How to reconcile your Bank Accounts

How to reconcile your bank accounts When you enter transactions into your QuickBooks Online file, such as expenses, making payments against bills, deposits, and payments against your customer invoices, each of the transactions need to be checked and matched to bank records. This process is called reconciling. This should be done for all your bank accounts and credit card accounts that are linked to your QuickBooks Online file on a monthly basis. The transactions in QuickBooks Online should mirror your business bank account. This is a significant part of the process of bookkeeping. If you do not take the time to reconcile correctly you may find that you have missed… Read More

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Profit and Loss 101: Do you really understand your P & L?

An income statement (commonly known as a profit and loss statement or your [P&L]), is a critical tool to know as a business owner. It answers the most important question: Is your company profitable? Is it running efficiently? And what opportunities are there in identifying areas to focus on i.e. opportunities for increasing revenue and/or decreasing costs. Naturally, when you work closely with your BAS Agent, you have the peace of mind knowing that this is created accurately, however, as a business owner, it is also useful to know how to interpret this fundamental statement. This blog is your profit and loss 101 training document. Our aim to provide an… Read More

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Three Vital Questions to Ask Before Hiring a Bookkeeping Service

From slow reporting to incorrect figures, tax issues to even fraud, hiring the wrong bookkeeper can be detrimental to your business. We’ve complied three essential questions that you should ask a bookkeeper before hiring them. • How often will the potential bookkeeping service be able to report? In today’s competitive market you need to make quick decisions. Updated books that accurately reflect your current financial position can help you make an informed decision. Finding out how often your books will be updated by the bookkeeper is essential to avoid any potential frustrations. • What kind of experience does the potential bookkeeper have? This is a very significant question, try to… Read More

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Five Essential Bookkeeping Tips for Business Owners

Five Essential Bookkeeping Tips for Business Owners Maintaining your books is an imperative and essential part of running a business. Despite every business owner knowing this, it is quite easy to feel out of control when it comes to bookkeeping and accounting. By accurately monitoring accounts receivable, payable, profits, expenditures and losses as well as other crucial accounting details, professional bookkeeping services allow businesses to stay on top of their financial obligations. To assist you with your bookkeeping needs, we’ve compiled five essential tips that will help you with your bookkeeping woes. 1. Using the Right Software – With so many options out there, it is absolutely essential to choose… Read More

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Bookkeeping Adds Value!

Why Bookkeeping is Essential for Your Business Bookkeeping policies play a key role in organizing economic life. Be it the public sector or a private company, every activity is assessed and evaluated around its costs, benefits, risks and rewards. Bookkeeping is thus regarded as a communicative discipline: the numbers as such are important means of conveying information to stakeholders, regulators and consumers. Moreover, bookkeeping enables reporting and assessment of performance, providing clear visibility to see how well you are performing. Bookkeeping’s Usefulness for Managers Through its scope of transparency and visibility, bookkeeping figures produce as well as limit subjectivity. Be it on an individual level or from a managerial perspective,… Read More

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The future of Bookkeeping

Like any business, bookkeeping needs to adapt to a changing digital landscape. Technological advances are frequent and bookkeepers must adapt in order to be successful. Back in the day, the introduction of personal computers and digital data would have been life changing. Now, we’re moving from desktops to cloud storage. Software is becoming increasingly mobile optimised, with many apps aimed at business owners. More than ever, we have constant access to our business and data. New tech forces us to change the way we think and act in our work. The digital age is paperless, borderless, and connected. Long distance video communication is possible, breaking news is instant, and finances… Read More

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