Noi Accountants & Business Advisors - Noiaba

16/04/2026

SmoothPay is an easy-to-use payroll software that helps businesses manage employee salaries, taxes, and payslips accurately and on time. It simplifies payroll processing, ensures compliance, and saves you valuable time.

At NOI Accountants, we use SmoothPay to deliver accurate, compliant, and hassle-free payroll services tailored to your business needs.

09/03/2026

Month-End Accounting Checklist

1. Cash & Bank
• Reconcile all bank accounts
• Verify deposits and withdrawals
• Record bank charges, interest, and fees
• Ensure petty cash is counted and reconciled.

2. Accounts Receivable (AR)
• Record all customer invoices and credit notes
• Match receipts with customer accounts
• Follow up on outstanding invoices / overdue payments
• Review the aging report for accuracy

3. Accounts Payable (AP)
• Record all supplier bills and credit notes
• Match supplier statements to ledger
• Review unpaid bills and schedule payments

• Check expense claims and approvals

4. Inventory
• Conduct stock count (if applicable)
• Reconcile inventory records to physical counts
• Adjust for damaged, obsolete, or missing items
• Ensure cost of goods sold (COGS) is recorded correctly

5. Fixed Assets
• Record new asset purchases and disposals
• Post monthly depreciation
• Review asset register for accuracy

6. Accruals & Prepayments
• Record accrued expenses (utilities, salaries, etc.)
• Post prepayments (insurance, rent, etc.)
• Reverse prior month accruals/prepayments if applicable.

7. Payroll
• Reconcile payroll journal to bank payments
• Post payroll expenses and deductions
• Loge SWT to IRC and make sure salaries and wages expense is recorded.

8. General Ledger
• Post all journal entries
• Review trial balance for unusual entries
• Ensure suspense accounts are cleared.

9. Financial Statements
• Prepare Profit & Loss statement
• Prepare Balance Sheet
• Review for errors or inconsistencies
• Compare actual vs. budget or prior month.

10. Compliance & Reporting
• File GST returns (if applicable)
• Prepare management reports
• Backup accounting data
• Obtain management approval for final reports.

05/03/2026

'What is a Prepaid Expense?

It is an advance payment for goods and services that will be received in the future. E.g paying for 1 year of insurance in advance.

Common Mistake: The entire amount is recorded as an expense in the same month.

Result: Expense increases suddenly - profit reduces artificially, and the financial report becomes misleading.

Correct Treatment:
1. Record as Prepaid Expense (Asset) when paid
2. Amortize monthly to P&L

25/11/2025

If you use Xero (or any bookkeeping system), here’s a mistake that’s easy to prevent::
A customer pays an invoice, and instead of matching the payment to the invoice, the deposit gets recorded straight to income.
It feels faster, but it creates messy books, and here’s why:
🔹 Your income gets duplicated
The invoice shows income.
The deposit shows income.
Now your reports aren’t accurate.
🔹 Your receivables look wrong
It might look like a customer still owes you money… even though they paid.
🔹 It’s harder to track who paid what
Especially when you’re busy, this becomes a headache.
The fix is simple:
Always match the payment to the invoice before accepting the bank deposit.
It keeps your books clean, your AR accurate, and your income reports trustworthy.

14/10/2025

At Noi Accountants, We’re proud to be Xero Level 2 Certified, meaning we have the advanced skills and expertise to help small business owners manage their finances with confidence.

From setting up your Xero account to providing expert bookkeeping and financial insights, we’re here to make your business run smoother than ever.

✅ Trusted Xero Certified Professionals
✅ Tailored support for small businesses
✅ Accurate, real-time financial reporting

Take the hassle out of your accounting —
📞 Call Noi Accountants today and experience expert Xero support.

14/10/2025

"If a CFO doesn't influence strategy then he/ she is an expensive bookkeeper.

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