6 small business tips to get your invoices paid fast

Cash is vital for small businesses – to pay their staff, to purchase stock, meet their tax obligations and explore new opportunities.  A lot of our small business clients experience cash flow troubles due to their accounts being settled late. We all know that one of the most awkward and uncomfortable situations in business is having to chase up late payments on a bill or invoice. To avoid having to deal with unnecessary conflict, here are 6 tips to get [...]

Read more...

How to create a budget for your small business in Cashflow Manager Version 11

A business budget is a vital tool for success in starting and operating your business. It can help you plan the items and expenses necessary if you are a start-up, assist you with getting a business loan, show you how much you can spend each month, and help know how much money you need to make to meet all your expenses. In Cashflow Manager you have always been able to create a budget for a particular account but in Version [...]

Read more...

Reporting Simpler BAS in Cashflow Manager Version 11

The Australian Tax Office (ATO) have simplified GST reporting for small business by reducing the amount of GST information required in Business Activity Statements (BAS). From the 1st of July 2017, small businesses will be automatically transferred to Simpler BAS. There are no changes to the reporting frequency or how other taxes are reported on your BAS. With Simpler BAS you only need to report the following GST information: G1 Total Sales 1A GST on Sales 1B GST on Purchases How does this work in [...]

Read more...

End of Financial Year is Here!

The end of financial year is here, so it’s time for small business owners to get on top of all their reporting requirements to ensure they are not selected for a tax audit.  There are things you must provide the ATO with and information you need to pass on to your accountant. So where do you begin? Here is a list of some things you need to consider in the lead up to the new financial year. Make sure you [...]

Read more...

Simpler BAS Reporting is not far away…

In our recent blog “ATO announces simpler BAS reporting for Small Business” we discussed how the ATO’s introduction on 1 July 2017, of simplified BAS would make it considerably easier for small business to manage their returns. Basically, the reporting requirement for BAS has been simplified so that businesses only have to report the following GST information: GST on sales (1A) GST on purchases (1B) Total sales (G1) While the deadline for commencing with the new Simpler BAS reports is 1 July 2017, which [...]

Read more...

The top 10 mistakes in DIY bookkeeping

It’s time to put your bookkeeping processes under the microscope again as we draw closer to the end of financial year. It seems that bookkeeping is either a task left in the ‘to do’ basket until it’s too late or done at the last minute, increasing the likelihood of mistakes. I know that many small to medium business owners are often juggling a variety of tasks, from managing staff and business developments, through to hands-on work. However, simple bookkeeping mistakes [...]

Read more...

SuperStream for Employers – the final countdown

With the October 28 2016 deadline for the implementation of SuperStream looming, employees with 19 staff or less must act now. By that date, all employers must comply with SuperStream when making superannuation contributions to employees’ nominated accounts. Through SuperStream, employers do not need to make individual payments to every super fund to which their employees belong: they can simply make one electronic transaction. Small business accounting and payroll software such as Cashflow Manager GOLD and our latest version Wages Manager [...]

Read more...

4 Ways to Avoid Small Business Payroll Mistakes

Payroll can be a daunting task for any small business owner, with deadlines to meet, leave payments to make, superannuation to pay and many other things you need to consider. Furthermore, taxes relating to payroll can be complicated and the penalties for any errors can be high. With the right information, software and proper planning you can avoid some of the common issues others run into. Staff will be paid accurately and on time, payroll records will be up [...]

Read more...

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 [...]

Read more...

5 ways your small business can start the new year well

The promise of New Year promises new opportunities, changes, excitement and of course the chance to make resolutions. This time of year is also the perfect opportunity to reflect on the progress your small business has made in the last 12 months and plan for the next 12. Here are some ideas to help you plan for and get the best start to 2016. Follow the money Give your business every opportunity to thrive and grow by getting a handle on where [...]

Read more...