Bookkeeping Q&A

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Aishah Mustapha added an answer to this question
Aishah Mustapha

Aishah Mustapha, Content Marketer at

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A lot of bookkeepers offer a package nowadays. Eg: a starter package for new businesses or businesses who want to establish a new accounting software. They will install, configure, transfer your books and get everything up and running including training. This will usually be a fixed price package.
If ...  Continue Reading
Cliona Elliott added an answer to this question
Cliona Elliott

Cliona Elliott, Senior Editor at

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As a rule of thumb, it's generally recommended that you keep all business and financial records for five years from the date you lodge your tax return.

Leigh Cummings added an answer to this question
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Leigh Cummings

Leigh Cummings, Director at

Basically every transaction has 2 sides to it.  If you buy some stationery, it increases your office expenses and decreases your bank.  Double entry is using different ledgers to show these transactions.  When using a single-entry system, it is affecting both accounts, but you are concerntrating on one side of the transactions.
To improve your budgeting process, using a single-entry system is easier to understand and what I would recommend.

Hatty Bell

, Community Manager at

Great insight - thanks @Leigh Cummings ! It sounds like a complicated process. When should double-entry be used?

Amanda Hoffmann - Certified Bookkeeper, BAS Agent added an answer to this question
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Amanda Hoffmann - Certified Bookkeeper, BAS Agent

Amanda Hoffmann - Certified Bookkeeper, BAS Agent, Owner / Manager ★ Certified Bookkeeper ★ BAS Agent at My Office Books - Virtual Bookkeeper & BAS Agent

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What services do you want your bookkeeper to perform?
STANDARD BOOKKEEPING (No BAS services)
If you want standard bookkeeping duties that do not include BAS services then you would be looking at using a virtual assistant, admin assistant, or bookkeeper to complete those tasks. 
The cost will be more ...  Continue Reading
Hatty Bell

, Community Manager at

Great answer @Amanda Hoffmann - Certified Bookkeeper, BAS Agent . What's the different in cost when hiring offshore vs. Australia based? Can any virtual assistant undertake bookkeeping duties or do they need specific training?