The Everlasting Assets: Why Some Items Defy Depreciation
Assets, those critical parts of a business you thought were always a safe bet, aren’t necessarily the golden ticket we often assume them to be. Some items might look and feel like investments, but many of these actually depreciate, losing value over time. I guess you can say they can be a real pain in […]
Why Are Interest Rates Rising in Australia?
Watching interest rates soar can trigger uncertainty and anxiety. You start to wonder what it means for you. Are your dreams of owning a home or starting a business about to become more expensive? Are your hard-earned savings now worth less? These are all legitimate concerns. So why is Australia’s interest rate so high? […]
Why Choose a Bookkeeper Over an Accountant?
There’s something inherently terrifying about entrusting someone else with your business. It’s your brainchild – the product of countless sleepless nights, sacrifices, and hard-fought victories. You’ve poured your blood, sweat, and tears into it, so the thought of handing over any part of it to someone else is borderline terrifying. And when it comes to […]
5 Ways to Tell if Bookkeeping Is Meant for You
Making a career choice isn’t like picking out socks in the morning. You don’t just rummage around in the drawer and pull out the first pair that matches. It’s more like choosing a spouse. It’s a commitment, a relationship, something you’re going to wake up to every day. You may even have to explore your […]
The Next Big Thing: 10 Successful Businesses Worth Starting
Starting a business is tough. It’s not some whimsical walk in the park where you show up, spin the wheel of fortune, and voilà – you’re bestowed with a money-making machine. No, it’s an arduous journey, where uncertainty is your only certainty and failure is your most persistent companion. And, oh man, does it […]
Bank Reconciliations Explained
Running a business isn’t a walk in the park. There’s a lot going on, especially when it comes to money. Cash in. Cash out. Expenses here. Revenues there. It’s enough to make your head spin. That’s why you need bank reconciliation. So what is reconciliation in banking? Bank reconciliation is the process of matching […]
What Happens if You Haven’t Paid Taxes in 3 Years? | Australia
Before the COVID-19 pandemic hit, nearly $34 billion in tax was not paid in Australia. The Australian Taxation Office (ATO) estimated a 7.3% gap between the collected tax and what was expected in 2018-19, amounting to about $33.5 billion, which was an increase from the previous year. Most of the missing tax dollars were […]
What Income Statements Reveal About Your Business
You didn’t start your business to become an accountant. You started it to do what you love and make a living out of it. However, just like the “Terms and Conditions” we often ignore but shouldn’t, understanding income statements is one of those non-negotiables in your entrepreneurial journey. So what does an income statement show? […]
How Much Profit Should a Business Make?
Profitability isn’t a simple equation. It’s a comprehensive measure of the health and success of your business. It’s a multifaceted concept that extends beyond just the bottom line. You’ll need to factor in your business model, industry norms, and overall operational efficiency, among others. So how much profit should a business make? We recommend […]
A Comprehensive Guide to Tax-Deductible Bank Fees
We live in a world where every dollar counts. Financial literacy entails an elaborate understanding of personal circumstances, tax regulations, and of course, banking experiences. That being said, are bank fees tax deductible? Personal bank fees in Australia aren’t tax deductible. However, if you own a business, bank fees tied to business accounts may […]