Kelly, Author at Cashflow Manager

Small Business Bookkeeping Deadly Sin #7: Not Recording Enough Information About Transactions

It’s not just receipts, bank statements and computer records small business owners take to their accountants at tax time. They also bring along a bad memory! Not even the most diligent business owner has a perfect memory, and trying to overly rely on memory is why failing to record enough information about transactions is our seventh deadly sin. It is essential to record enough information about a transaction so that anyone can easily understand the transaction that occurred. For taxation [...]

24/11/2015 By Kelly accounting, General, small business small business bookkeeping 0 Comments

Small Business Bookkeeping Deadly Sin #5: Not Recording Cash Payments

Cash is a convenient form of payment when you’re out and about. However, for a small business owner, it can create problems when using cash for business expenses. You receive a receipt, put it in your bag or pocket or car and then it becomes lost. It is incredibly important for small businesses to record EVERY expense in order to keep good financial records. So when you then go to make a record of that expense, you have a [...]

10/11/2015 By Kelly accounting, General, small business bookkeeping program 1 Comment

Small Business Bookkeeping Deadly Sin #4: Allowing Customers to Buy on Credit and Then Not Following Up

Don’t commit this deadly sin because it could result in you waiting weeks to be paid! Make sure that you are getting paid for your work ASAP by taking payment the same time that the transaction occurs. This happens much too often, so follow these ideas to get paid quickly 1. You’re not a bank, so don’t give credit if you don’t have to You a basically giving your customers an interest free loan whenever you extend them credit! This is [...]

03/11/2015 By Kelly accounting, General, small business managing receivables 0 Comments

Small Business Bookkeeping Deadly Sin #3: Not Separating Private and Business Expenses

If there’s one way you as a small business owner can get in the bad books of the Tax Office, is to jumble together your business and private expenses. It is more important than most people realise that those two types of expenses are separated. This is because you can reduce your assessable income by claiming many of the expenses that happen during the running of your business as deductions. It becomes a problem for a lot of people [...]

27/10/2015 By Kelly accounting, General, small business business expenses, small business bookkeeping 0 Comments

Fringe Benefits Tax – What Small Business Owners Need to Know

As a small business owner, you need a good understanding of which taxes apply to you right from the start. One tax that can be incredibly confusing for business owners with employees is fringe benefits tax (FBT). Let’s have a look at what FBT is, how you can prepare for it and what upcoming changes to the tax may affect your business. A fringe benefit is a benefit that an employee or their associate (spouse or child) receives because of [...]

20/10/2015 By Kelly accounting, small business fringe benefits tax, small business accounting software 0 Comments

How to Choose the Best Rental Management Software for Your Investment Property

Managing your rental property is hard enough as it is, so choose the right software program to assist you along the way. Here are some tips to help you make this decision. 1. Focus on the features you are really looking for One of the biggest mistakes made by rental property owners is purchasing software that is too complicated for their needs (which wastes time and money). Let your rental management software do what it does best – manage your investment [...]

22/09/2015 By Kelly accounting, General rent manager, rental management software 7 Comments

Why Backing Up Your Computer Software Data is Essential

You know that frustrating feeling when you lose a load of work because your computer crashed and you forgot to hit save? We’ve all been there. Now, imagine if the same thing happened… with all your business data. For any small business owner, it’s a nightmarish scenario – yet it is one that occurs far too often. Regular data backups are absolutely essential for every company or organisation and their importance cannot be overstated. Whether you’re in bookkeeping services yourself or [...]

08/09/2015 By Kelly small business bookkeeping program, computer software 1 Comment

Small business bookkeeping deadly sin #2: Not doing the books often enough

A bad habit that many small business owners admit to is that they do not put time into doing the books very often. Sometimes this stretches for months at a time and culminates at tax time. However, a regular bookkeeping system can provide you with benefits that you would otherwise miss out on. Bookkeeping can be an important asset for your business. It can put your business on a successful course by helping you make those important decisions. A yearly [...]

14/05/2015 By Kelly accounting, small business accounting software, bookkeeping, business success, small business 0 Comments

Small business bookkeeping deadly sin #1: Not reconciling your records to your bank statement

So, what is the first small business bookkeeping deadly sin? Failing to complete a bank reconciliation. It is one of the first things your business accountant and tax auditor will want to see. It is an easy way of ensuring your finances are up to date and indicates the quality of your records. NON-RECONCILED RECORDS: Are a headache for your accountant and will require more time to analyse. You may pay more than necessary to the Tax Office because you missed something [...]

07/05/2015 By Kelly accounting, small business accounting software, bookkeeping, business success, small business 1 Comment

Small business financial reporting – doing your BAS right

As a small business owner you often don’t have a lot of left over time to spend keeping your records, so it helps to get your reporting done right the first time. One part of financial reporting for your business that can cause confusion is the completion of your Business Activity Statement (BAS). Here are some tips that will help you to complete your BAS quickly and easily. What is a BAS? Businesses use a business activity statement (BAS) to report [...]

03/04/2015 By Kelly accounting, General, My Cashflow Manager, small business accounting software, bookkeeping, business reporting, small business 1 Comment