What to Look for in a Bookkeeper
If you are considering outsourcing your bookkeeping needs to a professional, it is important to have a firm understanding of what you should look for before making a hire. There are key skill sets, and characteristics that every bookkeeper should possess. Read more
Important Bookkeeping Reports You Must Know
The process of keeping accurate business records, also known as bookkeeping, is very important for a variety of reasons. Not only are you able to track all of the business transactions that occur within a specific period of time, you will also be able to use this information to create useful bookkeeping reports to help further examine the health and profitability of your company. Read more
Cash vs. Accrual Accounting – Which One is Right for You
When setting up a new business you are faced with a wide variety of decisions. One such decision is how you will be keeping your books. Deciding if you should keep a cash accounting system, or an accrual accounting system depends a great deal on what type of business you run. In order to choose the best method you must take into consideration the current size of your business, your plans for the future, and if third parties (such as shareholders, or lenders) will be involved. This being said, you may still be left wondering which system is right for you. Read more
Bookkeeping – Doing It Yourself vs. Outsourcing To A Bookkeeper
Anyone running a small business knows just how much effort it takes to keep things running smoothly, and just how many hours must be invested each day. Entrepreneurs often tend to try to do everything themselves, which can lead to one portion of the business being neglected. After all, if you are spending hours of your time performing bookkeeping tasks or other administrative duties for your business, you are probably not able to invest as much time as you would like or need to the actual service you offer. Read more
MYOB V Quickbooks
For “off the shelf” products, both MYOB and Quickbooks are pretty impressive products. Sure, they have their limitations once your company requires more sofisticated accounting systems such as advanced inventory or multi-site consolidations, however we try to push the boundaries of either MYOB or Quickbooks before stepping up to the next tier of software. Read more
Is your business feeling the credit crunch?
As a CPA Practice that provides onsite bookkeeping services in Sydney, Brisbane and Melbourne, we are very fortunate to be allowed an insight into financial performance of a wide range of businesses in different industries throughout Australia.
The Australian economy has achieved incredible growth over the past 10 years. This success has lead to higher wages which, together with increased immigration and and cheaper interest rates has fueled incredible growth to real estate prices throughout Australia. Read more
Increase your business cashflow with direct debits
One of the most difficult things to deal with when you have a growing business is managing cashflow. It can be very frustrating to watch your business achieve continual profit growth and yet the only reward you receive is an increase in your debtors not an increase in your bank balance.
When I left the corporate world, where you would receive a regular paycheque every pay period, this was the hardest thing to adjust too. It is even more difficult when you have a large payroll and have a commitment to pay regular wages. Read more
When to close your end of month accounts
One of the issues we regularly encounter with business owners is the issue of when to close off the accounts at the end of a period. All business owners and managers are keen to see their monthly management reports as soon as they can after the end of the month to get an idea of how the company is performing and whether it is reaching it’s targets. Of course, the sooner the bookkeeper can finalise those reports, the more valuable the information is so that if there is any alarming information you can quickly do something about it. Read more
Outgrowing MYOB or Quickbooks
MYOB and Quickbooks have made incredible development over the last couple of years. This has enabled what was previously full time bookkeeping and accounting roles to be performed in a couple of days per week. This is great for most small and medium size businesses but let’s face it, once you reach a certain size there are some limitations which may require you to step up to the next level of software. Read more
Technology to help you break free from your desk!
I recently purchased a smart-phone. After hearing stories from friends and acquaintances with blackberries of how they wake up on a Saturday morning and reach over for their phone to check their emails before they get out of bed, I was trying to get along without one.
Like most business owners, I tend to live and breathe my business. I rely heavily on email communication, Read more
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About
Welcome to FINOS, the BooksonSite Business Blog. Here we provide bookkeeping advice for small business owners.
Are you an SME with a turnover of between $500k-$15 million and are finding bookkeeping a bit too challenging?
We provide onsite bookkeeping services in Sydney, Melbourne and Brisbane backed by MYOB Certified CPA support. Click below to learn more, or call us on 1300 226 657.
