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Bookkeeping vs Accounting
Bookkeeping and accounting are inevitable for any business in operation. These processes help the firm to evaluate its worth and take informed decisions. The two terms have a subtle difference, but it is necessary to understand them. Read more about Bookkeeping vs...
What is Accrual in Accounting?
An accrual is a current-period expenditure for which a supplier invoice has not yet been received or revenue that has not yet been invoiced. An accrual is often formed with the intention of recognising a cost on the income statement. What effect does such an accrual...
How Much Tax Do I Pay? All Your Questions Answered!
Tax is an eminent part of government revenue and it is necessary to pay your taxes on time. You may have several questions regarding the different tax slabs as well as the latest updates in the Australian Taxation Law. Taxation laws are subject to change and it is up...
A Complete Guide to Family Tax Benefit
According to the law, the primary responsibility of raising children and supporting them financially rests with the parents of those children – whether biological, birth parents or adoptive parents. Therefore, if any parent has difficulties in discharging this...
7 Best Practices While Preparing a Bank Reconciliation Statement
A bank reconciliation is a way of double-checking your financial records. Compare your bank statements to those of your business accounts to do so. Both sets of records need to be in sync. You'll need to figure out why if this isn't the case. The purpose of bank...
How to Choose the Right Bookkeeping System for Your Business (Single-Entry and Double-Entry)?
Despite the difficulties of managing a company's finances, establishing a basic accounting system is essential for maintaining correct records, which aids tax compliance, monitors cash flow, and makes it simpler to achieve long-term development. Bookkeeping System is...