smsf audit related tips

  It really depends on the size and structure of the business. Some of the important things to consider are: - Number of transactions: Retail businesses or franchises can often have hundreds of transactions (sales and invoices) to process which can take up a lot of man hours as compared to  service-based businesses   which wouldn't need as many customers to be sustainable. - Number of employees: The more the employees in the business, the longer the bookkeeper will have to spend processing their payroll according to their individual circumstances. - Revenue: If the revenue crosses the GST threshold ($75,000 in AU), the business will have to submit a  Business Activity Statement  (Quarterly) as well. - Expertise of the bookkeeper: As you get more experienced and skilled, obviously the time taken to do the work would be reduced as well. There are other factors as well and you may have noticed that they are all related to each other. So really, the answer to this q...

Reasons why you should focus on keeping your bookkeeping effective We all know that for the successful running of a business, keeping records of all the daily transactions is really important. But still, there are many businesses that do not truly understand the value of bookkeeping. Sometimes, they consider it as too much work and ask, why they should focus on bookkeeping? Well, to answer this question once and for all, we would say that bookkeeping is very important and necessary for every business irrespective of their size or industry to achieve transparency in the business results. Imagine running your business for a year and at the year-end realizing your accounts depict results that are far from reality. That is why you should focus on timely and accurate bookkeeping. Want to know how exactly effective bookkeeping helps business? Let's see! For everyone’s sake, before moving to the importance of bookkeeping, let us reiterate what bookkeeping means? Bookkeeping in layman t...