Accounting software for small business.
Unless you are a certified professional in bookkeeping or accounting, you may not know all the basic accounting principles, tax laws and updates which govern record keeping and lodging obligations.
The duty to maintain good records starts at the time money flows in and out of a business. Small businesses may be tempted to forego Professional Bookkeeping in Australia until operations generate a considerable volume of transactions. This exposes a taxpayer to potentially costly mistakes in reporting revenues, deductions, and calculating tax obligations. Some of the common tax mistakes businesses make include:
Businesses are required to lodge their PAYG or BAS statement on specific dates. Owners who do their own bookkeeping often incur penalties for failing to lodge their statements on time. Qualified bookkeepers take care of updating business records and ensure that the appropriate forms are lodged on time.
Australian superannuation laws provide the bases for calculating the correct amount of super contributions.