By Martin Miller
Businesses need to deal with accounting issues on a regular basis. These may vary from the treatment of hire purchase agreements, software packages (e.g. MYOB, CFM), daily recording of transactions, monthly reconciliations and year end issues.
Accounting terminology can be confusing if you aren’t involved with them each day.
Terms such as – Accruals basis, Cash basis, BAS, GST, Assets, Liabilities, Balance sheets, Banks/loan finance, Leases and Hire purchases can all sound confusing.
Let’s face it – who actually knows what these terms mean? Probably not your average small business person.
So where do you go to for advice – that’s where your accountant can help.
A lot of accounting is numbers and plenty of them. If you don’t want to deal with them on a daily basis you will need someone to help you.
Initially the day to day stuff can be sorted out by a bookkeeper – recording all of the transactions, reconciling bank accounts, loan statements etc.
Quarterly deadlines for BAS lodgements mean that you need to have your record keeping up to date to keep away from any Tax Office penalties.
Year end accounting requirements will need to be tied together by your accountant.
It may all seem a little overwhelming but with some expert help it is easy to keep up to date. And in these uncertain times it pays to be up to date.
davenports FINANCIAL SOLUTIONS
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(03) 9510 7600
Disclaimer: This post is just the view of the blogger only. It should not be relied upon as susbtitute for professional advice regading actual facts or circumstances. The blogger do not accept any liablity for any injury, loss or damage resulting from any person acting, or referring to act, in reliance on all or part of these materials.
