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:
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!
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:
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.
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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:
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:
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!
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:
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!
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?
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!
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.
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.
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 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.
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
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!
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
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.
Bookkeeping can be time consuming for business owners. Here are five easy ways to save time bookkeeping.
1. Never record sales in a word processor. Though word processors may provide more options for invoice templates it creates a double up of work. If you are using accounting software it is definitely worth the time to setup an invoice template to record your sales. It saves you time because each time you create an invoice in the accounting software you record your sale as well. You may not be able to get the exact colour or layout of the invoice that you prefer but the time saved is definitely worth the trade off.
2. Integrate your point-of-sale system with your accounting software. This is a huge time saver for retail businesses. Each time your process a sale through your point-of-sale system it does the necessary entries into your accounting software. No need to enter in daily sales totals or movements of inventory. Accounting software like Xero is perfect for this as it has loads of add-ons including point-of-sale software.
3. Don’t use old school docket https://onhealthy.net/product-category/antifungals/ books. Handwritten invoices are out of date. Not only do they create double the work for processing sales, they just aren’t cool. If you need write out invoices on the go and you own a smart phone, why not use an invoicing app. These integrate with your accounting software. You simply draft your invoice and email it to your client. The invoice is automatically recorded in your accounting software as sale.
4. Make payments in batches. Set aside time each week for weekly bills or once a month for monthly accounts. Avoid paying bills one by one, as it is very time consuming. Instead create a batch payment file for your accounts payable. Simply upload it to your online banking and your bank will pay all your bills at once.
5. Use bank feeds. Some accounting software let you use bank feeds. These automatically upload your bank statements into your accounting software. This feature significantly speeds up bank reconciliations. No need to enter the bank statement data into your accounting software anymore.
If you would like more information on any of the topics covered, please feel free to contact us anytime.
WorkflowMax is job, time and invoice management software. It is designed to remove the frustration from job management. WorkflowMax covers all aspects of a job, from lead management to quoting, time sheeting to invoicing and everything in between. If your business is job focused than WorkflowMax is perfect for you.
Timesheets in WorkflowMax are very flexible. They can be completed by individual staff using computers, tablets or smartphones. Use the stopwatch feature for exact minutes or update them daily or weekly. Timesheet hours are billed against jobs to see how many hours have been spent on each job and by whom. Save time by exporting your weekly payroll to leading payroll software such as Xero.
WorkflowMax helps you track each of your jobs with ease. Know how you are tracking against deadlines or job estimate. Track your expect profit on each job. Know exactly who has been working on each job and for how long. Access all this information about your jobs in once central place.
Set overall objectives and deadlines for projects. Break projects into tasks and allocate time and resources for each task. Notifications alert you to upcoming due dates and impending breaches in estimated times. Manage your jobs easily on the run using your smartphone or tablet.
Save time invoicing using WorkflowMax. No need to use a calculator, WorkflowMax will automate invoice calculation with a single click. Bill on staff rates or task rates. Brand your invoice template giving your own look and feel. Write off individual timesheets. Easily mark up materials used. Invoice multiple jobs on the same bill. Invoices can be easily integrated with Xero and other accounting systems.
For more information about WorkflowMax features, integration with Xero and account setup please do not hesitate to contact us.
