Artificial Intelligence (AI) is transforming industries worldwide, prompting business owners to ask: Can AI do bookkeeping?
Yes, AI can perform many bookkeeping tasks by automating routine processes and enhancing efficiency. However, professional bookkeepers are crucial in ensuring these AI tools are implemented correctly and used to their full potential.
A bookkeeper plays a vital role in the financial health of any business. But what is a bookkeeper, and how do they contribute to your company’s success?
A bookkeeper is a financial professional responsible for recording and organising all financial transactions within a business. They ensure that every sale, purchase, receipt, and payment is accurately documented in the company’s ledgers. This meticulous record-keeping forms the foundation for all subsequent accounting tasks, such as preparing financial statements, managing cash flow, and filing taxes.
As a business owner, you might wonder, can a bookkeeper lodge BAS (Business Activity Statements) on your behalf?
The short answer is yes—but there are specific conditions and regulations involved. Understanding these can help you make informed decisions about managing your financial obligations.
For professional assistance, our experienced bookkeepers in Perth are here to guide you through the process.
Account reconciliation is a crucial financial process that ensures the accuracy and integrity of your business’s financial records.
By comparing your internal financial records with external statements, account reconciliation helps identify discrepancies and maintain accurate accounting.
For businesses seeking to streamline this process, our experienced bookkeepers in Perth are here to assist.
Basic bookkeeping for sole traders in Australia involves ensuring accurate financial management and compliance with tax obligations.
This comprehensive guide will walk you through various bookkeeping methods, the best software options available, common mistakes to avoid, and practical tips for maintaining impeccable financial records.
At M2 Corporate, our team of experienced bookkeepers in Perth is dedicated to providing reliable advice tailored to your specific needs, helping you thrive in your business endeavours.
Double-entry bookkeeping significantly improves budgeting by providing accurate and reliable financial data. By recording every transaction as both a debit and a credit, businesses can ensure their financial records are precise and comprehensive.
At M2 Corporate, our expertise in double-entry bookkeeping enables us to offer clients robust financial management solutions. With over 20 years of experience in corporate accounting, we help businesses of all sizes maintain accurate records, ensuring they can create realistic and effective budgets.
Are accounts receivable a liability or asset in Australia? The simple answer is that they’re considered current assets.
As a seasoned bookkeeper, I know how vital these assets are for ensuring liquidity and fostering growth.
In this blog, I’ll explain why and how these entries on your balance sheet are crucial to your bookkeeping practices.
With the increasing adoption of AI, blockchain, and cloud accounting technologies, staying ahead of industry trends is crucial for navigating the changing landscape of the accounting industry.
In my career as an accountant, I have never seen such a rapid change in processes and efficiency as I have in the past two years.
Below, I have outlined the emerging accounting trends in 2024 to help you stay on top of the latest changes in the industry.
I’ve often been asked about the differences between bookkeeping and payroll, and whether a bookkeeper can handle payroll tasks.
Let’s clear up some confusion right off the bat: yes, a bookkeeper can do payroll, but there are distinct differences between the two roles.
Here’s a simple breakdown to help you understand each one better.
Bookkeepers generally cost between $300 to $1000 per month, depending on the size of the business and the specific needs it has.
Smaller businesses can expect to pay between $300 and $600 per month, while larger businesses pay more as their needs are greater in terms of the number of transactions processed, accounts to be reconciled, and people on the payroll.
Below, I’ve gone deeper into the inclusions at varying price levels and the value a bookkeeper offers businesses regardless of their size.