Blogs

Bookkeeping is important for any business to survive and flourish. How much did you spend on your last office upgrade? How much revenue did you earn from inventory? If you want accurate and up-to-date records of your financial transactions, you must acknowledge the importance of a bookkeeper. Proper record keeping for small businesses is essential […]

How much did you spend on your latest equipment upgrade? How much did you disburse on the office upgrade? To keep track of these financial transactions, you’d understand the importance of a bookkeeper, or shall I say, a professional Xero bookkeepers. A bookkeeper is no longer a luxury for your business but a necessity. To […]

Over the years, both accounting and bookkeeping services have witnessed a significant transition to a more integrated & cloud-based approach. From the traditional pen & paper, bookkeeping now involves the use of centralized and cloud-based accounting software such as Xero, Sage, MYOB, QuickBooks, and so on. Today, small businesses in Australia are happily embracing this digital transformation […]

Change happens fast in business. Your accounting firm is growing. More clients means more work. Outsourced Bookkeeping makes sense. But here’s the real challenge – getting your team on board. Many staff worry outsourcing means job cuts. That’s not true. Done right, working with an outsourced accountant makes jobs more interesting. It frees your team to do […]

Australia is rapidly moving towards a digitally connected economy, and e-invoicing plays a key role in transforming business practices. Led by the relevant authorities and driven by the PEPPOL framework, this shift is not just about replacing paper but is set to deliver quicker, safer, and error-free invoicing for businesses of all sizes. The Australian […]

The blast in the information that has started the Fourth Industrial Revolution, a period when business operations will get changed by digital technology frameworks, has empowered a few innovation trends to create. Each business can use these significant technologies. They should focus on using these technologies to accomplish the organisation’s business system. Further, it’s also […]

Being ambitious in the present business environment indicates developing the way you work and employing talents considering that. Accounting and bookkeeping firms always complain that they can’t find and keep a decent staff.  While the need for talented bookkeepers is occurring more than ever, the number of acceptable candidates is consistently decreasing. While senior bookkeepers […]

Record Type Examples Retention Period Income Records Invoices, receipts, sales records 5 years Expense Records Purchase invoices, petty cash vouchers 5 years Banking Records Bank statements, cheque stubs 5 years minimum GST Records BAS returns, purchase/sales ledgers 5 years Employee records Employment record keeping involves maintaining detailed staff information: Statutory records Limited companies must maintain […]

Note: This article was updated in 2025 to reflect the latest industry practices and bookkeeping best practices. Keeping track of your transaction records in 2025 is more than just about following procedures; it provides clarity and control over your finances, allowing you to manage them much more smoothly. Whether you are a small business owner […]