David Gava

Passionate about small business, cloud technology & travelling the world.

04/12/2018

Right Service For You

Each business requires different levels of finance help, from concise record keeping to an ear to sound out strategies, it is important that the right person is engaged to help you in your journey. At Galaxi Bookkeeping we are more than just bookkeepers tasked to keep your records up to date and correct.

We can offer a wide range of services all tailored to your requirements. With decades of experience across multiple industries ask us how we can help you above and beyond bookkeeping. Below are the various services we can offer you.

Posted in: Bookkeeping
27/08/2018

Keeping Safe

Image result for lock and key

Cloud accounting is awesome, we all love the advantages of accounting on-the-go.. access your data and financials anywhere anytime. However, with leaps of technology comes risks of security and for many people the nerves of keeping data safe

Here are some great tips on keeping your data safe;

  • Use Two-Way Authentication

Most cloud-based software now give you the option of two-way authentication, some mandate it to ensure your data is secure. Two-Way authentication places an additional layer of security when you login. This means that in addition to your standard login, you’re required to provide another factor to authenticate your identity. This could be a unique code generated by a separate application, service or device, or something unique to you – like your fingerprint or voice. This reduces the risk of your account being accessed if your password is compromised.

  • Keep Track on movements

All security conscious cloud software allows users to run activity reports to show who has logged on, when and what they have done. This is a great way to keep an eye for any unauthorized access to your system and also keeps track on what is being done by those with access.

  • Secure Passwords

Everything now has a password, pin or unique identifier and keeping track of which password goes with what application can be quite challenging. Many users write their password down and keep it near their computer or use the one password for all their login. Although quite useful to remember password it is quite dangerous and unsafe. It is best to have unique passwords for each application being used and change it every three months or whenever the system requests it. Use a combination of capital, numbers and special characters.

  • Be Aware

Hacking can happen through people, not just computers. Calls are made to individuals pretending to be IT support and asking for passwords so that they can help you. Remember no one will ever have a need for your password. Another method of hacking is called ‘phishing’ and this happens by email. Often the email will contain links that the hacker wants you to click on. Without training, your staff might give away vital security information via phone or email.

Posted in: Bookkeeping
13/07/2018

Starting the New Financial Year on a High

Starting a new financial year on the right foot is as important as ensuring you previous year is closed off. We have spoken to many business who leave monitoring their business until the end of the year and by then it certainly be too late. We suggest to start on the right foot and ensure you have the right path for the year ahead.

Budget: ensure that you have looked at your budget and what your expectation is for the upcoming year. This will allow you to adjust as you go to ensure you are taking advantage of the moment. Don’t be afraid to introduce rolling forecast concepts so that you can track where you are to where you will be finishing

Technology: take time to see how you can work smarter, with the latest applications directly linking to Xero you have a wide range of applications available to you to make the jobs easier. Whether it being a rostering application, collection management or digital archive it is wonders how they can help

Review: don’t be afraid of wanting to review your accounts every couple of months, businesses don’t spend enough time understanding how they are going throughout the year. Our customers take advantage of our periodical health check whether face-to-face over a hot coffee or over the phone, they know where their business is and what they need to change.

Cashflow: along with your budget, forecast your cash position and know early on if you need help managing bills and receivables. You can make changes before it is too late and then miss critical lodgments which incur penalties and interest charges

If you are not getting the right attention from your accountant or bookkeeper speak to us on how we can help you with your business. A chat doesn’t cost anything but can lead to a more efficient way of thinking.

Posted in: Bookkeeping
02/12/2015

Seasonal Cash Flow Tips for Business

 

 

 

Cash flow roller coaster, saving for a rainy day – chances are you’ve heard of these phrases in relation to business at one point or another. Throughout the year, your business could go through really good times where the cash is flowing in more than you ever thought possible, but then out of nowhere that flow could dry up, leaving you feeling anxious about where the cash is going to come from next.

seasonal cash flow

As stressful as it is to ride the seasonal cash flow roller coaster, it is a part of business – the way to manage it is to be smart when thing are running perfectly so that you’re ready and prepared in leaner times. Seasonal cash flow is a real thing in pretty much every business! Whether you’re a retail shop doing the best business around the holidays or you’re a financial analyst working with businesses around the fiscal calendar, seasonal cash flow affects nearly everyone. Here are some cash flow tips to implement into your business so you can weather any type of storm that comes your way throughout slower periods:

  • Look forward – Tracking your business is vital for growth and it could also help you start to determine when the slow periods are – for example, maybe you have a high volume of sales during the holidays, but experience a drop in business throughout January and February. Planning for those slow periods will help you navigate them more successfully.
  • Save – When the cash flow is coming in, stash some of it away for later. Don’t get caught in a slow period and find you have expenses to pay, such as GST or other business-related expenses. When cash flow is good, spending should still be lean.
  • Take advantage – During the peak seasons, take the cash flow to your advantage and boost customer service or staff levels to accommodate the additional volume. Spending a little more on hiring staff could potentially bring you more profit to save for a rainy day.

Every business goes through cycles – always prepare for them by staying focused and conservative with spending, even if the cash flow is high.

Contact Galaxi Bookkeeping for a consultation and be sure to visit us on Facebook!

 

22/10/2015

3 Cash Flow Goals You Need to Have

For any business, cash flow is very important – it’s also one of the things that new or small businesses stress about most often and for good reason! A good cash flow means you have funds when things are slow at the office or when you’ve hit a lull during a certain season.

cash flow goals

As a new or small business, it’s real easy to get caught up in the day-to-day operations, which include spending money and earning profit, but it’s even more important to look ahead and track cash flow goals so there’s always a steady stream of funds coming into the business.

Here are three cash flow goals you need to have for your business, starting now:

  • Limit debt – As if experiencing a slowed cash flow isn’t stressful enough, paying debt off while funds are slow is even worse. Having a high amount of debt also counteracts any amount of cash flow you do have – pay it off as quickly as you can so you have more money to stash away when you need it most.
  • Look forward to growth – When you’re starting out with a new business, there are countless expenses to incorporate into the operations. Be frugal with your costs early on as you’ll need money as you begin to expand – using up your surplus at the beginning means you have to work even harder when you need to expand or grow with operations and staff.
  • Analyze profit – Making a profit is awesome as a business owner, but don’t forget you need to accommodate the cost of running your business. If you find that you don’t have much left after paying business expenses, you’re still cash poor. Track the gross margin and net profits carefully to get an ideal how you’re doing and use it to guide you forward.

Creating a cash flow doesn’t happen overnight, but takes careful planning and saving to make it happen. Use these tips to help guide you into positive cash flow!

Contact Galaxi Bookkeeping for a consultation and be sure to visit us on Facebook!

22/09/2015

The Importance of Cash Flow

cash flow importance

If you own a business or are in the process of launching a startup, the idea of making a profit is an enticing one – but is it enough to sustain your business over a long period of time? In a word, no.

Sure, profit is something all businesses strive to have and it’s a crucial aspect of any startup, but there’s something many experts would venture to say is even more important to have: cash. Have you ever heard the term cash is king? Well, having money in the bank is one of the best signs of a thriving business – it’s vital that you know the difference between profit and cash if you want to ensure a successful launch of a startup or longevity in your business.

Profit comes in various forms through sales, but that form of money is often tied up with other aspects of the business such as assets, liabilities or even outgoing payments. So is that money truly cash? Not really. Cash in the bank gives you the freedom and peace of mind to grow your business; after all, a profitable business still has the potential to go broke when money is tied up.

Monitor cash flow and make any necessary adjustments as soon as possible in order to begin creating a cushion should you need one – you can easily do this by learning where the money comes and goes in your business. Things to look at include fixed or variable costs, startup or first-time expenses – once you have this you could determine how much you’ll have left over to put away as actual cash in the bank.

Having cash flow means that when your credit is tied up or you have unforeseen expenses, you don’t have to worry as much about closing the doors to your hard-earned business. Managing your money and cutting expenses is one way to start saving that cash for when you need it most!

Contact Galaxi Bookkeeping for a consultation and be sure to visit us on Facebook!

19/08/2015

Finding a Good Bookkeeper

good bookkeeper

 

When you’re searching for a person or service to help out your business, chances are you’re not going to willingly pick someone who’s ‘bad’ at their job – right?

Unfortunately, there’s a lot more to choosing a service or individual than just qualifications and accolades – in some cases, even the most experienced and trained people are just not a good fit with you or your business. Attitude is another key component in finding a positive experience, especially when it comes to a bookkeeper.

How do you know the difference between a ‘good bookkeeper’ and a bad one? When you’re running a business and hire a bookkeeper to manage accounts, you want to rest assured that they are doing the job right! The purpose of hiring a bookkeeper is to help you manage and organise your books – you want your bookkeeper to take control of those financial things you can’t handle or deal with on your own.

A good bookkeeper is one who:

  • Wants your accounts to balance. Good bookkeepers want to stay organised and thrive on accounts staying current and properly balanced. A good bookkeeper knows how important it is for your business that invoices are paid and the ledger is completely accurate.
  • Understands the responsibility they have to your business. As a business owner, you look for qualified individuals to add to your team – you want a seamless operation and a good bookkeeper is one who understands this and works hard to make sure customers pay you on time so you can spend more time focusing on the business than tracking down invoice payments.

Choosing a good bookkeeper is valuable for your business and can really make a transformation in how you track finances. There’s a major difference between a bookkeeper who’s doing the minimum to balance your accounts and a good bookkeeper who truly understands the impact they have on your operations.

Contact Galaxi Bookkeeping for a consultation and be sure to visit us on Facebook!

29/07/2015

Essential Startup Tips for Your Business

Essential Startup Tips for Your Business

 

You’ve heard the saying “time is money” and for a new business owner this couldn’t be a truer phrase.

While there are always trial and error situations in starting any business, it’s pretty helpful when those who’ve been through the experience before provide a good amount of insight into what works…and what doesn’t. Why waste precious time and resources when you could start out on the right foot? Sure, there are always things that come up that you need to manage, but here are some of the essential startup tips for your business you’re going to want to implement:

  • Time management – When you try to go in and accomplish many things at once you’re left frazzled and stressed, not to mention things still don’t get done. Instead of trying to handle tasks as they come, implement a process that allows you to stay on schedule throughout the day. Use productivity tools found on tablets or smartphones to stay focused or set up blocks of time to accomplish certain tasks.
  • Implement cloud services – As a new business owner, you want to have access to your business at all times. Through cloud software, this is possible and easy for the entire team to use. Use online accounting software to organise and track invoices or receipts – this will make things so much easier when you need to collect debts or work with your accountant. Also, don’t try to skimp on paying for licensed software – in the end, that little amount of savings isn’t worth the headache or possible legal action taken against you!
  • Think ahead – Just because your team is small (or just yourself) doesn’t mean there’s no potential for growth. Implementing a procedures manual at the start allows you to stay focused and gives your potential team a road map – waiting until there are multiple employees before creating a procedures manual is just leaving you open for stress and confusion.

Overall, one of the most important tips is to take advantage of technology and software when you can – it saves time, money and your sanity!

Contact Galaxi Bookkeeping for a consultation and be sure to visit us on Facebook!

20/07/2015

Benefits of Using Online Accounting

using online accounting

New technology is around us all the time – from doing banking on a smartphone to checking email on a watch, but have you ever thought to integrate new technology into your business? Taking that leap from the traditional way of doing things can be a little scary at first, but in the long run it’s often easier and more helpful for managing a business efficiently. There are plenty of benefits of using online accounting, let’s take a look at some of them now:

  • Increased security – Think about all that paper floating around the office – private information and data that someone can access if it falls into the wrong hands. Suppose there’s a natural disaster or a break-in at the business? That information isn’t safe and there’s no way to get it back once the files are damaged. Using online accounting means you can access those important files anytime, anywhere.
  • Savings is increased – Imagine if you didn’t have to buy massive amounts of paper, printer ink or deal with storage costs when it comes to holding onto files. Saves a tidy bundle, right? Online accounting software if very affordable and streamlines the entire process for you. What could you possibly do with that savings and extra office space?
  • Very convenient – When you’re running a business, the last thing you want to do is spend time looking for invoices or receipts when the accountant needs them. Using a cloud-based online accounting program like Xero means your accountant can access the files he or she needs at any time – allowing both of you to do your job efficiently.

Cloud-based accounting software offers so many benefits and really makes owning a business a little less stressful. Software options such as Xero imports bank information directly, making it even more accurate and easy to use!

Contact Galaxi Bookkeeping for a consultation and be sure to visit us on Facebook!

30/06/2015

Get Your Business Ready for Tax Time

Tax time.

Just the phrase alone is enough to make business owners cringe – but with some simple preparation and organisation of your records and documents throughout the year, tax time doesn’t have to be so stressful.

tax time

Whether you’re doing your bookkeeping by yourself or you have hired an experienced bookkeeper to monitor your accounts, there are a few things you can do to make tax time a little bit easier to manage.

Keep thorough records throughout the year – Don’t make the mistake of throwing receipts, invoices or any other business-related documents out throughout the year. You might need them come tax time! If you don’t, better to be prepared rather than stressing out once tax time rolls around. Not sure what to keep and what you can toss? Ask your bookkeeper for some tips (or just play it safe and keep it).

Know when to call in the professionalsDid you start a business this year or has your business grown? Sometimes it’s best to just let the professionals take over – bookkeepers are a valuable asset for any business as they manage your finances and keep you on track (and organised) throughout the year. That in itself is worth every penny to a busy business owner.

Don’t wait until the last minute – You know when tax time is every year, so don’t wait until the last minute to start preparing. Throughout the year, your bookkeeper can offer tips and suggestions that will make tax time less stressful, not to mention half the work will be done when tax time approaches if you keep your documents, invoices and receipts organised all year long.

Peace of mind – Cut down on clutter around the office and make it easier to communicate with your bookkeeper by implementing cloud-based accounting software into your daily routine. Through cloud-based software, your bookkeeper will have direct access to your accounting program from a remote area, making it easier for both of you to do your job as it grows.

For many, tax time is stressful, but it doesn’t always have to be dreadful. Stay up to date and organised with your files and look to a professional bookkeeper to help you stay focused and prepared at all time!

Contact Galaxi Bookkeeping for a consultation and be sure to visit us on Facebook!