Melbourne Bookkeeping

Bookkeeping is one of the most essential tasks of any business. Without proper bookkeeping, your business could very quickly and easily crash into a wall. Small business owners can do their bookkeeping on their own, but many invest in a bookkeeping service that will save them not just precious time but the risk of making very costly financial mistakes. Bookkeeping is the process of recording all the financial transactions and events that occur in your business. Purchases, sales, earnings, receipts, and payments are all meticulously recorded so that all the money that flows in and out of your business is accounted for. A bookkeeper Melbourne helps organize and track receipts and checks, and make a note of purchases as soon […]

Everyone is having a really difficult time making ends meet in this economy. There are thousands of people locally that lost their jobs because of layoffs or business closings and they are truly lost. More and more often they are turning to a hobby or a talent and starting their own business. But they never seem to first seek the help they need from professionals such as a bookkeeper, accountant, attorney, insurance agent or, for sure their banker. They open a checking account and they’re off. What happens next is they discover they have omitted some basic and essential element, such as paying payroll taxes, or filing the wrong federal forms, or failure to get a license. They then start […]

For many small businesses, the most common bookkeeping errors are also the easiest to fix. If you don’t have a bookkeeper Melbourne to help you out, use these six tips to help keep your business on sound financial footing. Use the right accounting system. Most businesses use either cash-based or accrual-based accounting. If you use the cash method, you count income when you receive it and expenses when you pay them. Under the accrual method, you count income and expenses when they happen, not when you actually receive or pay them. In practical terms, this difference in timing is relevant if your company keeps inventory on hand or handles transactions on credit. In these cases, the accrual method might be […]

Bookkeeping for Small Businesses Bookkeeping is probably not the most exciting part of your day, but it is crucial component of running your own business that cannot be ignored. Whether you hire someone else to do it for you or do it on your own, it needs to be regularly maintained and monitored. In order to make that process a little less daunting, we’ve compiled some quick and easy bookkeeping tips for your small business. Seven Best Bookkeeping Tips for Small Businesses: Organization is essential If you start right from the beginning with an easy-to-follow and organized system, it will be easier for you to maintain and adjust it as your business grows. Research various bookkeeping methods on the internet […]