How Xero Helped Me Get My Life Back
When was the last time you were able to enjoy your day off? Or even take one? How many days in the past month have you spent pouring over your books, trying to make sense of your financials? How much time have you wasted digging through receipts and trying to chase down your information from various clients, vendors, banks or credit card companies? Are you still using an accounting system that relies on saving documents to a hard drive rather than the cloud? Does your system make it difficult to import and update records or run reports? Are you tired of losing data and sales to slow processing speeds? Is your software compatible with multiple brands and tools? Are you still relying on old fashioned spread sheets, or worse – do you just cram your bills and receipts into drawers or shoe boxes and try to pretend they don’t exist? If any of these statements sound like they apply to your life and your business, it’s no wonder that you feel tired, frustrated, exhausted and perhaps tempted to pull your hair out! Who has time to keep up with their finances when they have personal commitments, demands from clients...
Read More3 Most Common Mistakes People Make When Doing Their Books
If you are a small business owner and you’ve been doing your own books, you are not alone. It’s estimated by some that nearly half of all small business owners do their own books. According to an online article in Entrepreneur magazine, bookkeeping is also probably your least favorite activity as a small business owner. This is likely because bookkeeping doesn’t come naturally or automatically to anyone. Bookkeeping is an activity that requires specialised training and knowledge in order to be done in an accurate and competent manner. Keeping up with your accounts is also a time-consuming, and relatively dry and boring pursuit. If you make costly mistakes, there’s also the potential that you will destroy your ability to remain in business. The following are the top 3 most common errors that small business owners make when they do their own books, as well as some tips for how to avoid them. Failing to Reconcile the Books with the Bank Account or Doing the Books Infrequently Do you have any idea how much cash you have on hand in your bank account, or, have you been paying overdraft fees? If your answer is yes, you’ve likely not been reconciling...
Read MoreMore Record Keeping Tips For Your Jewellery Business
Following on from our original article entitled “All That Glitters Isn’t Gold: Record Keeping Tips For Your Jewellery Business” we offer some more tips to aid your jewellery business. Save Receipts for Purchases Keeping an accurate record of the assets that you acquire for your business is imperative. Any fixtures and furniture that you purchase for the operation of your business must be accounted for, and these assets are often held and depreciated at different rates for tax purposes. A vehicle that is used exclusively for deliveries or a computer that is used exclusively in the course of your business also needs to be accounted for, so just as for other expenses, save your receipts for these purchases. Sales Records You should also keep records of all of your sales transactions, as well as any taxes that you collect, and the costs incurred in making these sales. For example, if you sell your items online, the site may charge a fee to process the transaction or make things such as currency conversions. These are expenses that will be used to offset the income that you made from your sales. By keeping thorough and accurate records of your expenses, capital...
Read MoreAll That Glitters Isn’t Gold: Record Keeping Tips For Your Jewellery Business
According to government statistics gathered from June 2007 to June 2009 in the Australian Bureau of Statistics’ “Counts of Australian Businesses, Including Entries and Exits,” there were 1.96 million active small businesses in Australia with 20 or fewer employees, and the number of small businesses continues to grow each year. Some of these small businesses are in the jewellery industry, and run the gamut from retail jewellery outlets, custom jewellery creation and design, and even shops that offer jewellery repair. If you have a genuine love for jewellery, and a flare for creation, repair, or even just selling, starting your own small business in the jewellery industry might be your ticket to fame, fortune and independence. However, there are some record keeping requirements that you should keep in mind before you jump right in. Failing to keep and maintain the proper records can cause you to lose out on valuable deductions, or report an incorrect amount for your income and lead to penalties and fines. So keep this record keeping list handy when you start your jewellery business. Keep Accurate and Thorough Records of Your Expenses Keeping an accurate record of the expenses related to the operation of your...
Read MoreCreative Accounting
Unfortunately for creative people, accounting is one area in which creativity is not encouraged. While you can probably imagine all sorts of ways to improve the traditional accounting methods all legal businesses use, it’s not a great idea. For many creatives, the idea of sorting out accounts and organising paperwork is a creativity killer. Their brains switch off and their eyes glaze over…. But bookwork has to be done and done well. So what can you do? 1. Find a basic accounting course designed specifically for creatives. When the processes are laid out and explained in your kind of language you will find it much easier to understand and to put them in place. 2. Set up your own systems. It’s the systems that are important because it means that you will be consistent in whatever you do. As long as you do the same thing each time your accountant will be able to track your records and sort them out. 3. Make your spreadsheet or record keeping systems look great. They are so much nicer to use than the bland and rigid accounting systems most books and software systems offer. Actually, it’s the look of the system that...
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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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