Author name: YBM

Bookkeeping and accounting have many similarities that may lead you to struggle with differentiating between them. They are both essential functions in managing the financial aspects of your business, however, they have several differences that set them apart.  In this article, we’ll take you through the difference between bookkeeping and accounting to provide a clear …

The Difference Between Bookkeeping and Accounting for Small Businesses Read More »

Financial projections are vital to your business plan, but devising them can be challenging if it’s your first time. To aid you in this, we’ve compiled a guide on creating financial projections with all the essential information and tips and tricks you need.    What are Financial Projections?  Financial projections are estimations of future financial …

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Choosing the right business structure is one of the most crucial decisions you’ll make when starting your business. Many factors must be considered when making this decision, such as your growth plan, business size, and circumstances. As a small or new business, you may change your structure further down the line to reflect business growth, …

Understanding The Difference Between Sole Trader, Partnership, And Company Read More »

An inevitable part of running a business is paying your employees salaries, commissions, bonuses, wages, and superannuation. But did you know these can be tax-deductive if you comply with ATO’s rules and regulations? This guide details vital information business owners must know regarding claiming employee salaries and wage deductions. Claiming Salaries and Wages  The deductions …

How To Claim Deductions for Employees’ Salary and Wages Read More »

Efficient organisation is an essential part of running a small business. Although completing vast amounts of paperwork may feel daunting, staying on top of vital documentation will help you in the long run.  This guide will detail the best ways to organise your accounting documents, ensuring your small business remains organised.  1. Create a Filing …

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Managing business tax liabilities is a complicated task. However, it’s also one of your most important duties. Tax debts can incur serious consequences if left unpaid. Thus, it is important to be proactive when managing this debt.    Prioritising Your Tax Debt  It’s important to consider all your cash flows and review what payments you …

How To Manage And Reduce Business Tax Debt Read More »

A tax audit is an examination that ensures your financial records and taxations are in compliance with Australia’s tax laws and regulations. Anyone can be contacted, so it’s always helpful to complete your paperwork and make sure you have receipts and documentation on hand to support all your claims. So, in light of this new …

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When you’re running a business, you have to take care of everything, from finances to customer service. So, It’s always better to find tools that can help you save time and automate recurring accounting tasks that become tedious after a while. If you’ve been stuck for a while trying to choose between QuickBooks, Xero, and MYOB, let’s …

MYOB vs. Xero vs. QuickBooks Read More »