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Why High-Quality Bookkeeping and Accounting are Keys to Business Success

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Is your business genuinely prospering and successful? Or is it just getting by, and you wish for sustainable growth and profitability? On The Money Bookkeeping Box Hill has a team of experienced Xero bookkeepers and accountants who can help your organisation achieve its business and financial goals. While the definition of small business success differs…

How to Keep Your Small Business Payroll Free from Theft and Fraud

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Payroll fraud affects more businesses than we care to admit, but you can take some simple precautions with good payroll management to ensure your company doesn’t lose to dishonest employees. Unfortunately, payroll fraud is most commonly committed by trusted staff over a long period. Often, a person starts honest but notices weaknesses in the system…

ATO Tightens Security for Linking Business Owners to Registered Agents

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The ATO has introduced a new client-agent linking system as part of measures designed to reduce the risk of fraud and identity theft. This means that before a registered BAS agent such as On The Money Bookkeepers Melbourne can act on your behalf, you’ll need to authorise us via the ATO online services for business…

Understanding Perpetual Stock Management and Costing

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Inventory or stock management is a crucial area that can significantly impact your business’s profitability. It pays to stay on top of your inventory costing for many reasons. You need to know precise stock levels and understand the shelf life and rotation. How much stock you have directly affects your profit or loss at the…

Thinking of Selling Your Business? Financial Aspects, Tips & Guidance

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There’s a lot to take care of when selling a business! It’s often an emotionally demanding time during the process, and things like the bookkeeping and accounting for the sale of business can get pushed down the priority list. Taking care of the accounting means it’s easier for both parties – the seller and the…
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Understanding Periodic Stock Management and Costing

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If your business carries stock for sale, it’s good to understand the basics of inventory costing and the value in your financial accounts. There are two ways of recording inventory value – perpetual or periodic. This article focuses on the periodic system – we’ll cover the perpetual system in the next OTM Bookkeepers Melbourne blog.…

Using Business Assets for Personal Purposes

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Personal Use of Business Assets is Okay – But Keep Your Records! Has your business got vehicles, property or equipment you or your staff use for personal purposes? There’s no problem with doing this, so long as business assets are accounted for correctly! At Xero Certified Advisors On The Money Melbourne Bookkeeping Services, we often…

Streamline Your Business with Digital Records and Signatures

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Digital Business Records and Signatures Streamline Your Systems Did you know you can legally keep all business records electronically? The Electronic Transactions Act 1999 lets you store all business records electronically. You may choose to keep some records in hard copy, but most or all of your business records can be stored on your computer…

Understanding the Rules on
Christmas Party Tax Deductibility

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Christmas Parties, Gifts and Tax Deductions – What’s Allowed? If your business is throwing a Christmas party, giving gifts to staff, clients and suppliers or paying a Christmas bonus to your employees, you’ll need to know what’s allowed for Christmas tax deductions and the BAS. Christmas business deductions are not always easy to work out!…

Why it’s Important to Track Inter-Entity Loans

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Why it’s Important to Track Inter-entity Loans Do you own more than one business? If you have related entities that pay for expenses on behalf of the other businesses you own, getting the bookkeeping and accountancy right for all inter-entity loans is essential to accurate financial reporting. It’s important to enter the same transaction into the accounting…
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