Hi Victoria, here from the bookkeeper hub. Again, just having a quick chat today about deposits in your business. Do you get payments in advance or deposits that are for particular jobs or items, it's a really good habit to actually move them to a separate bank account when you get paid, so that [...]
I know tax is a really, really boring subject, I get it. I'm a bookkeeper, I'm an accountant, I don't even really enjoy it. Well, I like taking money off the tax office and making you pay less, but I don't like paying tax whatsoever. Let’s explain how to manage your business taxes. In [...]
Have you ever heard of Parkinson's Law? Do you wonder how that relates to cash flow? This is really weird, right? So Parkinson's Law is that whatever you're doing expands to the time that you've got to do it in. Now, this relates to time, money, and toothpaste. Now, this is really random, bear [...]
Cash flow budgets are not sexy or exciting but they do assist you to plan your business and see how you are sitting moving forward. Accountants and bookkeepers work on a financial year. Most people work on a calendar year. So new year, new budget, cash flow budgets are important for you to know [...]
Expertise and Efficiency In the dynamic landscape of Australian small businesses, managing finances efficiently is not just a requirement but a stepping stone to success. Enter Xero, a revolutionary cloud-based accounting software, tailored for the needs and nuances of small businesses. It stands out for its user-friendly interface, real-time financial insights, and comprehensive [...]
There is no business, nor business owner, who is going to be able to make it a true success without the know-how necessary to manage their accounts and finances. However, the reality is that running a business can require so much time and attention that spending all of your time with your nose in the [...]
Welcome to The Bookkeeper Hub's Essential Guide to Setting Up Xero! Embarking on the journey of managing your business’s finances can be both exciting and daunting. As a small business, you’ve made a smart choice with Xero – a robust, user-friendly accounting software that’s designed to streamline your financial management. At The Bookkeeper Hub, we [...]
In the realm of financial management for small businesses, the terms 'bookkeeping' and 'accounting' often surface. While interrelated, these two functions have distinctive roles and responsibilities. This article aims to elucidate the differences, aiding Australian small business owners in making informed decisions. The Role of Bookkeeping Bookkeeping revolves primarily around the systematic documentation of financial [...]
I. Introduction Bookkeeping is the process of recording, organising, and managing financial transactions for a business. It plays a critical role in helping businesses make informed decisions about their finances and ensuring compliance with tax laws and regulations. In the past, bookkeeping was a manual process that involved recording transactions in a physical ledger or [...]
Navigating the Xero dashboard: A bookkeeper who is new to Xero will need to know how to navigate the dashboard, access different areas of the software, and customise their settings. Sign in to Xero: To access the Xero dashboard, you'll need to sign in to your account at https://login.xero.com/ Familiarise yourself with the layout: The [...]
