When it comes to saving money on taxes, every dollar counts. But many small business owners miss out on valuable deductions simply because they don’t know what they’re entitled to. Here are five commonly overlooked business expenses that could reduce your tax bill. Home Office Expenses If you run your business from home—even just […]
Bank reconciliation might sound like an accounting buzzword, but it’s actually one of the simplest and most powerful tools for keeping your business finances in check. What Is Bank Reconciliation? It’s the process of matching your business’s financial records with your bank statement. In other words, it’s double-checking that what you think you’ve earned […]
Choosing the right accounting software can make a world of difference for your business. The right tool helps you stay organised, save time, and reduce the risk of errors, but with so many options available, it’s easy to feel overwhelmed. Start With Your Business Needs Before diving into features, think about what your business […]
When it comes to managing your business finances, understanding how income and expenses are recorded is essential. Two of the most common accounting methods are cash accounting and accrual accounting, and choosing the right one can impact everything from cash flow to tax reporting. Cash Accounting This method is straightforward: you record income when […]
Getting audited sounds intimidating, but if you’re prepared, it doesn’t have to be stressful. Here’s what small business owners should know about audits and how to handle them with confidence. 1. Why Do Businesses Get Audited? Audits can happen for various reasons, such as random selection, inconsistencies in tax filings, or claiming unusually high […]
The end of the financial year (EOFY) is a crucial time for businesses to finalise accounts, meet tax obligations, and set the stage for the next financial year. Here’s a simple checklist to ensure you’re financially prepared before March 31. Don’t worry, if you are one of our clients we will email you a thorough […]
Managing finances can be overwhelming, and many small business owners make simple accounting mistakes without realising it. These errors can lead to cash flow issues, tax problems, and unnecessary stress. Here are some of the most common accounting mistakes and how to avoid them. Mixing Personal and Business Finances A common mistake is using the […]
Creating a budget for your small business is essential to keep track of spending, manage cash flow, and plan for growth. Here’s a simple, step-by-step guide to setting up a budget that’s easy to understand and maintain. Estimate Monthly Revenue Start by calculating your average monthly income based on past months. This gives you a […]
A steady cash flow is the lifeblood of any business, and one of the easiest ways to keep it flowing smoothly is by mastering your invoicing process. Here are a few simple invoicing tips to improve cash flow: 1. Set Clear Payment Terms Make your payment terms clear from the start. Specify due dates, late […]
Tracking business expenses might seem daunting, but with a few simple habits, it can become a natural part of your routine. Staying organised month-to-month not only reduces financial stress but also helps identify spending patterns and potential savings. 1. Set a Weekly Expense Check-In Dedicate a few minutes each week to log your expenses. A […]