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

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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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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What Not to Do With Your Business Accounts

Keeping on top of the accounting requirements of their small business is usually the least exciting part of being a micro-entrepreneur, but if the owners do not pay it the attention it deserves, poor accounting practices will be their undoing. In fact, it is one of the key reasons why one in three small businesses fails in the first year of operation. If you are thinking about starting up a new business, you are most likely thinking more about how

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Whom Would You Trust With Your Financial Future?

With opinion polls showing that trust in our politicians is at its lowest point since 1969, it is not surprising that we have also become less trusting of other public institutions. Long-term abuse of children by some religious institutions has been laid bare and politicians with a skewed view of their entitlements have been publicly embarrassed. Are Our Business Worlds Still Trustworthy? It does not end there, as our biggest banks have just been called on to remove unfair loan

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Start Getting in Shape for the New Financial Year Now!

All over the world, we celebrate New Year’s Day as the time for making resolutions to change things in our lives. With a new financial year starting on 1 July, perhaps we should begin a new tradition by using this date as an opportunity to make financial resolutions. For business owners, it could serve as a “reboot” to existing plans that have lapsed or an incentive to start this financial year in better shape than the last one. Strategic Focus

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Basic Financial Skills Essential for a Business Owner

There is no shortage of entrepreneurs in Australia who have a great idea or product, and the ability to create a “start-up” business to bring their creation to the market. According to a recent survey however, many of these fledgling businesses will not exist beyond 1 to 2 years, largely because their owners lack basic financial knowledge. Early Stage Business Failures due to Lack of Financial Understanding The survey also found that this lack of knowledge differed across a demographic

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