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News & Articles on Finance & Business, Accounting, Taxation, SMSF & more

What Does a Good Bookkeeper Need?

Bookkeeping is one of the occupations that is enhanced, rather than diminished, by computerisation. The development of accounting software removes the more tedious tasks and allows the bookkeeper to produce reports targeting specific cost centres on demand. This provides business owners and managers with the opportunity to correct problems before they become long term. Bookkeepers Still in Demand However, computerisation does not mean that bookkeeping skills have become redundant. In fact, skilled bookkeepers are in high demand, particularly in small and medium

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Get Professional Advice Before Structuring Your Business

Many small businesses start off as a one-person operation, often in the trades, as a mobile supplier of personal services or working from home. Others change hands because of a sale or some other circumstance. Regardless of how or why a person becomes a business operator, the structure of the business must be decided. There are compelling reasons for this, including legal and operational risks, tax obligations and protection of assets. As the business grows, the structure can be changed but this

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Cloud Storage of Electronic Records a Productivity Boost

In Australia, the end of the financial year occurs on 30 June, and with this date fast approaching, all taxpayers – individuals and businesses – should be preparing to close off their financial records for 2016/2017. Tax laws require taxpayers to keep certain records for a specified period, generally five years from the time they receive an assessment related to that year. This may be longer for some businesses, depending on circumstances. Filing before Computers Before computers, keeping these documents

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Just Starting Work? Take Your Superannuation Seriously

To young people who have just entered the workforce, the prospect of setting aside part of their income for retirement is usually the furthest thing from their minds. After years of financial dependency, they can finally make their own decisions. Buying a reliable vehicle, the latest fashions and electronic devices, socialising with friends and saving for holidays are their current priorities. It is usually not until they are completing employment forms that they think about superannuation, and often because an

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Technical Skills and Personal Attributes Make a Great Bookkeeper

It is hard to imagine in 2017 that the origins of double entry bookkeeping stretch as far back in history as the early 13th century. This system is accepted worldwide as the most accurate way to track transactions and value assets and liabilities. It also gave rise to bookkeeping as a skilled vocation that has been in steady demand ever since. What Do Bookkeepers Do? It was the bookkeeper’s role to record all daily business transactions, reconcile bank statements and

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The Federal Budget 2017

Business $20,000 instant asset write-off extended  The popular $20,000 instant write-off for assets purchased by businesses with an aggregated turnover of $10 million or less is extended until 30 June 2018, further improving cash flow. Be mindful that this depreciation only applies to some assets and that they will need to be installed and ready for use by 30 June 2018 to qualify. Assets costing over $20,000 can be allocated to a pool and depreciated at a rate of 15%

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