OnTrack Bookkeeping & Office Management | Financial service

OnTrack Bookkeeping & Office Management

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24.01.2022 Tip of the Month: Get all your tax and compliance obligations right All businesses are required to register for an ABN, and if your turnover is more than $75,000 then you must apply for GST registration. You must also keep receipts for all acquisitions in order to claim on your expenses.... If you employ staff, you must also register for PAYG withholding Tax. This is where you pay staff and withhold some tax on their behalf. You are also obliged to complete and lodge monthly/quarterly Business Activity Statement (BAS) with the ATO. With the appropriate accounting program and setup, you can have this information at your fingertips. This way you create systems to help you streamline and automate your business processes for you to stay compliant.

24.01.2022 Keeping an organised office, helps you keep a productive business. Set up routines for handling paperwork and office systems. For instance, if possible, every piece of paper that comes into your office should be handled once, acted upon, and filed not haphazardly piled on a desk. Similarly, digital communications such as emails should be prioritized and acted upon immediately if possible or flagged for future action.

23.01.2022 Avoid Cash Using cash it is hard to keep track of spending. You also lose track easily of write-offs because there is no record of purchases. By using a debit or credit card you can keep track of amount spent, where it was spent and when it was spent. This makes tracking your expenses much, much easier.

22.01.2022 Plan for Major Expenses Set aside money for major expenses like inventory, office supplies, repairs and maintenance. By budgeting for your small business in the coming years, you can save a lot of worry about dealing with these expenses in the future.

20.01.2022 Small businesses often times dont have the benefit of a large staff to take care of tasks like inventory maintenance, which are important but often overlooked. Having a proper inventory management process can help small businesses prevent employee theft or misplacement of merchandise. These records can also help businesses track customer shopping trends and ensure efficient buying in the future.

20.01.2022 Many business owners think of bookkeeping as an unwelcome chore. But if you understand and make effective use of the data your bookkeeper collects, bookkeeping can help you run your business more effectively.

19.01.2022 Is the growing pile of receipts on your desk giving you nightmares? Many new businesses are not used to having to account for their transactions, and may therefore forget to record them. This can mean they miss out on valuable tax deductions on expenses or, worse still, understate their income, leading to potential fines and penalties. However there are a number of cloud accounting packages that allow you to track or submit your expenses on the go, from your mobile or tablet. This is particularly useful for those cash expenses you incur on the move.

18.01.2022 The ball is rolling, please share my page to friends and businesses that might need a competent bookkeeper in the Kalamunda, Midland, Welshpool area or in the Perth area in general ;-) Thank you

18.01.2022 Tip of the Month: Get accounting software that suits your business needs. If you are unsure which software to select, you may contact a business consultant or accountant that can better advise you before you buy. With cloud software, one key benefit is that you can access your financials anywhere, anytime or have your bookkeeper or accountant check information for you.... Your files will always be backed up regularly in the cloud. However, always ensure you keep backups of your financial data as an added security measure. With desktop software, you will have to get into a habit of regularly backing up your files.

17.01.2022 Petty Cash Receipts are Important More often than not, petty cash transactions are not monitored because they deal with small, day to day cash transactions. However, they are highly susceptible to the risk of theft. When left unchecked, missing small amounts can turn into a large headache. Therefore, its important that these transactions be well recorded and documented each time you dip into petty cash. This is one of the best bookkeeping tips that you can get if you are determined to keep track of the companys day to day expenses. It is also a good idea to reconcile your petty cash account on a daily basis to quickly spot any inconsistencies and discourage theft.

16.01.2022 3 Business Bookkeeping Tips to Start the New Year Fresh Whether you are someone who loves or loathes setting New Year's goals, it's a good time get a refresh on some key bookkeeping tips! 1. Review Dues and Subscriptions It's a good idea to do periodic reviews of those pesky monthly subscriptions. ... 2. Ask Your Vendors to Give Statements If you have vendors that regularly bill you with net terms, it is a good general rule of thumb to not pay until they supply a statement. 3. Create a Bare-Bones Budget See more

14.01.2022 Don't skip regularly reconciling your bank statements Whether you are using a bookkeeping software or doing it by hand, consistently reconcile your bank statements. Dont leave it until you have months worth to catch up on. Or ask me to drop by your workshop at the end of each month, and take care of this for you.

14.01.2022 Tip of the Month: Open a new business bank account for business earnings and expenses. Especially when you are an owner-operator, it is important to keep your private transactions separate from your business transactions. In time, you can apply for a business credit card and apply the same terms.

13.01.2022 Small businesses often times don’t have the benefit of a large staff to take care of tasks like inventory maintenance, which are important but often overlooked. Having a proper inventory management process can help small businesses prevent employee theft or misplacement of merchandise. These records can also help businesses track customer shopping trends and ensure efficient buying in the future.

13.01.2022 Is your bookkeeper boring, late, grumpy??? I'm certainly not Get your books looked after on time and with a smile by someone who understands the need to live a little besides work... Contact me on FB or by phone to make a time to discuss your needs...

09.01.2022 Tip of the Month: Keep your receipts The ATO requires you to keep records for a minimum of five years. The records you are required to keep and have access upon request are:... Invoices and receipts you provide for sales or services rendered by your business. Invoices for goods, services or other business acquisitions purchased for your business. Records of payments made to employees plus other organisations on their behalf like Superannuation funds and PAYG tax. All financial statements including profit and loss statement and balance sheet. Tax Return information. Bank accounts and credit card statements Stocktakes records at end of financial year and asset register etc. Anything else with a monetary value to the business You could create digital files on your computer to store this information or keep a well organised filing cabinet.

05.01.2022 Traverse issue 05 sees us take to the salt of Lake Gairdner to witness the fastest motorcycles, and some of the fastest women on two wheels, on earth and the cu...lture that surrounds this unique sport. Evelyne Scholz Racing (pictured). Full Story available at: https://view.joomag.com/traverse-05/0407190001523579294

04.01.2022 Monthly Tip: Allocate a regular time each week and devote it to bookkeeping. It is very important to be on top of this. Regular reviews will let you know how your business is going and allow you to control your cash flow.

03.01.2022 It's time to PURGE the office. * Recycle the broken electronics you may have stashed in a closet. * Delete all those old voice messages. * Donate anything you dont need or use. * Keep the basics and anything youve used in the past year; all else can go.... When your workspace is clean and uncluttered, youll enjoy spending time at your desk and wont waste time searching through junk or moving piles around. See more

02.01.2022 Yay, I just reach 100 likers on my page. You guys are awesome. Thank you for the support. Evelyne Scholz

02.01.2022 Go Digital with Your Payroll The best bookkeeping tip I can give to a local business is to ditch the paperwork and go digital. Too many local businesses are still using paper to manage their hourly employees. By using a free software solution and timesheets, local business managers and owners can eliminate paperwork, store their employee records in the cloud, and import hours directly into payroll and accounting software.This makes running payroll a breeze, simplifies bookkeeping, and saves hours each week for busy owners and managers. Or you could ask me to set this up and monitor it for you, saving you even more time.

02.01.2022 Keep your Chart of Accounts Simple, yet Functional. Accounting software usually comes with a preset of list of accounts that will start you on your way, but as your businesses grows, you need to know how to modify your list. Call me if you'd like me to give your Chart of Accounts the once over, and make any helpful changes.

01.01.2022 When it's time to get your accounts back OnTrack, I'm only a phone call away...