Accounting Software

Small Business Accounting Software—Is It the Best For You?

Choosing the right small business accounting software can be a daunting task. With numerous options available, it can be tough to identify which is best suited to your company’s needs.  Accounting software is a vital part of any business and can help you easily manage your finances. The right accounting

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funds

Helpful SMSF Strategies Your Accountant Should Teach You

Many Australians now invest their retirement savings in a self-managed super fund (SMSF) instead of traditional options. SMSFs can provide more control over how their retirement money is managed, reduce their tax burden, and help them keep their administrative costs low. By taking control of their finances, Australians can ensure

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Advantages of Getting a Tax Accountant for Your Business

If you own a business, there are numerous advantages to hiring a tax accountant to help manage your financial affairs. A tax accountant is an expert in the field of taxation and can help you keep track of your taxes and identify and maximise any deductions that may be available

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A Closer Look at the Instant Asset Write-Off Tax Benefits

The Australian government has introduced a higher instant asset write-off (IAWO) threshold as part of the COVID-19 relief package. It’s essentially a cost-saving incentive for businesses that allows them to claim immediate write-offs for items purchased for business use. The ‘instant’ aspect of the IAWO scheme is particularly appealing for

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5 Traits That All Good Business Accountants Possess

Business accountants play a critical role in the success of any business. They are responsible for managing financial information, preparing financial statements and reports, and providing financial advice to business owners. As such, it is essential for business owners to ensure that their business accountants possess certain traits that will

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Exploring the Responsibilities of Finance Auditors

Are you running a business and feeling overwhelmed with the financial responsibilities you have to juggle? Don’t worry, because, with the help of a finance auditor, you can rest easy knowing your business finances are in good hands. Finance auditors are like superheroes in the world of finance and business,

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When Should You Get an Audit For Your Business?

An audit is an important step for any business, regardless of size. A financial statement audit verifies correctness and adherence to rules and regulations by examining the financial statements independently. In addition to assuring stakeholders, an audit provides insight into a company’s financial health and performance. Corporations frequently use a

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5 Reasons Why Small Businesses Need an Accounting Firm

Running a small business can be overwhelming and time-consuming. With the help of an accounting firm, small business owners can simplify their finances and make sure that their company is running efficiently. Here are five reasons why small businesses need an accounting firm. 1. Access to Professional Financial Advice As

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13 Ways a Good Accountant Can Improve Your Business

As a business owner, you must understand the importance of small business accounting. An accountant can help you manage your finances, stay compliant with taxes and regulations, and make more informed decisions about your business. But a good accountant can do more than just crunch numbers. They can provide valuable

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9 Things You Can Refund From Your Work Travel Expenses

Regarding work travel expenses, it can be challenging to know precisely what you can and can’t get reimbursed for. Fortunately, a few standard fees can be refunded, depending on the company’s policy.  You can get reimbursed for these nine things from your work travel expenses as long as they’re included

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5 Important Factors to Consider When Hiring a Tax Accountant

Tax season can be a stressful time for individuals and businesses alike. With the ever-changing tax laws, filing taxes can be a complicated and time-consuming process. That’s why it’s important to find a qualified tax accountant who can help navigate the complexities of the tax code. But, with so many

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ATO Audit Triggers to Be Aware Of

When people hear the words “ATO Audit,” they usually either try to ignore it or take immediate steps to respond to the situation. What many do not know is that being aware of the details you include in your tax return is essential to avoiding an ATO Audit. Doing your

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5 Reasons Why Your Business Needs a Financial Audit

Financial audits can provide your business with a variety of benefits. Not only do they help to ensure that your financial records are accurate and up-to-date, but they also allow you to identify areas where you may be able to improve your processes and save money. Here are five reasons

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Your Tax Return – Is it Correct?

Given that 84% of Australian taxpayers anticipate receiving a refund and the average size of returns exceeded $3,000 the previous year, it is in your best interest to double-check that your tax return is correct in every way. Read on to discover more about tax returns and how to (finally)

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What Can You Invest Your Self-Managed Super Fund in?

An SMSF is a retirement savings account that allows Australians to invest in a broader range of assets than a traditional superannuation fund. The benefits of an SMSF include controlling your retirement savings and investing in a mix of assets that align with your financial goals. 1. Properties If you’re

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What is a Profit & Loss Statement

The profit and loss statement (P&L) is a financial statement that shows your company’s income and expenses over a given period of time. It’s also known as the income statement or the income & expense report. The P&L compares how much money you brought in with how much money you

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What Is Cloud-Based Accounting and What Are Its Benefits

Cloud-based accounting is a term used to describe storing and accessing financial data and records in the cloud. This type of accounting offers many advantages over traditional on-premises accounting, including increased flexibility, scalability, and collaboration. What Is the Cloud? The cloud is a remote server network used to store, manage,

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What to Expect During an ATO Audit

It can be a very daunting experience to be audited by the ATO. The process can be quite confusing and frustrating, especially if you don’t know what to expect. But there’s really nothing to worry about if you’re prepared and you know what will come up during the audit process.

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What to Know about Boosting Your Tax Refund

If you believe that you always receive the full amount of your tax refund, you might be mistaken. After all, there are always more ways to increase the size of your tax refund. The Australian tax system imposes numerous restrictions on the sorts of deductions that are allowable. The procedure

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A Comprehehensive Bookkeeping Guide for Small Businesses

A business audit evaluates a company’s financial statements and records. Audits are typically performed by an outside party, such as an accountant or financial institution. Businesses are usually required to have an audit performed on an annual basis. An audit is basically a comprehensive review of your business’s financial records.

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Tax Refunds and Returns in Australia: Why Is It Too Low?

It’s that time of year again. You’ve filed your taxes and are eagerly awaiting your tax refund. But when the refund arrives, it’s much lower than you expected. Why is your tax refund so low?  If you pay tax on the portion of your taxable income that is subject to

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DIN—What It Is, Why You Need It, and How to Obtain It

As part of the 2020 Budget Digital Business Plan, the Australian government wants to implement the Modernising Business Registers program. In this program, the ABRS (Australian Business Registry Services) was to be established to help businesses register and manage the information they share with the government. This is to be

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What You Need to Know Regarding SMSF Audits: A Guide

During tax season, self-managed superannuation funds (SMSFs) are subject to several financial and compliance checks. SMSFs may qualify for tax breaks on investment income if specific requirements are met.  One of these regulations mandates that an authorised SMSF auditor conduct an annual audit of SMSFs. This article will give a

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