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Profit & Loss Statements - The Basics

Defining a Profit and Loss Statement

Before you can read a profit & loss statement, you have to first understand what it is. 

A profit and loss statement is key to determining your business's taxes. It helps to determine your business's tax liability, and a simple mistake can end up costing you thousands. 

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Increase Your Efficiency with Cloud Accounting

Rapid advances in technology are now allowing businesses to enhance the speed and accuracy of record keeping and financial analysis – not only the cash in and cash out but payroll, superannuation, invoicing, contacts and more.

New requirements from the Tax Office for payroll and superannuation reporting for employees, mean cloud accounting is also an efficient and hassle free way to meet these requirements, and increase the efficiency of your bookkeeping at the same time.

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Single Touch Payroll starts 1 July 2018

  

For medium to large scale businesses, 1 July 2018 will bring a huge change in how they report payroll information to the ATO. That's the date the Government will roll out Single Touch Payroll, their new streamlined reporting solution. This system will allow employers to report wages, salaries, withholding, workplace giving, and super information to the ATO at the same time they pay their employees. 

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Understanding Cash Flow

Thanks a lot for finding your way to the Murray Nankivell blog on understanding cash flow.

First, what is cash flow?
In simple terms cash flow is "the cash you have coming in, and the cash you have going out."

Now while the meaning of cash flow may be relatively simple, learning how to understand and manage cash flow is another thing entirely.

In fact not understanding and mismanaging cash flow is what puts most businesses out of businesses.

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