Bookkeeping & Accounting Tips for Businesses

Another day has gone and you didn’t get around to it like you promised yourself you would. Reaching the $75,000 turnover threshold for GST registration is not confined to just the 12 months in a single financial year. So you may reach $75,000 in the period from 1st May 2021 to 30th April 2022. It’s up to you keep an eye on your turnover and register when required – not just once you’ve completed your Tax Return for the year and been given the news by your accountant. She’s a registered BAS Agent and Xero adviser who has previously worked in the legal and conveyancing industry, as well as for a registered training organisation.

It’s best to be in the mindset that the GST portion of your sales and expenses doesn’t belong to you. QB Seminar Systems is a network of QuickBooks consultants comprised of bookkeepers, accountants, and CPA’s. Each member of our network is dedicated to helping small business owners learn the power of accurate numbers on which to base daily business decisions and what their numbers mean. What gets measured gets managed, and the tools built into QuickBooks software can significantly help a business improve their bottom line. Salt Lake City Bookkeeping blog keeps you informed with bookkeeping tips and general business ideas. The mission is to set up customized small business bookkeeping systems that business owners and managers can use as a tool to help make key business decisions.

She lives in Adelaide, South Australia with her husband and 2 sons. Preparing your Tax Return is probably the most obvious reason you’ll be needing an up to date P&L. When you’re signing off for your accountant to lodge your Tax Return on your behalf, you’re accepting responsibility for the figures that have been provided for it’s preparation. By becoming familiar with your P&L, you’re putting yourself in a better position to understand what you’re signing. If your bookkeeping is up to date, you’ll be in a position to discuss tax planning strategies with your accountant before the end of the financial year.

Your staff may be overwhelmed and disgruntled because they credit memo have the training or the knowledge. If you outsource to a bookkeeper, be sure to check if they have experience with working with trust accounts. It’s a specialised area of accounting and not all bookkeepers have been exposed to the nuances and regulations of the conveyancing or real estate industry.

Each time you get another month’s bookkeeping done, record somewhere separately what that monthly sales were. Some months it may be less than the month before – that’s okay. You just motivated yourself to kick butt that bit more in the next 4 weeks. Some months it will be more than the month before – congratulations! Something you’re doing is working – the proof is in the numbers. It’s quite addictive once you start tracking your numbers – you will find yourself automatically motivated to get your bookkeeping done.

Use a timer

At Festival Bookkeeping, we process payroll on behalf of many of our clients. We also help some business owners set up Payroll if they’re going to do the processing themself. Sometimes we’re just needed to support our clients for those tricky extra tasks such as finalising Single Touch Payroll for the year or processing a final payrun. One type of content could be a weekly roundup from around the web, pertaining specifically to bookkeeping content on other bookkeeping businesses, accounting firms, CPA firms etc. When you keep track of your financial transactions, it’s easy to create and monitor budgets that optimize expenses for healthy business cash flow.

I also go the extra step and make a note of what the issue is and, if I can, what date it was fixed. Now you would think I’m going to tell you that you should outsource to a bookkeeper or buy this new, beaut software. This post is to genuinely share methods that small business owners can use themselves, in order to gain the motivation to get their bookkeeping done.

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If you’re an owner and executive, you know how important accounting and bookkeeping is to the success and growth of your company. Bookkeeping Services for Small Business – Engage with the best in the UK. Best bookkeeping services for small businesses at affordable prices in London. The Outsourced Bookkeeping Services Your Business Needs in 2022. Best bookkeeping services for small businesses in the UK.

• You collect it from your customers, and pass on what’s left to the ATO after you’ve claimed the GST on your expenses.
• As with any outsourcing, you should ensure the firm you’re outsourcing to has experience in your particular area of bookkeeping.
• The introduction of Single Touch Payroll has added one more payroll tasks to our list.
• Work your way through this list and you’ll be balancing in no time at all.

So if you write an encouraging and helpful article to people starting a business in a niche and region, there’s a high likelihood that you’ll rank. We created a 5 step content marketing strategy to get your amazing content in front of more potential bookkeeping clients. We like to share our latest technologies, inspirational content and our learning to help you understand real accounting and bookkeeping experience.

Financial tracking

We save you money the moment you hire us by cutting out the expensive cost of hiring an in-house CFO. That’s where gross and net profit calculations come in. These are two of the most important metrics for measuring your capacity to generate earnings relative to costs and expenses. The best way to answer these questions is with a thorough assessment of profitability. Cash flow is the lifeblood of any business, and managing it properly is crucial for success.

To do so, you’ll want to follow the basics of SEO for bookkeepers, but it eventually morphs into a blogging & Backlinks game. Keeping track of your important financial documents, such as receipts, invoices, and contracts, is necessary during an audit, tax authorities, or legal issue. The financial statement summarizes the business’s financial performance and helps you with insights for informed decision-making. Any difference in the total balances indicates missing records, which you should sort out before transferring them to the official financial statements.

Don’t forget to check the Payment Date is correct, and change it if necessary before posting your payrun. When a Leave Request is entered into Xero, Xero will suggest the amount of hours to process based on the dates you’ve entered. It’s important to check what Xero has suggested because it may not be right in your particular circumstance. Make sure you’ve done the calculation yourself as to how many hours of leave they’re taking so that you can check you’re processing the leave request correctly in Xero. You can simply overtype what Xero has suggested with the correct hours if needed. Write about accounting products, software and services.

I know they often work long hours in order to meet tight deadlines. I also know that they often absorb a lot of the stress from being the ‘middle man’ when dealing with banks, clients, mortgage brokers, real estate agents and other conveyancers. The list above should get you on the road to hassle-free trust account reconciliations in no time.

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You lean over and turn off your computer after a full day of work. Your mind turns to what you’re going to have for tea and whether you’re going to need anything from the supermarket. Then out of the corner of your eye you spot a couple of receipts partly folded and starting to fade that are placed precariously on top of a pile of other papers.

If you’ve been doing trust account reconciliations long enough, the chances are high that you will come across one that just doesn’t work. You think you’ve done everything right – the way you you’ve always done it – but this time lady luck isn’t on your side. If you use Timesheets in Xero, you or your employees may have typed hours into the box for a day that was actually a Public Holiday day where they did not work. Have you noticed in the Employee section of Xero that there is a box there to tick to “Include holidays in Payslips”? This is a great way to ensure you get public holiday pays correct in Xero.

Feedspot has over 100k Influential Bloggers database classified in more than 1500 niche categories. Knowing your finances during a recession is especially important. Your Bench reports has all the essential information.

When assessing candidates, it’s important to look not only at total years of experience, but also at the relevance of that experience. Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. From managing inventory to keeping up with customer demand, there’s a lot to think about. The main cause of business bankruptcy is the mismanagement of funds. This can happen in a number of ways, such as overspending on inventory, not keeping track of expenses, or…

Here’s 10 reasons why franchises work, why we’re happy to be one, and how Breakaway is just a little bit different than your average franchise. CLEAN Bookkeeping offers full-service and customized bookkeeping for businesses in Bozeman, Montana and beyond. At first still working in a part time-job, then moving full-time in my own business and now I have 2 employees working with me. Sort your list of transactions by amount before you start ticking off items. Especially helpful when you’re reconciling Payments, as this tends to be a longer list to scroll through than deposits. She’s a registered BAS Agent and Xero adviser who has previously worked in the legal and conveyancing industry, as well as for registered training organisations.

In 2018, Deloitte made the prediction that by 2022 there would a big shift towards cloud based subscription practice management software . That is certainly proving to be true, with a little bit of extra help from COVID-19 to push this trend along as well. I feel like my sales are up this month – I can’t wait to check my income spreadsheet to see if I hit $5,000 in sales finally.

Learn secrets of good bookkeeping practices in Canada and US with a certified professional bookkeeper. Basic accounting resource for business owners working from home and their bookkeepers. Get Professional accountants to manage accounting & bookkeeping services of your business at affordable fees in Mississauga, Etobicoke, Brampton & GTA. Quick look at some tax tips that will help small business owners save money during tax season. If you’ve got a laptop, move it out of the office to the dining room table. Or move it from the dining room table to the bedroom.