The Chart of accounts form the profit & Loss report, which is your income less all of your expenses (this is your profit) and the balance sheet report, which is the assets you have and liabilities you owe and how much your business is worth to you, the Equity.
𝘽𝘼𝙎 - 𝘽𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝘼𝙘𝙩𝙞𝙫𝙞𝙩𝙮 𝙎𝙩𝙖𝙩𝙚𝙢𝙚𝙣𝙩
Common Errors We See in Bookkeeping for XERO
10 Steps On Starting Your Business
STP for Small Business
So much compliance for small business is making it harder and harder to keep up. You would have heard of the Single Touch Payroll (STP) for businesses. This has been implemented since July 2018 for any business with 20 or more employees, meaning all payroll must be electronic and linked to the ATO business portal.