Bringing money into a business and having a cash flow are two different things – do you have a positive cash flow or is your money tied up in the business?
It doesn’t matter how much money you bring in each year if you can’t take out what you need to pay for the essentials. A positive cash flow is one sign of a healthy business, but it’s also important to be consistently smart with the cash you do get to – whether it’s because you sold off some personal property at a profit or you obtained a business loan. Here are some important tips for maintaining a positive cash flow:
Starting a business is exciting, but simple mistakes early on could end up costing you financially. Selective spending and ensuring you get the right value for your products or services are essential in maintaining a positive cash flow for the long-term.
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:
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!
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.
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.
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.
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.
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.
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!
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.
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.
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.