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Bookkeeper vs. Accountant: Why Bookkeeping is the Backbone of Your Business

When it comes to managing your business finances, you might think a bookkeeper and an accountant are interchangeable. However, each has a unique role in keeping your business on track – and, trust us, you need both!

While accountants often get the spotlight, it’s the bookkeepers who work tirelessly behind the scenes, providing the essential groundwork for your business’s financial success. In this blog post, we cover the difference between these two roles and why in our opinion, solid bookkeeping is the backbone of any successful small business.

How Tracking Categories can Transform your Business

One of Xero’s many standout features is the ability to use tracking categories. Tracking categories can provide SIGNIFICANT benefits to your business, ultimately enhancing your financial management, decision-making processes and profitability.

Note: Tracking categories are not just unique to Xero, plenty of other online bookkeeping software have this capability including: MYOB, Quickbooks Online, Zoho Books, Sage Business Cloud Accounting, and Wave.

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What we do here at Freshwater

I’m Sarah Clayton, the director of Freshwater Tax, and I’m so excited to share a little bit about what we do here. Freshwater Tax is more than just an accounting firm—we’re a team that’s genuinely passionate about helping you feel confident and empowered in your financial journey, regardless of if you’re an individual, a business owner, or just starting out on your entrepreneurial adventure. Here’s a peek into the key services we offer and why we absolutely love doing what we do…

Hot Desk Expenses: Are They Tax Deductible? Here’s What You Need to Know!

Hot desking is like the casual dating of office setups—you show up, use a desk when you need it, and leave without any long-term commitment. It’s flexible, cost-effective, and perfect for freelancers, remote workers, and anyone tired of the traditional office grind. But can you actually claim your hot desk expenses on your tax return? Let’s break it down…

The Key Challenges Faced by Accountants Today

The accounting landscape in Australia is going through a major glow-up—whether we like it or not. From ever-changing client expectations (because, of course, everyone wants to maximise their refund!) to the constant technological upgrades that seem more like level-ups in a video game, us accountants are juggling more than just numbers these days. Add in the regulatory roller coaster and the struggle to find qualified staff: the struggle is real!

The Hidden Risk of Solely Prioritising Sales Growth in your Small Business

When aiming to expand your small business, the thrill of boosting sales and customer numbers is unmistakable! It’s a clear sign of success right? Greater sales – mean more revenue? Wrong!

Taxable Payments Annual Report (TPAR) explained

The TPAR is a report that some businesses need to send to the ATO each year. It details payments made to contractors for their services. The goal? In short, to make sure everyone is playing fair and reporting their income correctly.

PAYG Instalments: What on earth are they?

Imagine PAYG instalments as your trusty sidekick in the epic quest to conquer your tax obligations. PAYG stands for “Pay As You Go,” and basically, these are all about making regular prepayments towards the tax on your business and investment income. Think of it as paying off a lay-by purchase – by the time you pick up your item, most of the payments are already made, and you avoid a big lump sum payment at the end.

Maximising your productivity by taking your free time FIRST!

If you’re anything like me, juggling school holidays, running a business, not to mention – managing the school term and balancing it all in general can feel like spinning plates while riding a unicycle. It’s a crazy balancing act, but somehow, we manage to keep everything from crashing to the ground (most of the time, anyway).

The Hidden Dangers of Afterpay

As Accountants & Bookkeepers, we often see Afterpay expenses popping up in business books and personal finances alike. It’s clear that this buy-now-pay-later service has become a popular tool for many. While it can be convenient, we’ve noticed some common pitfalls that users may not be aware of which has prompted us to put together this blog post to help you understand the potential dangers of Afterpay and how to use it wisely.

Our top 16 Tax Time FAQ’s

Tax time can be a stressful and unknown period for many individuals and small business owners. Ultimately, we all want to maximise our tax outcome and we want the process to be as simple as possible!

Here are the top 16 questions that we get asked on a very regular basis by both new and existing clients.