Bookkeeping/MYOB

Sometimes less information can be a lot more informative. This is usually the case when it comes to producing meaningful reports from your accounting software. Don’t get me wrong, detailed reporting can provide tremendous insights for management. However, for many small businesses, too much detail results in too little information that’s genuinely useful. Just because your ...

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Another Monday and another nifty “Ratio to Know.”  Last week we took a look at the Current Ratio. One of the disadvantages of the Current Ratio was the fact it did not take into account the actual composition of the assets. The Quick Ratio (commonly called the Acid Test) goes ...

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The Association of Accounting Technicians issued a media release last week, prompted by the recent spate of large scale bookkeeping fraud prosecutions.  These cases involved hundreds of thousasnds of dollars and highlight the need for business owners to ensure the bookkeeper they engage is ethical and that the appropriate financial ...

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Understanding financial statements is a task that many business owners often put aside to concentrate on something more interesting. This results in many business owners not really knowing what is going on with their business, especially the cashflow control within the business. Cash is the lifeblood of any business and ...

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Successful small business operators allocate the time each month to fully review their financial data so that they clearly understand the financial health of their business and are able to take remedial action – if any is necessary. As I was home sick today, it gave me a chance to ...

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I was installing the new MYOB suite of packages last night and realised I haven’t yet informed our readers about the recent changes to MYOB. Basically, the more common MYOB packages are now part of the MYOB AccountRight range. The new range includes AccountRight Standard (previously MYOB Accounting), AccountRight Plus (previously ...

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Today the new Tax Agent Services law came into effect. For the first time, bookkeepers and others who provide BAS services will be regulated. The newly formed Tax Practitioners Board will take of the place of the original Tax Agents Board and incorporate BAS providers as well as registered tax agents. What ...

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Earlier this week, the team attended a tax training seminar focused on the new payroll requirements. There were a few small business owners in attendance and it became apparent that they were still struggling with understanding their previous obligations – much less having to now deal with new additions! Super seems to ...

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e-Record is the ATO’s free record-keeping software for small business (though I know of several larger businesses using it successfully). Unfortunately for users of e-Record the ATO are withdrawing it from 1 July 2010.  User support for matters relating to the 2009–10 income year will continue until 30 September 2010. Do you use e-Record? ...

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Good Bookkeeping Habits Help Run a Successful Business: Download free paper

Good Bookkeeping Habits Help Run A Successful Business   This paper is from our Bookkeeping Systems series and reinforces comments that good bookkeeping habits help run a successful business. I know that you don’t need us to tell you that… we all know it, right? Sometimes it just helps to ...

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GST has been with us in Australia for some time now and yet there still seems to be a lot of confusion surrounding it. Recently I met with a contractor who was not registered for GST and yet was collecting it (a big no-no). There was no intention to do ...

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