accounting Archives | Page 3 of 6

5 Steps to Using Cashflow Manager More Effectively in your Accounting Practice

To process the work you get from your Cashflow Manager clients as efficiently as possible, make sure your practice is following these five tips. For a step-by-step visual tutorial on performing these five steps in Cashflow Manager, simply watch the video below. Plus we answer one of your frequently asked questions. 1.Get your client’s backup file What is the best way to get data from your client? Certainly the easiest way to get complete and accurate data is to ask your client to [...]

24/04/2016 By Kelly accounting, General, small business accounting practice, bookkeeping program 0 Comments

Creating a Cash Flow Budget for your Small Business

At the start of a new year it is always a good idea to put together a cash flow budget for your small business especially if you do not have one for the financial year. A cash flow budget helps you see what cash your business will have available to meet expenses by recording the cash you expect to receive and pay out over a chosen period of time. A cash flow budget is actually one of the most important [...]

28/03/2016 By Kelly accounting, General, small business cash flow budget, cashflow manager, small business accounting software 0 Comments

Standard Business Reporting – Communicating with the ATO

Standard Business Reporting (SBR) is a government initiative designed to make the way you complete your government reporting requirements as simple as possible. It allows you to save time, minimises compliance costs and frees you up to do what is most important – growing your small business. SBR includes BAS reports and Wages, including lodgement of Tax File Number (TFN) declarations and end-of-year PAYG information. SBR simplifies your reporting by reading the financial data in your accounting software program, and then [...]

18/01/2016 By Kelly accounting, My Cashflow Manager accounting software, bookkeeping, small business, standard business reporting 2 Comments

Small Business Bookkeeping Deadly Sin #9: Trying to use Programs that Require you to Understand Bookkeeping

Most owners of small businesses have never had any formal training on double entry accounting. But for some reason, an overwhelming majority of accounting programs on the market don’t just assume that they have been trained in accounting, they expect business owners to be highly proficient in it. Small businesses thrive when their owners and operators can focus on the productive activities that drive the business, instead of spending all their time trying to manage the accounting side of the business. [...]

08/12/2015 By Kelly accounting, General, small business accounting software, small business 0 Comments

Small Business Bookkeeping Deadly Sin #8: Not Keeping Proper Records for Employees

It is surprising how often a business takes on their first employee and then only thinks about paying them but not give any thought at all to their other entitlements such as leave etc. In Australia we also have the Fair Work Act and I am still amazed at the number of businesses I talk to that are obviously not complying with that legislation. Most businesses do keep records about their employees, but not everyone is aware of the full [...]

01/12/2015 By Jordan Taylor accounting, General, small business small business payroll software 1 Comment

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 #6: Incorrectly Accounting For GST

The goods and services tax (GST) has been in effect since 1 July 2000, but despite an Australian Tax Office education campaign, many small business owners still struggle to understand what is required of them. The different processes such as when to charge and claim back GST can be confusing. There are also many different rules you must follow, but if you have the right tools to help you with the process, you will see that accounting for GST is [...]

17/11/2015 By Jordan Taylor accounting, General, My Cashflow Manager, small business gst, small business tax 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