategic thought. It’s
Make the time to grow your accounting practice
Make the time to grow your accounting practice Every accounting firm needs to make time to grow its business. Increasing your client base is an