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!

06/10/2014

Bookkeeping for Cafes

bookkeeping for cafes

Keeping track of finances is a struggle for many small businesses, but the hustle and bustle of a busy café can be even more overwhelming for managers and owners. Accounts are often created and taken care of on a quicker schedule – not to mention the constant transactions from customers, purchasing fresh food and supplies, and tracking employee hours over countless shifts are important factors of running the café smoothly. While bookkeeping for cafes may take a bit more attention, that doesn’t mean it has to be harder!

Choosing the right software is a crucial first step to making bookkeeping for cafes easier to handle and helps you stay on track each day. Xero is an ideal software programme for a variety of reasons, one of the most important being ease of use when you’re on the go. You can scan and send invoices, manage receipts, reconcile the payroll and run any necessary reports in a matter of minutes. Time is precious when running a busy café – don’t waste time by tracking all of these features manually! Any type of point of sale software you choose should integrate with the accounting software.

Another important tip in bookkeeping for cafes is to separate all the cash purchases from other purchases made at the establishment. At the end of the month, you can enter these cash purchases into the accounting system – doing it this way will eliminate confusion and reduce the chance of double entry. Using a software programme also ensures that you don’t overstate your GST on fresh food – keeping clear records throughout the month will make filing taxes that much easier!

Finally, running successful bookkeeping for cafes also means finding an easy, simple system for tracking employee hours. It’s important to stay organized for the sake of the business and your employees – you don’t want to spend unnecessary money overbooking your staff or being short on hands during peak hours.

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

22/09/2014

How to Reduce Overdue Accounts by Half Without Doing Extra Work

overdue-bill

As a small business owner, there’s nothing worse than having overdue accounts – funds you could be using to enhance sales, replenish inventory or simply make necessary payments to your own accounts. While there are always going to be those select invoices that take a bit longer than usual to complete, it should be the goal of any small business to reduce overdue accounts. There’s a way to promote effective debt collecting without being overbearing or rude, in fact, there are quite a few solutions that will help reduce overdue accounts and perhaps even prevent them in the first place.

  • Create a clear debt policy – One of the best ways to reduce overdue accounts is to prevent them before they become late. This can be done by a writing clear and concise credit policy that highlights your terms and conditions with each client. The policy should contain information such as the process in which you send out statements and how long you allow an account to become overdue before it’s turned over to a collection agency. Go over this debt policy with clients when you begin the business relationship – have them sign and agree to the conditions before moving forward.
  • Use the phone – Emails and electronic invoices can easily slip through the cracks or be avoided much easier than a direct phone call to the client. Be polite when calling a client about an overdue account as it might just be an oversight within the office, but that doesn’t mean you shouldn’t be firm. Don’t allow clients to create excuses and not pay the invoice – offer solutions to ensure you get your payment, even if that means setting them up with a payment plan.
  • Stay on top of debts – As a business owner, you also need to stay on top of outstanding debts to reduce overdue accounts. Using a debtor tracking and reminder system such as debtor daddy, to assist you in staying productive and timely with sending out invoices and creating a steady cash flow for your own business.

While it’s frustrating to deal with slow-paying clients, reduce overdue accounts by implementing your own solutions and create clear guidelines as to what you expect from those working with you!

Contact us for a complimentary 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!

06/08/2014

Bookkeeping For Tradesmen

Managing both the job site and bookkeeping for tradesmen can be a real challenge. This is mainly because most jobs aren’t straight forward. There are labour components, materials purchased and tasks contracted out, all of which get invoiced at different time frames. Add to the mix: job setbacks, contract retainers, design changes and bad weather. Not only can the job site be difficult, the bookkeeping for tradesmen can also be complex and seem out-of-control. Here are three ways that can help tradesman stay on top of their bookkeeping and simplify their paperwork.

1. Use Job Numbers

Assign each unique job with a job number. Train your employees and contractors to use the appropriate job number when they purchase materials or invoice out their time. Assign the correct job number to purchases and contractors when you enter them into your accounting software. Always enter your employees time sheets into your accounting software with their hours assigned to the job numbers they have worked on during the pay week. When it is time to bill your clients, simply pull a report on each job number. This will give you the costs for that job. All you need to do is calculate your mark up rate and invoice your client.

2. Create a Positive Paperwork Routine

When paperwork gets out-of-control it can be a pain in the neck. Create simple paperwork habits to stay on top of your bookwork. Keep a folder in the car to put all purchase dockets, invoices and receipts into. Train staff to collect and pass on paperwork when purchasing materials. Encourage staff to enter time sheets before pay-day. Keep all fuel receipts in the car glove box. Enter all purchases into your accounting software on a regular basis. A positive routine will help you stay in control of your paperwork.

3. Use Job Costing Software

bookkeeping for tradesmen
Job costing software simplifies bookkeeping for tradesmen by speeding up job invoicing. A great example of job costing software is WorkflowMax. WorkflowMax tracks purchases and time on each job completed. Staff can enter their time they have spent on each job via their smart phone. When you are ready to invoice your clients, WorflowMax will calculate your set mark-up rates for purchases and time spent on the job. It has an extensive lead and quote management system and is cloud-based meaning no software or backups required. WorkflowMax also link perfectly into Xero Accounting Software. All purchases, time sheets and invoices entered into WorkflowMax will be automatically pushed over to Xero, ready to be reconciled.

By implementing these ideas, bookkeeping for tradesmen will be simplified and manageable. If you would like to simplify your bookkeeping, feel free to contact us today for a complementary assessment of your bookkeeping needs.