Smith & Co Bookkeeping

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Smith & Co Bookkeeping Australia wide online bookkeeping, payroll and BAS agent

Accountants play a starring role in the Oscars each year: since the 1930s, PwC has overseen the vote, hand-counting thou...
15/10/2026

Accountants play a starring role in the Oscars each year: since the 1930s, PwC has overseen the vote, hand-counting thousands of Academy ballots to determine the nominees and eventual winners. The independent firm was brought in after a public outcry in 1934 when Bette Davis failed to be nominated.

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Source: train.icaew.com

This is... true! 🤯The first published explanation of double-entry bookkeeping was set down in 1494 by mathematics teache...
13/10/2026

This is... true! 🤯

The first published explanation of double-entry bookkeeping was set down in 1494 by mathematics teacher and monk Luca Pacioli in his book Summa de Arithmetica. In 2019, a first-edition copy was auctioned by Christie’s in New York, fetching $1,215,000. 💰💚



Source: train.icaew.com

Did you know that accountants, bankers and financial professionals have their own patron saint in the Christian faith: S...
11/10/2026

Did you know that accountants, bankers and financial professionals have their own patron saint in the Christian faith: Saint Matthew, who worked as a tax collector for the Romans before becoming one of Christ’s 12 apostles? ✝️

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Source: train.icaew.com

Accounting conferences are held all around the world for professionals to network and learn more about their field. Howe...
08/10/2026

Accounting conferences are held all around the world for professionals to network and learn more about their field. However, the largest accounting lesson ever was held on September 9th, 2023, and had 3,933 people in attendance. Held in Jaipur, India, by The Institute of Chartered Accountants of India, the lesson was attended by students from schools all around the city. It was titled “Career in Accounting & Finance for Youth and Super Mega Career Counselling Programme.” 🤯🤯🤯



Source: taxdome.com

A liability is when a company owes another entity money. Liabilities can be short-term and be settled in under a year, o...
06/10/2026

A liability is when a company owes another entity money. Liabilities can be short-term and be settled in under a year, or be long-term, taking over a year to resolve. They might be settled by payment or transferring services or goods. Types of liabilities might include mortgages, loans, accrued expenses, or accounts payable. 🤓



Source: myob.com

The term “accountant” traces its origins to the Latin word “computare,” meaning to compute or calculate, a root it share...
04/10/2026

The term “accountant” traces its origins to the Latin word “computare,” meaning to compute or calculate, a root it shares with the word “compute.” This term evolved through the Old French “compter,” reflecting the role’s focus on financial record-keeping and calculations. 🧮

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Source: taxdome.com

Gross profit - the profit a business makes after considering the costs of supplying services or creating and selling goo...
02/10/2026

Gross profit - the profit a business makes after considering the costs of supplying services or creating and selling goods. Accountants calculate the gross profit by subtracting the costs from the revenue. Looking at gross profit helps analysts determine a company’s efficiency and health. 🩺

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Source: myob.com

In the late 18th century, Britain was engaged in the costly Napoleonic Wars, which stretched the nation’s finances. Ther...
30/09/2026

In the late 18th century, Britain was engaged in the costly Napoleonic Wars, which stretched the nation’s finances. There was a need for an effective way to raise revenue to fund the military conflict, so Prime Minister William Pitt the Younger introduced what is credited as the first modern income tax in his 1798 budget. The progressive tax went into effect in 1799 and was levied on incomes over £60. 💰

This inspired other nations, including the US, which used its first income tax in 1862 to raise funds to fight the Civil War. Income tax was then solidified into the economy with Congress passing the 16th Amendment in 1909 and its ratification in 1913. 📜



Source: taxdome.com

A bank reconciliation statement compares the balance in your accounting records with the balance shown on your bank stat...
27/09/2026

A bank reconciliation statement compares the balance in your accounting records with the balance shown on your bank statement. It helps confirm that all payments, deposits, and adjustments are recorded correctly. This process ensures your business records reflect your true bank position. 👀

How often you reconcile your bank statements depends on how busy your accounts are! For most small businesses, a monthly reconciliation works well because it aligns with regular billing and reporting cycles. 🔄

If your business processes a large number of daily transactions, such as a retail store or service provider, weekly or even daily reconciliation is more effective.
Reconciling your accounts more often helps you detect errors quickly, manage your cash flow better, and spot any unauthorised transactions before they become serious. 🤯



Source: cleanslate.net.au

This is true! Capital refers to an organisation’s financial assets. For example, capital could mean funds in bank accoun...
22/09/2026

This is true! Capital refers to an organisation’s financial assets. For example, capital could mean funds in bank accounts or funds from financing. Working capital specifically refers to liquid capital for day-to-day expenses. 🧾

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Source: myob.com

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Level 1 Endeavour Court, 139 Macquarie Street
Dubbo, NSW
2830

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