Xero and other recent accounting software solutions make it very easy to complete a bank reconciliation, i.e. matching accounting transactions to bank statement lines. A new client asked: how often should I do it? This post answers that question.
Australia runs a self-assessment tax system, which means that the ATO accepts your initial lodgement but may request evidence at a later date. If you can not provide the evidence, the ATO will disallow your claim and charge a penalty and/or interest. This post covers what records to keep, how long to keep them, and what […]
One of the difficulties with Australia’s system of Awards is determining the correct Award to use. In some cases, it is quite simple, for example the Award covering hairdressers starts with “Hair”. This post describes the process to follow to determine the correct Award, using the example of a furniture removalist.
As a business grows in size and complexity, spreadsheets and other simple do-it-yourself bookkeeping systems will be increasingly time-consuming and cost-inefficient, and it will be worthwhile investing in accounting software. The ideal time to invest in accounting software is a grey area and will occur at a different time for each business, so in this post I outline a few […]
This is part three of a three-part series on bookkeeping with spreadsheets. The first post covered the benefits and limitations of bookkeeping with spreadsheets. The second post outlined the steps to create a bookkeeping spreadsheet template. This post details how to use the bookkeeping spreadsheet template.
This is part two of a three-part series on bookkeeping with spreadsheets. The first post covered the benefits and limitations of bookkeeping with spreadsheets. This post outlines the steps to create the template spreadsheet. Skip to the end of the post for the quick version.
This is part one of a three-part series on doing your own bookkeeping with spreadsheets. This introductory post covers the benefits and limitations of using spreadsheets for bookkeeping.
When an employer pays an employee, they usually need to withhold tax from the payment. This post covers how to calculate the withholding amount. The simplest method is to use your up-to-date accounting or payroll software, but some very small businesses may not have invested in accounting software (or a bookkeeper) yet. There are two […]