Accounting involves the overall financial management and analysis of a business, while bookkeeping focuses on the systematic recording and organizing of financial transactions.

Deductible expenses for businesses may include operating costs, employee wages, rent, utilities, business travel, and certain business-related supplies. However, eligibility and specific deductions vary based on local tax laws.

Minimizing tax liabilities can be achieved through strategic tax planning, taking advantage of deductions, credits, and exemptions, utilizing tax-efficient investment strategies, and staying compliant with tax laws.

Single Touch Payroll is a reporting system in Australia that requires businesses to report payroll information, including salaries, wages, and superannuation, to the Australian Taxation Office with each pay cycle.

While not mandatory, having an accountant for a small business can provide numerous benefits, including accurate financial reporting, tax compliance, financial analysis, strategic advice, and time savings, allowing you to focus on growing your business.