Manage Your Business With A Cash Flow Forecast
Let’s cut to the chase! If you don’t know how much you have coming in and going out, how can you effectively manage your business affairs? You need a system that can track all the earnings and expenses to minimise any surprises along the way. Failure to plan will only add extra stress. Therefore keep on top of your cash flow with an easy to prepare cash flow forecast. When businesses fail, it is usually down to one thing – lack of cash flow. If your business grows too big too quickly, then cash flow can be strained. You will soon find that the cash which is going out exceeds the money going in. And trust us, that is definitely not a good thing. Many organisations fail to take into account the extra spending that comes with business growth. That can be a huge issue as too little cash flow can be the cause of bankruptcy and permanent business closure. Positive Cash Flow Positive cash flow does not occur by accident. It happens because all the pieces are carefully managed through the cash flow management system. Choosing practices such as regular invoicing of customers is a huge help in...
Read MorePopular Accounting Software Xero Celebrates 10 Years
We have been recommending Xero to our clients for a while now and know firsthand the benefits that it can offer businesses of all sizes. In March of this year, Xero broke through the one million customer mark, and it comes just as the company are about to celebrate their tenth birthday. Xero is the most popular form of accounting software in Australia and with good reason. Xero gives you a portable office. As Xero can be accessed through the cloud, it means you can use it anywhere at any time from multiple devices. You can access your accounts from your desktop computer in your office, on your laptop at home or even on your smartphone while sitting at your favourite coffee shop. The flexibility it creates is one of its best assets and allows you to stay up to date with your current finances at all times. In reality, you can do your work from any remote location. Just imagine the possibilities! Xero will support your growth. Xero is beneficial for startups with big plans. And it can work with medium sized businesses who still have yet to reach their full potential. You can use whatever aspects of the systems...
Read MoreHow To Keep Your Bookkeeping Under Control
Being organised and having your bookkeeping under control is important for all aspects of your cash flow management. Whether or not you have a cloud-based accounting system, there is still always plenty of paperwork that needs maintaining. Therefore, it is imperative that you ensure that your online and offline systems are up to date. As the end of financial year is fast approaching in Australia, it is time you got everything in order. Here are some of our top tips to make sure that happens and enable you to get your bookkeeping under control. Organise your storage Filing cabinets, or at the very least a set of three ring binders, will come in handy for most of your physical storage needs. While today’s offices are leaning towards a paperless theme, most companies find that there is still the need to have some paper stored, whether receipts, invoices, statements or reports. If you do scan things like petty cash receipts, then it is important that your online filing system is arranged for easy access, if necessary. You must keep all of your business information for five years to please the minimum Australian Tax Office requirements, after that time the records...
Read More3 Bookkeeping Habits That Are Helpful For Your Business
Bookkeeping is an essential part of running a business or being a creative entrepreneur. How can you possibly know how much you have spent or how much you owe without keeping up to date with your accounts? No matter the size of your business, you must always endeavour to be one step ahead of your expenses. This will help you understand your cash flow at any given time. 1. Choose your software wisely An efficient business needs to get back to basics. Is your bookkeeping system really working in your best interests? It all comes down to the essentials and the choice of software. With so many options out there, it is important that you find the one that meets your requirements. If you have not tried Xero, then you may want to look into it. It offers great flexibility, real-time speed and many integrated add-on solutions. 2. Keep all your receipts and invoices The only way to ensure that your books are accurate is to keep all of your receipts and invoices, especially those cash expenses which can be harder to track. It will enable your records to be as accurate as possible. Your software should be able to...
Read More7 Signs of a Good Bookkeeper
A good bookkeeper is worth their weight in gold. While there seems to be no shortage of bookkeepers the world over, finding one that actually understands your company or even your niche, can be easier said than done. Here are seven signs indicating that your bookkeeper is indeed a ‘keeper’. 1. Up-to-date training or accreditation Ideally, your bookkeeper of choice should have some bookkeeper or accounting training. It is particularly helpful if they are a BAS Agent as well so they can correctly assess your GST and prepare your BAS accurately and in a timely fashion. 2. Relevant bookkeeping experience While training is good, experience in the role is even better. If you are basing your hiring decision on an hourly rate, don’t be so quick to make a decision. A qualified bookkeeper may be able to complete the workload in a fraction of the time and may be cheaper than a less experienced bookkeeper, despite higher hourly rates. 3. An understanding of your business A great bookkeeper is one who understands your business and can help you with more than just simple math. You need a bookkeeper who can ensure the processes you are using are the best...
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"Sophie is so professional – careful, attentive and punctual – she has made managing my accounts not just easier, but a whole lot less stressful" Fast Ed, TV Chef from Better Homes & Gardens.
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