This Monday morning tip is about the importance of budgeting. Now, the reason why I thought about doing a tip on budgeting is because tonight, the Australian federal government are releasing the budget. Now this happens every year and you know every year it is very important that we pay attention to the budget this year, especially because we have come out of one of… Read More »Setting Budget For Your Business
Monday morning tip time again. This one again is in our series for the end of the financial year. The reason why I’m doing this tip today is because this week has been a bit of a challenge for somebody I know whose accountants are chasing them for a lot of information for the 2020 tax return. Now you might go like it’s… Read More »Get Your EOFY Checklist
Monday morning tip time and again in this series for end of financial year preparation. This tip is about mistakes you can make and how to avoid them if you are in the building industry. Now, you builders out there, you’re so busy organising trades, dealing with your customers, applying for permits & insurances, you might just be forgetting a few very important things that need to be… Read More »Avoid These Bookkeeping Mistakes If You Are In The Building Industry
Monday morning tip time. It’s probably not a tip, as such, but just a little bit of education. This one is all around PROFIT & LOSS statements. For those who probably don’t really know a lot about profit and loss statements, I’m going to give it a bit of an analogy – Its like a school report card. So, you have a kid that attends… Read More »Profit and Loss Statements, Reasons They Are Important
NOW!!!!! No seriously…….. NOW!!!! Its actually never too early to hire a bookkeeper – my suggestion is always BEFORE a business begins.. That way you get yourself SET UP FOR SUCCESS. Sometimes a business goes through the motion of ticking all the boxes with opening their trading doors, then after a few weeks, or (shame on you) after several months, scrambles around trying to hire… Read More »When Should I Hire a Bookkeeper?
I get asked all the time “so what is the difference” and “why can’t i just get you to do my tax for me”?? One way to remember the difference is bookkeepers RECORD business data and accountants ANALYSE business data. Most bookkeepers’ relationship with their clients is on a weekly or monthly basis, whereas the accountants relationship is less frequent, therefore the bookkeeper is more… Read More »Do You Know The Difference Between A Bookkeeper and An Accountant?
Monday tip time this tip today is about business structures. remove when you have a business, you need to have it set up either as a sole trader or a trust, a company, a partnership, and then all the different levels of different trusts as well. However, a lot of times the business owner will set his business up with not a lot of background… Read More »Knowing the Right Business Structure
Let’s talk about frustrating things that sole traders do. So this tip is for you sole traders and the frustrations surrounding the way that you bank. Please don’t use one bank account for your everyday life —- for your personal stuff for your family expenses, your holidays, all the rest of it and your business as well. Get yourself a second bank account. Sometimes even… Read More »Setting Yourself Up for Success
Happy Monday, everyone, just following up with our Monday morning tips. This morning I’m going to just briefly talk to you about choosing the right software package. If you are moving from one software package to another or you are a new business starting out, the choice of software package is really vital. It can’t be something that you just delve into willy nilly based… Read More »The Right Software Package For Your Business
If you’ve been considering moving your books to Xero, now is the perfect time to do so. The start of a new financial year is the easiest time to make the move because: ** Your revenue and expense accounts reset to nil on 1 July, which simplifies the conversion process. ** You will have a full set of transactions in Xero for your September 2020… Read More »They say a change is as good as a holiday…. well!!!!!!!