New casual loadings for modern awards containing transitional provisions will be phased in after 1 July 2010.

The transitional provisions could be in the form of a model phasing schedule or specific transitional arrangements which are unique to that modern award.

Where there is a model phasing schedule, the modern award will generally have a section with instructions on phasing in the increase or decrease to casual loadings.

If the modern award introduces a new casual loading, the new entitlement will generally need to be progressively phased in.

A competent bookkeeping service can be a valuable asset to a small to medium business.

Businesses with a turnover between $100,000 to $3 mil are usually too small to have an office person fulltime looking after accounts payable and receivable. A bookkeeper would maintain these functions as well as providing accurate bookkeeping and providing accurate financial statements.

Bookkeeping provided in this manner by book keepers is invaluable to business. It provides an opportunity for a business to remain government compliant as well as keeping employee costs down.

Bookkeeping defines accounts receivable as credit extended to a customer for goods or services provided. This is an asset to the business owner. A common error by small business is offering extended credit. Cashflow or lack of cashflow is a major issue for small businesses. Businesses often use payment terms of 30 days – which means payment is due in the amount of the invoice 30 days from the date of the invoice, and other payment terms of 45 to 60 days.

Accounts payable is a file or account that contains money that a company owes to its suppliers and has not paid yet.

Accounts payable is a form of credit that the supplier has offered to their purchasers, by allowing the purchaser to pay for the product or service after it has already been received.

Bookkeeping is defined as correctly recording the day to day business transactions.

At Business Bookkeepers we record business transactions on a regular and systematic manner so as to know the business results with a minimum of trouble. Bookkeeping is a statistical process of collecting, classifying and summarizing financial information.

If you are serious about having a successful business do not fall into the trap of trying to be an expert at everything. Do what you do well and outsource what you do not do well.

An experienced bookkeeper who is up to date with government regulations is an asset to your business because they will keep your business government compliant.

The tax office does not accept ignorance as a reason for not complying.