MYOB – the software that improves with age!

Moving your file from the classic version of MYOB to the new version of AccountRight 2018 is like buying the latest model of your favourite brand of car. Everything is familiar but holy cow the improved engine design driving you further, the extra features helping you get there faster and the world-class data storage and security giving you peace of mind safety all add up pretty quickly!  Add to that…  Read more

10 tips to reduce debtor days for small business owners

Understanding and controlling your debtor days is the key to ensure a steady, reliable cash flow which is crucial for the survival of your business – so taking steps to ensure your customers pay promptly should be a priority. When your clients consistently pay on time, you’ll avoid the dreaded “feast or famine” cycle. You’ll be able to pay your vendors, suppliers, and employees on time – and not least…  Read more

Efficient business systems really pay off

Too many businesses fall over because the owner has not established efficient business systems. This typically happens because the business owner is so caught up in the day-to-day running of the business that the fundamentals of good business management get forgotten. Often too it must be said that the owner simply doesn’t like bookkeeping or other administrative tasks, so these get put on the back burner. The symptoms are familiar,…  Read more

Bookkeeping Basics for Small Business Owners

On average, small business owners spend 10 hours each week recording, organising, and processing financial transactions – everything from accounts receivable and payable to payroll, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood of your business. Feeling overwhelmed by mountains of paperwork and complex calculations? Here are three bookkeeping basics…  Read more

STP – Count the Heads not the Eggs on 1 April

If you’re are a small business owner with close to 20 staff then this Sunday you’ll be counting heads not eggs to see if you will be designated as a substantial employer and captured in the mandatory reporting of Single Touch Payroll (STP) commencing on 1 July this year.  Happy Easter! April Fools Day Joke? Well, it’s no joke although I must say someone at the ATO has a quirky…  Read more

Cash flow is King

Cash flow is king in business. Check out the great infographic and post from the awesome team at Practice Ignition

Differences Between Gross and Net Profit (and Why Neither Matter Unless You Get Paid!)

Wondering if you’re doing everything you can to boost income and cut costs? Or if your business is actually generating more profit this year than it was last? The best way to answer these questions is with a thorough assessment of profitability. That’s where gross and net profit calculations come in. These are two of the most important metrics for measuring your capacity to generate income relative to costs and…  Read more

Why Bookkeeping is Crucial to Your Success

Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals.

Insights from your Profit and Loss Statement

Most small business people would agree that their Profit and Loss statement (now more correctly called a Statement of Financial Performance) is among the easier – if not the easiest – financial document to understand. It’s typically presented in two parts. The top half of the statement reveals the various sources of income the business has received for the period covered, such as a month, quarter, half year or full…  Read more

Cash Flow – finding the money within your business

Wondering if you’re doing everything you can to boost income and cut costs? Or if your business is actually generating more profit this year than it was last? The best way to answer these questions is with a thorough assessment of profitability. That’s where gross and net profit calculations come in. These are two of the most important metrics for measuring your capacity to generate income relative to costs and…  Read more

Strengthening Your Balance Sheet

Your Balance Sheet (now more correctly called a Statement of Financial Position) reveals a great deal about your business, including the total value of your assets – the things you own; how much you owe to others – your liabilities; and the level of your solvency. It’s called a balance sheet because assets must always equal liabilities plus shareholders’ equity. The two sides balance. The mothership of your financial statements,…  Read more

Paperwork – Are you struggling?

Many small-business operators are struggling with paperwork and are making significant personal sacrifices over and above running their day-to-day business. While it’s easy to put the extra work on the backburner, there are several actions small business owners can take to ensure they aren’t caught out at tax time. By starting early as well as seeking out help from their advisers or using accounting software and good bookkeeping routines, SMEs can save a great deal of personal time and stress further down the track.

New Financial Year – Resolution starts now

Resolution – the quality of being determined or resolute So what are your new financial year resolutions for your business in 2016/17? Are you determined to make a change this year and move forward with confidence and fresh ways of looking at your business? Is it my imagination or does each financial year end seem to come around quicker than the last? Here we are once again at the start of…  Read more

9 Things You Can Do Today to Comply with Fair Work

How well do you know the Fair Work Act? Would you be ready for the Fair Work Ombudsman to pay you a visit? Research by TSheets, a time tracking company based in Sydney, has revealed that non-compliance has cost businesses more than $161 million in back pay since the legislation was passed and that in one industry — fast food — only a third of businesses were found to be fully…  Read more

‘Tis the Season for a Partnership

Conference Season Its September, its Spring. Its conference season for bookkeepers.  So lets talk partnership.  Yes, you’ve paid big dollars in partner or conference fees, flights, accommodation, that little black number for the gala events and taken time from your business to attend.   You have high expectations of content, of the WOW factor, it’s your conference, it’s all about you.  But so often we forget about the.. Partnership So often…  Read more

Value Based Pricing Demystified

Value can be defined as the quality (positive or negative) that renders something desirable or valuable Value is a word which cannot be defined easily in an economic situation. It is intangible and often different according to whom you talk. Ask three completely different people about the “value” attached to a $30.00 shirt and you may well get three entirely different responses which could be:- Great! only $30.00 and look…  Read more

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