While many people believe bookkeeping is easy, it is actually quite complex, and requires a bit of specialised knowledge and training to carry out properly. Add to this issue the matter or having to run...
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...
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,...
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...
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...
Occasionally, when we do an audit on the accounts of new clients we find that the previous bookkeeper has been keeping the accounts on a cash basis. This means that they are entering revenue and...
