Whether you intend to do your bookkeeping or plan to pay someone else to do it for you, gaining an understanding of the basic accounting principles will help you to understand your bookkeeping reports. Why are basic accounting principles important? One of the purposes of accounting information is to enable us to compare and contrast the performance of a business … Read more
If you are running a small business as a sole trader or a family partnership, keeping track of your business records (i.e. basic bookkeeping) is going to be important, not just for you but also for the ATO. Basic bookkeeping done correctly can provide you with important information about how your business is operating and enable you to make informed … Read more
Gaining a good understanding of your small business operating expenses is critical. Especially when you are evaluating past performance, making decisions about future activities or developing a business plan. You will need to know what your operating costs are likely to be so that you can calculate Identifying your Business Operating Expenses Your operating expenses will be reported in your Income … Read more
Even if you do the bare minimum regarding financial reporting, Cash Flow Statements can be critical. Cash flow is vitally important whether you are in the start-up phase or have been operating for a while. Your business may be making a decent profit (on paper) but if you do not have enough cash coming in to pay the bills, you … Read more
Debits and credits are at the core of double-entry bookkeeping or accrual accounting,and reporting the financial performance of an entity via the financial statements. Why We Need Debits and Credits In double-entry bookkeeping, each transaction is recorded using both a debit and a credit. To illustrate, let’s assume that a purchase was made for office supplies at $45.00. The transaction … Read more
What are Income Statements? They are one of the critical financial statements that you will need to develop for your business. An Income Statement is a historical document that provides information about the business performance in a prior period. A proforma Income Statement is a planning tool used to estimate future performance. What is an Income Statement? The Income Statement … Read more
Tracking business expenses is one of those important ongoing tasks that all business owners need to do. If you are unable to provide evidence of your business expenses, you will have to pay tax on your revenues rather than your profits. Luckily it is relatively easy provided you put good systems and practices in place when setting up the business. … Read more
Small business bookkeeping is one of those activities that no one really wants to do. Many small business owners have very little experience with accounting processes before opening their doors. But it is one of the important tasks in running a small business. Tracking your transactions to calculate profits, and working out who owes you money, and how much tax … Read more
Balance Sheets are financial reports or statements that detail the assets and liabilities of a business. If you are going to run a small business you need to understand what Balance Sheets can tell you about your business. A Definition A Balance Sheet is a statement of the financial position of a small business on a given date. It provides … Read more
Small business budgeting is one of those really valuable business tools that, (like business plans for small businesses,) is often put to one side due to a perceived lack of time or in the too-hard basket! Many small business owners are pushed to their limits just keeping the doors open. Particularly in the first few years of operation. New business … Read more
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