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Does Bookkeeping Boost Financial Efficiency of a Company?

  How does Bookkeeping Help Improve Financial Efficiency? Bookkeeping is crucial for any business, whether it’s small or large. Whether you are a small business owner or running a large organisation, it’s essential to manage your business books effectively. Every business should stay persistent and consistent. Many business owners are in a mess with unsorted financial records, which results in discrepancies in their records. Smarter Financial Decisions Making informed choices starts with having accurate financial records. When business owners have a clear picture of their cash flow, income, and losses, they are empowered to make decisions that positively impact the future of their business. Think about trying to make decisions without knowing how much money you have or if you are overspending. With well-maintained financial records, you can track your business’s performance, identify areas to invest, find ways to cut costs and develop strategies for growth. Whether you are a new sm...
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Record Keeping for PSI: What Records Should You Keep?

I ncome is considered PSI when over 50% of the received income from a contract is a reward for your personal skills or efforts, rather than being produced by the sale of goods, the use of assets, or from a business structure. When checking out whether your income is PSI, you must pay attention to the income received from each contract separately. The terms and conditions of the contract, invoices and written agreements that have details about the work arrangement, are essential to check out if the income is PSI. Blog link: Record Keeping for PSI: What Records Should You Keep

How Often Should You Do Your Bookkeeping?

  Bookkeeping is one of the most crucial factors in running a business successfully. Your financial records must be accurate because many factors depend on your financial records, and wrong records can lead to wrong financial decisions for your company. For recording and maintaining business, you need to follow the steps given below: Keep documentation and receipts:  Businesses must have a receipt or verifiable documentation for every payment made and expense incurred by a company. This includes information like the date, amount, and relevant information. You can reach out to a reliable  bookkeeper in Melbourne  to keep a record of every transaction. Irrespective of how often you perform bookkeeping tasks, consistency is essential. Use the best accounting software:  Invest in reliable accounting software to simplify the bookkeeping process. These accounting tools automate several tasks, making it easy for you to keep your financial records updated. Bank account ...