28/10/2014

3 Reasons You Need to Hire a Bookkeeper

Reasons You Need to Hire a Bookkeeper

As a small business start-up or entrepreneur, it might be first nature to want to have a hand in every aspect of the business and whatever you don’t know will be learned along the way. While that may be true of some areas in a business, accounting is something that even the most ambitious business owners have a hard time managing. As a manager, spending time running a business is essential, but frankly, overseeing operations of the company and figuring out everything you need to know about how your financial standing is often overwhelming. There are plenty of reasons to illustrate why you need to hire a bookkeeper, but here are the three most common:

  • It’s too time consuming! As you know, creating a small business and getting it running takes a lot of time. Trying to manage inventory, personnel, marketing and sales is more than enough for any one person – or even a team – so why add in the ever-time-consuming bookkeeping? When you want your business to run more efficiently, you need to hire a bookkeeper.
  • Leave it to the experts. Would you rebuild your car engine to save a few dollars? Chances are you wouldn’t – you’d take it to someone who specializes in automobile care. The same is true for accounting! If you try to take it on yourself to save money, but aren’t too sure what you’re doing, you could be putting yourself – and your business – at risk for fines and penalties with the Australian Taxation Office should you make a mistake. The potential fines and charges will far outweigh any attempt to save money!
  • Do you really want to do bookkeeping? For the most part, accounting and bookkeeping is not on the list of things many small business owners want to do – in fact, just dealing with numbers and figures is enough to stress out the average person! Hire a bookkeeper and let them do that work for you so there is more time to devote to things you actually want to do, such as market your business or interact with customers.

These are just some reasons you need to hire a bookkeeper – and while it’s understandable that you want to have a hand in every aspect of your business, some things are best delegated to the experts. The time and money you save will be even more valuable than you imagine!

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

20/10/2014

Get on Top of Your Books!

get on top of books

I’ll do it later — is this your feeling when it comes to bookkeeping? While you might have good intentions on catching up with records and reconciling accounts, the truth is bookkeeping often gets pushed further and further down the to-do list, and before you know it, you have weeks of receipts and invoices to wade through and get organised. Don’t add to your stress by getting behind with your bookkeeping – get on top of your books with these simple steps:

  • Create a starting point. One of the easiest ways to get on top of your books is to designate a starting point – often, a bank statement is the best place to begin organisation. Once you export a bank statement into Excel, you can then put the data into your accounting software – such as Xero – which makes it even easier to reconcile bank transactions and invoices. This also helps you check that your statement amounts are equal to the amount in your accounting software. Are you self-employed or running a startup business? If you notice that many of your transactions are of a personal nature, be sure to open a business bank account and business credit card – separate your purchases as soon as possible to make http://buysoma.net/treatment-back-pain-soma-proven-medicine/ bookkeeping more manageable.
  • Check invoice standings. Do you have outstanding invoices that you know have been paid, or do you show bills due despite paying them? Get statements from debtors or creditors and reconcile them against the accounting software. Since those owing you money aren’t likely going to volunteer the fact that their invoice is late, it’s your job to locate paid or unpaid statements and organise them in your software – then start making some phone calls to receive your money!
  • Avoid BAS penalties. Check the status of your BAS returns. If you have missed payments, quickly set up a weekly payment plan with the Australian Taxation Office to bring your accounts current and avoid hefty penalties and fines. Get on top of your books by setting money aside each week to cover the quarterly BAS payments.

It will take some time and effort, but it’s important to get on top of your books to save yourself plenty of time and money later. With a few simple tips and through the help of your software accounting program, getting organised is easier than you think.

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

13/10/2014

What’s Your Superannuation Obligation?

superannuation obligation galaxi bookkeeping

There are plenty of things a small business in Australia needs to consider, but do you know what your superannuation obligation is? Navigating around the various financial requirements of a business can be difficult, so we’re here to break it down a little and make it more understandable.

Paying Superannuation

In order to understand if you need to pay superannuation, it’s important to know how your small business is qualified. Businesses must pay superannuation if they have employees entitled to a super guarantee or if the business is considered for super guarantee purposes.

Whether you have employees on a causal, part-time or full-time basis by way of a verbal or written contract, you are considered as a business with super guarantee purposes. There are other conditions in which an employee is eligible for the super guarantee, including:

  • They’re over 18 years of age and earn $450 or more before taxes in a given month.
  • Employees meet the terms previously mentioned, in addition to working at least 30 hours weekly.
  • Contractors who are hired to perform a labour and contract are for hours worked, rather than completing a task.

Help with your Superannuation Obligation

Tax codes and requirements are often difficult to understand, but there are plenty of tools out there that will help you determine whether your small business has a superannuation obligation or not. One of the best sources – and most accurate, of course – is the Australian Taxation Office. Those who are self-employed aren’t obligated to contribute to a super fund, and if you do, you could be eligible for a deduction of your contributions.

Paying the superannuation obligation must be done to a compliant Super Fund – which you can find with Super Fund Lookup. Using Xero with your bookkeeping makes it easier on you too, as it provides an auto super function, which is available with the premium version of the program.

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

15/09/2014

Choosing a Bookkeeper for your Business

tips for choosing a bookkeeper for your business

There are two important things every small business owner wants – and needs – to keep things running successfully: time and money. Choosing a bookkeeper for your business is one way to give you everything you want, and need.

Countless factors should be taken into consideration for getting a small business off the ground or even keeping a mid-level business moving forward, and that’s hiring a bookkeeper to keep your finances in order and help you organize your books. Hiring a bookkeeper does a few things for you, such as:

  • Gives you back your precious time. Do you really want to be going over the books when there are plenty of other things you need to devote your attention to within the business? Chances are you can’t divide your attention thoroughly enough, so you’re not able to devote sufficient energy and time into all aspects of the business.
  • Keeps financial stress to a minimum. Are you aware of tax codes, government regulations or advanced bookkeeping techniques? When it comes to the finances of any business, it’s best to leave it to a professional. Choosing a bookkeeper for your business puts your accounts in good hands!

Finding the right bookkeeper for your small business makes all the difference in the world, and it’s definitely worth outsourcing to a reputable accounting business. Here are some tips to keep in mind when choosing a bookkeeper for your business:

  • Make sure they are a registered BAS agent and listed on the tax practitioner’s board register.
  • Ask for referrals from other business owners, or check out client testimonials. You can also request a list of recommendations from an accountant, which allows you to do a little checking on your own.
  • Compare and contrast skills between accountants – they should be willing to provide a personal touch, while offering exceptional professional accounting assistance. Choose a bookkeeper who’s available to answer your questions or concerns without making you feel like a burden.
  • Check out account experience, education and qualifications.

With these tips, choosing a bookkeeper for your business is a bit easier – take your time and select a quality accounting firm that offers a high range of service and communication, in addition to managing the books.

Contact us for a no obligation bookkeeping consultation and be sure to visit us on Facebook!

08/09/2014

New Features Released through Xero

Xero Bookkeeping

Xero Bookkeeping software has always been a benefit for small business, but today there’s even more reason to celebrate: new features released through Xero are now available! This cloud-based software system has some exciting updates that will make life – and your business finances – even easier to manage. Let’s check them out:

  • Batch Deposits – This new feature through Xero is sure to save small business owners a lot of time and stress. Do you have customers who pay by cheque, or are you responsible for paying multiple invoices at any given time? The batch deposits feature is similar to batch payments – it allows you to deposit funds or pay invoices with the press of a button. No more spending time with each invoice!
  • Receipts – This newly released Xero feature has been highly requested and now it’s here. Once a customer submits an invoice payment, you can thank them for payment by sending a receipt. How does this work? Xero is now including the option to attach a receipt copy to each receipt email – which you can also http://modafinil200mg.net customise to reflect your business or brand. This service adds even more professionalism to your small business!
  • Additional reports – Reports are always a great tool when analysing your business trends and keeping thorough track of records. The new Xero update includes reports such as Profit and Loss, Disposal Schedule, and Account Transactions.

New details have also been added to Xero software to enhance user experience. Create and receive transactions on the go with the ‘New Transaction’ button on the Account Transactions screen – this is very helpful when you want to keep track of the cash position or the status of cheque transactions. Another feature to look for is the updated inventory field – there are now even more details to make use of when adding data to your accounting records.

These are just some of the exciting and new features released through Xero – be sure to take a look at additional updates in full on their blog.

Contact us for a complimentary bookkeeping consultation and be sure to visit us on Facebook!

02/09/2014

Save Time and Money with Cloud Job Management

cloud job management

You’ve heard about ‘the cloud,’ but did you know it could boost the efficiency of your business – saving you both time and money? Whether you’re a small business working from an office or self-employed and on the go, cloud job management ensures that you’re never far away from the important day-to-day running of the business.

What are some advantages of cloud job management?

  • There’s no need for expensive software
  • Crucial time isn’t wasted with program updates
  • Collaborating and communicating with the entire team is possible
  • Share information over multiple devices without needing to share files
  • Job details are instantly added and available to the entire team

Most small business owners are on the go – thanks to the implementation of smartphones, tablets and desktops. Stay connected to your business on any device, whether that means going over job details, bank reconciliations, credit card charges or managing invoices on a daily basis. Having your data and finances at your fingertips allows you to take care of business https://celebrexhome.com quick and efficiently, so you have more time to spend on the things that matter most – growing your business!

Other advantages to using cloud job management tools is you can easily integrate the program with your accounting software. Cloud-based bookkeeping plans allow you to connect with your accounting software so your banking transactions are automatically updated – this allows you to pay invoices with a single click of a button or keep track of spending at all times.

Track time and costs from a job site or with clients directly onto your device. This also reduces the risk of errors, making tax time a bit easier to manage. Once you enter the information into the cloud-based program, it becomes available for the entire team to access – the ideal way to enhance efficiency and communication between you and the rest of your employees.

Want to get started? Contact us for a consultation and be sure to visit us on Facebook!

19/08/2014

Xero Has Changed How to Reconcile Payroll

Yesterday, Xero made some fundamental changes to the was we reconcile payroll. Users have been asking for a change for over 12 months. There is a sense of relief among the Xero community that this update has been made.

Reconcile Payroll Without a Draft Bill

The main change is that you no longer need to create the draft bill to reconcile payroll. The draft bill was the annoying step that need to be completed so that wage https://onhealthy.net/product-category/alcoholism/ payments could be reconciled. The reason for the draft bill was to create the vital journal entries for your Profit & Loss and Balance Sheet. With this new payroll update Xero now automatically integrates these journal entries into the Post Pay Run step.

When you need to reconcile your wage payments you just post it to the new Wages Payable – Payroll account. You can even create a bank rule to say time.

Xero have created this fantastic video on the changes to payroll that you can watch below.

The other part of the payroll update is ‘Notes’. This provide users with the ability to store comments & information for employees. Notes could be used to store important conversations or emergency details. All notes are time and date stamped and have restricted viewing by payroll administrators. An update down the track will be the ability to upload important documents as well.

If you have any questions on how to reconcile  payroll or payroll updates in Xero please contact us today. You can also read more about them at the Xero Blog.

Posted in: Xero
12/08/2014

Xero Why Use It?

Xero logo

Xero is in the cloud…

Cloud based programs allow users access to the program on any device, any where. It’s no different with Xero.

You can access your financial data where ever you go. Using the iPhone or Android app you can create invoices and email them to clients. Using your laptop or tablet you can check your cash-flow or complete a pay-run. Your bookkeeper or accountant can also login and complete you financial reports and lodge your BAS. All without installing any software or sharing files.

Xero Provides Real time information

No longer do your accounts need to be living in the past. With live Bank-feeds, Xero allows you to have up-to-date data at your finger tips. Allowing you to make smarter, more informed decisions.

No expensive software purchases or updates

Xero is priced using a monthly fee according to your business size and needs. You never get charged for new updates or functions. There are no long term contracts and no contract cancelation fees.

Fixed Priced Setup and ongoing support

Fixed priced means you have peace of mind of knowing your monthly bookkeeping bill including your Xero subscription in advance. No bill shocks guaranteed. If you would like to get a quote to meet your ongoing bookkeeping needs please do not hesitate to contact us.

Posted in: Bookkeeping, Xero
11/08/2014

Organising Your Paperwork – Time Saving Tips

Organising Your Paperwork

Organising your paperwork is an important step to running your business or personal finances effectively. Often it is neglected costing your business time and money and increasing your stress levels.

Here are five simple steps to help you organise your paperwork better.

1. Ensure your filing system is simple. Usually, a complex system just increases stress instead of alleviating it. Use common sense, sort documents by name or topic. The easier the system is to use the easier it is to teach employees or family members to follow it. Random piles of paper, ‘Organised Chaos’ as some people call it, is not simple to teach.

Organised Chaos

Organising your paperwork

2. Personalise your filing system. Instead of using boring filing cabinets or folders; add some colour and flare. Separate your files using coloured tabs or stickers, this will create clear distinctions between your cabinets or folders. This will make it easier for people to follow.

3. Make filing a habit.  Create a regular spot in your diary to empty your filing tray. Start multitasking, for example, whenever you are on a long phone call file your papers at the same time. The key is to find a way to make https://klonopintabs.com filing a regular habit in your week.

4. Designate a secure place for all your important documents. Make sure that they are easily accessible because you never know when you need them. Make sure you keep track of the following documents: bank account & credit card numbers, deeds, important receipts & warranties, instructions, insurance policies, loan agreements, birth & marriage certificates, medical records, mortgage agreements, passports, PIN numbers, exam results & awards, tax returns (last 5 years), vehicle registrations, wills. For the more important documents, put originals in a safe or security deposit box and keep a photocopy in your files.

5.Improve your filing system as you go. Put in your diary a reminder to review your filing system every three to six months. Usually you will find files that are either being underused or bulged. To overcome underused files, find or create a file that is broader in scope. For bulged files, create subcategories by topic or date.

Should you need some more help or ideas on how to organise your paperwork more effectively Contact Galaxi Bookkeeping Today!

Posted in: Bookkeeping
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10/08/2014

Get Paid Faster With Effective Debt Collecting

Effective Debt Collecting

One of the trickier jobs for a bookkeeper or business owner to master is effective debt collecting.
If you’re not assertive or outgoing, then phoning up people and demanding payment can be quite a daunting task.
Here are five quick ways to be more confident and effective at chasing debts.

1. Write a credit policy
If you haven’t got this far, this is definitely the place to start. Before you start to chase money you need to draw up a clear set of rules that your customers are expected to follow. Your credit policy should include trading terms you offer your customers, how often you send statements, and at what point the debt gets passed to a debt collecting agency. Your credit policy should then be included as part of your contract or credit application that all customers need to sign and agree on.

2. Don’t waste time
Dun & Bradstreet are specialised in debt collection with over 160 years of operation published the following statistics.
– 6.2 per cent of debts that are one month overdue never pay.
– 26.4 per cent of debts that are three month overdue never pay.
– 42.2 per cent of debts that are six month overdue never pay.
The statistics tell the story; the longer a debt is outstanding then less likely it will be paid. So don’t waste time being soft or nice, get chasing those debts!

3. Get on the phone
Effective debt collecting

Phone calls are far more effective than sending reminder letters. Your initial phone call should be polite, aiming to build rapport with the business owner or account manager. Being polite doesn’t mean you can’t be straight to the point though. Ask if the payment will be sent immediately, if the answer is ‘no’ ask why not; don’t interrupt their response. If they are genuinely having a tough month, don’t just let them ‘pay you when they can’ offer a solution. For example, say something like, ‘how about you pay half this week and the remainder in 14 days’.

4. Don’t buy into excuses
If they say that they have lost the invoice, email them a copy within the hour and phone them back to confirm they have received it. If there is some kind of delay in the system, ask them to look into it today and let them know that you will be calling them tomorrow to find out the details. These techniques will keep the person you are dealing with accountable in what they say they will do.

5. Confirm the commitments in writing
Try to have your debtor commit to paying you by certain time frame. As soon as the phone call is over, email them thanking them for the commitment they made and confirming the agreement in writing. This documents the agreement and if there are issues down the track you have everything that was agreed to in writing and so do they.

If  you need help reining in your outstanding debts and improving the management of your accounts receivable please contact us today and find out how we can help.

Posted in: Bookkeeping