Blog

What’s the difference between payroll arrears and falling into arrears? Payroll (or pay run) is the process of paying every employee on the roll (aka in your employ). In-arrears and in-advance simply describe whether the employee completes the work before or after payment. Advance: Payroll occurs before the employee completes the work. Paying in advance is popular with employees and can be a good hiring incentive. Arrears: Payroll occurs after…  Read more

As a bookkeeper, having a favourite bookkeeping software is almost like having a favourite hotplate for cooking on. No one talks about it, but we all have one. That’s not to say it’s the best, just that it’s our favourite. LPB’s brand colours represent our favourite three, Xero, MYOB and QBO, in that order. Every now and then we make a different recommendation to meet your unique bookkeeping needs or…  Read more

First and foremost, if you are a corporation or a limited liability company, a separate bank account is required by law (see business.gov.au for more detail). For everyone else, it is simply good business practice. Why? Transparency of business profits, expenses and deductions Clear and separate business records make it much easier to see whether your business is making a profit or draining your personal bank account. It also makes…  Read more

Finding the right bookkeeper is like finding the right employee. You seek the skills, personality and availability that meet your business needs. And just like find the right employee, finding the right bookkeeper for your unique business needs will serve as time well spent in the long run. Things to look for in a bookkeeper: Skills: Whilst formal qualifications aren’t mandatory in Australia, you will always be better off with…  Read more

When it comes to business finances, true love is in the detail. Whether they tell you or not, your accountant loves it when you arrive with excellent records of every cent in and every cent out. Receipts, invoices, and bank statements, all acquitted, recorded and connected accurately, are the things accountants dream of. It makes life so much easier for them. But why do you want to make life easy…  Read more

For business owners, the end of the financial year can be daunting. So much to do, so much to report! In partnership with their business clients, bookkeepers work to help ease the process, providing clarity, guidance and a helping hand. Over the next two months, bookkeepers will be immersed in compiling docs, confirming information and lodging and submitting reports to the Australian Taxation Office (ATO) in order to make sure…  Read more

Wages Increase Alert Bookkeeping Tricks And Tips With Joy Don’t forget that from 1 July there will be an increase to award wages and the nominal SGC percentage to 11%. This is going to impact your payroll so best be prepared so you can affect these changes from the new financial year. Let us know how we can help you out.  Read more

Are you taking advantage of sales and making big purchases before 30 June? Make sure you speak with your bookkeeper to know what types of paperwork they need you to provide to record the purchase. Then once you’ve made your purchase – send through the paperwork to your bookkeeper to pop into your records!  Read more

Paid Parental Leave to be Extended to 26 Weeks by 2026 In an effort to close the gender pay gap, increase women’s workforce participation, and provide families with more flexibility during their children’s formative years, the Paid Parental Leave (PPL) system will be increased from 18 weeks to 26 weeks over the course of the next four years. There are currently two payments available to families under the Paid Parental Leave Scheme: Parental…  Read more