When any business begins the process of bookkeeping it is important to understand how to establish the records as well as what the different types of accounts mean. A balance sheet is laid out to track several different accounts and includes: assets, liabilities, owner’s equity, income, and expenses. Two accounts that typically cause a bit […]
Benefits of Double Entry Bookkeeping
There are two main systems used by businesses when discussing bookkeeping: single entry and double entry. While both systems are quite adequate, choosing which one to use in your business is for the most part, up to personal preference. That being said, unless your business is small, and only handles simple transactions, double entry bookkeeping […]
Are BAS Agents Business Saviours?
Will Cowie from Inspire Education talks about the benefits of engaging a Registered BAS Agent.. A friend of mine got fined by the Australian Tax Office. He ran a small computer store in the suburbs servicing his local community, but his story applies equally to any small business owner. To save money, he used to […]
LEAP Cloud Legal Accounting- New Feature Release 1.7.70.0 (26 April 2016)
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Is your Trust Account Bookkeeping Compliant?
Industries where client funds are required to be held on behalf of the client are required to operate a Trust Account that is registered with the relevant State Authority. Examples of this are: Law Firms Upfront payments on account of future Fees or disbursements to be billed Settlement money involved in a property sale where the […]
Cash or Accrual Accounting for Management Reporting?
In Australia, you have a choice to remain on a cash basis for lodging your BAS while your Turnover remains under the $2M threshold. The advantages of this are if you have outstanding debtors you do not have to pay GST on those sales until the cash is actually received. The problem is that cash […]
Anticipated Payments in LEAP Legal Bookkeeping
If we weren’t dealing with Legal Firms and more specifically Legal Trust Accounts there would be no need for “Anticipated Payments.” Legal Firms often receive money in advance into their General Trust Account which can be used for either direct payment of costs relating to the matter (eg.Barristers Fees) or for payment of the Legal […]
Bookkeeping on the Cloud – MYOB AccountRight Live, QuickBooks Hosted, Xero and Saasu Comparison
After a couple of years delay, myob are nearly ready to go live with their full cloud product. MYOB have taken a different cloud strategy to it’s competitors which you need to comprehend when comparing the different cloud options. Each product has it’s strengths and weaknesses in which I’ve summarised below. Quickbooks Hosted, Xero and […]
The Hidden Costs of Employment
When employing new staff there are many hidden costs that are not always factored in. We have provided a case study below to ensure you have taken all of these areas into account. Base Salary. This is normally quoted as the base excluding any oncosts such as superannuation. For our example we will use a base […]
Which version of MYOB best suits my businesses bookkeeping requirements?
With so many different versions of MYOB available it can be confusing trying to select which version is best suited for your businesses bookkeeping needs. The MYOB website can be overwhelming when trying to differentiate the main points of difference between the different versions. We find that most of our SME clients are suited to […]
