Balanced Bookkeeping Sunshine Coast

Don’t get caught in the EOFY rush. Take these steps now!

Thu, 23 May 2019 06:01:34 GMT

It’s May again — June approaches, and with it the end of the financial year and all that entails.

It’s May again — June approaches, and with it the end of the financial year and all that entails.

Bookkeeping, tax returns and planning for the new financial year loom large, and however hard you’ve worked you feel disorganised, especially when you wake up at 4am — what did you do with all those records and receipts?

Questions to panic over

Are debtors and assets written off?
Are there any unclaimed tax deductions?
What about record keeping and compliance?

And then there are employee payment summaries and the summary of income and expenses in a profit and loss statement, the record of debtors and creditors, asset purchases and expenditure on improvements, depreciation expense claims and capital gains tax, income tax returns and yearly reports, returns for PAYG withholding, fringe benefits tax (FBT), Goods and Services Tax (GST), and the taxable payments reporting system, meeting superannuation requirements… the list goes on and on.

Ignorance is not bliss

How is it possible to be sure of obligations?
Are there deductions for your new website?
For your car?
Travel expenses?
Computers?
Have you used the ATO’s mydeductions app to record your expenses during the year or their small business newsroom?
Is your tax agent registered with the Tax Practitioners Board (TPB)?

Scams, more doubts and decisions

There are tax refund scams too, which target small businesses at this time of year. And, speaking of targets, did you meet yours, and can you create a cash flow forecast?

Have you had time to review your goals, priorities, opportunities and strategies?

Do you wish to restructure?

There are different compliance and taxation regulations depending on your business structure. Have you time to read about the tax differences between a sole trader and a company structure?

Have you got the right insurances in place or should they be updated?

Don’t assume you’re covered. Do you need an insurance broker? Are your files backed up and secured?

A solution - Balanced Bookkeeping and Business Solutions Sunshine Coast!

You know, we can save you the usual panic and have all the figures ready in time, as well as the complete financial records you need. Reliable Bookkeeping Sunshine Coast services by Balanced Bookkeeping and Business Solutions.

Major differences between online finance software - Xero, MYOB, vs Reckon – Compare for your Sunshine Coast Business

Tue, 23 Apr 2019 09:19:49 GMT

Xero, MYOB, vs Reckon – Comparison

There was a time when choosing finance software was easy.

For what seemed like decades, MYOB had the top spot, and it didn’t look like anything was going to challenge them. That was until cloud-based software came along and MYOB was too slow off the mark.

Reckon and Xero is considered on a level with MYOB these days, and while the basics of all are the same, it’s the details that you must consider when choosing a platform.

The major win for Xero

Xero is the new kid on the block when it comes to financial software. In a short time, mostly due to its online system, it carved a considerable chunk of MYOB’s market share. The dominant feature for Xero is its accessibility. Through the desktop, or on its top-rated app, it gives you ultimate access to your accounts no matter where you are.

The major win for Reckon

Reckon has been around for a while and is comparable to both MYOB and Xero in many ways. Where it shines is in its reporting. If management reporting is the key thing you are looking for in your finance software than Reckon is one of the best.

The major win for MYOB

MYOB took a while to embrace cloud-based operation, but once it did, it went all-in on it. The desktop version is sleek and easy to use. It does fall on the mobile app when compared to Xero or Reckon, but this is improving all the time. The area that MYOB wins in is the price tag. For the same entry-level price as Xero and Reckon you get more features and the ability to create more invoices.

With so many great software options, it’s vital for Balanced Bookkeeping and Business Solutions to be on top of them all. Our expert team can help tailor fit any software your business needs. We proudly keep the Sunshine Coast on top of their accounts.

Ask us how we can help you today.

Bookkeeping Services in Bli Bli, Buderim, Caloundra, Coolum, Cooroy, Maroochydore, Mooloolaba, Nambour, Noosa, North Brisbane, Tewantin QLD

Governance crackdown, the ATO and ACNC are taking it seriously in 2019 - Get ready Sunshine Coast!

Thu, 14 Mar 2019 22:58:39 GMT

The Australian Charities and Not-for-profits Commission (ACNC) are seeking increased authority to regulate the “effective use of resources”. Charities, unsurprisingly enough, do not wish to be controlled by a commissioner.

There is a Not-for-Profit Information Line, too

The ACNC wishes to promote “the effective use of the resources of not-for-profit entities,” and to “enhance the accountability of not-for-profit entities to donors, beneficiaries and the public,” which means they want to maintain public trust and independence while reducing “unnecessary regulatory obligations”.

You can rest assured knowing your books will be accurate, compliant and on time.

There are over half a million not for profit organizations in Australia, but only about a third of them are registered with the Australian Tax Office (ATO) , and only about a quarter of those receive tax concessions. So they have to report and pay Pay As You Go withholding for their employees as well as paying superannuation, and reporting GST on their business activity statements.

Some need to be registered for fringe benefits tax and lodge returns too, if they are providing employees with benefits.

Bookkeeping support ranges from the normal day-to-day functions through to far more complex dealings with the ATO and ACNC.

Also, registered charities need to be endorsed by the ATO and lodge tax returns. Fringe benefits tax concessions do however permit charities and not-for-profits to give benefits to employees instead of wages, which can prove an incentive. The charities range from religious groups, care homes and shelters for the homeless to universities and colleges, animal welfare societies and artistic or cultural groups.

Charity runs better with Balanced Bookkeeping and Business Solutions.

Anyway, as you can see, it is all extremely complicated for a layman. If you are a charity, then the most affordable, most practical, most sensible solution is to consult, if not contract, Balanced Bookkeeping and Business Solutions to keep everything straight for you. We can provide advice and help with your audits and reviews, and we work extensively with both the ATO and ACNC.

A home-grown company that understands on your doorstep.

Balanced Bookkeeping and Business Solutions is a local Sunshine Coast company that provides a complete bookkeeping service and solutions for small to medium businesses and can cope easily with both the ATO and ACNC, so that you can pursue the far more rewarding and philanthropic business of fund-raising and distributing to the deserving foundation or trust of your choice.

Casual or full time? Is it time to have the discussion with your employees?

Sun, 03 Feb 2019 02:43:26 GMT

Payroll Tax Accountants Sunshine Coast

Well, a casual employee:

• Has no guaranteed regular hours of work

• Does not get sick leave or annual leave

• Can leave without notice.

Katharine Whitehorn said “Find out what you like doing best, and get someone to pay you for doing it.”

Therefore casual employees are entitled to a higher hourly pay rate than the equivalent full-time or part-time employees. Long-term casual employees may work regular hours or the same days each week, and after 12 months they have the right to ask for flexible working arrangements and take parental leave.

Full time casual means working full time for a casual wage, which is about 20 per cent more per hour than a permanent employee, but then they do not receive any sick pay or holiday pay.

Milton Berle said “If opportunity doesn’t knock, build a door.” President Trump would say a wall.

A full-time employee has ongoing employment and works, on average, about 38 hours a week. When someone changes from full-time or part-time to casual employment, the usual rules for ending employment apply, including:

• Giving or paying the employee the required notice, and for any leave and all other entitlements that may be owed.

A part-time employee:

• Usually works less than 38 hours a week

• Usually works regular hours

• Is entitled to the same benefits as a full-time employee, but only on a pro rata basis

• Is a permanent employee or on a fixed-term contract.

Full-time and part-time employees must give or be given notice should they choose to end their employment.

Your business will run better with Balanced Bookkeeping and Business Solutions.

Balanced Bookkeeping and Business Solutions is a local, Sunshine Coast business that provides a complete bookkeeping service and solutions for small to medium businesses.

The principal of Balanced Bookkeeping and Business Solutions has worked in the accounting industry for over 21 years and is a qualified accountant and registered BAS agent, which means that you can discuss the pros and cons of casual and full time and part time employment, knowing that you will receive practical, constructive, valuable advice.

William James said “Act as if what you does makes a difference. It does.”

Out tax accountants in Sunshine Coast recognise that every business and each business owner is very different and, accordingly, each requires a different and individual approach to their hiring strategy.

Regardless of what type of business structure your company operates under — sole trader, partnership, company or trust — Balanced Bookkeeping and Business Solutions’s focus is on developing tailor-made solutions for you.

Fringe Benefits Tax has nothing to do with a dated haircut!

Fri, 18 Jan 2019 03:00:07 GMT

A Sunshine Coast Bookkeeper that understands F.B.T. Do you?

Are you having trouble attracting quality staff? This is something that can cause countless headaches for several businesses. One of the solutions is, obviously, offer more money, but that isn’t always something that you can do.

Another option might be free back rubs, but that could come off as creepy and be a short trip to HR.

All kidding aside , one of the best options that you might have heard about is Fringe Benefit Tax (FBT). While it might be something that you are quick to adopt, you need to pause and understand your obligations first before adding it to your employment offers.

So, what is it?

Simply put, it’s an extra tax that you cover for your employee that is for the benefit of the employee in lieu of paying them more money. The tax is calculated on the value of what is being used for FBT.

What can be used for FBT? You have a lot of great questions. Sometimes you need to dangle a quality carrot to get those special recruits. This carrot can take the form of executive car parks, low interest loans, paying of the employee’s private expenses, or a nice car to go in that car park.

When it comes to tax time, you as the employer will pay tax on whatever you are offering them through FBT. Fringe benefits will also need to be reported in the employee’s payment summary, all records for the FBT will need to be separately as it will need to be lodged separately with the ATO.

One of the big things to remember though, is that in order to offer an FBT to an employee you need to first register for the FBT with the ATO. That can be done here.

The FBT can be signed up for by an existing business with an ABN and those with an existing AUSkey login. If you are a brand new business, you can also apply as long as you’re a sole trader, partnership, company, trust, join venture, or superannuation fund.

If you have any questions about the FBT, you can do what many businesses of the Sunshine Coast have done and contact Balanced Bookkeeping and Business Solutions.

We know the ins and outs of all the benefits that you can be using to make your business grow.

Sunshine Coast Bookkeeper Services – Xero, Myob, Reckon Bookkeeping

Downsizing and its effect on Superannuation

Wed, 09 Jan 2019 04:09:21 GMT

As of this financial year, a new scheme has come into effect that could really benefit those that are over the age of 65.

While you could still be working but want to try to simplify your lives and sell the family home, you can make a downsizer contribution to your preferred superannuation of up to $300,000 from selling your home.

This contribution is on top of any existing contributions that you are already making. It does have some regulations around it. For instance, the home that you are selling can’t be a houseboat, even though it does have “house” in the name. It also can’t be a caravan or mobile home. However, any other type of residence should be recognized.

This is only a new initiative as we mention that came into effect as of the 1st of July 2018, so there are still a lot of questions to be answered. This is why a number of clients we serve on the Sunshine Coast have been coming to us at Balanced Bookkeeping and Business Solutions to see their options.

Other things of note, even those the term downsizing implies that you are buying a smaller residency, you don’t actually have to purchase anything. The contribution is calculated on you selling, not buying.

There is a window of activity as well, as you have t make the contribution within 90 days of closing the sale on your home. Plenty of time if you want to do what I do and put all the money in a paddling pool and roll around in it.

You don’t have too, but when are you going to get that chance again?

One of the big misconceptions out there about the downsizer contribution is that you can claim it as a tax deduction. This is not true, it will have to be claimed on your taxes.

Of course, if you are thinking about claiming this, it is best to get all your personal options from the experts than reading a few general blogs about it. One of the things you should keep in mind is that claiming this scheme could affect your pension if you are currently on one.

Best to talk to the bookkeeping experts at Balanced Bookkeeping and Business Solutions for your best options.

Bookkeeping Services in Sunshine Coast & Surrounding Areas

Common GST Mistakes

Thu, 27 Dec 2018 04:17:50 GMT

The fact is the Australia Goods and service tax, while it’s not going to just go away, has been around for a long time and people are still getting it wrong when they are doing their books.

Sunshine Coast Bookkeeper with GST Procedures

You can almost hear actor Michael Caton most famous role Darryl Kerrigan in “The Castle” curse former Prime Minister John Howard whenever the discussion of the GST comes up.

The fact is the Australia Goods and service tax , while it’s not going to just go away, has been around for a long time and people are still getting it wrong when they are doing their books.

This is bad business practice because on one end, you might be paying out too much and shortchanging your business, and on the other side you might not be paying enough and could cop a hefty tax bill .

Unless you a dedicated to finances, it is easy to make a mistake when it comes to GST.

Here are some of the most common mistakes made when it comes to one of Prime Minister Howard’s legacy items.

Set up wrong!

You might have noticed when creating your Chart of Accounts in your bookkeeping software that there are plenty of options around which GST to factor in. Is it “GST on Capital”, “GST on Non-Capital”, “GST Free”, “Out of Scope”, or one of the many other options. The tax code that you set up for your accounts has to be correct from the start or you are going to be spending a lot of time and money fixing it up.

Reporting failure

So, you received a business grant or a government subsidy, while this is great news for your business, it can cause havoc on your accounts if you are like most people and forget that most government schemes are inclusive of GST. Always double check the funding agreement to the final details before making your report on income.

Is it an asset?

Basic check of your GST knowledge; which code does a capital asset of over $1000 go under? If you said G11 then you are going to have a long night at the office as you are going to have to go back through all capital purchases and mark them as G10. One little number but it makes the world of difference to the tax office.

GST doesn’t have to be a nightmare, but it’s best to have an expert set your GST accounts up before the worst can happen. If you are looking for a hand in setting up, or just want some top notch expert GST advice, then contact Balanced Bookeepers and BAS agents today!

What is Instant Asset Write-Off?

Thu, 20 Dec 2018 04:30:43 GMT

Instant Asset Write-Off sounds like something you do when you loan something to that untrustworthy friend against your best judgment.

You leant him your DVD of “Grease”? Well, that’s an Instant Asset Write-Off…you’re not getting that back.

While that is what it could mean, that’s not what the Australian Taxation Office thinks it means.

The nuts and bolts of what it means is an asset that uses simplified deprecation rules. This means that is the asset costs less than then the instant asset write-off threshold then instead of being added your asset register with a long-term depreciation value, they are written off the year they are bought. This can be a first- or second-hand item.

When instant asset write-off was first brought in by the ATO the threshold was $1000, however, today as of this writing the threshold is $20,000 inclusive of GST. That is assuming that you are not registered for the GST.

If you are registered for the GST, the current threshold is $20,000 exclusive of GST. Simply put it’s because you already claimed a credit the GST you paid on the activity statement and the ATO doesn’t like people that double dip.

If the asset is 100 per cent used for the business, this next part is going to be simple. However, if some of the asset is used for personal use then you must subtract a portion you would deem acceptable for that personal use.

What’s left is considered the taxable purpose proportion and is deductible. You will only have to do this if the total cost of the asset is under the threshold.

Sounds pretty straight forward? We think so as well.

However, there is one more little bit to remember. If you later sell the asset that you claimed as a instant asset write off you will need to include the taxable purpose proportion amount you were paid for in your assessable income for that financial year.

There are plenty of fun things like this when it comes your business finance, if it’s not the type of thing that you want to think about then you can put Balanced Bookkeeping and Business Solutions behind the finance steering wheel and we’ll get you to where you need to be just like we have done for hundreds of other Sunshine Coast businesses.

Contact our Sunshine Coast bookkeepers today!

Sunshine Coast Bookkeeping Services – Xero, Myob, BAS Agents

Small Business Bookkeeping 101

Mon, 03 Dec 2018 05:53:09 GMT

Have your Sunshine Coast bookkeeping set up properly from the start.

Congratulations on doing what so many other feared to do and opening your own small business!

The dream of being your own boss is about to become a reality. If we could give you one little piece of advice before you get too far along. Have your Sunshine Coast bookkeeping set up properly from the start.

The best practice is to do a class on small business bookkeeping so that you are aware of all the things that you will need to do to keep complaint with good business practices. While that might not be something that you have the time to do, the other thing you could do is hire expertly trained organization like Balanced Bookkeeping and Business Solutions to set up your software and all of your accounts for you.

If you are set on doing them yourself, then there are some items that you might want to remember.

Good record keeping

The first thing that you need to do is set up a space just for your business records. While the days of having a file cabinet in your home office might be overkill, you can get a small filing box to help you keep your records sorted. Believer or not there are still some things that you should have printed up and on hand. That being said, set up a cloud folder as well and save all documents off site. This is good practice in case there is a disaster and you lose the physical copies.

Also remember to keep your personal and business records separate.

This will save you a lot of headaches in the end.

Software

You could install software on your computer, but it’s safer and a lot of times more convenient to set up a cloud-based accounting system. This means that as long as you have internet, you have access to your records even when you are out in the field. It also makes sure that if there is a computer failure, your books are safe the mighty cloud.

Reconcile and Fix ASAP

It’s not glamorous, but as a small business it’s important to reconcile your business bank accounts quickly and often. This will mean that you keep on top of your finances and if an error comes up you can fix it right away. Even if it’s only out by $0.01, it needs to be fixed.

When in doubt, get a qualified organisation like Balanced Bookkeeping and Business Solutions to do your books for you so that you can focus on what you really want to be doing which is growing your business!

We keep the businesses of the Sunshine Coast growing!

Small Business Bookkeeper Sunshine Coast

Business Tax Checklist

Tue, 13 Nov 2018 05:46:09 GMT

If you ever meet someone, that isn’t a finance minded person, that enjoys doing taxes you might want to get them to a doctor. Fact is, even some that are finance minded groan, just a little bit, when it comes to tax time.

If you ever meet someone, that isn’t a finance minded person, that enjoys doing taxes you might want to get them to a doctor. Fact is, even some that are finance minded groan, just a little bit, when it comes to tax time.

We change that tax time can be time consuming, but what we can change is how much of a hassle it is. If you keep a simple checklist with your account documentation, you can easily organise your records so that the end of the financial year is smooth as.

A year already?

Kicking off your file is something that you could have done last year, keep together the final financial statements, tax return, depreciation schedule, and any ATO correspondence from the previous financial year. This will give you a great indication of how things went this year verses last.

Transactions

This is when setting up your online bookkeeping software correctly is going to pay off big time! You can easily export your reconciled file, copy of your bank statements and reconciliations as of 30 June. If you keep them in a folder at the end of the month when you have reconciled your accounts everything should be a few short clicks away.

Old School

If you are not using cloud-based systems to keep all your recorded digitally, then you will need to get that old school box out with your cheque payment details, receipts, bank reconciliations, and your paper bank statements from 1 July to 30 June. While it’s not as high tech, it works just as good as long as you have kept everything.

That plastic card

If you have a credit card, you are going to need the statements for those as well. Simple stuff really. However, if you have a private card that you have used for business as well, you are going to need the statement and the receipts.

Accounts Receivable and Accounts Payable

Another reason that cloud-based accounting is great because these reports of trade debtors and creditors can easily be compiled and ready to go. Note, for Accounts Receivable you will also need a list and details on any bad debts that have been written off.

Employee Entitlements

You will need to show how much leave and possible long service leave has been generated for any employees.

Other transactions

This list is a generalisation, but you might also need details on investments, prepayments, any fixed assets and capital gain where any applies.

Liabilities

The motherload of documentation, which again is easy to collect if you have been properly using bookkeeping software for the financial year. You will need details on leases, hires, loans, Salaries and PAYG, and Super.

Of course, if all of this fills you with dread, you can do what many Sunshine Coast businesses have done and leave this up to Balanced Bookkeeping and Business Solutions.

Give us a call today to see how we can make tax time a easy time.

Xero, Myob Bookkeepers & Tax Accountants Sunshine Coast

Is there still a need for petty cash?

Tue, 21 Aug 2018 06:26:56 GMT

Petty cash may be outdated, inefficient and subject to abuse, but small businesses have used discretionary funds since the 17th century.

Petty cash may be outdated, inefficient and subject to abuse, but small businesses have used discretionary funds since the 17th century.

Basically, it should be for minor incidental expenses like taxis, postage and office supplies, and sometimes lunch, most importantly for giving change, and kept in a small locked box or drawer — or even an old-fashioned cash register.

It is the most common imprest accounting system: a fixed amount, of between $50 and $500, depending on the business, that is always available, and restored whenever necessary. Petty cash is an asset , not an income and all transactions should be recorded and listed separately at the beginning of the current assets section of the balance sheet in the accounts ledger.

Although more people use credit and debit cards nowadays, and cash is discouraged more and more often, petty cash is still necessary — and tax deductible.

The initial sum of money comes from the business bank account. You don’t want more than necessary and don’t leave it unsupervised for fear of tempting thieves or even staff, but it’s easy to work out the average you need to hand.

Then it should be regularly counted, especially if it is used for change, and petty cash slips filled out for every sum taken. This documentation is the most important part of the system and the total cash on hand plus reimbursed vouchers should equal the original fund at all times.

A petty cash reconciliation reveals undocumented disbursements as, inevitably, there is always a risk of fraud. Try not to give all employees access to petty cash and never leave it off your books.

If keeping your own accounts, from essential petty cash to balance sheets, inventory and projections, is taking up too much of your valuable time and causing unnecessary anxiety and dismay, perhaps now may be the time to consider handing the whole lot over to a bookkeeping professional so that you can concentrate on the things that really matter to you and actually bring in business.

Give us a call - Bookkeeping Services in Sunshine Coast

Killer bookkeeping hacks for Sunshine Coast businesses to make a smooth EOFY

Thu, 09 Aug 2018 06:33:10 GMT

Is your business growing fast? Do you need a new payroll system that controls everything from intricacies to responsibilities? Should it be a stand-alone package or integrated with your present software system? Or can you simply outsource your payroll?

Timing is everything — and now the old year can be finalised and a new start made in the new.

The new equipment may even be tax deductible — and it’s worth finding out if you can get a grant to hire a new employee too. Are you ready for the Single Touch Payroll and MYOB?

Outsourcing or offshoring may increase efficiency and cut costs — have you looked into them? You might be able to simplify workflow and processes with Xero and streamline — get paid faster, upgrade your Point of Sale, automate invoices and receipts.

How about a monthly checklist? Might you be due a tax refund? It’s life-changing to get rid of that fear factor and no longer have to panic and rush at this time of the year. You need an accounting system you can trust, one that is transparent and connected.

Have you looked into…

What about cash flow and new business goals? Superannuation and deductions? Bad debts to be chased or written off? Stock taking and inventory — is any obsolete or damaged? Are there any write-off or tax concessions you are not aware of, or prepayments that offer tax savings?

How about staff bonuses and before-tax contributions — even spouse super contributions, concessional contributions and offsets — and carrying forward rules? Do you know what the new minimum wage will be? Do the tax reductions for high and low income earners apply?

Minimise stress

Avoid getting bogged down and losing focus. Can you delegate and concentrate on the essentials without interruption or distraction? If you’re not driving the company, then who is?

Another solution is to outsource to Balanced Bookkeeping in Sunshine Coast and relax in the knowledge that your books will be accurate, compliant and up-to-date.

Let Balanced Bookkeeping and Business Solutions worry for you — and provide tailor-made solutions.

How to chase up your outstanding debts for your Sunshine Coast business.

Fri, 03 Aug 2018 07:21:04 GMT

Do you want to outsource debt collection or try to do it yourself? No one enjoys pursuing clients and perhaps alienating them, but cash flow is the difference between life and death. Unfortunately late payment is endemic where small businesses are concerned.

First steps

Straightforward, friendly yet persistent letters, emails and polite, calm phone calls and perhaps even a personal visit with all the information at hand often work wonders.

Letter of Demand

Remain professional and cool — no threats or intimidation — but, when reminders have not succeeded, sometimes a final demand in the form of a well-worded Letter of Demand with the amount and date of the debt and a full description will achieve immediate payment, saving court fees and solicitors’ fees.

Attach all relevant documents — copies of invoices, contract, terms, etc. — but never pretend to be a legal entity if you are not. Just be calm and confident , write clearly and in detail without using legal language unless you know what you are doing. Never ever threaten or try to intimidate. If you really need a lawyer then hire one.

A Letter of Demand with all relevant details and facts shows that you are serious, prepared and preparing to start legal proceedings, and should be sent by registered mail, so don’t risk sending one if you are only bluffing. And don’t harass the debtor or send a letter designed to look like a Court document: just indicate what action you will take if the account is not paid.

To avoid overdue accounts

In future try to perform a thorough background check before offering credit and set safe credit limits. Take a deposit and only deliver goods when it has cleared. You might offer a discount for prompt payment.

There is a competitive debt collection industry in Australia, but that really should be a last resort. Perhaps now is the time to hand all your accounts and all the stress they entail over to our Sunshine Coast bookkeepers , so that you can concentrate on running your company and leave the nitty-gritty to them.

What does your Sunshine Coast business invoices say to your customers?

Wed, 25 Jul 2018 07:27:39 GMT

Do you know how to create a clear, understandable, efficient invoice? As well as the name of your company, it needs your contact details and the date, the invoice number, a list of the items sold, their quantity and the price, the GST if necessary and whether the final figure includes GST or not.

Include your payment terms too, for example, requiring payment within 15 or 30 days of receiving a correct, valid invoice and that date clearly spelt out.

You may wish to add a code to your invoices to identify the customer, date and job number. The more prompt your invoice, the sooner you are likely to be paid.

When invoicing, it is standard practice to include: the customer’s contact details, the name of the person who placed the order and the person responsible for paying the invoice. Addressing an invoice to the right person often helps getting paid on time.

Also, where possible, include the purchase order (PO) number and contract agreement dates as a useful reference.

Payment options

Standard payment options are direct deposit, credit card, EFTPOS or cash. So you should detail your direct banking details: the BSB number, bank account number, bank account name and the name and branch of the bank and reference to be included in the transaction to identify their payment.

You may consider automating your invoices for speed and efficiency and accuracy. That helps you spot incorrect and duplicate invoices before they are sent out.

How long should invoices be kept?

By law, printed or electronic business records must be kept for at least five years, and of course they are the basis of your Business Activity Statement (BAS), income tax return and other tax obligations as well as financial and cash flow, reporting and overviews, inventory and stock control and generally keeping up to date with your accounts.

Stay in touch with clients — to make sure they understand your terms and conditions and as a courtesy to show you care and there are no problems or issues.

Need any help?

And remember, our bookkeepers in Sunshine Coast are always here to provide a professional and affordable complete service for you with tailor-made solutions, so that your books are always compliant, up to date and on time.

Cash flow management ideas to make your life easier for Sunshine Coast business owners

Mon, 16 Jul 2018 07:34:38 GMT

Cash flow management means you can pay your bills. Accounts receivable are not the same as accounts received, and even successful businesses can fail without sufficient cash flow — they say that 60% do.

You have to be able to pay your suppliers promptly and satisfy your banks, so any steps you can take to shorten receivables are worthwhile. You might consider giving a discount for early payment — and charging a penalty when payment is overdue.

A high interest business savings account may be useful so that you can earn interest when times are good.

Ask yourself

Do you know how to calculate your break-even point?
Is your stock kept at an efficient level?
Do you follow up on overdue accounts?
Do you need to review pricing, increase advertising or improve customer service?
Can you reduce overheads?
Would you get paid faster by using mobile payment solutions?
Should you accept credit cards — and should you pay by credit card?
All this contributes to cash flow — and of course you have to understand your own balance sheet.

Unfortunately buying and selling, which may be what you are best at and enjoy most, are not enough.

And even there, can you calculate profit margins and set profit goals? Have you ever compared your cash flow to other, similar businesses? How accurate are your forecasts? Can you delay your payables?

Loans

A line of credit is cheaper than an urgently needed loan, but perhaps you would like a business loan. It’s one way to access money quickly, but you may need a cash flow projection. Unlike an overdraft, you do not require additional security and the facility is separate to your other bank loans, but if you are considering taking on debt finance how will repayments affect future cash flow?

Conclusion

Do you understand what affects cash flow, from customer and supplier payment terms to loan payments and future spending decisions or would you be happier to outsource the worry and stress to Balanced Bookkeeping and Business Solutions ?

Our Sunshine Coast bookkeeping experts can help you to control your outgoings and increase your profits. They may be an investment in survival rather than an expense.

You might also be interested in Basic reporting that will save you time (and headaches)

Carry the one! How many people need access to the business accounts?

Fri, 04 May 2018 07:48:02 GMT

One of the big selling points of cloud-based accounting software is its accessibility. Another fantastic aspect of it is security. You have the ability to give access to as many people as you want, and the software will track when they logged in for transparency.

The big question that we get is, how many people need to have access to your accounts? While there is no “one size fits all” answer with this, as companies have different organisational structures, we can give you some general guidelines that you may find useful.

Bookkeeper and/or Accountant

While this one might seem like a no-brainer, there are still some companies that won’t give their bookkeeper their own access to the cloud-based systems. The bookkeeper will need to come into the office to access the accounts. If you are outsourcing your bookkeeping, this is just adding expense. Giving your bookkeeper access means that the accounts can be looked after more often thus giving you a better look at your company’s performance.

Treasurer

Obviously, this will only be the case if your organisation has a board of directors. The Treasurer is an executive officer that needs to have access at all times in order to present figures, fiscal forecasts and help make monetary suggestions during board meetings.

You

Of course, you should have your own access; you are in charge of the company. A lot of business leaders, however, are more than happy to pass on this responsibility and only look at reports. You should be able to look at how your company is performing at any time.

There may be times that you might need others to have access to your accounts, and in these times, you should always set up separate logins for them. Never allow someone to use your login or someone else’s.

If you have any other issues that we can help with we are more than happy to help. Balanced Bookkeeping and Business Solutions has been helping the businesses of the Sunshine Coast for years and look forward to working with more. Contact us today.

Bookkeeping Services in Bli Bli, Buderim, Caloundra, Coolum, Cooroy, Maroochydore, Mooloolaba, Nambour, Noosa, North Brisbane, Tewantin QLD

Basic reporting that will save Sunshine Coast business owners.

Fri, 27 Apr 2018 07:54:26 GMT

When it comes to keeping your business growing, it’s important to know where you stand. Financial reporting is a must to show your board or your stakeholders what areas you are succeeding in and what ones need work.

This blog may seem like basic information, but it’s essential. It might surprise you how many people bang their head against the wall looking for information that might be right in front of them.

Balance Sheet

A balance sheet shows the company’s financial position during a custom date range. You can make this month to month, yearly, or the fiscal year. Balance sheets provide a snapshot of your company’s assets, liabilities, and most importantly shareholders equity.

Profit & Loss or Income Statement

A profit and loss statement, also known as an income statement, shows the profitability of a company. It shows home much revenue a company has earned during a custom date range. It will show how much income and assets you have against your expenses.

Cash-flow Statement

Your company’s inflows and outflows of cash are covered in the cash-flow statement. Once again you can view this information in a custom date range to get an idea of where your business’ money is going.

The difference between this report and a profit & loss statement is that while the P&L can let you know if you made a profit, the cash-flow report can show if your company made or lost cash during the date range.

Employee entitlements & Tax liabilities

If you judge how your business is going by how much money is in the bank account, you might be misrepresenting yourself. It’s important to know how much money needs to be set aside for employee entitlements like Superannuation, holiday leave, personal leave, and long-service leave.

You also need to know how much needs to go to the ATO, so you might not have as much as you think.

If you need help with these reports or any part of your business, then we at Balanced Bookkeeping and Business Solutions are more than happy to let you know how we can help. Contact us today for more information.

Bookkeeping Services in Bli Bli, Buderim, Caloundra, Coolum, Cooroy, Maroochydore, Mooloolaba, Nambour, Noosa, North Brisbane, Tewantin QLD

Does your payroll need updating? Keeping up with wages changes for your Sunshine Coast business.

Sun, 18 Mar 2018 09:14:10 GMT

Staying on top of your business payroll is not only essential to keep your employees happy but also to make sure that you are compliant. With changes happening all the time, how are you expected to know when changes come into effect? Do you know what you are supposed to do when an employee has a work anniversary?

Luckily there are a lot of options to allow you to stay on top of any changes that there is. Popular account systems like MYOB, Reckon, Xero, and Quickbooks will automatically notify you of changes to taxes and payroll. These features will continue to make your business compliant and save you the risk of any future penalties.

There are fantastic websites like Austpayroll.com.au that also gives you up to the minute news on what is happening in the Australian Payroll area. Topics such as the new PayID system that has been rolled out across the country and how it’s changing business.

The site also offers incredible payroll tips in MEME images that you can share on social media to show how proactive you are with payroll. You will need to use the hashtag #payrolltips if you use them.

The best way to stay on top of payroll is to hire a company to handle your books and give you advice that you trust. Balanced Bookkeeping and Business Solutions have been serving the greater Sunshine Coast area for years and look forward to helping you. Contact us today to find out what we can do for your business.

Bookkeeping Services in Bli Bli, Buderim, Caloundra, Coolum, Cooroy, Maroochydore, Mooloolaba, Nambour, Noosa, North Brisbane, Tewantin QLD

Do you need an ATO portal for your Sunshine Coast business?

Fri, 23 Feb 2018 09:25:53 GMT

When you started your business, we’re sure that the part you were looking forward to wasn’t the lodging statements and doing taxes part. Well, unless you started an accounting business, then it might be up your alley.

For most though, this is seen as a time consuming and all too complicated distraction that takes from what you want to do with your business.

The great news is that with an Australian Tax Office (ATO) portal , you can save time and save money. The dread of filling out those forms that come in the mail is over. You just log into the site and fill in the information and hit send. No trips to the post office, and more importantly no late fees if it gets there late.

By registering with the ATO online , you will be given control over many aspects of your business and enjoy the convenience of them being in one location. Even if in the end you still want your registered tax or BAS agent to lodge your forms for you, you’ll still have full access to be able to see transactions and balances or access the secure mailbox for any correspondence you have with the ATO.

If you register for a Business Portal, you will not only be able to lodge statements and use the secure mail feature, but you will also be able to update your business registration details when needed.

Maybe you are a small business, with 19 or fewer employees with a turnover of less than $10 million, and want to make your Superannuation contributions easier.

Registering with the ATO online gives you access to the Small Business Superannuation Clearing House which lets you pay all your employee’s super, no matter which super they are with, in a single transaction.

If you are in the greater Sunshine Coast area and would like more information, let us know, and one of our bookkeeping expert staff will get you started.

Bookkeeping Services in Bli Bli, Buderim, Caloundra, Coolum, Cooroy, Maroochydore, Mooloolaba, Nambour, Noosa, North Brisbane, Tewantin QLD

Moving to cloud-based accounting - Xero, MYOB, & Reckon Bookkeeper in Sunshine Coast

Thu, 15 Feb 2018 09:32:11 GMT

Xero, MYOB, & Reckon Bookkeeper in Sunshine Coast

Is your office still using an older version of MYOB or Quickbooks ? You are not alone. Many companies are keeping well past their prime computers around because they run the older software that “works” for them.

While doing this might work on the surface, you could be missing out on a whole new world of amazing features. These features will not only give you a better idea of how your business is doing, but they make your business life a lot easier.

Cloud-based finance software has been growing in popularity over the last few years for some significant reasons.

First, it is cloud-based , so the worry of the computer dying and taking your data with it to the great beyond is gone. With cloud-based software, your data is securely stored offsite and can be accessed through the browser on any computer, tablet, or smartphone.

The second reason to move to a cloud-based system is accessibility. So much business is being run out of our smartphones that it only makes sense that the finance software should as well.

Most cloud-based systems give you the ability to run reports, check balances, create invoices, and enter expenses straight from your phone via their mobile apps.

This accessibility is also fantastic if you run a smaller business because you don’t have the budget for a fulltime bookkeeper. The cloud-based nature means they can login from where they operate.

There are many reasons to make the switch, but of the three principal features, updates have to be the most important. We are not just talking software updates; We are talking about financial responsibility updates.

It can be hard to track when there are significant changes to taxes and wage requirements. With most cloud-based systems, this is all done automatically, and it will notify you of any changes.

So, if you are interested in giving Xero , MYOB , or Reckon a chance than give us a call as we are more than happy to help. We serve the greater Sunshine Coast area and will work hard to make sure you successfully transfer to cloud-based software.

Bookkeeping Services in Bli Bli, Buderim, Caloundra, Coolum, Cooroy, Maroochydore, Mooloolaba, Nambour, Noosa, North Brisbane, Tewantin QLD