If you’re like most business owners, you’re always looking for ways to make your company more efficient and profitable. Businesses of all sizes are increasingly using AI to improve their business processes, especially their accounting and bookkeeping functions. This is because AI has a lot of advantages over traditional methods, such as being able to … Read more
The accounting industry is growing rapidly, and with this growth comes an increased demand for qualified accountants. Unfortunately, the global skills shortage makes finding and retaining qualified workers difficult as accounting firms struggle to find the talent needed to maintain high standards. Many accounting firms offer a comprehensive suite of services, including bookkeeping, accounting, payroll, … Read more
What is accounting KPIs? Accounting key performance indicators (KPIs) are a quantifiable measure of the financial performance of a business and provide valuable insights into its financial health. Regardless of the size of your business or the industry you are in, your business will benefit from the insights provided by carefully selected KPIs. Choosing suitable … Read more
Understand Tax record-keeping requirements in Australia It’s essential to keep accurate records of your income and expenses throughout the financial year. This will make meeting your tax obligations much easier when the time comes. The ATO requires that you keep records for a minimum of five years, so it’s a good idea to set up … Read more
In the wake of the global pandemic, many businesses have been forced to confront that they are not as prepared as they should be for a significant disruption. Many different things can disrupt a business, from natural disasters to a global pandemic, and each requires a unique response.What would you do if your computer system … Read more
Six common bookkeeping mistakes to avoid We highlight the most common mistakes made by SMEs that need to be avoided to ensure the success of their business. With the increase complexity of accounting, compliance and bookkeeping processes, business owners juggle to keep their business profitable. During these challenging times especially, it’s easy to understand where … Read more
A control account also referred to as a controlling account, is an account within the general ledger that summarises all the transactions of a specific type. A control account has a corresponding subsidiary ledger that contains all the detailed transactions relating to that account, which may be in the hundreds or thousands. The purpose of … Read more
Like most business owners, you are probably wearing many hats. You are probably busy managing your core business activities while juggling many other aspects such as marketing, sales, customer service and bookkeeping. With all the competing priorities that business owners face daily, it’s no wonder that bookkeeping often gets pushed to the side, but this … Read more
As an accountant, one of the most important ways to help your clients achieve business success is by developing robust financial forecasts. Financial forecasting is the process of estimating the future financial performance of a business by using past financial data, current trends, and economic conditions, and combining this with financial modelling to determine predictions … Read more
What do you need to know about data security? Accounting firms are responsible for a wealth of sensitive client information such as tax file numbers, bank account information, and financial data, making them a prime target for cybercriminals. The loss of clients’ sensitive information can have devastating consequences for the client and the accounting firm. … Read more