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AS WE’VE WRITTEN NUMEROUS times before, cash flow is the best indicator of financial health. A cash flow report takes into account the money you have in the bank after you’ve paid all your suppliers, employees, made your loan repayments.
With cloud accounting software you can work remotely from home or anywhere and have up-to-date information. Continue reading Cash Flow Forecasting and Reporting Apps for Xero
WE PREVIOUSLY WROTE ABOUT using Expensify and Xero to do the grunt work of your account reconciliations. We’ve also touched on how Expensify works for retail shops, online shops and hospitality businesses.
This time we’re looking at other expense applications that not only integrate with Xero, but other platforms like MYOB and QuickBooks, too. (For the record, every transaction Expensify does with Xero, it also does with QuickBooks; and also for the record, we not only provide online training in Xero [all levels for one low cost] but MYOB and Quickbooks too.)
Here are some other expense tracking app integrations.
Continue reading Top 3 Expense Applications for Xero, QuickBooks and MYOB
IN A PREVIOUS POST we discussed how Expensify, an app which you can link to your Xero accounting software, can help businesses like yours’ keep track of expenses easily, accurately, and securely.
And while it’s a great expense app for professional services businesses or tradespeople, Expensify is also great for retail and online shops or hospitality businesses.
Shops and hospitality businesses require inventory or stock — and lots of it. But it results in an accounting and bookkeeping nightmare at the end of the month when it needs to be entered into Xero and then recorded against sales. Of course, we suggest business’ try to reconcile their transactions more regularly than just at the end of every month.
Take a photo of bills and invoices from suppliers and upload them to Expensify, which will input all of the data and then send it through to Xero.
Online and offline retailers don’t have to worry about this too much unless they also produce their own products, but for cafes and restaurants that host functions or cater for events, separating the expenses directly related to those functions and events is an important way to track their profitability.
By turning on the automatic approvals feature and setting expense rules, you can cut your bookkeeping time by having recurring or trivial expenses automatically approved and sent to Xero, so you can spend more time on the complicated ones that require closer inspection.
By keeping an eagle eye on your expenses using Xero and Expensify you’ll be able to see precisely where your business is most profitable and where it’s not so you can modify it accordingly.
Our Xero training courses will show you have to track expenses in Xero and how to connect third party apps to your Xero account. We offer ALL SKILLS LEVELS for ONE LOW PRICE. Find out more.
Are you in business as a bookkeeper, tradesperson, retailer, trainer or real estate agent and want to stand out from the crowd? We can teach you the online marketing techniques to help you do just this! Check out what’s included in our comprehensive Social Media and Digital Marketing online training courses.
WE’VE TALKED IN THE past about what a life saver daily reconciliations can be, and why some businesses could benefit from reconciling their account daily, twice weekly, or at least, on a more regular basis than once a month.
The expenses your business incurs form deductions that reduce your taxable income, so making sure you’re recording them accurately — and then storing them securely too — is an important part of your business remaining compliant.
An online software program like Xero will enable you to enter your expenses and transactions; and you can also use an app to automate the process for you, like Expensify. Bank Feeds also make this task easier and enable you to work remotely from home. Continue reading Financial Reporting with Expensify and Xero
WE’RE ALWAYS UPDATING OUR Excel training courses, and as we do so, we’re reminded of just how useful Excel continues to be for small business owners — particularly the latest versions of Excel which include a boatload of new features that make it easy to create and manage relational databases, which you can also use as the data source for a pivot table.
But supposing, for whatever reason, you don’t want to use an Excel database as your pivot table’s data source? Well, there are some other options to create a pivot table without manually entering the information into Excel first. Here are a few more data sources that you can use to create a pivot table in Excel.
The office data connection (ODC) file extension was created by Microsoft and contains properties to connect to and retrieve data from an external data source. It contains a connection string, data queries, authentication information and other settings. Microsoft recommends that you retrieve external data for your pivot tables and reports using ODC files.
If, for instance, you’re using another relational database program, like Microsoft Access or Filemaker Pro, you can also import data directly from these programs into your pivot table, rather than manually entering the data into an Excel worksheet. In the case of connecting data from an MS Access database, you can do this quite simply by selecting Access from the ‘data source’ dialog box. For all other external databases, you would select the ‘from other sources’ dialog box and follow the steps in the data connection wizard.
Each time that you create a new pivot table, Excel stores a copy of the data for the report in memory, and saves this storage area as part of the workbook file. To use one pivot table as the source for another, both must be in the same workbook. If the source pivot table is in a different workbook, copy the source to the workbook location where you want the new one to appear. Keep in mind that when you refresh the data in the new pivot table, Excel also updates the data in the source pivot table, and vice versa. When you group or un-group items, or create calculated fields or calculated items in one, both are affected.
The easiest and most efficient way to create a pivot table is to create a database in Excel first. Here, you can update and manage as much information about your business — including customer data and financial data — and then use that as a data source for a pivot table.
Creating databases and pivot tables are part of our advanced Microsoft Excel training course, but you can start your Excel journey with our FREE beginners’ Excel course. Read more about our beginners, intermediate and advanced Excel training courses on our website, or enrol to start learning by 5pm tomorrow!
Our Xero online training courses include EVERYTHING for ONE LOW PRICE. Furthermore, if you select our Lifetime Membership option, you’ll have LIFETIME access to our ongoing course updates. All EzyLearn courses are accredited by the Institute of Certified Bookkeepers (ICB) and can be counted towards Continuing Professional Development (CPD) points. Find out more about our Xero online training courses.
IT’S PERHAPS EASIER TO do your own bookkeeping these days than it used to be; particularly if you’re using a cloud accounting program like MYOB, Xero or QuickBooks, which are among the easiest, yet robust, accounting applications currently on the market.
But even so, there are many aspects of Australian tax that, while accounting software makes it possible to carry them out yourself (like business activity statements, for example), it’s not a good idea unless you really know what you’re doing. Here are the three GST mistakes nearly every business owner makes in their bookkeeping.
Continue reading Are You Making these GST Mistakes in Your Bookkeeping?
WE’VE RECENTLY BEEN UPDATING the content for our Excel training courses and were reminded of just how useful Excel is for small businesses. In Excel, you can easily create and manage client databases and then export part or all of that data into a Word document, your accounting software, an email marketing service, or use it in other Excel documents, such as a pivot table.
A pivot table is Excel’s signature, and most powerful, feature — Microsoft trademarked the words ‘pivot’ and ‘table’ in their compound form PivotTable back in the 1990s. So if you intend to use Excel in any meaningful way for your business, knowing how to create and work with pivot tables is an essential skill, one which we cover in our newly-updated, advanced Excel online training courses.
A pivot table is a way to quickly summarise and analyse large amounts of data, and the pivot tables you can create in Excel are especially designed for:
There are a few ways that you can create a pivot table, though the most common way is to use an existing Excel worksheet — a database, for example — as a data source. Here are a few ways to create a pivot table in Excel:
The most efficient way to create a pivot table is to create a database in Excel first. Here, you can update and manage as much information about your business — including customer data and financial data — and then use that as a data source for a pivot table.
Creating databases and pivot tables are part of our advanced Microsoft Excel training course, but you can start your Excel journey with our FREE Beginners’ Excel Course. Read more about our Beginners’, Intermediate and Advanced Excel training courses on our website, or enrol to start learning by 5pm tomorrow! We cover ALL levels for ONE LOW COST.
At EzyLearn we offer online training courses to help you up-skill and find employment. Choose from our range of cloud-based online accounting software courses, to business start up and management courses, to marketing and sales courses, or update and further your skills in a range of Microsoft Office programs (Excel, PowerPoint, Word) or social media and WordPress web design).
MICROSOFT EXCEL IS THE most widely-used spreadsheet application in modern computing. It’s ubiquity means most people use Excel on a regular basis, despite never having had any formal training in its many, many, MANY functions.
While updating the content for our Excel training courses recently, we were reminded of just how powerful Excel remains, and in particular, how useful it is for small businesses.
With its 2013 release, Excel got a serious update, which made it the perfect application to create and manage client and customer databases. Although there are many CRMs available on a subscription that provide the same functions of a database created in Excel, just in a more visually appealing format, they often lack reporting and analysis functions, requiring you to export your data in a Excel sheet anyway.
Excel’s original ‘flat file’ database still remains the easiest and most basic database to set up and manage, and depending on your business and how you’ll use your database, a flat file database may be all you’ll ever need. If set up correctly, a flat file database will allow you to easily import your customer data into Word, your accounting software, an email marketing service, and so forth.
A relational database is a database that’s structured to recognise relations among the information stored in them. Microsoft offers a relational database program, called Access, which is available with Microsoft Office Professional or higher, or can be purchased separately.
Alternatively, you can create your own relational database in Microsoft Excel, providing you have the 2013 version or newer. When Excel got its update in 2013, it became easier to link charts and cells and to perform searches — all essential features if you’re working with large amounts of business data.
Once Excel has been set up, it’s as easy as it is powerful to use. Of course, the key is to set it up correctly, so you can avoid errors or having to re-enter large amounts of data to make the format suit another third party software application.
Creating and managing databases is included as part of our Advanced Microsoft Excel training courses — and you receive access to ALL OF OUR COURSES, including ALL SKILLS LEVELS for ONE LOW PRICE. You can even start your Excel journey with our FREE Beginners’ Excel Course Workbook. Read more about our beginners’, intermediate and advanced Excel training courses on our website, or enrol to start learning by 5pm tomorrow!
Learn Microsoft Excel from scratch or brush up your Excel skills, at your own pace, with our affordable Excel online training courses — where you get THE LOT (that’s 9 courses in total) for ONE LOW PRICE — everything included! Volume corporate discounts are available and our courses count towards CPD Points.
IF YOU’RE AN INDEPENDENT contractor, or you’re a full-time employee about to start up a side business, then you need to be able to keep a good track of all your income streams. There are a couple of reasons for this and both of them relate to tax. Continue reading What to Do When You Have More than One Income Stream
AS A BUSINESS OWNER you’ll need to run regular financial reports (never more so than at the end of financial year) to ensure your business is in good shape. Understanding what each element of a financial report means is critical to your business’s financial health.
You’ll learn to run and interpret financial reports in our Xero, MYOB and Quickbooks training courses, but we’re just going to look at a couple of areas of most importance.
BuyMyPlace is an ASX-listed service that allows property owners to sell their properties without a real estate agent. Because it’s a publicly-listed company, they have to make all of their financials public too.
As such, we got hold of their most recent financial results for the first half of financial year 16/17.
It’s not the most detailed financial report, probably because the company itself is still in its early stages — there’s actually a good argument against early stage ventures listing on the stock exchange, but that’s fodder for another post.
The good news for BuyMyPlace is that its revenue increased 129 percent on the prior comparative period (PCP) to $1 million for H1 FY16/17, up from $133,518 in H1 FY15/16.
That’s an impressive leap in revenues in just 12 months, however, the BuyMyPlace financial results also reveal that the business made an even greater loss of $1.7 million, an increase of 1205 percent on the PCP.
A closer look at the report shows that, while the losses increased more than a thousand percent, it was due to an increased investment in marketing and advertising — principally on TV spots which totalled $517,723 compared with $98,578 the year prior.
This resulted in an 80 percent increase in the number of listings on the site (that is, the number of people using BuyMyPlace to sell their home), while order value increased 27 percent (people who were choosing more expensive packages).
Although this business recorded losses that outweighed its revenue, BuyMyPlace is still in good financial health.
The report also shows that it has over $4 million in cash and cash equivalents, and only a little over $600,000 in liabilities. Although the liabilities have increased, it’s not due to taking on any additional debt — indeed, BuyMyPlace has paid down all of its loans — but was instead due to a 786 percent increase in staff salaries and, as a consequence, an increase in staff provisions and benefits — i.e., sick and annual leave.
Not many homeowners actually want to sell their properties themselves — one estimate puts it at around 7 percent of the total number of homeowners. However, most people do want greater clarity around how the process works (including fees and commissions) — even if they still want assistance selling their homes.
Perhaps realising this, or perhaps in response to increased competition in the fixed-fee real estate services (see: Purplebricks, Settl, etc), BuyMyPlace also launched its own full service package, giving homeowners access to a real estate agent to sell their home for a fixed fee.
This will enable BuyMyPlace to capture a greater volume of homeowners, who are looking for a low cost alternative to sell their homes, but who don’t want to do it entirely themselves.
The other strategy for growth: increasing listing depth revenues.
At some point, BuyMyPlace will stop growing its market share. Or, in other words, the market of people looking for a low-cost option to sell their home will be tapped out.
But as a business, and as a publicly listed one, BuyMyPlace will need to keep growing its revenue, not merely keep it steady. It’ll need to do as other real estate services, such as REA Group and Domain have done, and increase listing revenue depths, by selling more expensive packages to customers.
BuyMyPlace will need to find additional value it can sell to customers, without necessarily increasing its own expenses to do so — or putting up its prices, which a business can usually only do once it’s cornered about 65 percent of the market, and BuyMyPlace is a long way off that yet.
That’s a lesson for every business owner out there. And it’s something we cover in our online Business StartUp Course.
You’ll learn how to run and understand the financial reports for your business in our Xero and MYOB training courses. You can also learn about strategies for business growth in our Business StartUp Course. Or for more information, visit our website.
Learn Microsoft Excel from scratch or brush up your Excel skills, at your own pace, with our affordable Excel online training courses — where you get THE LOT (that’s 9 courses in total) for ONE LOW PRICE — everything included! Volume corporate discounts are available.
HAVE YOU RECENTLY STARTED running your own business? Whether you have, or whether you’re about to, reconciling your bank accounts regularly is probably one of the best ways to monitor your expenditure in relation to your income.
If you’re operating your start up venture as a sole trader, the best way to keep tabs of where your expenditure sits is to use a cloud accounting application like Xero, MYOB or QuickBooks — in addition to a Microsoft Excel spending or expense sheet.
Your accounting software will help you to keep track of your income and business expenses and other important things that will affect your start up — such as how long it takes to get paid — while an Excel spending or expense sheet will help you to monitor all of your spending, business or otherwise.
This starts when you get your bank statement, but you can speed the process up, by entering recurring expenses into your Excel spreadsheet as they occur.
Remember that not all of your expenses are 100 percent business ones so you’ll need to estimate what percentage of your internet usage, for instance, has been for business purposes.
In your Excel spending sheet, you’ll enter the expense in total, but in your accounting software, you’ll only enter the percentage of the expense that relates to your business.
If your business has poor cash flow, using an Excel spending sheet in addition to your accounting software will allow you to identify what’s causing your cash flow problems. Sometimes cash flow problems are caused by later payers, due to poor credit management processes. Other times, however, you may find that you’re simply not earning enough to cover your expenses each week or month.
To remedy this immediately, you should look through your Excel spending sheet and see if there are any expenses, either business or discretionary ones, that you can reduce or eliminate. Then you should work on increasing your income. That’s easier said than done, which is why you should reduce your spending first.
If you don’t identify any cash flow issues, you will be able to begin forecasting profit. Typically, profit just refers to the income left over after all your business expenses have been accounted for.
But there are plenty of start ups and sole traders, who have a profitable business but are not profitable themselves.
That’s because there are many other expenses in your ordinary life — the remaining 70 percent of your internet bill, for example — that you still need to pay for.
If you’re also recording all your other expenses in an Excel spending sheet, you’ll be able to forecast your business’s profit, as well as your own personal profit (otherwise known as savings) with much greater accuracy.
In effect, what you’re doing here is creating a chart of accounts. You’ll learn more about the chart of accounts in our Xero and MYOB courses, but they are, in a nutshell, a financial record of every account — asset, liability, equity, revenue, etc — in your business.
You can learn how to create and manage your expenses or spending in our Excel training courses, where you’ll be able to create your own spending or expense sheet, and how to perform daily bank reconciliations in MYOB or Xero in our cloud accounting training courses. For more information, visit our website.
At EzyLearn we offer online training courses to help you up-skill and find employment. Choose from our range of cloud-based online accounting software courses (and earn CPD points!) to business start up and management courses, to marketing and sales courses, or update and further your skills in a range of Microsoft Office programs (Excel, PowerPoint, Word) or social media and WordPress web design). Many of our courses are provided with ALL LEVELS included for ONE LOW PRICE.
WHETHER YOU’RE ABOUT TO start your own bookkeeping business, or whether you work as an independent contractor (even if you’ve been doing this for a while), it’s really important to know how much you’re spending each month.
Your Xero, MYOB or QuickBooks accounting software will help you with some of this, but the very best way is to create an expense or spending sheet in Excel — which we teach you how to do in our Excel training courses — as this gives you a far more detailed look at your expenses and spending.
Sometimes you can’t claim 100 percent of your expenses as business ones — the costs of running your car, home internet, rent, utilities, etc — but you should nevertheless keep track of your spending on these items because it will affect your cash flow.
That’s why keeping an Excel spending or expense sheet is a good idea for contractors and home-based business owners. You don’t want to enter your home internet into your accounting software as a business expense, if only 30 percent of it is used for business purposes, but you still need to keep track of it, so you can manage your cashflow.
One of the things we love about using Excel to track your expenses and spending is that every little expenditure is right there, in plain view.
This isn’t the case with Xero or MYOB or other accounting software. Your expenses are hidden away, and you have to run a report to get a good breakdown on where your money is going.
Not so with Excel,. If you buy a coffee every morning, it’s right there, in a category you can label as “coffee”.
Now, we’re not saying that coffee is frivolous. Far from it. Many of us need coffee just to function (!) but there are lots of small things we spend money on every day, week, month that add up. When you’re self-employed you need to keep an eye on these “little” things.
Sometimes, you’ll find that you’re spending lots of money each month on subscription services that you’re not even using. Eliminating $15 a month here and there makes a big difference.
That’s the other great thing about using Excel to track your spending: You can create all the expense categories you like.
Of course, not everyone wants to track each and every expense right down to their last bag of jelly beans — that actually would be a little ridiculous — and for most the most part, you can lump your groceries into a category for discretionary spending, but there are some things you might want to separate out — movie tickets, money spent on lunches and dinners, and so forth.
These things tend to add up, and if you want to keep an eye on them, separating them out is the easiest way to do that.
Each fortnight or month or however regularly you complete your bookkeeping, you can easily add in those business expenses into your accounting software — or your bookkeeper can.
Remember, if you spend $60 a month on internet, but only 30 percent of its use is for business purposes, you should only add $18 a month as a business expense in your accounting software. In your Excel expense or spending sheet, however, you’ll put the full $60 in, as you need to have the money in the bank to cover this expense each month.
You can learn how to create and manage your expenses or spending in our Excel training courses, where you’ll be able to create your own spending or expense sheet. Visit our website for more information.
Our Xero online training courses include EVERYTHING for ONE LOW PRICE. Furthermore, if you select our Lifetime Membership option, you’ll have LIFETIME access to our ongoing course updates. All EzyLearn courses are accredited by the Institute of Certified Bookkeepers (ICB) and can be counted towards Continuing Professional Development (CPD) points. Find out more about our Xero online training courses.
IF YOUR BUSINESS RECORDS a loss for a quarter, you may be entitled to a BAS refund from the ATO. In a new workbook in our Xero training courses, we look at what happens when a business changes strategy and when this change results in a loss.
Businesses that record a loss sometimes receive a BAS refund from the ATO. You may have the full amount returned to you, or part of the amount.
When you lodge your BAS paperwork, you either owe money (a tax debt) or the ATO owes you money (a refund). Sometimes you mightn’t receive a refund or the refund may be less than you thought.
This could happen if the refund is offset against a tax debt you already owe, or perhaps the refund is being retained by the ATO until you provide further information — which could be as simple as providing the correct bank account details. The ATO provides information about both of these scenarios on their website. Regardless of whether the whole amount, or part of the amount is returned, you’ll need to account for this in Xero.
If you do receive a BAS refund, you’ll need to record this money (that isn’t due to a sale) by creating a ‘receive money transaction’ in Xero. Our Xero training courses show you how to do this.
Our online Xero training courses show you how changing your business strategy could result in your business making a loss — and how you can account for this. Our Xero courses also walk you through how to lodge and record BAS refunds. For more information, visit our website or go direct to the courses.
Our Xero online training courses include EVERYTHING for ONE LOW PRICE. Furthermore, if you select our Lifetime Membership option, you’ll have LIFETIME access to our ongoing course updates. All EzyLearn courses are accredited by the Institute of Certified Bookkeepers (ICB) and can be counted towards Continuing Professional Development (CPD) points. Find out more about our Xero online training courses.
WHEN YOU’RE SELF EMPLOYED you are responsible for managing your taxes and your superannuation — the latter of which many business owners let go by the wayside. It’s almost always because they don’t have the cash reserves to contribute to their super fund regularly enough.
Just as you would create a budget to make a business investment or asset purchase, you can use Xero and Excel to determine how much super you should contribute on your behalf, and then make the payments.
You’ll learn how to run a cashflow report in our Xero training courses. This report will show you the periods when cashflow is liquid and when it isn’t. Run a cashflow report for a couple of different periods, and export them into Excel. This will give you a better idea of trends and cycles in your business.
You can also use a cashflow report to determine your income before taxes, expenses, and so forth. Superannuation is determined based on gross earnings — or revenue — so you should use this figure to work out your super contributions. This is especially important before end of financial year!
At time of writing, the superannuation guarantee is 9.5 percent of your gross revenue, before taxes, expenses, etc. If you set your prices correctly, you should have already factored this 9.5 percent into your prices or hourly rate. If you haven’t, you ought to consider revising what you charge customers and clients.
If you were an employee of a business, your employer would be required to make super contributions on your behalf, at least each quarter. Because you’re self-employed and self-managing your super contributions, you can make them as frequently or infrequently as you like, so long as you’re contributing the correct amounts. (Speak to your accountant or financial advisor, however, if you’re salary sacrificing above the minimum amount — this may affect your tax.)
Once you’ve determined how much you should contribute to your super fund each quarter, refer back to your cashflow report and to the periods where your cashflow is especially liquid. Are you able to make your contributions each quarter easily, and without compromising your business’s liquidity? Would it be easier to make smaller, more regular contributions?
The decision is yours.
Use Xero to make your super contributions. Xero is connected to a superannuation clearing house, and if you’ve been using to Xero to pay yourself a wage, it’s the easiest way to do so. If you’re not using your accounting software to pay yourself a wage, you can make the payment directly out of your bank account, however, you’ll need to track this in Xero for taxation purposes.
Our Xero training courses will show you how run cashflow reports and make wage and super payments, while our Excel training courses will also teach you how to create business budgets and forecasts. Visit our website for more information.
At EzyLearn we offer online training courses to help you up-skill and find employment. Choose from our range of cloud-based online accounting software courses, to business start up and management courses, to marketing and sales courses, or update and further your skills in a range of Microsoft Office programs (Excel, PowerPoint, Word) or social media and WordPress web design).
CHANGING YOUR BUSINESS STRATEGY to include additional services will require an additional investment in marketing if you are to make this successful. In terms of simply paying money to advertise your additional services, as you’re probably already aware, advertising doesn’t always yield immediate results. Therefore you might consider spending money on a lead generation service.
We cover how to account for marketing and lead generation costs in our Xero training courses, which includes a new workbook that looks at what to do when your business strategy changes. Continue reading Marketing for When Your Business Strategy Changes
PLENTY OF BUSINESS OWNERS change their business strategy, but what makes this successful? We say, above all, planning and a willingness to change the ordinary operations of your business. In a new workbook contained in our Xero training courses, we take you through the steps you would take in Xero to affect a change in business strategy.
In this blog post, we’re going to look more generally at some of the things you might need to do if you were making a change to your business strategy — even before you would start making these changes in your accounting software.
A change of business strategy and direction may warrant a business name change. As a basic example, a builder who begins offering plumbing, electrical, and handyman services should change their business name from John’s Building Services, for example, to John’s Building and Home Maintenance Services.
If considering a business name change, visit the ASIC website. There you’ll be able to register a new business name and make sure one you’re thinking of doesn’t already exist. ASIC doesn’t allow you to update or change your business name, but provided you’re operating your business under the same structure — i.e., sole trader — there’s no limit to the number of business names you can register and assign to your ABN.
In April this year, the business.gov website launched a new Business Registration Service, which although still in Beta, allows you to easily and quickly apply for a business name, ABN, company, and tax registrations for free. At the moment it’s only available for new businesses — whether they’re sole traders, partnerships, companies or joint ventures — but it’ll soon be rolled out to existing businesses, trusts, and superannuation funds.
Many contractors don’t register for GST because they do a combination of contract work on their ABN and TFN. Provided their business doesn’t generate $75,000 per year or more, they won’t have to register for GST, even if they do earn more than that by also working as a contractor on their TFN.
If the change in business strategy means your business is going to generate substantially more than $75,000 per year, or even if your suspect it may get close to it, you should register your business for GST.
You can register for GST via the ATO’s Business Portal. Registering for GST does mean your business will need to lodge regular business activity statements. This is additional compliance that can yield fines for late or inaccurate lodgements.
If you’d like to try and defer registering for GST for as long as possible, run a profit and loss statement in Xero and compare your current revenue with the estimated additional revenue your new business strategy will generate.
If there’s good, safe margin between your projected income and the $75,000 GST threshold, you can hold off.
You can learn what you need to implement the financial side of your changed business strategy, plus how to run profit and loss statements, complete and lodge business activity statements and much more in our Xero training courses. For more information, visit our website.
At EzyLearn you can choose from a range of XERO online courses, depending on your skill level — or you can access ALL courses for ONE LOW PRICE. All our courses are accredited by the Institute of Certified Bookkeepers (ICB) and can be counted towards Continuing Professional Development (CPD) points. Find out more about our Xero online training courses.
