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!