Bookkeeping & Payroll Services for Small Businesses

  This month, we sat down with successful entrepreneur, Richard Bell. He is currently CEO of  Little Zak’s Academy  with over 300 staff, and the Founder of  Business Leaderz Group  and received Sydney’s Young Entrepreneur of the Year Award in the Finance category in 2020. Each year he mentors 20 businesses on a monthly basis – we asked him about what makes the difference to surviving versus thriving in the current market conditions… Rich, what are your thoughts on what small business owners are going through right now? Covid has been challenging for a lot of us. It’s probably challenged your ideas about life, ideas about business, your goals, your values, how you think about things, but don’t let it change your course. It’s so easy to get thrown off by something external whether it’s a global pandemic, economic downturn, massive change in trade rules or government policy… it’s important that you as the business owner stay true to your course and your vision ...

  To modernise Australian business registers, the Australian government has introduced a new company director tracking system, the Director Identification Number (DIN). Once the Australian Taxation Office (ATO) confirms a person’s identity, they will receive a unique DIN. Importantly, directors keep this number permanently. As a result, a director will be able to use this number across multiple companies for each directorship they hold. The DIN has received strong support from the Australian Securities and Investment Commission (ASIC). They believe it will significantly benefit regulators and individuals doing business. Additionally, it will help provide greater security and modernise the way director information is collected. This article will explain how the company director tracking system works in Australia. Individuals who are currently a director or will be acting as a director in the future must apply for a DIN. The Australian Business Registry Services (ABRS) will be re...

  It’s no secret that the back office is often a business owner’s least favourite place to be. The tasks involved in bookkeeping and accounting have been largely unchanged for decades, and it can take hours of time each day just to keep up with the most basic records- let alone find any insights into your financial performance. But now there are many solutions available that will automate these outdated tasks so you can focus on what really matters: running your business! In this post we’ll explore how modern bookkeeping software has changed the way businesses operate by automating some of their processes, freeing them up from tedious data entry work and enabling access to more accurate insights than ever before. The impact of Modern Bookkeeping – Automating the back office Businesses can now automate many parts of their accounting workflow with new software technology, freeing up time to focus on more important tasks. Without having to do data entry and other manual work that ...

  On-Demand Accounting and Bookkeeping Services for Small Businesses Maintaining your finances and staying on top of accounting tasks can get challenging if you are a small business focused on growth and the delivery of high-quality products and services. To take some stress off your day-to-day, it makes sense to use on-demand small business accounting and bookkeeping services online. These companies employ fully vetted, qualified, skilled and certified accounting professionals who are ready to serve your business. The Benefits of Small Business Accounting and Bookkeeping Services The thought of hiring accounting and bookkeeping professionals online might seem like an unfamiliar option to you. However, with a bit of research, it’s easy to see how opting for these online services makes sense. First of all, you don’t need to spend money and time on recruiting, interviewing and hiring a full-time accountant or bookkeeper. You also don’t have to worry about providing them wit...

  For small businesses and start-ups looking to limit their overhead, outsourcing their accounting and bookkeeping tasks makes business sense. They have the option to hire an onsite or virtual bookkeeper to perform these time-consuming yet essential responsibilities. While some SMEs feel more comfortable working with a part-time bookkeeper onsite, more and more businesses are turning to virtual bookkeepers because of the benefits they offer. So, if you’re thinking of outsourcing work to a virtual bookkeeper, you’re on the right track. Functions of a Virtual Bookkeeper Although a virtual bookkeeper is essentially an independent contractor working online or remotely, they can help you stay on top of your accounting and bookkeeping needs just like an onsite employee. They are usually well-versed with QuickBooks, Peachtree, Xero and other accounting software and can perform the following functions: Account servicing Accounts reconciliation Balance sheet management Bank ...

  With a large part of our client base located in NSW and VIC (yes, we are rather envious of those located in QLD), we’ve compiled a list of 8 things you can be doing during while we are all in lockdown to set up the coming year for success. Tip 1: Mindset Accept the situation and get on with it. We are all in this together, facing the same constraints. You don’t have to learn a new language or launch a new website – surviving this time with a positive mindset is more than enough. Tip 2: Finalise 2021 Finalise your figures for 2021, get your tax return completed – maybe you’ve got a refund owing, and even if it does result in a payment, you don’t have to pay it yet anyway. Usually there are a few loose ends that drag out – use the additional time that you may have now to wrap these up early so that it doesn’t take up any of your time when business bounces back to being busy again. Tip 3: Plan Update your plans for life after lockdown because we will come out of this. Ho...

  NSW businesses will now receive up to $10,000 per week under a new support measure modelled off 2020’s cash flow boost payment, Prime Minister Scott Morrison has announced. The new measure will be available from next week- the fourth week of Greater Sydney’s lockdown- and will see eligible businesses receive a minimum of $1,500 and a maximum of $10,000 per week. It will be available to non-employing and employing entities in NSW, including not for profits, with an annual turnover between $75,000 and $50 million. Entities will be eligible if their turnover is 30 per cent lower than an equivalent two-week period in 2019. The payment rate will be based on 40 per cent of their NSW payroll payments. Non-employing businesses, such as sole traders will see the payment capped at $1,000 each week. To receive the payment, entities will be required to maintain their full time, part time and long term casual staffing level as of 13 July. Prime Minister Scott Morrison said the new...