Don’t be left up in the air by traditional IT solutions. Check out the top 9 advantages for small businesses switching to cloud computing. Cloud computing is fast becoming the norm because storing information and using software hosted on the Internet has many advantages. 1. Save money Traditionally, a small business spends money licensing software or buying packages to install or download onto individual computers. Cloud computing, on the other… Read more
A new year is the perfect time for business owners to set goals to improve profitability. If you aren’t yet familiar with digital wallets and the latest mobile payment technologies, you might be interested in the benefits they afford small businesses, such as: instant access to funds and real time financial data cost savings on third party transaction fees and POS systems competitive edge—making it easy for customers to pay… Read more
If you’re like most small business owners, you spend the majority of your time managing daily operations, keeping customers happy, and looking for new ways to grow. Spreadsheets, cash flow analysis, and financial projections are probably not your first passion. However, measuring profitability, creating realistic budgets, and planning ahead for the future are crucial to your professional success. Follow these four tips to get a handle on the numbers, and… Read more
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
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
An advisory board is an informal group of mentors whose collective business expertise—and objectivity—can help you make better, more informed decisions, thereby accelerating growth. Many remarkable entrepreneurs, including Warren Buffet, Sheryl Sandberg, and Richard Branson, have credited their success, in part, to the advice of their mentors. A good advisory board can kick you out of your comfort zone and propel you into space where “the magic happens”. … Read more
Networking can spark mutually beneficial partnerships, lead to new opportunities, and attract more customers through word of mouth. Making a few good local business connections can go a long way helping your business grow. Small business owners may believe networking isn’t valuable in the age of social media. On the contrary, it’s still vital for people to get to know your face in the community. And fellow business owners are… Read more
Although most entrepreneurs recognise the importance of careful financial management, few want to spend their time dealing with numbers. Unfortunately, not keeping a close eye on your income and expenses can be very costly for a business. Here are five of the most common bookkeeping pitfalls, and some simple tips for getting back on track. Mixing business and personal All too often, entrepreneurs adopt a “buy now, sort later” approach… Read more
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 in business. Check out the great infographic and post from the awesome team at Practice Ignition
Employ more than 20 staff? Are you ready for the Single Touch Payroll (STP) headcount on 1 April 2018 – whats involved in your STP headcount?
As a small business owner it’s hard to juggle your work and outside responsibilities. It’s important to run your business effectively and still have a life outside the office. You need a good balance between work and play for your health and well-being. Small business owners often fall into the trap of working too hard, ending up exhausted from the constant work demands associated with self-employment. So as we say… Read more
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
If numbers aren’t your strength and you would rather focus on building your business, outsource to a bookkeeper. Five ways to ensure you find the right fit. #SurfaceLife
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.
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
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
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
Take A Journey with me to Loving Your Numbers? Before we begin on the journey to Loving Your Numbers, let me tell you I love numbers, numbers tell stories, great stories and nightmares. Understanding your numbers story and what it is telling you about your business is a key factor to success and growth, so that’s my business, that’s my passion. Let me also take a moment to introduce you… Read more
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.