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 2021/22? 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…  Read more

4 Ways Expense Reimbursements are Hurting Your Business

What Are Expense Reimbursements? Expense reimbursements are refunds given to your team when they’ve used their personal money on business-related expenses. Common types of expense reimbursements include: Travel and Kilometres Meals and Entertainment Office Expenses Education Expenses 4 Ways Expense Reimbursements are Hurting Your Business 1.  Decreased Employee Satisfaction When a member of your team is forced to use personal funds for company expenses this can impact their personal cash…  Read more

Here’s Why Bookkeeping is Key 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. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering…  Read more

2 tips to help you get paid faster

Get paid faster Cashflow can be a struggle. As a business owner, you probably know this better than anyone. We’ve included a few tips to help you improve your cashflow, but we can also help you on a regular basis. Please get in touch if you want to find out more. Understand and shorten cash cycles It’s important to understand your business’ cash cycle. Are you like a hairdresser, that…  Read more

How do I get so much done in a day?

Want to know how I get so much done in 1 day? The answer is one word: Automation You’ve got a limited number of hours in your day, just as I do. So what’s the best way to spend that time? You need to maximise the time you spend on growing your business, and the key to doing that successfully is automation. Automating your bookkeeping, your compliance, how you integrate…  Read more

The three most important financial reports

While many small business owners prefer brainstorming new ideas to pouring over financial reports, getting a handle on financial analysis can be remarkably empowering. Taking the time to regularly review financial statements can help you assess and improve current performance, avoid risk and make scalable plans for future growth. Protect your company’s financial health by learning your way around these three financial reports. Cash flow statement The cash flow statement…  Read more

Full Service Bookkeeping

Do you break out in a cold sweat just thinking about tackling your bookkeeping? At Love Your Numbers, we understand that bookkeeping can be the stuff of nightmares for some people. It can be very hard to stay on top of your books when you’re trying to run a business or juggle family at the same time. But just like building a house or servicing a car, bookkeeping is one…  Read more

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

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