5 Great Reasons Your Business Should Outsource
Outsourcing a certain function is a big decision for any organisation to make, especially as a small business owner. It should be part of your overall strategy to help direct your business towards its aims and goals. However, there are many advantages that come with outsourcing the assistance of a qualified individual. You can remain competitive Outsourcing part of your business such as HR, bookkeeping, IT or marketing will ensure you remain competitive. There is no doubt that competition is fierce within industries. Therefore choose to outsource to a knowledgeable individual to raise your profile. Becoming and remaining competitive is vital to the sustainability of your organisation. Taking deliberate steps to increase your efficiency will enable you to stay alert for new growth opportunities. You will save money This is one of the main reasons that organisation choose to outsource a specific role. By outsourcing certain tasks, you can save money on areas such as office space and technology. Ensuring quality service at a lower price is very attractive to small businesses, especially where cash is limited. These funds can then be used towards other areas which can help to grow your business. Your core business will remain strong...
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 MoreHow to Choose the Right Bookkeeper
As a business owner, you have a lot to keep up with. In addition to creating your products and services, taking care of your customers, and building your reputation, you have to keep up with your revenues and expenses. Keeping your books up-to-date isn’t always easy. In fact, it’s quite time consuming. You have to make certain that every bill that you pay, and every sale that you make, is properly recorded and tracked. There are filings and tax payments to make, as well as important deadlines that come with hefty penalties if you miss them. One of the best ways to lighten your load and gain more time to run and grow your business is to hire a bookkeeper. While you could certainly settle for conducting a local online search and picking the bookkeeper from the list, this isn’t a wise strategy. This is because bookkeepers, like any other professional, each have different areas of expertise and levels of skill, talent and knowledge. Tips to Help You Choose the Right Bookkeeper for Your Business Get Better Advice by Hiring a Bookkeeper that Knows Your Line of Work As a busy business owner, you don’t have a lot of...
Read MoreThe New Key To Building A Magnificent Business
If you are like most of us, you are already well aware that there simply aren’t enough hours in each day to do everything. Being able to stay on top of things and get the job done is critical to achieving success in so many areas of our lives. From building a growing, thriving business to having a personal life outside of your work, finding a way to achieve all the tasks and keep your sanity, is a must. Of course, we all know highly successful people that seem to have it all together, all of the time. From media personalities like Oprah Winfrey to government officials like former Prime Minister Julia Gillard, and even business executives such as Richard Branson of Virgin, successful individuals make it seem so easy to stay on top of things. Wouldn’t it be nice if building your business and finding time to spend with your family or friends could be so effortless? It can be. When we look closely at the lives of highly successful people, regardless of the sector or industry that they are in, one of the traits that they seemingly share is that each had, and continues to have, a...
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