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Questions

Is it legal to pay your employee in crypto currency like Bitcoin?

Crypto currency are popular and easy to manage, but i am not sure, whether it is legal or not to... read more

Asked by:
Rebecca Carroll-BellOwner at RCB Mediation Services
I find BitCoin and other crypto currencies so interesting. From a legal view point I have no idea how to classify them - are they currency? goods? something else? Are they subject to GST? Income tax? FBT (as Katherine mentioned above, in some circumstances, yes). I also find people's motivations for using cryptos intriguing. Personally, I find the wild fluctuations in the 'value' of each unit worrisome and woudl not agree to be paid in BitCoin.
Ananda Raj PandeyOwner at GuestJet
Thank you Katherine. It will help.
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Accounting

Your Complete Guide in Purchasing a Business: The In's and Out's

Purchasing a business can take time, energy and a lot of research! It may seem less risky and more... read more

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Jim Garis Principal at Garis Group
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Accounting

Differences Between A BookKeeper and An Accountant: Who Should I Call?

What are the top differences between a bookkeeper and an accountant? This is an easy guide that... read more

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Joe Piovesan at First Class Accounts
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Accounting

Is It Time to Find an Accountant?

Every cent counts when you're a small business owner. But if you don’t know where you stand... read more

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Ling LeeDirector at Japanese Sword Auctions Australia
thank you for the fantastic article and lovely infographic!
Accounting

Online Cloud Account Software Options for Small Businesses

What is Online or Cloud Accounting? If you are an Australian small business owner, you no longer... read more

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Phil Joel Director at SavvySME
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Ling LeeDirector at Japanese Sword Auctions Australia
Great article! Thanks for the comparison table too! By the way, I recently wrote a comparison article between Xero, Quickbooks and MYOB: https://www.savvysme.com.au/article/1528-reviewed-accounting-apps--myob-xero-and-quickbooks :D
Accounting

What I learnt from spending 3 days with accountants [2 of 3]

Packaging for premium positioning in the market Last week I shared with you one of the “best... read more

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Accounting

Online Cloud Accounting Software for business

    Did you know that if you’re using email or accessing your bank account online then you’re... read more

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David Henderson Principal at ROCG Asia Pacific
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Dj HodgsonMarketing & Communications Manager, BDM at David Henderson Online
Great first article, keep them coming!
Accounting

What I learnt from spending 3 days with accountants

If you only do it once, don’t do it at all. How systems can transform your business. Recently I... read more

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Ling LeeDirector at Japanese Sword Auctions Australia
Great article! However, most SMEs can't survive be rejecting one-off jobs D:
Accounting

Reviewed: Accounting Apps - MYOB, Xero, and Quickbooks

Because I am building my very first start-up, (clap clap clap) I had no idea about any of the... read more

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Ling Lee Director at Japanese Sword Auctions Australia
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Ling LeeDirector at Japanese Sword Auctions Australia
Hey Michael, thanks for the comment! I will definitely take that in mind. I just wanted to add that I intend to have more than 5 invoices per month. Even as a microbusiness, that doesn't mean I don't want to sell more products!
Neil SteggallPartner at Wardour Capital Partners
This is a valuable aid to all small businesses taking their first steps. A great summary, thanks Ling!
Questions

What accounting paperwork or systems do I need for a startup?

I have started up my business, but I am not sure what sort of accounting paperwork and systems I... read more

Asked by:
Ling Lee Director at Japanese Sword Auctions Australia
Having a good set of accounts is a must however; what many SME,'S forget is Cash flow projections! This can be done with a simple spreadsheet and should be updated every six months to project the next twelve months. Having a great business model and increasing sales is great but if you run out of cash its game over
Wendy HuangFull Time Blogger and YouTuber at A Custom Blog in 4 Minutes
There are some really affordable accounting alternatives these days so I would check them out :) Otherwise when you start out make sure you keep all your receipts and transactions so you can give them to an accountant when it gets too much for you or at the end of the financial year :) As others have suggested, something like Xero can help you log your transactions easily and keep them neat.
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Questions

Why do people choose BPO outsourcing services from US and India?

Why do people choose BPO outsourcing services from US and India? What are the difference between... read more

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Andrew barnes at Finance expertise
Wendy HuangFull Time Blogger and YouTuber at A Custom Blog in 4 Minutes
Hi Andrew, The link doesn't seem to take me anywhere
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Accounting

7 Interesting accounting and bookkeeping trivia

Bookkeeping, which dates back to unwritten history, is arguably one of the most useful business... read more

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George Harris SEO at Shoebooks Pty Ltd
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Accounting

What makes a great accountant?

Good accountants are not just about how well they are at crunching numbers. A great accountant... read more

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Accounting

How to set up kpi's that suit your business best

The most effective way to find this direction is through KPIs or key performance indicators. You... read more

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Thanks Wendy, glad you find the contents helpful.
Wendy HuangFull Time Blogger and YouTuber at A Custom Blog in 4 Minutes
We just went through this exercise, thanks for this really helpful article :)
Accounting

5 ways to save time and money with accounting software

One effective way businesses can save time and money is by finding the right accounting software... read more

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Andrew OldhamOwner at Shoebooks
Thanks Neil and totally agree. We come across all walks of life and everyone has the same pain.
Neil SteggallPartner at Wardour Capital Partners
Thanks for a great article. It has to be a no brainer for the SME market.
Accounting

MYOB narrows full-year loss

MYOB Finance Australia Ltd says it is in an "extraordinarily strong" position to tackle competitors...read more

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Accounting

MYOB co-founder invests in cloud-based accounting software

Australian accounting software firm Practice Ignition has secured $650,000 in seed funding from...read more

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Accounting

Trusts 101: what are they, and how do they work?

One of the big motivations for considering using a trust will be to protect assets. Property and... read more

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Accounting

Online accounting 101: the components and benefits of cloud accounting

Low productivity, disorganised workflow, redundant records, and reconciliation errors—these are... read more

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George Harris SEO at Shoebooks Pty Ltd
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Steven AbrahamOwner at Evolved Sound
Great article. For most businesses, the benefits of embracing cloud accounting far outweigh the traditional localised options.
Wendy HuangFull Time Blogger and YouTuber at A Custom Blog in 4 Minutes
Thanks for this article George!
Questions

What has been your experiences with open source accounting software packages?

I was wondering if anyone on savvysme has experience with any of the following open sourced... read more

Rhys RobertsDirector at Viridity
I am not sure of the purpose of this question.  The range of Open Source Apps you list range from those suitable for micro businesses (Gnucash / Turbocash) all the way through to medium/large organisations (Adempiere). Similarly the paid for solutions range from SME (Quicken / MYOB / Xero)  through to enterprise solutions (Oracle / SAP).  If you are looking for a software application for your business you will make the selection process much easier by identifying the features you need for your business first, then identifying a (small) number of applications that might meet your requirements.  Then compare between those.  Whether they are locally installed or cloud, open source or not is generally of less importance than how well the features of the program you select meet your needs.  I have written a guide to assist with making this selection, it is available as a free download from my website, Cheers, Rhys
Apurv Bhalla CPAAccountant at Success Tax Professionals in Parramatta
I know one software www.eazybooks.com.au. Its good if you are startup and its free. 
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