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What to Watch Out for in a Business Lease
If your business has a physical presence, you’ll most likely negotiate a business contract known as a lease for rental of space to house your business. Be aware that the landlord may use a form lease that [more…]
Making Accounting Adjustments to Reach Profit Potential
Having your business reach a profit is important; if it doesn’t, sooner or later the business will fail. As a business manager, you want to keep a close eye on the financial statements and make the necessary [more…]
Formulas and Functions for Financial Statements
As the business manager, you’re in control of your business’s accounting needs, so you need a strong understanding of the ins and outs of financial statements, including what goes on them and in what order [more…]
Accounting Workbook For Dummies Cheat Sheet
As a business manager, taking care of your company’s accounting needs is top priority. Correctly preparing a financial statement involves knowing all the information that needs to appear on the statement [more…]
Generally Accepted Auditing Standards
The generally accepted auditing standards (GAAS) are the standards you use for auditing private companies. GAAS come in three categories: general standards, standards of fieldwork, and standards of reporting [more…]
The Four Concepts of Audit Evidence
Audit evidence consists of the documents you use during an audit to substantiate your audit opinion. While working on an audit, you encounter many different types of evidence [more…]
Gathering Audit Evidence
While you work on your client’s audit, you gather sufficient appropriate evidence to come to a determination on whatever it is you’re auditing. The methods you use to gather audit evidence aren’t one-size-fits-all [more…]
Auditing For Dummies Cheat Sheet
Auditing is the process of investigating information that’s prepared by someone else — such as a company’s financial statements — to determine whether the information is fairly stated and free of material [more…]
Bookkeeping Checklist
This step-by-step bookkeeping checklist should help you sleep easy at night, knowing that you have done what you needed to do to get your books in tip-top shape. [more…]
Bookkeeping Basic: Understanding Account Types
Understanding the difference between account types is the secret to coding transactions correctly. Here’s the cheat’s guide to understanding the difference between assets and liabilities, equity and income [more…]
Stay Up-to-Date with Bookkeeping to Meet Tax Deadlines
Forget birthdays, anniversaries and Christmas and instead, punctuate your diary with a list of tax deadlines. Here’s a summary of the deadlines that every Australian bookkeeper needs to know about in order [more…]
Know Your Debits from Your Credits for Bookkeeping Success
Understanding debits and credits is a tricky business. (How did accountants get to be so warped, you may wonder?) Don’t sweat, with this table you can get your debits and credits spot on, every time. [more…]
What's Included in a Financial Statement?
With a bit of practice, understanding financial statements is easy. Think of your Balance Sheet reports as a set of before-and-after photos, with your Profit & Loss report telling the story of what happened [more…]
Calculate GST in the Blink of an Eye
Even with a calculator close to hand, a few shortcuts to help you calculate Goods and Services Tax (GST) are real handy. The whole business of dividing by 11 or multiplying by 0.15 can get very ugly indeed [more…]
Register as a BAS Agent in Australia
In Australia, if you’re a contract bookkeeper providing BAS services, then you must register as a BAS agent. The penalty for providing BAS services without registering ranges from a not insignificant [more…]
Prevent Employee Fraud with Smart Business Practices
How do you prevent employee fraud in the workplace, and how can you be sure that nobody has their hand in the till? Like double cream and crash diets, keep bookkeeping tasks and the handling of cash or [more…]
Bookkeeping For Dummies Cheat Sheet (Australia/New Zealand Edition)
What makes a good bookkeeper? Qualifications help, but what separates the wheat from the chaff is attitude. A good bookkeeper cares when something doesn’t balance and gets upset when stuff goes missing [more…]
What Is Market Equilibrium?
Buyers and sellers interact in markets. The market equilibrium price, p*, and equilibrium quantity, q*, are determined by where the demand curve of the buyers, [more…]
Overview of Annual Report Elements
Annual reports can be daunting, and you may be relieved to know you don’t actually need to scour every page of one. The following list gives you the big picture on annual reports, from a UK perspective [more…]
How to Make Sense of a Company's Profitability Ratios
When getting to grips with interpreting a company report, you can test a company’s stock market reputation and money-making prowess using the following important formulas. [more…]
How Liquidity Ratios Figure into Company Reports
If a company doesn’t have cash on hand to cover its day-to-day operations, it’s probably on shaky ground. Use the following formulas to find out whether a company has plenty of liquid [more…]
Understanding Cash Flow Formulas
When studying a company report, use the following formulas to make sure a company has plenty of cash to keep operating so you can make a profitable investment decision. [more…]
How to Calculate VAT
Calculating the VAT (Value Added Tax) element of any transaction can be a real stinger of a sum. Following these simple steps can help you get it right: [more…]
Ten Ways to Minimise Tax
Paying taxes is unfortunately an inescapable part of running any business. Here are some simple ways of making sure you don’t pay more than you need to. [more…]
Bookkeeping Ways to Value Your Stock
Bookkeepers use various methods for valuing stock. Your company must choose one method and follow that method all the time, in order to keep the tax man happy. Four ways in which you can do this are: [more…]
