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6 Technology Tips to Help Your Small Business Grow

Making the most of new technology to grow your small business and improve communication, record keeping and efficiency means more than just using computers and smart phones. That said, it doesn’t have to be hard to be a technical whiz. Using the right technology, software and apps makes it easier than ever. Here are 6 easy ways technology can be used right now to improve communication, accountability and efficiency in your small business. Banking on the Go These days, nearly all [...]

15/12/2015 By Kelly General, small business small business 0 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

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

The 9 deadly small business bookkeeping sins… and how you can avoid them

Time and time again, businesses continue to succeed for one fundamental reason. It doesn’t matter how much money they start with, how lucky they get, or even how much talent they can combine. It certainly doesn’t depend on knowing some special “secret” that no one else in their industry has cottoned on to. Having any of these things can help, just as it helps to have an excellent product or service and plenty of common sense. But in our long experience, [...]

02/05/2015 By Jordan Taylor accounting, General, small business accounting software, business success, small business 4 Comments