Basics of Payroll Accounting

Happy employees are essential for the growth and development of any business.  Many employees look forward to their paydays, hence, good employers should pay their employees accurately and on time. For accurate employee payment, it is essential to make the right deductions, add the deserved allowances, and contribute to superannuation.  This practice is vital, not

9 Tips for Managing Small Business Finances

One thing concerns every company- managing their money.  To survive a volatile economy, especially during this pandemic, and to withstand industry competition, proper financial management is essential.  This can be very challenging for small business owners.  One needs to exercise caution in their financial decisions right from the beginning.  As you know, starting a business

Advantages of Cloud Accounting

Cloud has truly helped a lot of entrepreneurs run their businesses with more convenience.  Many businesses, small or large, are now shifting to Cloud because it allows them to store, access, and retrieve their data anytime and anywhere.  But what exactly is this thing called Cloud? Cloud is basically the internet and all the things

What is the Difference Between Bookkeeping and Accounting?

Bookkeeping and accounting share a primary objective – to keep the financial status of a business at an optimal level.  Sometimes, the tasks involved in these two fields overlap. Since both deal with financial data and generating reports, the processes may appear similar to the untrained eye.  Hence, some people confuse the two as the

How to add adviser to your MYOB Essentials business

There are 4 steps to follow in order to invite Adviser to your MYOB Essentials business   If you’re an administrator user, you can invite one or more accounting advisors to access your MYOB Essentials business at any time. So long as they are an MYOB Partner, an accounting advisor could be your accountant or any other

Types of Bookkeeping

Bookkeeping provides businesses a reliable measure of their performance.  It gives important information to benchmark the company’s financial status.  The bookkeeper’s monthly or annual financial reports serve as one of the basis for the company’s general strategic decisions. There are different types of bookkeeping systems that a company can adopt in recording business transactions. Knowledge

How to add adviser to your xero file

There are 6 steps to follow in order to invite Adviser to your Xerox File   1. Log in to your organisation on Xero   2. Click on your Organisation name then go to Settings   3. Click on Users  Note : Only users with Standard or Adviser user roles with Manage Users access will be able to invite new users.  

In-house Bookkeeping vs. Outsourced Bookkeeping

Overseeing daily financial transactions and keeping records accurate are important aspects in the financial management of any business.  A bookkeeper is a professional who manages these financial affairs. Medium to large businesses hire full-time bookkeepers to do their monthly financial statements. Microenterprises and small businesses, however, may not find the need for a full-time bookkeeper

What are the Roles of a Bookkeeper?

From launching a startup to growing a business, it is essential to manage every financial transaction- from the payable accounts to the receivables. To help businesses keep track of their income and expenditures, and to assure that everything is within the budget, financial record keeping needs to be precise.  This is where bookkeepers come in.