Smart Bookkeeping Strategies

Tips in Bookkeeping for Small Businesses in Australia

Aussie Accounts — Wed, 09 Jun 2010 02:54:48 +0000

It is without a doubt that bookkeeping is essential to the success of any business. If a business keeps an efficient and accurate bookkeeping system, the owner could better study past records to see which area of his business needs improvement, and see which types of expenses could be trimmed to bring in more savings. Bookkeeping also helps to manage cash flow.

In Australia, many businesses collapse simply because of bad bookkeeping. On the Gold Coast, some property developers are losing millions because of faulty management of cash flows. Small businesses are often at the bottom and suffer the most. This could have been prevented if only a few effective tips on bookkeeping are followed.

First of all, be attentive to details. There are many invoices being issued in haste without specifying payment dates, credit payment terms and other important data. It is important to always be very specific in the invoices issued. Do not leave room for misinterpretations. There is nothing wrong with specifying a deadline for payments. It is strictly business only after all. Get your business financials health check right now and click here to register your details to secure your FREE one-on-one Cashflow Consultation.

Most small businesses in Australia practice the habit of issuing invoices only on a monthly basis. This makes it more difficult to keep records because invoices pile up every month. Whereas this could be easily avoided if invoices are issued right on the day the goods or services were provided. Bookkeeping becomes so much simpler and easier when recording only a few per day rather than recording in bulk at the end of the month.

Utility companies penalize clients for late payment and give incentives for early payments. Small businesses may also develop a similar practice to encourage their clients to pay on time. It will be easier to update bookkeeping records this way if late payments are minimized.

Always keep receipts for whatever kind of transaction. This will be very important in recording the actual flow of money and computing for taxes. Allowable deductions on your taxes may be denied if your incurred expenses are not supported with actual receipts.

A lot of times paying on credit will prove to be more convenient than paying cash. In fact, many accountants will advise you to avoid paying in cash especially if you will not be issued a receipt. With credit payment, credit card companies will easily keep a record of transactions for you. You will receive a summary of your transactions through your email or will be delivered to you by regular mail on a monthly basis.

And lastly, there are many bookkeeping programs available now that you could install in your computer. It beats keeping manual records that could easily be tampered. Softcopy records are safer and can be secured with a password.

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If you’re ready to learn how you can put more money into your pocket right now using Smart Bookkeeping Strategies go to www.SmartBookkeepingStrategies.com to get 10 Smart Bookkeeping Tips that will help you to attract more money into your business right now – FREE”

The Benefits of QuickBooks and MYOB Programs

Aussie Accounts — Fri, 04 Jun 2010 01:42:58 +0000

Bookkeeping and accounting today is raised to a higher level by going computerized. Gone are the days of manual computations, journals and ledgers that easily pile up. There are many computer software programs now that make bookkeeping tasks more manageable and easy to finish in just a few minutes. The outputs are guaranteed accurate. Software developers made sure these are all easy to use that even a non-techie person could understand it.

Yet, most business owners know that spending time on learning to master software programs to meet their bookkeeping needs is too time consuming and takes them away from their primary business focus. Click here to register your details to secure your FREE one-on-one Cashflow Consultation and find out how computerized bookkeeping can take the pain out of keeping accurate financial records.

Two of the most used bookkeeping software programs are QuickBooks and MYOB. Out of probably a hundred different bookeeping programs available, there are good reasons why QuickBooks and MYOB are preferred by most businessmen and bookkeepers. The many benefits of these programs entice people to install these in their computers. Here are a few

You can access your records anytime and anywhere. It means you can refer to or update your records whether you are just home, in your office or in a mall with internet connection. QuickBooks and MYOB developers understand that time is very essential to businessmen. They want to be able to access their files wherever they go. It makes them more productive.

Another benefit is the round the clock support. If the program bogs down and needs troubleshooting and repairs, there is a 24-hour customer service provided to clients. The ultimate goal is to make the program run perfectly again so that the bookkeeping processes are not hindered. A few hours delay in the program could cost a business.

The multiuser feature is very handy and useful. This simply means that several people could login and access files at the same time even if they are in different locations. Most often, a business owner will share access to his bookkeeping files to a trusted few so that he could delegate bookkeeping tasks. This way, there are no job delays. Every employee who needs access to bookkeeping files may do so without worrying if one of his colleagues is still using it or not.

Perhaps one of the best benefits of QuickBooks and MYOB is having a multiple backup for your important files. You do not have to backup your files anymore because the program will automatically create them for you. These are all made safe and secure by passwords and protected with encrypted transfer protocols. Your data is also protected by firewalls so you are sure that no outsiders using the internet could just retrieve your files without your permission.

Lastly, it is also possible to run several different applications from just one service provider. If professionals use different application programs of their choice it will not matter because QuickBooks and MYOB will run with no glitch using any service provider.

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If you’re ready to learn how you can put more money into your pocket right now using Smart Bookkeeping Strategies go to www.SmartBookkeepingStrategies.com to get 10 Smart Bookkeeping Tips that will help you to attract more money into your business right now – FREE”

Strategies For Outsourcing Your Bookkeeping Towards Cost Efficiency

Aussie Accounts — Mon, 24 May 2010 04:18:10 +0000

According to many experts, by coming up with strategies for outsourcing your bookkeeping, business owners can save a lot of money and long hours of valuable time. Instead of the usual practice of having someone from the organization do the tasks of keeping all the books of the business, paying an external bookkeeper to do it for you can be considered a good alternative. The growing number of companies who chose to outsource their bookkeeping services is now realizing how cost-effective it would be.

It was during 2008 and 2009 when companies really learned how difficult it is to maintain profitability during times of economic difficulty. As businesses look for new ways to survive, outsourcing provides a very promising solution that will restructure cost and effectively allocate funds in other areas where it is badly needed. To understand the financial position of your business, you need to know how you are tracking against your cashflow forecast. Click here to register your details now for our FREE Cashflow Consultation.

As the demand for outsourcing grew, the number of businesses engaged in outsourcing services also increased. Companies who offer outsourcing services even provide training on strategies for outsourcing your bookkeeping, IT, billing, purchasing, and other corporate functions.

Although outsourcing is not really a new concept, a number of people are only familiar with IT outsourcing and call centers (customer service outsourcing). Many are not yet familiar with the benefits of outsourcing bookkeeping and accounting services. Some even have an incorrect notion that a business owner will lose some of his power and control in the organization if he outsources the bookkeeping. However, company owners need not worry as the outside accountant will only take over the tasks of monitoring transactions such as payables, receivables, and sales. Only the owner has the right to make management decisions.

By formulating strategies for outsourcing your bookkeeping, you can make the most out of the benefits of outsourcing. Here are some of the tips:

1. Calculate your current bookkeeping costs. This includes salary, training for new hired accountants, and other overhead expenses. Once you have the actual figure, compare it with the costs from a reliable outsource provider. If the price difference ends up with the business saving money, then you might want to consider outsourcing your bookkeeping functions.

2. Choose a service provider that is known in the industry for their integrity, prompt and professional service, and high quality standards. One of the goals of outsourcing is to maximize business resources. If the services provided by the outsourcing company is not reliable and efficient, then you might as well do the task yourself.

Once you decide that outsourcing is the right choice for your company, you can now meet your staff and better discuss strategies for outsourcing your bookkeeping.

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Outsourcing Bookkeeping is Sensible to Any Business

Aussie Accounts — Tue, 11 May 2010 21:45:09 +0000

Bookkeeping is a tedious task yet it is essential to any kind of business. It is very time consuming and needs critical attention to details. Many businesses hire a certified accountant to do this job for them. However, the services of an accountant are usually expensive. Small business outfits could trim down their expenses by just hiring a bookkeeper.

Instead of hiring an in-house bookkeeper, many small business owners find it more sensible to outsource such services instead. This further reduces their monthly expenses because they only have to pay a bookkeeper whenever their services are needed. This is in contrast to an in-house bookkeeper who would have to be given a monthly salary (also called retainer’s fee) even when they have no work to do.

Outsourcing bookkeeping has other advantages also aside from saving money. It allows business owners to focus on other matters at hand while leaving bookkeeping tasks to someone else. They may be able to attend to other areas of his business that needs his attention, like improving operations or analyzing sales fluctuation in the past few months. They could work on strengthening key areas that could bring in more revenues for the company. Knowing the cashflow position of your business is essential to evaluating your business performance. Feel free to contact us if you need help in this area. Click here to register now for FREE and obligation-free cashflow strategy session!

Another benefit of outsourcing bookkeeping is that it enhances the efficiency of the staff. If there is one designated person or team working on bookkeeping jobs alone, the rest of the staff could focus on their main job descriptions. Normally, in a small business setup, staff learn how to multitask. This means that although they perform different job specializations, they also learn how to do the work of their colleagues, such as bookkeeping. Multi-tasking is good and may save the company owner from added expenditure on salaries, but the downside of this is that multi-tasking staff could not always give their best performances, especially when working under pressure. It might still be better to just outsource a bookkeeper.

If you outsource to a bookkeeper from a reputable company, you get the advantage of using their specialized software which could otherwise be costly if you had to purchase it on your own. It is sometimes not advisable to acquire this software because it will just raise your expenses when it will only be used periodically. After installing, it will also incur additional expenses for maintenance and updating. Furthermore, you will have to train your staff how to use the program. If you are looking for efficient bookeeping services that use the latest bookkeeping software programs, click here to check out the range of bookkeeping services at Aussie Accounts and stop worrying about the technicalities of bookkeeping.

Every time you outsource bookkeeping, the money paid for their services already include the use of these special accounting programs. These programs are designed to be very accurate and produce results in lesser time than manual bookkeeping.

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How To Get Maximum Benefits From Your Bookkeeping Service

Aussie Accounts — Mon, 10 May 2010 00:29:39 +0000

Business owners and professionals are now realising the fact that outsourcing the bookkeeping functions can save salary and overhead costs, and not to mention that it will be a big step in saving valuable time. The effort of recruiting, training, and supervising a bookkeeper can consume as much as 6 to 7 hours a week. If you are running a small business and you are recording the books yourself, then the situation can be worse.

It has been said that one of the generally accepted rules in business management is to focus the company resources on activities that will enhance and add value to customer relationships. After all, the earnings of the business come from customers. Time spent on resolving problems in bookkeeping add very minimal value to customer relationships. These are only some of the reasons why company owners are now considering the alternative option of outsourcing bookkeeping. Click here to find out about the range of Aussie Accounts bookkeeping services.

We may know how beneficial outsourcing may be. However, there is still plenty to know about how to maximize the benefits received from outsourcing. By following few guidelines on outsourcing and choosing the right service provider, you are sure that your business books will be well taken care of.

You can make the most out of outsourced bookkeeping services by choosing the best service provider. Outsourcing companies that provide professional, prompt, and honest assistance will guide and help you achieve your financial goals. Poorly maintained books reflect poor management and cluelessness about the business operation. Customers may not bother to check the business books but inaccurate and poorly kept financial records speak a lot about the true health of the organisation. If you’d like to get a health check of your business’ financial position, register your details now for our FREE Cashflow Consultation.

Choose companies that have a roster of highly qualified bookkeepers with expert knowledge on accounting software. Technology now makes the boring process of bookkeeping a lot easier, and companies take advantage of this by using advanced accounting programs. Advanced bookkeeping programs have reduced cycle time in most businesses from several months to a couple of hours. Due to technological improvements, problems such as geographical restrictions or the obstacles caused by bureaucracy have also become a thing of a past. By getting the services of providers that use the latest technological advancements you can get an assurance that your books are well kept.

While the decision to outsource can be relatively easy, the task of choosing the right outsourcing provider may be a bit challenging. There are a number of companies that promise to do bookkeeping faster, more efficient, and more affordable than you can. In the end, a good evaluation of what the provider is offering will help you maximize outsourcing services.

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How to Find a Good Bookkeeper

Aussie Accounts — Tue, 27 Apr 2010 03:50:55 +0000

Five Sure Ways on How to Find a Good Bookkeeper

Knowing how to find a good bookkeeper is very important. Bookkeepers manage your business finances. They are responsible for keeping payments up-to-date and calculating your payable taxes. They also keep invoices, manage your payroll and other transactions critical to your business. Thus, you should be able to trust them. They could help you improve your business or they could be the cause of your financial loss.

Learning how to find a good bookkeeper is not difficult. Below are five general guides to help you select the right bookkeeper for you.

One way to confirm that an applicant has the underpinning knowledge required is to confirm that they have formal qualifications such as a Certificate IV in Financial Services (Bookkeeping) or higher. While looking into their formal qualification, also assess your business and see how easy or complicated your finances could be. A small business usually has simpler bookkeeping methods as compared to a bigger company. If your business is just relatively small, a bachelor’s degree holder will have acquired more than enough skills to manage your finances. More recently the Australian Taxation Office has introduced legislation that requires bookkeepers, who are also submitting BAS Statements, to have a minimum qualification of Certificate IV in Financial Services (Bookkeeping). Click here to find out more about the unique Aussie Accounts Bookkeeping course, which is nationally recognised.

Lessons discussed in a business or accounting school are mostly theoretical. It is an entirely different thing once a bookkeeper, your bookkeeper is in place, as every business has a unique operating system. For this reason it is important for you to discuss with your bookeeper your individual business’ processes, the software you use and any other aspects of your accounting system that may be of interest. By opening up honest and transparent communication with your bookkeeper from the beginning, you’re more likely to create a strong and stable work foundation for the future. You can also ask if they have had actual experiences already of filing income tax returns, and if they are a BAS Agent who is compliant with the new legislation effective 1 March 2010, or processing payrolls.

Also review other qualifications that may not necessarily be related to bookkeeping, but are important nonetheless, such as interpersonal and communication skills. Good bookkeepers should have a pleasing personality, especially so if they will be dealing with other employees of the company and representing you when submitting financial reports to banks or other institutions. They should also be able to handle pressure if there is much work to do. Having the ability to multi-task is a definite plus.

Remember, if you find that searching for an in-house bookkeeper is too much hassle, or would like to take advantage of a team of fully qualified bookkeepers – think about outsourcing your bookkeeping. Many times, you’ll find that it is more cost-efficient and convenient to use an outside firm than setting up and keeping another employee. Professional Bookkeepers such as Aussie Accounts, augment the skills that you have in your existing team, and make it possible for you to get on with the important stuff of running your business. Click here to find out more about Aussie Accounts services for business owners.

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Bookkeeping training to save tax dollars

Aussie Accounts — Fri, 23 Apr 2010 03:46:00 +0000

Well maintained business records help save tax dollars, and now business owners can save even more by taking advantage of Government sponsored traineeships for eligible students.

The Australian Taxation Office recently introduced legislation that affects the bookkeeping industry, and by extension many business owners who are using bookkeeping contractors.

Whilst double entry bookkeeping as it is known has been around for hundreds of years, up to now no formal qualifications were required of bookkeepers practicing in Australia. Different standards, of course apply to accountants.

These days bookkeeping has become more complex requiring an in-depth understanding of the various financial business processes such as BAS and IAS. So where is this all going, you may ask? In a nutshell, the Australian Government is aiming to establish a national standard in a move to prevent sub-par BAS advice from being dispensed.

Bookkeeping professionals like Aussie Accounts have been quick off the mark to respond to the need for training opportunities and have developed the FNS 40207 Certificate IV in Financial Services (Bookeeping) course. Written by Bookkeepers in conjunction with CPA accountants and industry bodies this course successfully marries the practical with the theoretical like no other commercially available training product. Click here to learn more about the unique Aussie Accounts Certificate IV (Bookkeeping) course.

This unique bookkeeping course now provides a great opportunity for bookkeepers to increase their knowledge and get the certificate to prove it, whether or not they become BAS agents or remain employees. What’s more, permanent full-time and part-time staff working a minimum of 15 hours per week in the financial services sector either as bookkeepers or accounts payable/receivable clerks are most likely to qualify for a fully government sponsored traineeship in all regions. Click here to contact Aussie Accounts now to find out whether you’re eligible.

So what happens if you’re a Small Business Operator and don’t employ a bookkeeper but are outsourcing your bookkeeping work to contractors, who also prepare your BAS statements. From 1 March 2010, the new BAS Agent Laws require all bookkeeping contractors to revise their skill set in the near future. Bookkeepers who wish to lodge BAS Statements on behalf of their customers will be required to have a Certificate IV in Financial Services (Bookkeeping) and some 1,400 hours of BAS work experience in the last three years. Fortunately the Government has also allowed a two year grace period to bring their qualifications up to standard.

Non-compliant bookkeepers will have two options after the cut-off date.

They can compile a BAS for a client, who will then have to take it to a registered accountant to have it validated before going to the ATO, or alternatively the statement will have to be taken to a compliant bookkeeper before going to the tax office.

One way or another, the BAS will have to pass through qualified hands before going to the ATO. No matter how business operators get their books done, now is the time to smarten up to avoid getting caught out by the new requirements and avoid paying unnecessary tax dollars. Click here to find out more about Aussie Accounts services for business owners.

DO YOU WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this text copy in its entirety:

If you’re ready to learn how you can put more money into your pocket right now using Smart Bookkeeping Strategies go to www.SmartBookkeepingStrategies.com to get 10 Smart Bookkeeping Tips that will help you to attract more money into your business right now – FREE”

Business Success Through Bookkeeping Courses And Training

Aussie Accounts — Sun, 11 Apr 2010 23:56:28 +0000

Get the bookkeeping skills you need to make your business a success.

Bookkeeping courses and training are available to help business owners and would-be managers be more effective in keeping a daily record of all the business transactions.

Unless the business itself is an accounting or bookkeeping firm, it is understandable that most business owners would rather concentrate on driving their business to generate income than spending their time bookkeeping. The fact remains that accurate recording of financial transactions by business operators is required by law.

This is why those who run businesses all by themselves need bookkeeping courses and training to keep them abreast of current financial reporting requirements and enable them to gauge their business’ financial well being.

More so now that there is new legislation that require contract bookkeepers, who lodge BAS Statements, to obtain a Certificate IV in Financial Services (Bookkeeping) within two years from 1 March 2010 in order to comply with the new legal requirements by the Australian Tax Office. Click here to find out more about the Aussie Accounts Certificate IV in Financial Services (Bookkeeping) course.

If you prefer to engage the help of a contract bookkeeper, you need to know that you are employing the services of a compliant professional. At Aussie Accounts we not only offer bookkeeping training for business owners and bookkeepers, we can also offer you a complete bookkeeping service through our team of qualified bookkeeping staff and accountants, if you don’t have the time or inclination to undertake bookkeeping training yourself. Click here to find out more about Aussie Accounts bookkeeping services.

Here are a few reasons why bookkeeping courses and training are very important:

1. If you are only new in the business operation with limited start-up capital, it would be best if you study accounting basics and learn the fundamental concepts of bookkeeping. It will save you a lot of money by getting a short course rather than paying the services of an accountant. Also, it will allow you to be more hands-on in managing the business because you keep track of the records yourself, rather than have someone report to you how well the business is doing. Click here to find out more about the Aussie Accounts Training solutions.

2. Sound decisions are made with reliable financial information. If you want to expand your business and you need more capital, you need to convince outside investors, banks, or business lenders that your business is doing well enough that granting you the needed additional capital is not that risky. You need to present a couple of financial statements to prove the financial health of the business. If you’d like assistance to understand your financial position, register your details now for our FREE Cashflow Consultation.

3. When it’s time to comply with the BAS requirements, it’s best that you know how to prepare the necessary documents. Lack of skills on bookkeeping may lead to overpaying or underpaying taxes. A poorly kept record may even cause the delay of filing tax returns, which results in penalties and even more expenses.

A strong business gets its strength from a stable financial back-up. And a good financial back-up can only be efficiently managed through well maintained business records. By using the knowledge and skill learned from bookkeeping courses and training, you will definitely be on your way to business success.

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Why You Should Outsource Your Bookkeeping

Aussie Accounts — Tue, 06 Apr 2010 00:02:26 +0000

Learn why you need to outsource your bookkeeping to improve the efficiency of your business

Many are familiar with the concept of outsourcing and how beneficial it would be to a business organization. However, most of us have only heard of IT outsourcing. When it comes to keeping track of financial information, many still think that it would be best if this is done by an internal accountant or bookkeeper. They are still unaware that outsourcing the bookkeeping processes of the business can lead to cost efficiency and profit maximization. Here are a few reasons why bookkeeping outsourcing is such a good idea:

1. Outsourcing the bookkeeping and accounting functions will lead to cost savings. By paying someone else to these tasks for you, you can save up to 50% as against hiring a person to do it for you and spend on training and compensation. The price of outsourcing the bookkeeping functions is significantly lower than the costs coming from the benefits and compensation of more employees.

2. Bookkeeping is a very monotonous and time consuming job. Most CPAs even don’t want to bother themselves with bookkeeping – they want to spend their time on more important matters that will help them provide valuable financial reports to the management team. But rather than take on the burden of all this financial reporting yourself, outsourcing your bookkeeping will allow you to focus on saving your business more money, improving the service you’re able to offer your clients, and monitoring your business’ overall health and growth, rather than scrutinizing each transaction in all the books of the business.

3. The money you will save in outsourcing the bookkeeping tasks can be used to fund activities that will boost the company’s profit potential. For instance, more money can be allocated in marketing the company, which will result to more customers and more market visibility for the business.

4. During the peak seasons of submitting federal tax requirements and preparing financial reports, work tends to be very hectic. When you feel the need of hiring more qualified staff, having a partner in doing the accounting and bookkeeping tasks definitely takes away the burden. Outsourcing companies, such as Aussie Accounts, can provide competent staff to do your bookkeeping and you don’t even have to worry about additional operational costs.

5. Most companies that specialize in offering bookkeeping and accounting outsourcing services have the needed technology and tools to do the job more efficiently. If your company were to acquire these tools, you would end up spending more funds on training and staff acquisition. Outsourcing allows you to take advantage of premium tools in accounting at a much reduced cost. You also have the advantage of tapping a pool of highly trained professionals without spending on training and salary costs.

So if we’ve convinced you to oursource your bookkeeping, why not contact us. Visit our website for more information, www.aussieaccounts.com.au or call us on 07 5596 7477.

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Effective Financial Recording with Bookkeeping Basics

Aussie Accounts — Wed, 10 Mar 2010 00:12:05 +0000

Learn the bookkeeping basics that every business owner needs.

Having a sound knowledge of Bookkeeping Basics is very important to the management of a small business. All business ventures require a way of tracking the financial flow of its daily operations. The business books help owners and managers analyze the financial situation of the business and decide on how to run the business well.

Some of the questions answered by keeping an accurate record of all your business’ transactions include:

• Are the daily operations making money?

• How much money is earned on a daily basis?

• Will there be enough money to fund a possible expansion of the business?

An accurate and effective bookkeeping system can serve as the foundation on which all important financial information can be obtained. Of course, an excellent way of having a sound bookkeeping system is by knowing a thing or two about bookkeeping basics or by hiring a bookkeeping professional such as Aussie Accounts to ensure that your business’ financial records are correct and up-to date.

If you are an owner of a small or medium sized business enterprise, you may want to consider reviewing some accounting lessons about bookkeeping, to ensure that you’re able to be self-sufficient. This knowledge is vital, even if you choose to outsource your bookkeeping, as it is important for you to be able to access and find your financial statistics at any time.

Now, there has always been a misconception that bookkeeping, as part of accounting, is a difficult concept. However, the truth is, bookkeeping is easier than you think. There are computer programs such as MYOB and Quickbooks that help business owners do bookkeeping basics such as journalizing, posting of entries to the general ledger, and preparing the balance sheet and other financial statements. These software programs make it very easy for business owners – you just need to enter in the numbers, customize a few setting, and rest of the task is done by the program. Be aware though that even with computerization, if the person “doing” your BAS Statement and accounts is a freelance bookkeeper they need to be accredited under the Australian Government’s recent legislation. Click here for more information on the legislative requirements, and training courses to ensure your staff are “up to speed.”

If you really want to be successful as an entrepreneur, you need to have knowledge as to the direction where your business is going which will allow you to make major business decisions. You can only do this if you understand the books of the business. A good bookkeeper can not only ensure that your records are up-to-date and correct, but can also help you to better understand your reports and figures. If you’d like assistance to understand your financial position, register your details now for our FREE Cashflow Consultation.

By being familiar with the records, you can monitor the strong and weak points of the business and immediately identify future problems or possible opportunities.

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