What is bookkeeping

Bookkeeping Bookkeeping is the task of recording all business transactions—amounts, dates, and sources of all business revenue, gain, expense, and loss transactions. Bookkeeping is the starting point of the accounting process. Having accurate financial records helps managers and business owners answer important questions. Is the business making money, or losing it? How much? Is the business on sound financial ground, or are troubling trends in...

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Supermarkets' brave new world

Derided as a haven for duopolies, Australia is in fact the scene of a price war in the crucial $88 billion food and grocery industry. "There is now a more competitive environment for supermarkets than I've seen since my years in the regulatory environment,"  says Graeme Samuel, who chaired the Australian Competition and Consumer Commission for eight years to 2011. The nation's No. 1 retailer Woolworths has been cutting prices...

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Australian Dollar Dips In Anticipation Of RBA Rate Call

The Australian dollar was trading in a holding pattern on Monday afternoon ahead of Tuesday’s interest rate decision by the Reserve Bank of Australia, with odds jumping in favour of a cut. Better-than-expected Chinese manufacturing PMI data pushed the Australian dollar up to US78.3¢ at the start of trade, but that soon dropped. The dollar was trading around US77.65¢ in late afternoon trade. “It’s down a bit today, it’s down about half a cent,”...

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Tax Office Knew About Australians Channelling Money Into Swiss Accounts

The Tax Office has revealed it has investigated hundreds of Australians with Swiss bank accounts as a massive international data leak named prominent Australians, including late media baron Kerry Packer, model Elle Macpherson and former ANZ chairman Charles Goode, as having held accounts in the famous haven. low cost finance outsourcing services @ BBW Business Services An International Consortium of Investigative Journalists investigation...

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‘Why I walked away from $250,000’: Travis Osborne on the Shark Tank deal that fell through

Mobile Tyre Shop founder Travis Osborne on Sunday night’s Shark Tank. Source: Supplied VIEWERS of Network Ten’s Shark Tank on Sunday night watched Travis Osborne walk away with a $250,000 investment for his mobile tyre-changing business. But that all happened months ago. Here’s why the deal fell through after the cameras stopped rolling. If you were following the media in the lead-up to the last episode, you would have...

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Share Market Ends The Day Lower With Investors Unimpressed By Profit Results

The Australian share market has ended the day lower, with investors unimpressed by the raft of profit results being released. There was also a cautious mood globally after talks over Greece’s debt crisis broke down. The All Ordinaries fell 27 points to 5,822 and the ASX 200 was down 30 points at 5,858. The banking sector ended lower, pushed down by ANZ. Its shares slid 2.5 per cent on shrinking first-quarter margins and flat trading income. Commonwealth Bank was down almost 4 per cent as it went ex-dividend, but the other two big banks were...

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Australia’s Reform Agenda Is Now A Car Wreck

As the haze lifts (in the short term at least) on Canberra’s leadership ructions, we can see the extent of the car wreck that is Australia’s economic reform agenda. “Political uncertainty hits business”, screams one headline. “Wrong turn on budget repair”, says another. They’re right. The reality confronting even the most optimistic reform advocate is that little of reform substance will now emerge from the current government, and probably the next. This at a time when the tide continues to go out on the mining boom, the jobless rate hits...

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Personal Finance Falls In Dec

Despite continued record low interest rates, personal finance fell in December, according to official data from the Australian Bureau of Statistics. Personal lending commitments slipped a seasonally adjusted 2.5 per cent to $8.43 billion in the month. The result compares to a downwardly revised $8.65bn in November. But the data showed total business finance commitments lifted a seasonally adjusted 0.4 per cent in the month to $37.93bn, which compares to a downwardly revised $37.78bn in November. Low interest rates continued to encourage...

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Future Fund Returns 13.2 per cent

The Future Fund stands at just over $109 billion after making a 13.2 per cent return over 2014. The Fund, set-up in 2006 to cover future superannuation liabilities of public servants, has now added $48.7bn to an original contribution of $60.5bn from the federal government. The fund’s managing director David Neal said an emphasis on a diversification of investments delivered the strong result. He said its private equity, property and infrastructure programs significantly outperformed listed markets. “The decision to increase our US dollar...

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Retail Spending Growth To Slow In Q1

Retail spending is expected to slow during the first few months of 2015 after the strong Christmas trading period. The Australian Food & Grocery Council-CHEP retail index was just 2.4 per cent higher for the March quarter compared to a year earlier, almost half the 4.4 per cent rate in the previous three months. The council’s chief executive Gary Dawson said while a lower Australian dollar has been positive for food and grocery exporters, the domestic market remains tough for manufacturers. This is due to below average consumer sentiment...

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