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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

Bookkeeping for Defence contractors requires an understanding of both worlds – Defence and bookkeeping. It doesn’t sound like much, but when you hire an Australian bookkeeper specialising in Defence contractor bookkeeping, you will wonder why it took you so long. Defence contractor bookkeeping requirements – security The first big difference with Defence contractor bookkeeping is the increased security requirements outlined in your contract and associated documentation. Whilst not usually considered…  Read more

5 things your bookkeeper needs at Christmas Leave, public holidays, and shutdowns affect all small business, including your bookkeeper. Here are our top 5 things you can do to help us keep your business running smoothly this Christmas / New Year period. Prepare invoices in advance. If you know they are coming, especially if they need scheduling during Christmas/New Year, let’s get them done now (at the beginning of December).…  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

As a not-for-profit with charity status, the Canberra Innovation Network has more than a few complexities to its bookkeeping. It’s our pleasure to grow with them from strength to strength and ensure they never have to worry about the state of their financial records.   Not-for-profit = not your average bookkeeping   Whatever your goal or mission as a not-for-profit, you can be sure you have one thing in common:…  Read more

Your business is your baby, and handing over even a small part of it can be challenging. You’re a professional, and only you know your business well enough, you can do it all yourself. But should you? Think about why you started this business in the first place, your purpose and your business goals. Is your time best spent pouring over numbers or building and growing your business? Outsourcing your…  Read more

Whether you choose to DIY or outsource your bookkeeping, it pays to understand the tools you are using. Undertaking the appropriate training and incorporating the necessary add-ons from the software: * makes financial business management and record-keeping easier * ensures you have the right data for your accountant at your fingertips come tax time * connects your bank feeds for quick and easy acquittals If DIY and online learning are…  Read more

Looking to build a business empire? Or hire a few staff to do the business bits that don’t float your boat? The correct payroll and staff management tools might make or break your business. Consider how many staff you intend to hire and precisely what you want your software to be capable of. Accounting software, including Xero, MYOB and QBO, can manage payrolls, superannuation and recording PAYGW. They might be…  Read more

The right hardware and software will help you get set up   Gone are the days of keeping financial records in actual books. It’s a modern world out there, and every start-up needs these few basics for effective bookkeeping in 2023-2024: 1. Hardware Your smartphone alone will get you most of the way, but your life (and that of your accountant and bookkeeper) will be much easier if you also…  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

We know the costs of living and doing business are on the rise. We are living through it with you as a small business made up of real people too. We are feeling the pinches ourselves, and working in the trenches with our clients through them. And you know what? In those trenches, we have ideas. We see what is working and what is not working. We work out practical…  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

Ever wondered what Bookkeepers and BAS Agents do, and how they are different? Below is a really great table outlining the services you can expect from your Bookkeeper and/or BAS Agent. “As a Business Owner, if you are wanting your contract Bookkeeper to complete and undertake BAS services, it is your responsibility that you engage a registered BAS Agent.” – The Institute of Certified Bookkeepers If this sounds like what…  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

As a small business owner, you’re likely already aware of the importance of keeping your finances in order. Financial management goes deeper than paying your bills on time and collecting on invoices (although those are also important). It involves regularly checking up on your financial situation to make sure your accounts are in order, your records are up-to-date, and you’re spending within your budget. Among those activities, financial reconciliation plays…  Read more

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Inflation is still a concern as the economy slowly recovers Australia’s economy has recovered better than most from the COVID pandemic and is now 7% larger than before. But experts say that ongoing inflation is a continuing concern for everyday affordability. Mental health is a major concern as the…  Read more