Month: October 2020

How to Get Your Small Business on Top of Your Finances

When you’re a small business, allocating your resources efficiently is of utmost importance. However when you’re trying to manage your day-to-day operations, unless you have a university major in accounting, keeping track of your transactions becomes virtually impossible. The good news is, there’s a multitude of smaller-scale financial consulting services that are designed to help your small business thrive that won’t cost you a fortune. In this article, we’re going to outline a few of the measures you can take to get your small business back on top of your finances.

Bookkeeping Sunshine Coast

 Should I Hire an Accountant for My Business?

An accountant is an individual who prepares your financial records, recording daily financial transactions into separate records for personal and business use. Accountants have existed since 2500 BC, when records were recorded on slabs of pottery made of clay, making accounting, not the earliest profession, but very close. As the centuries passed by, this particular profession became much more complicated due to the invention of such things as bankbooks, ledgers, and stock accounts. While these were useful for keeping track of personal and business transactions, they were still nothing more than lists of numbers, which did little in the way of keeping track of cash flow or recording profits and losses. The advent of the computer changed everything, however.

Is a Bookkeeper Worth the Investment? 

Here’s the thing, hiring an accountant in your business is highly important but if you’re a smaller business you may want to consider hiring a Bookkeeper instead. Bookkeepers are qualified in handling a multitude of financial services. In the digital age, there are a multitude of freelance bookkeepers available to handle your transactions. Bookkeepers such as Little Miss Bookkeeping Sunshine Coast offer a complimentary consultation with their services to help you determine whether or not hiring a bookkeeper for your small business is a viable option for you. 

The most important thing about a bookkeeper is that he or she is responsible for recording every transaction that occurs in the accounting area. While some of the financial records may be kept by accountants and bookkeepers alike, some accounts have only one person who manages them, and that is the bookkeeper. For example, a bank or brokerage house will have several accountants working under different accounts, and it is the responsibility of the bookkeeper to keep track of each of these accounts, keeping an accurate record of who is responsible for what. This is usually done by entering the information into a computer program, then using a computer-based system to print out the financial statements for each account.

What Else Do I Need to Know About Bookkeeping Services? 

There are some accounts; however, that is so important that it is not even necessary to have an accountant. These accounts are called trust funds, retirement accounts, and investment accounts. These types of accounts are usually managed by government agencies, including the Internal Revenue Service.

Another type of account that is handled by a bookkeeper includes the accounts maintained by banks and other financial institutions. Banks are required to keep the information for a variety of accounts every month, usually through the use of an automated financial records software system. The information includes the names of the account holders, the amount of money in the account, and the date each transaction took place. The financial reports generated by this software are used by the bank’s accountant to keep track of all the accounts and to make sure they meet the legal requirements of the federal government.

What’s the Difference Between an Accountant and a Bookkeeper? 

One of the most significant differences between an accountant and a bookkeeper is their level of control. Bookkeepers are generally involved in managing the accounts themselves, while the accountant is concerned with the overall management of the funds. The accountant will keep a detailed log of each account and record the transactions that take place on paper. He or she is typically responsible for keeping track of who is responsible for what and will review the account’s financial records to ensure they are up-to-date.

While bookkeepers play an important job, they also have their limitations. To accurately prepare the financial reports, they must have access to all sorts of records and information. To keep track of all the bookkeeping information that is needed to prepare the financial records properly, they must be able to verify and double-check the information that is contained in the documents they are reviewing. The accountant cannot do this, since many of the records must be generated manually.

Where Can I Go For More Information on Bookkeeping Services?

If you’re looking for more information on Bookkeepers, it never hurts to do your own research. One great way to find out everything you need to know about Bookkeepers in your industry is to contact them directly. Oftentimes, they’ll be more than happy to offer a complementary consultation to see whether they’re the right fit for your business. 

It is important to remember that bookkeeper jobs are not always easy. They can take a great deal of effort on the part of both the bookkeeper and the accountant to keep the accounts accurate. If an accountant or bookkeeper fails to check their books correctly, they can cause a significant problem for the bank. There are many bookkeepers in the accounting field today who spend countless hours each day correcting errors that could have easily been caught during routine accounting checks.

Tips in Securing the Best Workers in the Construction Industry

When you have a construction company, you will need to hire a ton of people. You would want to hire the best ones so that the project would be accomplished shortly and efficiently. When that happens, you will make a lot of clients happy. It won’t be long before they would want to do business with you again. It would depend on the people you hire, especially if they have what it takes to work in your company. Remember, there is a vast difference between saying you are right and doing it in person.

Hire a Renowned Recruitment Agency

A well-known recruitment agency would know what to do to bring in the best people. They would not want their reputation to get ruined if they refer to you the wrong people. They would want to screen all the candidates profusely until they are confident with the people they recommend. They are also aware that the best candidates out there are the ones who are not looking. Thus, they would want to secure people online, even if they are currently employed. Yes, that is how committed they are in bringing you the best at what they do.

They are also entirely focused on giving you the right candidate. Before you interview candidates, they already made screened them to make sure they are qualified enough for a final interview. That means you will save time because you won’t have to interview people who don’t meet your criteria. Hence, it won’t be long before you end up with the right candidates to fill your positions.

Let Candidates Demonstrate their Capabilities

There are a lot of things that need to be done at a construction site. Thus, you would not want people lying about their accomplishments. It would be a splendid idea to make them demonstrate what they do on the spot. For example, you can give a candidate the needed materials to do the welding process, as that is one common thing done in construction sites. If the person can accomplish the task relatively quickly, you can feel confident in all the other things he says about him. If it is the other way around, then you can move on to the next. For some, they will get surprised and nervous about the task. The qualified ones won’t have a problem with it as long as you give them what they need.

Look at Educational Background

If the candidate is genuinely interested in starting a career in the construction industry, he must have already attended many related seminars on the job. As they say, knowledge is power, and that is one thing you should have. It would feel great to learn something new all the time. It is expected that some candidates were not able to finish high school or college. That won’t be important in this scenario, as it would be better to look at what this person can contribute to your company. It depends on the position you are looking to hire. For example, if you are looking for an onsite worker, it would be pointless if the person has attended many seminars about Microsoft Office applications as you could put that person for another work.

Now that you know what you must do to wind up with the best construction workers, it is vital to make them happy. Yes, you must always give them many reasons to stay at your company as there will always be temptations to work elsewhere. You can always open your office for suggestions on making it a safer and more enjoyable workplace for everyone. It won’t be long before they want to make their voice heard in front of the entire company. If they care about the company, they would want to make a ton of suggestions and let you decide whether they are appropriate or not. Of course, it won’t be wise to just agree to everything they say as they will feel on top of the world after that.

Adelaide Employers Covid-19 Benefits

The effects of the novel corona virus have been felt worldwide. The business sector has been significantly affected, and many business owners have been left devastated and stuck. Some have closed their businesses, furloughed workers, while others don’t know the next step to take.

With COVID-19 derailing the efforts of many business owners to keep their businesses running, the only reliable solution has been to seek government assistance. Australia is one of the nations that have been doing everything possible to help employers stay afloat in their endeavors.

Account Stability Bookkeeping Adelaide

Besides providing funds, the Australian government is doing everything possible to provide employers with the right information to sustain their businesses.

Financial Advisor

If you have not heard about the employers’ covid19 gov benefits, then it’s high time you think about your business. Account Stability are among the many bookkeepers in Adelaide to help guide business owners and take this opportunity and pursue the many ways the government is helping the Australian business sector and the Adelaide employers. And here are excellent government benefits you should take into account.

BOOSTING APPRENTICESHIP COMMENCEMENTS SUBSIDY

The Australian gov has promised to help employers who take part in a new Australian Apprentice. The government has set aside $1.2 billion to boost businesses and Group Training institutions that offer Australian Apprenticeships. This is an opportunity for employers who want to take in new trainees or apprentices to benefit from this subsidy.

An Australian Apprenticeship is all about giving opportunities to individuals with a nationally accepted qualification and on-the-job experience. It’s an opportunity available to any individual of working age regardless of their level of education. This government initiative will offer those who have lost their jobs or struggling to find a job an opportunity to get things together.

Organizations or employees who engage with Australian Apprentice on or after 5 October 2020 will be entitled to this incredible subsidy. They will be eligible for 50 percent of wages paid to the Apprentice to a total of $7,000 until 30 September 2021.

This is an initiative that will support more than 100,000 new apprentices not only in Adelaide but also across Australia. Small and medium businesses will also get a chance to keep their trainees at work, and those training to be better employees.

BUSINESS RESILIENCE PACKAGE

Employers looking forward to merit from the COVID-19 Australian government benefits should give the business resilience package a second thought. The government has set aside $3 billion to assist businesses that have been affected by the ongoing restrictions to curb the spread of coronavirus.

The Victorian government is offering this package in the form of tax relief, cash grants, and cashflow funding to help businesses in need. This package will aid employers and offer them a way out to keep their subordinates in jobs.

The business resilience package offers business support in the form of grants that will back around more than 75,000 eligible employers. Businesses can apply for the Licensed Hospitality Venue Fund that offers funds to pubs, hotels, reception centers, bars and restaurant grants of up to $30,000.

JOBKEEPER PAYMENT SCHEME

The JobKeeper Payment is another outstanding covid19 gov benefits eligible to many employees in Australia. This scheme has been extended until 28 March 2021 to help many employers who care about their employees and businesses. Employers need to keep in mind that the rates of payment will change.

The rates of payment will change depending on how long an eligible employee works. Significantly, the rates will depend on how long an eligible employer is engaged in the business of choice.

The rates for the JobKeeper Payment scheme are exclusive and will include;

  • First Tier of $1,200 per fortnight and
  • The second tier of about $750 per fortnight

The good news? The JobKeeper Payment Scheme will remain open for all new individuals or employers who participate. However, they have to meet the set eligibility requirement and for the specified period.

TO SUM UP

The Australian government is doing everything possible to map the nation’s challenging journey toward COVID-19 normalcy. The government is offering funds and other cashflow boosting solutions to employers and help affected businesses.

The government is also encouraging job seekers, apprentices, and trainees to take this opportunity to look for jobs and work hard. Substantially, there are COVID-19 gov benefits they can pursue and pick up the pieces and improve their livelihood.