Businesses are a good venture. Unlike when you work for a company, you can manage your own time, control your activities, and make decisions on your own if you have a small business. However, these may sound truly simple and convenient; yet, these are truly difficult especially during these trying times. One cannot afford to just sit back and relax and wait for the business to earn money by itself. Careful and strategically planned actions should be employed to acquire the best results for your small business. ...More

Having your own business is a great opportunity. In this time of global financial crisis, being able to control and manage your own business is rare. That is why business owners today give up a lot of personal interests so they can focus on their business. They often give up time for leisure, time for family, and even time for themselves. Despite the need to personally attend to your business, you still have to take some time off to relax and enjoy life. Without balancing your business and personal needs you risk losing your business.

So what can a business owner do to balance these two aspects of their lives? The solution is simple. Take advantage of web based accounting software that can be accessed any time. Online accounting enables your business to continue operating remotely. With Shoebooks Bookkeeping, you can be anywhere in the world but stay totally connected with your business.  ...More

The main change to the Payment Summary (Group Certificate) format this year relates to reportable employer superannuation contributions. The new format is available and ready for use. (Setup Menu -> Payroll -> Payment Summary)

Reportable contributions are defined as extra contributions to the compulsory 9% contributions that are influenced by the employee. The most common reportable contribution type is a salary sacrifice arrangement. ...More

If you deduct money from employees payslips for union or professional fees then you need to mark the deductions as type "Union". The reason is that these deductions are reported in a separate column on the annual report submitted to the ATO each financial year. ...More

If you operate a workplace donation scheme to an approved charity through payroll then you need to mark the deductions as type "Giving". The reason is that these deductions are reported in a separate column on the annual report submitted to the ATO each financial year. ...More

Starting up a business is the most challenging thing to many young entrepreneurs, the problem of setting up an office, outsourcing for human resource and paying revenues are hard to come by. Many businesses do fall at the initial stages. According to business consultants, the problem could be blamed on mismanagement which includes among others poor accounting. In a business language, accounting is the recording, classifying, reporting and analyzing the financial data of any venture. ...More

We've all done book-keeping of one kind or another if only for ourselves, totting up income and outgoings. It is a process usually punctuated by gasps of shock and groans of frustration. But for some people there is a thrill in seeing the books balance and the figures add up. And they are the pros.  ...More

Since there is no light at the end of the tunnel for this latest crunch, many small businesses will simply bury their heads in the sand, hoping that one day their business fortunes will pick up - unfortunately, this will unlikely happen anytime soon.  ...More