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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Why You Should Run a Proper Accounts Payable Process

March 27, 2021

Bookkeeping software often comes with two options for entering expenses – Accounts Payable and Spend Money. While the Spend Money method can be quick and easy, there are reasons you should not use it all the time. Let’s take a…

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5 Ways to Avoid Making Your Bookkeeper Cranky!

March 13, 2021

  A professional bookkeeper who listens to you and works hard to ensure your books are accurate is a great asset. But even the most patient of bookkeepers can get a bit frustrated at bad business practices! Here are some…

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Do You Know What Business Records You Must Keep for the ATO?

January 24, 2021

As a business owner, you need to keep accurate records of every transaction that goes through your business. This is essential for meeting ATO compliance around taxation, superannuation and employment. Sound record-keeping is also good for business, as it enables…

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