The Accounting & Bookkeeping Show

In this episode of The Accounting and Bookkeeping Show, Jane and Tom take you through the final steps of the financial year with an in-depth look at Closing the Ledger. Before diving in, they break down Balance Day Adjustments, explaining why these final tweaks are essential for accurate financial reporting. Then, they guide you step-by-step through the ledger-closing process, detailing how to reset your accounts and determine profit or loss. Perfect for business owners and finance professionals, this episode ensures you’ll finish the year with a clear, complete financial picture. Plus, Jane and Tom answer a listener question on why some adjustments are reversed in the new period. Don’t miss this essential episode—your books will thank you! Send us a text

In this special Q&A episode, Jane and Tom tackle a backlog of listener questions covering everything from GST supplies and PAYG obligations to tax invoices and activity statements. Join us as we dive deep into the questions you've sent in from all over Australia. Whether you’re a seasoned bookkeeper or just starting out, these listener questions cover topics that will boost your accounting knowledge and help with real-life financial scenarios.Got questions of your own? Send them to bookkeepingshow@gmail.com!Send us a text

In this episode, Jane and Tom take you through the essential world of Balance Day Adjustments (BDAs). They break down key topics like accruals, prepayments, depreciation, and more, explaining how BDAs ensure your financial reports stay accurate and compliant. Plus, they answer listener questions about unrecorded expenses, prepaid rent, and reversing entries. Got questions of your own? Email us at bookkeepingshow@gmail.com or follow us on Facebook to stay in the loop! Send us a text

In this episode, Jane is joined by returning guest Natasha, small business owner and founder of Natasha’s Smoothies, to dive deep into the ins and outs of PAYG Withholding. Together, they break down the responsibilities employers have, from understanding the difference between PAYG Withholding and Instalments, to reporting obligations and penalties for non-compliance. Tune in for practical advice, listener Q&A, and a mid-roll about Natasha’s delicious new smoothie, the Very Berry Crush! Perfect for business owners and anyone navigating payroll tax in Australia. Send us a text

Join Jane and Tom, along with special guest Clint, an entrepreneur and business coach, as they explore the ins and outs of Property, Plant, and Equipment (PPE). From understanding how to account for large asset purchases to navigating depreciation, repairs, and leasing, this episode covers it all. Whether you're managing a growing business or advising clients, you’ll learn practical tips to handle your long-term assets effectively. Don’t miss the listener Q&A where they answer questions about revaluation, capital improvements, and selling assets at a loss! Send us a text

In this extra long episode, Jane and Tom guide you through the complexities of completing Business Activity and Instalment Activity Statements (BAS and IAS) in Australia. From understanding the taxation system and essential business registrations to managing key tax obligations like PAYG and superannuation, they break it all down in simple terms. Learn the role of BAS agents, their responsibilities, and the step-by-step process of staying compliant with the ATO. Plus, listener questions on TFN Declarations, superannuation, and more! Perfect for business owners and finance professionals alike. Send us a text

In this episode, Jane and Tom dive into the fundamentals of accounting reports, explaining the four key financial statements every business relies on: the Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Equity, and Statement of Cash Flows. They’ll explore why these reports are critical for business owners, investors, and decision-makers alike. Whether you're new to accounting or need a refresher, this episode breaks it all down in an easy-to-follow way. Have accounting questions? Send them to bookkeepingshow@gmail.comSend us a text

Jane and Tom are back from their break and ready to dive into the world of spreadsheets! In this episode, they explore everything from designing user-friendly spreadsheets to essential formatting tips that will make your documents look professional and easy to navigate. They also break down key spreadsheet functions, discuss the importance of policies, style guides, and templates, and answer a listener’s question on how to protect formulas in shared spreadsheets. Whether you're an Excel pro or just getting started, this episode is packed with practical tips and tricks to help you master spreadsheets! Send your questions to bookkeepingshow@gmail.com! Send us a text

In this episode of the Accounting and Bookkeeping Show, Jane and Tom explore the critical strategies businesses need to effectively manage and protect their cash. They discuss internal controls, secure banking procedures, and best practices for handling both cash and cheques. Whether your business deals with daily cash receipts or electronic payments, you’ll learn practical steps to reduce risks and ensure financial accuracy. Tune in for expert insights on keeping your business’s cash flow secure and efficient! Send us a text

In this episode of the Accounting and Bookkeeping Show, Jane and Tom dive into the essentials of working effectively in teams and planning for success. They discuss how to determine and manage tasks, create effective work plans, and prioritize responsibilities. You'll also learn how technology can streamline team communication and enhance financial processes. Whether you're working solo or part of a team, this episode is packed with practical tips on collaboration, feedback, and adapting to today’s fast-paced accounting environment. Tune in for insights that will help you stay organized and efficient! Send us a text

In this episode of the Accounting and Bookkeeping Show, Jane and Tom take a deep dive into the fundamentals of ledger accounts and the trial balance. Whether you're new to accounting or need a refresher, this episode covers everything from the differences between journals and ledgers to the importance of preparing a trial balance. Plus, Jane and Tom answer listener questions about how often to prepare a trial balance, what to do when you can't find errors, and which tools can simplify your accounting process. Tune in to sharpen your accounting skills! Send us a text

In this episode of The Accounting & Bookkeeping Show, hosts Jane and Tom are joined by special guest Nora, the owner of the popular pizza chain Pepperoni Paulie’s. Together, they explore the ins and outs of managing a petty cash system, an essential tool for handling the small day-to-day expenses that every business encounters. From setting up a petty cash fund to maintaining accurate records and ensuring proper reconciliation, they break down the best practices for keeping those minor expenses under control. Whether you're running a small business or managing finances in a larger organization, this episode offers practical tips and insights to help you handle petty cash with confidence and precision. Tune in and learn how to keep your petty cash in check! Send us a text

In this episode of The Accounting & Bookkeeping Show, hosts Jane and Tom delve into the essential strategies for effectively managing accounts payable. From developing robust policies and procedures to reconciling supplier statements and controlling business credit card use, this episode covers all the critical aspects of accounts payable administration. Jane and Tom discuss how to monitor accounts payable to ensure timely payments, conduct reasonableness checks to prevent errors and fraud, and handle supplier enquiries to maintain strong relationships. Whether you're looking to refine your accounts payable processes or ensure compliance with best practices, this episode provides valuable insights to keep your business financially sound and organised. Tune in and learn how to take control of your accounts payable with confidence! Send us a text

In this episode of The Accounting & Bookkeeping Show, hosts Jane and Tom take you on a comprehensive journey through the critical processes involved in managing accounts receivable. From developing a robust credit policy to monitoring overdue accounts, they explore the essential strategies that ensure your business maintains a healthy cash flow. Learn about setting effective credit terms, approving customer credit, recording transactions accurately, and handling late payments. Jane and Tom also dive into the intricacies of resolving disputed accounts, identifying doubtful debts, and implementing debt recovery plans. Whether you're looking to refine your current practices or gain new insights into accounts receivable management, this episode provides the tools and knowledge you need to keep your business financially secure. Tune in and discover how to navigate the complexities of accounts receivable with confidence! Send us a text

In this episode of The Accounting and Bookkeeping Podcast, Jane and Tom tackle the essential process of Bank Reconciliation. Jane, our accounting expert, breaks down what bank reconciliation is, why it’s crucial for maintaining accurate financial records, and how it helps you catch errors and discrepancies in your accounts. Tom, as always, asks the questions you’re thinking, ensuring that even the most complex concepts are easy to grasp.Together, they walk you through the steps of reconciling your bank statements with your accounting records, sharing tips and tricks to make the process smooth and stress-free. Whether you’re a small business owner or just starting in bookkeeping, this episode will equip you with the knowledge to keep your books balanced and your finances in check. Tune in and get ready to master bank reconciliation!Send us a text

In this episode of "The Accounting & Bookkeeping Show," hosts Jane and Tom dive deep into the world of subsidiary ledgers and their crucial role in maintaining accurate financial records. They break down what subsidiary ledgers are, how they work in tandem with control accounts, and why they are essential for businesses of all sizes. Whether it’s tracking accounts receivable, managing creditors, or keeping tabs on inventory, subsidiary ledgers provide the detailed insights needed to keep your finances in order. Jane and Tom also explore common errors, the reconciliation process, and how understanding these ledgers can prevent discrepancies in your books. Tune in to discover how mastering subsidiary ledgers can elevate your financial management to the next level! Send us a text

In this special episode of "The Accounting & Bookkeeping Show," Jane and Tom dive deep into the world of Accounts Receivable—where the money you’re owed meets the bottom line. They’ll walk you through the essentials of managing receivables, from invoicing strategies to tracking payments, and share tips on how to keep cash flow steady. But that’s not all—this episode features a special performance by accounting rap sensation, MC Balance Sheet, who’s here to drop some knowledge with his hit track “Accounts Receivable.” Whether you’re a seasoned pro or new to managing receivables, tune in for expert advice and a unique musical experience that brings accounting to life! Send us a text

In this episode of "The Accounting & Bookkeeping Show," hosts Jane and Tom clarify the distinct roles of accountants and bookkeepers, shedding light on how each contributes to the financial health of a business. They’ll discuss the tasks and responsibilities that set these two professions apart, and why understanding these differences is vital for any business owner. But that’s not all—Jane and Tom also delve into the importance of solid policies and procedures, explaining how they create a framework for consistency, accuracy, and compliance. Through practical advice and real-world examples, this episode will equip you with the knowledge to define roles clearly within your business and establish strong foundations for financial success. Tune in to ensure your business runs like a well-oiled machine! Send us a text

In this episode of "The Accounting & Bookkeeping Show," hosts Jane and Tom are joined by special guest Natasha, a seasoned financial consultant and owner of the successful Natasha's Smoothies franchise. Together, they explore the key differences between cash and accrual accounting, shedding light on which method might be the best fit for your business. Natasha shares her real-world experience transitioning from cash to accrual accounting in her growing franchise, offering valuable insights and practical advice. Whether you're a small business owner or an accounting enthusiast, this episode provides a clear, informative discussion to help you make informed decisions about your accounting practices. Don’t miss this opportunity to learn from the experts! Send us a text

In this inaugural episode of "The Accounting & Bookkeeping Show," hosts Jane and Tom dive into the essential principles of double-entry accounting. Whether you're new to accounting or looking to refresh your knowledge, this episode breaks down the basics of debits and credits, explores the structure of ledger accounts, and explains the importance of maintaining a balanced trial balance. Jane and Tom guide you through real-world examples, practical tips, and common pitfalls to avoid. By the end of the episode, you'll have a solid understanding of how double-entry accounting forms the backbone of accurate and reliable financial reporting. Tune in and get ready to balance the books with confidence! Send us a text