On the 8th working day before Christmas Account Aspects gifted me,🎄🎅
A conversion from MYOB to Xero with a seamless transition - According to a Retail client of ours.
The work was completed in the background with little disruption to my business. The service was paired with training transforming my business processes. I don't know why I did not convert sooner.
The new year is never a better time to make the change and bring efficiency to your business. Xero, in partnership with an expert Bookkeeper, has all the time-saving tools you need to grow your business.
“Cash VS Accrual Accounting: Which is best for your business?
Cash based accounting recognizes revenues when cash is received, and expenses when they are paid. The benefits of this is the money that flows through your business is better aligned with your activity statement liabilities.
Accrual accounting records revenues and expenses when they are earned, regardless of when the money is actually received.” The benefit is a better long-term view of your finances.
So which is better for your business?
There is no real answer.. however to workout which method best suits your business, consider the following:
• The size of your business
• Company turnover
• What type of recording system your company uses
• How complicated your business transactions and processes are
If you would like to discuss the most beneficial accounting function to adopt for your business, call us on (03) 5273 0298 for a free consultation.
Are there hidden places in your business finances that you could be saving money? We often think of obvious things such as internet provider, product suppliers, etc. when we look at making smart financial decisions for our business. But what about those sneaky little fees and memberships that we signup for and forget about? Those little fees can add up to big things. Here are some things to think about:
-Is your bank charging you a monthly service fee? A lot of banks can charge around $12 a month just for having an account with them. That is $288 per year. Talk to your banker about account options for your business. .
-Are you paying for programs that their free version would work just as well to meet your needs? An example would be Canva or Hootsuite.
-Did you sign up for a monthly site months ago because you needed to do something but then never used it since then? .
There are often hidden little things in our monthly budget we forget about. It is a good idea to go over your reports each month with your bookkeeper and stay on top of any and all areas to ensure you stay aware of such things.
Yes, if you earn > $100k in revenue annually and want to optimize your time and revenue.
2 116 hours ago
Consumers now expect a bargain and can generally find one.
The attraction of the Black Friday sales is that stock is generally available. Those waiting for bargains in the week immediately prior to Christmas, can only choose from what’s left.
If you choose to discount stock (or the market forces you to), it’s essential to know your profit margins to determine what you can afford to give away. A business with a 30% gross profit margin that offers a 25% discount (certainly nothing unusual about that in today’s market) needs a 500% increase in sales volume simply to maintain the same position. The result generally is that often businesses trade below their break even point and generate losses.
So think carefully about your strategy and what you can sustain.
Content provided by @knowledgeshopAU #parityaccounting#christmascountdown#smallbusiness#retail#strategyforsuccess#accountingservices#bookkeepingservices#centralwestnsw
0 26 hours ago
Who are claiming tax deductions and are you claiming what you are allowed?
All up, we collectively disclosed $36.5 billion worth of tax deductions on our returns in 2016/17, an average of $3,445 for every person who made a deduction.
But not everyone is boosting their tax return – the Tax Office data shows about one in four people who filled out a tax return did not claim a single cent in deductions.
Uniform or clothing expenses - About 6.4 million Australians (or 46% of those who filed a tax return) claimed back the cost of their work uniform, protective clothing or the costs of dry cleaning their work gear.
Managing their tax affairs - About 44% of people who filled out a return claimed for the cost of managing their tax affairs.
Charitable donations - About 33% disclosed charitable donations.
Others - 26% racked up work-related car expenses and 10% had work-related travel expenses.
#1 . At-Will Employment Clause- 7 Things You Need to Have Written in Your Employee Manual.
In every state except Montana, companies may adopt an "employment at will" policy. This means you are free to terminate someone's employment at any time and for any reason, provided you do not violate any federal, state, or local laws in doing so. At-will employment is generally understood; however, it is nevertheless a good idea to include language similar to the following in your company handbook: (Name of company) is a legal entity doing business in (state). We are an at-will employer, meaning that we may exercise the right to terminate our relationship with you at any time and for any reason. We may or may not provide advance notice of our intentions to do so.
Hard to believe it’s *that* time of year again. Not only are we rolling into a whole new year soon, but a whole new DECADE. It’s time to wrap up your end of year bookkeeping checklist so you can avoid some tax filing nightmares.
Make sure your income and expenses are up to date and accurate. If you’ve been doing regular journal entries throughout the year, this step should be a breeze.
Reconcile your bank accounts and credit cards. Please don’t skip this step. You would be surprised at the errors you can find in your bank feed when you are comparing to your statements.
Run depreciation for your fixed assets.
Double-check those payroll taxes and make sure that your payroll tax liabilities on your balance sheet match up with your quarterly payroll returns.
Run your year-end P&L, Balance Sheet and Statement of Cash Flows.
Last but not least, close your books. This means that the years' reports will be locked and finalized. It’s a great idea to have your Bookkeeper or CPA help you out with this process as there are multiple steps and you’ll want to make sure it’s done correctly.
Easy peasy right? Ok, not exactly, but by taking the time to wrap things up properly at the end of the year you can save yourself major headaches (and money!) when filing your taxes. Need some help? That’s what we do! Shoot us an email to Hello@BatchBookkeeping.com
1 49 hours ago
🎄🙌🏻💪That deadline is fast approaching. I have completed several submissions this week. These clients are happy and relieved. Some are looking forward to a rebate reaching their account in their account just in time for Christmas 🎄🙌🏻💪
4 79 hours ago
Are you leaving time and money on the table? If your doing a majority of your businesses non money making activities you very well may be.
You may believe if you don't have a hand in every aspect of your business it somehow means you aren't a competent business owner.
Wearing all the hats may make you feel competent, but you'll still be miles behind then business owners who understand the value of putting those hats on the others who do that skill the best so they can do their own skills the best.
Instead of doing it all yourself, bring on someone else and save yourself precious energy and time to grow your business.
Say *hello* to the newest member of the InLine team - Rita! 👋
Rita lives in Cookeville, Tennessee and graduated from Tennessee Tech with her Bachelor's in Accounting. She is currently working towards her Masters in Business Administration, as well as her CPA license.
She loves helping businesses stay organized and is thrilled to be a part of InLine. In her free time, she loves spending time with her husband and her dog Charlie!
We are so happy to have her as our newest bookkeeper!!
Bookkeepers offer a vital business service. They save you time by handling all the daily financial work for you and allow you to concentrate on the running of your business. #honorbookkeeping#bookkeepingservices
0 111 hours ago
Let’s be honest. When it comes to reconciling accounts, procrastination kicks in. Whether you’re dealing with year-end or month-end, gathering all the data needed to reconcile can be a daunting task.
Fortunately, CTG Bookkeeping does all reconciling for YOU! Not only that, but we provide you with monthly financial reports for you can have all the financial data in your hands to take your business to the next level.
Investing in Nashville Real Estate? Here’s How a CPA Firm Can Help You
To make the most out of your real estate investment, work with a #CPA firm who can give you expert guidance on the financial aspects of the business. Read more from this blog post: http://bit.ly/EvanH09
0 312 hours ago
The 𝓉𝒾𝓂𝑒 𝒽𝒶𝓈 𝒸𝑜𝓂𝑒 for our final Tax-Tiding for our Holiday Giveaway! 🎄
In 𝒽𝑜𝓃𝑜𝓇 of Tax-Tiding #12 , let’s look back at the past 1️⃣2️⃣ months and see if we paid any of our estimated tax payments⁉️
First off, you may be asking yourself — do I even qualify for making estimated tax payments? 🧐
If you are self-employed, a business owner, have received a big gain from selling stock, or just may have your tax withholdings a little off, then you need to 𝙢𝙖𝙠𝙚 𝙨𝙪𝙧𝙚 to pay your quarterly estimated tax payments! 💯
Most people don’t realize that if you 𝙙𝙞𝙨𝙢𝙞𝙨𝙨 your quarterly payments, the IRS will assess 𝙥𝙚𝙣𝙖𝙡𝙩𝙞𝙚𝙨 for not paying in a timely manner! 😦 So in the event you did not pay enough in for the year, make sure to 𝙥𝙖𝙮 an estimated payment before the year ends! ✊🏻
For those who may need extra assistance in figuring out the 𝙖𝙢𝙤𝙪𝙣𝙩 to pay for your estimated payment, please don’t hesitate to contact us for more information! 📲 📞 📧
Having trouble keeping your accounting straight? We offer bookkeeping cleanup services. Since tax season is right around the corner, reach out to get a head start!
1 412 hours ago
Join me today live at 1:45 pm CST. Today I will be going live to talk about Home Deductions. Do you work from home? Do you know what can and can’t be deducted?
Have any questions on this topic? Let me know below and I may just answer your question live 👇 See you in a few.
1 613 hours ago
The “Boston Bean-town, Beancounters”, preparing for a corporate takeoff to meet our Austin TX book of business!
Today is the last day to get in on the sale after the sales 20% off the first 6 months of bookkeeping and 20% off catchup/cleanup work. I only have one spot left. Don't delay another moment. Go to my website and request a
consultation form and start next year on better footing.
You have until 11:59 pm tonight to get in on this very rare deal. This is the first time I've ever discounted my services this much and giving 6 months to pay catchup/cleanup work.
I'm offering this deal to help make it easy for you to say yes to your business and get your time and energy back.
Happy Thursday! I had an idea 💡and put it into action. Running a small business is a challenge that can bring many rewards. Getting my business name out there has been my main focus this week. Finding the right social media platform can mean the difference between becoming known and getting lost in the shuffle. I ❤️ that I’m able to bring out my creative side when using Instagram and have found some fun apps to do just that! @acolorstory@wordswag and @Canva have been my favorites so far. What do you like to use?
PLEASE SHARE...I LOVE REFERRALS. Thinking about adding a referral fees this year🤔 🤑
0 316 hours ago
ICYMI: The hustle is real! ⚠️
Many business owners are worried about securing the next sale or launching the next product they overlook the importance of making sure the team is on the same page and there are checks and balance systems in place to keep things in ✅
All of these are contributing factors to that bottom line💸💸💸
Reach out to us if you’d like to chat about this some more.
Is managing the books 💻 taking time away from running the operational side of your business? If you find yourself getting bogged down 🔁 with bookkeeping, and spending less time bringing in revenue 💵 hiring an outside bookkeeper is a great option 🙌🏼 1. 𝗦𝘁𝗮𝘆 𝗳𝗼𝗰𝘂𝘀𝗲𝗱 𝗼𝗻 𝗰𝗼𝗿𝗲 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗻𝗲𝗲𝗱𝘀 - When you hire a bookkeeper, the largest benefit is that you can devote the time ⏰ you used to spend bookkeeping to running your business.
2. 𝗠𝗮𝗶𝗻𝘁𝗮𝗶𝗻 𝗰𝗮𝘀𝗵 𝗳𝗹𝗼𝘄 - A bookkeeper can stay on top of invoicing 🧾 and send out reminders to make sure your cash💰flow remains optimal.
3. 𝗘𝘀𝗰𝗮𝗽𝗲 𝘁𝗵𝗲 𝘁𝗲𝗱𝗶𝗼𝘂𝘀 𝗮𝘀𝗽𝗲𝗰𝘁𝘀 - Do you really want to be the one adding up➕payroll or paying bills 💳 ?
4. 𝗚𝗲𝘁 𝗮 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁 𝗽𝗲𝗿𝘀𝗽𝗲𝗰𝘁𝗶𝘃𝗲 - A bookkeeper can keep your financials in top shape 💯 and run reports 📊 regularly to show how you are doing and bring up any areas of concern.
5. 𝗠𝗮𝗸𝗲 𝘀𝘂𝗿𝗲 𝗲𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 𝗶𝘀 𝗽𝗮𝗶𝗱 𝗼𝗻 𝘁𝗶𝗺𝗲 - Between running the daily operations, traveling ✈️, or growing your business something is likely to be missed 🙊. Most of the time it’s the bills that need to be paid. Late payments can negatively 👎🏼impact your credit. Hiring a bookkeeper can give you confidence 👏🏼 everything is paid on time!
1 512 December, 2019
Tu staff financiero a solo un click.
Mientras tu te encargas de atender tus clientes, liderar a tu equipo de trabajo, y demás tareas que conllevan tener un negocio exitoso, nosotros nos hacemos cargo de resumir los números.
Al final de cada mes puedes tener la tranquilidad de que ya nosotros habremos hecho por ti el análisis financiero de tu negocio, con la misma pasión que lo harías tu, pero con mucho mas enfoque y experiencia.
Te ofrecemos un reporte que de un vistazo te da el entendimiento financiero de tu negocio mes a mes.
Síguenos, son muchas cosas con las que nos gustaría ayudarte
Ngozi was a banker in 2012. She was not promoted during one of the promotion exercises, she got really depressed and decided to start planning her exit.
She incorporated a business, with the CAC in July 2012.
Few months later, another bank offered her a job for the next level which she was seeking, and she took the offer.
Finally in November 2018, she quit paid employment and started her bakery business. She knew that all those things people say about having a tax free period when you start your business, are all lies. Ngozi was smart enough to start paying her taxes immediately she started.
In July 2019, the tax man comes to the bakery. Ngozi, was confident enough to show all her tax receipts, she was sure she had been 100% compliant.
She was shocked when the tax man said, "Madam, your business was incorporated in 2012, you are only giving us tax documents from 2018, where are your 2012 to 2017 documents?" Ngozi tried to explain that she was not in business all that while. The taxman asked for her notice of commencement, she had none. It was difficult to prove that she had not been in business all those years.
Dear you, learn from Ngozi.
1. You start paying taxes immediately you start your business, disregard all the lies you hear about tax-free periods.
2. If your CAC registration date is not when you started, file a notice of commencement when you are starting.
If you learnt something today, would be great to get your friends to learn too.
Tag them here.
You know we feed great teachings here.
Bookkeepers and CPA’s tend to be a tad boring. Don’t hate me for saying it lol. Not ALL of them but, several that I’ve come across.
WE are not that way! WE want to grow with you, bring amazing new energy to you and your business and ASSIST you not only in your basic bookkeeping reconciliation needs but also in HOW to remain in business and how to pay attention to your CASH MONEY 💰💰 Call, text or email us today to chat business and see if we are a good fit! Info in bio
Cheers to killing it in business and taking control of your money 🍻
Words shared from a prospective client after a recent consultation.
From the very 1st conversation we make an effort to understand our clients needs and provide them with what they need to operate more efficiently.
Book your consultation @proprojectbooks.com/contact
How often do you ask your current happy client for a referral? Do you sit around hoping that they’ll just send people your way?⠀
It’s time to change your thought process… Referral clients are GOLD!⠀
Receiving referrals from current, happy clients also increases the chances that the referral will choose to enroll with you and your services. People are more likely to buy from people they know, like and trust.⠀
When a referral is sent to you, it’s coming from a trusted source. The individual is more likely to want to work with you one-on-one.⠀
However, referrals will only come your way if you are direct and ask for them from your current clients.⠀
In this episode of The Abundant Accountant podcast, Michelle shares The Pitch Queen’s top four ways to get a constant flow of referrals without having to waste lots of time or money.⠀
(There might even be a BONUS tip for you!)⠀
If you’re sick of spending money on marketing materials that rarely get used, then it’s time to start asking for referrals! This episode of The Abundant Accountant Podcast is a MUST LISTEN!⠀
Click the link in my bio and then head to THIS image!
26 63516 February, 2019
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