How can financial statements be helpful in decision-making?
In today's fast-paced and often unpredictable business environment, making accurate financial decisions is more important than ever. The thin margin for error in financial management highlights the need for a strong accounting function.
How long should you keep your financial records?
Many small businesses are uncertain about how long they should retain their financial records, often overwhelmed by the volume of paperwork or the disorganization of digital documents.
Protecting profits: 7 key strategies to prevent bookkeeping fraud
Trust is a fundamental element in the fabric of small businesses. Still, it can also be a vulnerability regarding bookkeeping fraud. This blog will explore seven essential strategies to safeguard your business against such risks. These strategies are not just about protecting your finances; they're about preserving the trust that your business is built on.
Seven key strategies for financially empowering your healthcare practice
Running a medical practice efficiently is a complex task that extends beyond excellent patient care. It requires sound financial management, an area where the expertise of an accountant, particularly one with experience in the medical sector, is invaluable.
How does GST exemption benefit small businesses?
The goods and services tax (GST) exemption in Australia serves as a cornerstone for fostering affordability and reducing tax-related pressures on both consumers and businesses.
How do GST rates affect pricing and profit margins for small businesses?
Small businesses play a crucial role in the economy, often operating on thin margins and facing unique challenges. The introduction of the Goods and Services Tax (GST) brought about significant changes in the taxation landscape, directly influencing these enterprises' pricing strategies and profit margins...
What are the most common GST errors, and how can you avoid them?
Understanding goods and services tax (GST) is essential for businesses, but with so many rules and guidelines, it's easy to get tangled up...
Top 10 strategies to prevent and manage overdue payments
Consistent cash flow is the backbone of a successful business. While securing clients and achieving sales targets are critical milestones, they can be undermined by the persistent issue of overdue payments.
How do GST credits benefit businesses and influence Income tax deductions?
Goods and Services Tax, commonly known as GST, is a cornerstone of the Australian taxation system. Within this framework, GST credits stand out as a significant component that every business should be aware of..
How to calculate and manage your GST payments?
Many business owners face the challenge of understanding how to calculate GST payments. If you've recently started a new business, this may be a new area for you. But even if your business has been around for years...
What is the difference between a bookkeeper and a BAS agent?
When setting up a business, the financial aspect often poses a challenge. Two terms frequently pop up in this context: 'bookkeeper' and 'BAS agent.' At first glance, they might seem interchangeable, both entrenched in the world of numbers and financial records...
BAS lodgement due dates 2023-24: What if you miss it?
Staying on top of your BAS lodgement due dates for the 2023-24 fiscal year is more than just a best practice—it's a legal necessity...
How to prepare BAS for small business?
Mastering the intricacies of preparing a Business Activity Statement (BAS) is an important step for small business owners in Australia...
The importance of transparency in accounting
In today's dynamic business landscape, trust is the cornerstone of any successful enterprise, especially for small businesses that thrive on community and customer relationships...
Understanding the Australian Fair Work Act and its implications for small businesses
The Fair Work Act 2009, a cornerstone of Australian employment legislation, has far-reaching implications for small businesses, shaping their operational, legal, and human resource policies...
What is the instant asset write-off and how can it help your business grow?
As business owners, we all know that managing our expenses is key to keeping our businesses afloat. So when the government offers us a tax break for making purchases, we jump at the chance!
Emerging technologies in bookkeeping and taxation: Opportunities and challenges
In the age of rapid digital transformation, every industry is undergoing profound changes. The world of bookkeeping and taxation is no different. It's experiencing a seismic shift, powered by innovative technologies that promise to reshape how we manage business finances...
Your ultimate guide to registering business name in Australia
Starting a new business is an exciting venture. One of the first steps towards establishing your brand's identity is choosing and registering a business name. This is a crucial part of your journey, as your business name is not just a label but the front face of your enterprise...
Navigating EOFY 2023: Essential Tax Deductions for Australian SMEs
Tax time is almost here, and the Australian Taxation Office (ATO) has made some important updates for EOFY 2023 that will affect small and medium-sized businesses (SMEs) in Australia.
A key guide to set up and managing self managed super funds (SMSF)
Setting up and managing your own Self Managed Super Fund (SMSF) is an exciting way to take on more control of your long-term financial security. The power of a SMSF lies in its ability to offer you the flexibility and autonomy needed to make decisions for yourself, as well as tax effective investment options that may not be available within retail or industry superannuation funds...
Essential bookkeeping reports every business owner should know
Did you know, according to the Australian Bureau of Statistics, that within the first three years, approximately 60% of small businesses fail due to poor financial management? It's a staggering statistic that highlights the critical role of bookkeeping services in business success...
How can salary sacrifice benefits enhance your financial situation?
Are you looking to supercharge your financial situation and uncover new avenues for growth? If so, you have come to the right place. In this comprehensive blog, we, at CleanSlate, a leading online accounting and bookkeeping service provider will delve into the world of salary sacrifice benefits and show you how it can enhance your financial well-being.
The Dos and Don'ts of SMSF property investment: A beginner's guide
Investing in property through Self-Managed Super Funds (SMSFs) is not a decision to be taken lightly. As one of the most popular strategies used by Australians, it’s important to have a thorough understanding of the potential advantages and risks associated with investing in property via an SMSF...
Payroll errors to avoid: Common mistakes and how to prevent them
Whether you are a small business or a growing enterprise, payroll compliance is a crucial aspect of managing your workforce. It goes beyond simply paying your employees...
SMSF Compliance and the ATO: What you need to know?
Having a self-managed super fund (SMSF) comes with many responsibilities, and one of the biggest is meeting your compliance obligations to the Australian Tax Office (ATO)...
How to use SMSF Borrowing to diversify your investment portfolio?
In the ever-evolving landscape of finance and investment, finding effective strategies to diversify one's portfolio has become an essential goal for astute investors...
The risks of an inadequate SMSF investment strategy
In the ever-evolving world of finance and investment, self-managed superannuation funds (SMSFs) have gained significant popularity among individuals seeking greater control and flexibility over their retirement savings...
Superannuation guarantee: Are you ensuring compliance with employee retirement contributions?
Superannuation guarantee and compliance play a crucial role in ensuring the financial security of employees during their retirement years. As an employer, it is essential to understand and meet your obligations when it comes to employee superannuation contributions...
10 reasons why every small business owner must outsource payroll processes in Australia
Running a small business in Australia is no small feat. Amidst the countless demands of daily operations, small business owners often find themselves grappling with the complexities of managing payroll...
How to prepare your business for the end of financial year in Australia?
As the end of the financial year approaches in Australia, it's crucial for businesses to start preparing to ensure a smooth transition into the new fiscal year...
5 common SMSF tax return mistakes to avoid in 2023
Preparing and submitting a Self-Managed Superannuation Fund (SMSF) tax return can be a complex task that requires careful attention to detail. With the ever-evolving tax laws and regulations, it's crucial for trustees and members of SMSFs to stay informed and avoid common pitfalls...
Understanding payroll tax rates calculation methods in Australia
Are payroll tax rates causing you confusion or concern? Don't worry! In this blog, we will provide clarity on payroll tax rates calculation methods in Australia, empowering you with the knowledge you need to stay compliant and avoid any unexpected surprises...
How opting for bookkeeping services can boost productivity in your team?
Maintaining accurate financial records is a fundamental aspect of running a successful business. However, handling bookkeeping tasks internally can be time-consuming and often distracts your team from their primary responsibilities...
Demystifying personal services income: Key to your financial success
At CleanSlate, we understand the unique challenges faced by businesses like yours when it comes to managing financial records and navigating tax regulations...
How do online bookkeeping services help you save time & effort?
In the realm of business finance management, the process of organizing and tracking financial data can be a daunting and time-consuming task...
How CleanSlate helps small and medium businesses get accurate financial reports with ethical bookkeeping services?
In the fast-paced world of small and medium businesses, accurate financial reports are the compass that guides success. They provide valuable insights, enable informed decision-making, and ensure compliance with legal requirements...
What are the key payroll tax obligations for Australian businesses?
In the dynamic landscape of Australian business, efficient payroll management stands as a crucial pillar for success. As businesses strive to navigate complex regulations and optimise their operations, understanding payroll tax obligations has become more important than ever...
The importance of estate planning in self-managed super funds (SMSFs)
In the realm of self-managed super funds (SMSFs), estate planning holds a pivotal role in securing your financial legacy and protecting the future of your loved ones...
Achieving financial independence: How to set up an SMSF in 8 steps?
In today's fast-paced world, taking control of your financial future has become more important than ever. An SMSF offers a unique opportunity to gain autonomy over your retirement savings, enabling you to make informed investment decisions tailored to your specific goals...
ATO's Crackdown: Shedding Light on Undeclared Income from Side Hustles
In today's evolving economy, more and more individuals are embracing side hustles to supplement their income. However, with the rise in undeclared income, tax authorities worldwide are tightening their grip on tax compliance...
How much do bookkeepers charge in Australia?
How much does a bookkeeper charge in Australia? This is a question that many entrepreneurs want to know, as they need to budget for their finances...
How can effective budgeting and forecasting improve cash flow for your construction project and ensure long-term financial stability?
Do you want to ensure the long-term financial stability of your construction project? If so, effective budgeting and forecasting are essential...
How small businesses can leverage advanced accounting & bookkeeping technologies services with cleanslate?
Small businesses are the backbone of the economy, providing employment opportunities and driving innovation. However, managing finances can be a significant challenge for small business owners, with many struggling to keep up with the demands of financial reporting, compliance, and cash flow management...
How can blockchain technology revolutionize accounting processes for construction companies?
Did you know that the construction industry is the second least digitized industry in the world, according to a study by McKinsey & Company? This lack of digitization can lead to...
How important is construction cost management in tracking project expenses
As a construction project manager, you must have complete control and oversight of all the financial aspects of each project in order to ensure that it is completed on time and within budget...
Five essential construction accounting strategies for cost management and profitability
Do you want to know the secret to running a successful construction business? It's all about effective cost management and profitability. But, with so many moving parts and expenses to keep...
Navigating the ATO's DATA Matching Program: Tips for businesses
Do you need clarification about the ATO Data Matching Program? You're not the only one! As the tax season approaches, it's crucial to understand the program's workings and how it affects you...
Why is construction job costing crucial for effective project management?
Construction projects are complex and involve numerous components and stages that must be carefully planned and executed to ensure their success...
Can construction accounting software automation help your business stay ahead of the competition?
In the construction world, competition can be fierce, and staying ahead of the game is crucial. To achieve a competitive edge over your competitors, you must effectively administer your finances, resources, and workforce...
Understanding Division 7A and Its Impact on Small Business Owners in Australia
As a small business owner, understanding the tax laws and regulations that apply to your business can be daunting. But fear not, because in this blog, we will break...
What tax deductions should construction companies claim for maximum savings?
As a construction company, knowledge of important tax deductions is crucial. Taxes can be complex and daunting, but understanding your potential deductions can help you save time and money...
How can real-time construction cost control help mitigate project risks?
Have you ever found yourself in a construction project where costs unexpectedly exceeded the budget, causing delays and jeopardizing the project's success...
Unlocking Profit Potential: Key Profit Maximisation Strategies for Small Businesses
In today's competitive market, small businesses need to stay ahead by continually improving their bottom line. Profit maximisation is crucial for long-term success and growth...
What types of services are typically included in bookkeeping for businesses?
As a business owner, you are likely aware of the importance of keeping your finances in order...
What are the key metrics to track in construction financial statements for business performance?
As a construction business owner, you know how important...
Bookkeeping as a service for your business
If you are a small business owner, then you know that bookkeeping can be a time-consuming task.
Why hiring a medical accountant is critical for your business?
Running a medical practice is not just about providing top-quality healthcare services to your patients...
Is construction job costing software worth the investment?
As a construction business owner or manager, you are likely always looking for ways to streamline your operations and improve your bottom line. One tool that has proven...
Medical practice set up: Choosing the right business structure for your healthcare practice
Calling all healthcare heroes! Are you ready to take the leap into...
Understanding the purpose and benefits of engagement letter bookkeeping
As businesses strive to stay on top of their finances, bookkeeping becomes crucial to their operations. However, without clear communication and defined expectations, it can quickly become confusing and frustrating
Bookkeeping versus Accounting: which is right for your business
For entrepreneurs, bookkeeping and accounting may seem like the same thing, but there is a big difference. Bookkeeping is the process of recording financial transactions, while accounting is the process of preparing financial statements...
Construction Bookkeeping 101: How to simplify your financial processes and stay organized
The world of construction is constantly evolving, and as such, it is essential...
What are the steps to be followed after setting up an Australian company?
Starting a Pty Ltd company is a significant achievement that requires a great deal of effort and dedication...
CleanSlate and BizCover team up to help small businesses streamline their insurances
Bookkeeping is an integral part of any business. Although it may be...
Unit trust set up: A complete guide on how to set up a unit trust in Australia
When it comes to setting up a unit trust, there can be a lot of contradictory...
Discretionary Trust Set Up: A Smart Strategy for Financial Planning
If you've ever felt like you're over your head trying to figure out how exactly to set up a discretionary trust...
Setting up a sole trader business: Know everything in detail
Are you the brave type, ready to go out on your own and set up a sole trader business? If so, you’ve come to the right place...
Setting up your limited by guarantee company- Basics, features, and advantages
Imagine a business that’s all yours. The rules and regulations, how it works, the stakeholders - it’s all in your...
Understanding the set up of Company Limited by Shares Structure
Do you own a business but are having trouble understanding the complex jargon when it comes to setting up your company? Don't worry; that’s why we are here...
Setting up as a partnership business-The Know-Hows and Advantages
Are you & your partner thinking about taking the plunge and setting up your own business together? If so, congratulations on making a decision...
Family Trust Set Up: A comprehensive 8 steps guide on how to set up a family trust in Australia
Are you looking to pass on your wealth and legacy to the following generations...
How to manage contracting payroll in Australia?
Payroll for contractors can be complicated and challenging, as it involves various employment obligations. Not only do you need to understand the different taxes and obligations associated with employing...
Payroll taxes in Australia
Payroll taxes are a necessary evil for any small business owner, but luckily Australia has made the process more bearable. While some paperwork may still involve getting your head around payroll taxes, understanding how...
7 best time and attendance systems australia
Have you ever wondered why so many of your day-to-day processes take up too much of your precious time? Are the tedious tasks like managing employee attendance...
Why bookkeeping is first step in tax resolution process?
For small business owners, it's an age-old problem: the dreaded Tax Season. Every year, we grit our teeth and simply hope to get through...
Maximize Your Business Efficiency with Xero Bookkeeping
Bookkeeping is an integral part of any business. Although it may be tedious and time-consuming, keeping track of your financials is necessary to ensure your business's success...
Cash accounting vs accrual accounting
When it comes to the accounting methods that small businesses can use, there are two main options: cash in accounting versus accrual method of accounting.The main difference between the two methods...
5 How can QuickBooks Online elevate your business's financial efficiency?
Have you ever wished that managing your business’ finances and accounting was as easy as ordering a pizza online? Well, thanks to...
CFO outsourcing - meaning, benefits, and tips to hire a virtual CFO
The role of a Chief financial officer has evolved significantly in recent years, with many organizations now relying on their CFOs for strategic...
Accounting outsourcing: Why is it important for your business growth?
As a business owner, you know that there are certain aspects of your company that you have to handle yourself...
Entrepreneurs: How to hire the online bookkeeper right for your business?
Online bookkeeping service providers can take accounting tasks off your hand so that you can focus on the fundamental objectives of your business...
Cloud based accounting for small businesses: Why should you switch?
Business owners are always looking for new and innovative ways to make their financial...
Bookkeeping outsourcing – A strategic imperative for busy entrepreneurs
If you're an entrepreneur, you know that keeping your business finances in order is essential to...
Common bookkeeping mistakes made by small businesses
A small business owner has a lot to keep track of. From inventory and expenses to employee hours and revenue, there is a lot of data to manage on a daily basis.
Outsourcing your payroll process
Payroll is one of the most important, and complex, aspects of running a business. In order to comply with tax laws and regulations, businesses must make sure that their payroll processes are accurate and up to date.
Effective cash flow forecast for small businesses
Forecasting cash flow is key to the success of any small business. It allows you to anticipate and plan for times when cash might be tight and provides a valuable tool for managing day-to-day finances.
5 Best payroll software options for small business
Starting and running a small business is tough enough, without having to battle through the complexities of managing payroll. From setting rates and accurately tracking hours...