As a business owner in Australia, it’s important to keep your accounts up to date since you’re responsible for submitting your Business Activity Statements (BAS) to the Australian Taxation Office (ATO). This report helps owners have a continuous picture of their business’s position and helps them report and pay different types of taxes, such as […]
Accounting
4 Reasons Why Tradies Need Accounting Services
https://unsplash.com/photos/3-Tc_5LROrM There has never been a better moment to put accounting services for tradesmen into the limelight, with buildings growing worldwide and the government eliminating cash exchange, forcing tradesmen to clean up their accounts. Tradesmen have had to deal with multiple challenges to compliance and reporting that were difficult to comprehend and apply. Accounting services […]
Accounting Automation in 2021: The Ultimate Guide
The pandemic changed everything about how businesses function. With companies going remote, multiple problems such as distributed teams, processes with little to no digital footprint, employees not equipped for remote work, and more began to crop up acting as financial and productivity deterrents. While the processes carry on, your Accounting and Finance teams still need […]
5 Essential Factors When Starting Your Accounting Firm
Starting any small business is no easy task, and many do fail. However, if the work is done, starting an accounting firm can be a very lucrative move, very quickly. With the boom of ecommerce even further boosted by the “stay at home” nature of the COVID pandemic, online accounting firms are building business at […]
5 Small Business Solutions to Consider Right Now
Last year brought with it its fair share of challenges for small businesses. If you’re one of them, you’ve likely experienced some of these challenges, including economic turmoil, cyber attacks and disruption of supply chain. But there’s plenty you can do to ensure you’re in better shape this year. Keep reading to learn about a […]
4 Upcoming Trends in Forensic Accounting
With the COVID-19 pandemic showing no real signs of ceasing before the turn of the year, ecommerce is expected to remain a focal point of consumerism, especially as cases once again spike. With cybersales comes cybercrime, and forensic accounting jobs are expected to continue to be in high demand. Dr. Jennifer Stevens, an assistant professor […]
Helpful Tips for Any Small Business to Prepare for ASC 606
On December 15, 2018, all small businesses were instructed to implement Accounting Standard Codification to file their 2019 income taxes. This change requires some preparation because it completely revamps the current revenue reporting guidelines. The new standards are used for accounting revenue from customer contracts across all industries. However, it does not apply to financial […]
Important: IRS Finalizes Changes to Payroll Tax Return Form 941
On June 20, 2020, the IRS finalized tax Form 941, Employer’s Quarterly Federal Tax Return, to collect information about the new COVID-19 tax incentives, expanding the form from two to three pages, and adding 58 new data fields (previously 18 total lines). See Appendix I: Summary of COVID-19 Employer Tax Incentives for more information. While the […]
These Are the Accounting & Bookkeeping Facebook Groups You Should Know
You want to learn more about taking your practice online. You’re looking for tips on using cloud-based tools and decoding the ever-growing ecosystem of fintech applications. Or, maybe you just want to connect with your fellow humans — your accounting and bookkeeping peers. Even if you’re not a social butterfly or networking master, believe it […]
10 Simple Accounting Solutions for Small Businesses
Every small business needs to be on top of its numbers. By learning bookkeeping and accounting basics, you can ensure you have the necessary skills to handle your accounts. You can also make use of accounting software solutions to make your financial operations run much more smoothly. Another way of finding solutions to accounting issues […]
