Bookkeeping is an essential part of running a business which helps many businesses find great financial success. However, it can be time consuming and tedious for many business owners, especially those who find bookkeeping is not their strong suit. Due to this, it can be extremely easy for business owners to put the bookkeeping by…

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Getting started with your own business is an incredible challenge but is also a thrilling experience that could transform your life for the better. It can be especially challenging for new business owners who begin with a loose plan of action or simply on a whim. As all businesses often have to face similar challenges…

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As a business owner it is likely you have seen the term Business Activity Statement, or its acronym BAS, being floated around. Most business owners will have to deal with a BAS when their business gets to a certain size. So, the question is often asked, what exactly is a BAS? To help out we…

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Running a business can be quite the stressful job, but thanks to new technology and the development of accounting software – accounting and bookkeeping has been made a lot easier than it traditionally was. Despite this, it is still common, and typically human, to make mistakes every now and then. Accounting mistakes may result in…

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Businesses in the construction industry have a set of unique challenges. As they regularly have the unique experience of working with a range of employers, partners, extra contractors, businesses and individuals, all who have different payment schemes. Due to this, the books can become complex, and so, bookkeepers for the construction industry need to be…

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The usual things:  Reconcile Make sure you have reconciled all the bank accounts till 30 June 2020. Check if there is any balance in the clearing accounts and explain why it is not $0. Clear the suspense account, as necessary. June quarter BAS Due for lodgement by 25th August. Checkout the ATO Cashflow Boost you…

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Sometimes, after a few difficult months, you may find yourself in a bit of trouble with overdue BAS lodgements. But, don’t worry it is not the end of the world, an ATO payment plan can help you out. It is nothing to be ashamed of, the ATO wants your business to be successful and understand…

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If you have been reporting your payroll through STP throughout the year, it is time to finalise those reports. Traditionally, you would have to give your employees payment summary and then lodge a payment summary annual report to the ATO. If you are on STP, you will not need to do that anymore. In Xero,…

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