A Day in the Life of a Bookkeeper

July 27, 2021

You might imagine the life of a bookkeeper is routine and rather dull. But like life in general, no two days are the same. And working with a great team and a fabulous mix of clients means it’s not quite…

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What Happens if You Get Audited By the ATO?

July 18, 2021

Sometimes the tax office will decide to conduct an audit into an individual’s or business’s tax affairs. Here’s what you need to know about ATO audits.   What triggers an audit? Usually an audit springs off from an initial review…

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Receipt Scanning & Storage | Bookit Bookkeeping

5 Reasons Your Bookkeeper Needs to See Your Bank Statements

July 4, 2021

At Bookit, we value accuracy, thoroughness and compliance, and this is why we ask our clients to provide us with access to their bank statements.   This could seem like overkill, especially in the age of automation and online bank…

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Why EOFY is a Good Time to Review Your Business

June 24, 2021

EOFY (or End of Financial Year) tends to be associated with taxation and finalising your accounts for the year. There are records to complete, reports to produce, budgetary discrepancies to explain, tax returns to lodge, and possibly many meetings to…

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Tips for Recording GST on Imports & Overseas Services

June 18, 2021

If you import goods into Australia for use in your business, and you are registered for GST, you may be entitled to claim GST credits on the costs.   This is because GST is charged on most imports of a…

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Management Reporting | Bookit Bookkeeping

3 Ways Bookkeeping is More Than Just Data Entry

May 25, 2021

In the past, the role of bookkeeper revolved around a lot of time-consuming data entry. Fast forward to now, and a lot has changed! While the basic principles of bookkeeping remain the same, and have done for centuries, the role…

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How Ready Are You for the End of Financial Year?

May 11, 2021

The end is nigh, as the saying goes.  Or the end of the financial year anyway – which makes it a good time to review your accounts and make sure you’re well-prepared.   This is very important, because there’s not…

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7 Dodgy Bookkeeping Practices to Avoid in Your Business

April 24, 2021

In the accounting field, it’s not unusual to come across some business practices that are dodgy or that sail a bit close to the edge! These are not always committed by the business owner and may not always be deliberate.…

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How Cryptocurrencies are Taxed in Australia

April 10, 2021

How the ATO treats cryptocurrencies such as Bitcoin depends on how they’re used. If you are transacting with digital currency in your business, it’s important to know how it could be taxed.   Here’s a brief overview. Business use of…

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