Bookkeeping tips from the experts

Hear from experts who have seen it all, and can help your business avoid the mistakes that could stop you on your way to success

Six tips to great bookkeeping

By Pam Madytianos - Director, 2 Peas Pty Ltd

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Record keeping (also known as bookkeeping) is no one's favourite task. However, the reality is if you own a small business, good record keeping is vital. Many start-ups, as well as existing business owners tend to neglect this aspect of their business until the end of financial year (EOFY) is upon them. By law, every business is required to maintain accurate and timely records.

I can't stress enough how important it is to organize your accounts from the onset by setting up and using simple accounting software that suits your needs.

Here are 6 simple tips to make record keeping easier and less stressful during EOFY:

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The black art of bookkeeping

By Paul Hassing - Founder & Senior Writer - The Feisty Empire

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It may surprise (and even reassure) you to know I don't use MYOB. I have other software, having seized a one-year-free deal without knowing what it meant.

I now pay for updates each year that cost more than the original program. Worse, I chose a version to handle five staff, who all had to go when my No. 1 client ditched me retrospectively. But that's another story.

I hate bookkeeping and I hate Business Activity Statements. I hate them so much I used to think about going back to corporate life - and that's saying something.

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Five signs of a great bookkeeper

By Debra Anderson - Director of Legally Counts Pty Ltd

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A bookkeeper is a bit like a GP - there's one on every corner but great ones are hard to find. And when you do find one, you should never let them go. But how do you know if your bookkeeper is good or even better, a great bookkeeper?

Let's start with what every bookkeeper should be before we look at what makes a great bookkeeper.

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Top 10 common GST mistakes in BAS reports

By Amanda Hoffman - Founder of My Office Books & BAS Agent

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Nowadays, keeping your books in order has never been easier when you use an online accounting software.

Small business owners get to enjoy the flexibility of having their accounts online, and benefit from the time and money saved. With online accounting, preparing your own *BAS (business activity statement) is also easier.

However, the ATO has identified a number of common mistakes found in the BAS reporting form. I personally would like to highlight the top 10 mistakes that I see regularly.

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Other resources

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Bookkeeping article - Wikipedia

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Set up a basic bookkeeping system - Business Australia

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Learn from the experts: Small business accounting tips

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Online business bookkeeping - Digital Business Australia

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How to be a student of business

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MYOB Bookkeeping training courses

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7 steps to a successful stocktake

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