Are you deducting everything you could be? Perhaps you need an app to help you.
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.
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.
Office data connection files
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.
External relational databases
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.
Using another pivot table
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.
Create a database in Excel first
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.
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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!
Being Jack of All Trades can land you in hot water with BAS
Don’t submit inaccurate financial documents by trying to do everything yourself by way of bookkeeping.
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.
No amount of data is too big for Excel’s pivot tables
Go You Excel Pivot Table! Excel’s signature function, the pivot table, is still as useful for making sense of large amounts of data as it ever was.
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.
What are pivot tables used for?
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:
Subtotalling and aggregating numeric data
Summarising data by categories and subcategories
Creating custom calculations and formulas
Expanding and collapsing levels of data
Drilling down on details from summary data
Filtering, sorting, grouping and conditionally sorting data
Presenting concise, attractive, and annotated reports
Moving rows to columns and vice versa (‘pivoting’) to see different summaries of source data.
Pivot table data sources
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:
Excel tables: Excel tables are already in list format and are good candidates for pivot table source data. When you refresh the pivot table report, new and updated data from the Excel table is automatically included in the refresh operation.
Using a dynamic named range: To make a pivot table easier to update, you can create a dynamic named range, and use that name as the pivot table’s data source. If the named range expands to include more data, refreshing the pivot table will include the new data.
Create a database in Excel first
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.
Managing large amounts of client and business data is not only possible, but also something you can learn fast and with ease with the help of our comprehensive range of online Excel training courses – covering all skills levels.
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.
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.
Flat file databases
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.
Relational databases
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.
Correct Excel set up is crucial
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.
It can be easy to lose track of separate income streams; Excel is a great tool for monitoring which work your income is coming from.
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
There’s more to profit and loss than meets the eye: Sometimes a company’s losses outweigh its revenue, but it doesn’t mean that company is in a bad position.
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.
Revenue vs. losses for the period
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).
BuyMyPlace is in good health
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.
Strategy for future growth
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.
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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.
The simple act of creating an Excel spreadsheet to itemise your expenses can help you keep track of everything eating into your business’ cashflow – even if not strictly deductible.
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.
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.
The bank reconciliation process
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.
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.
Identify cash flow problems
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.
Forecasting profit
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.
The chart of accounts
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.
Why Excel is Great for Keeping Track of Your Spending if You’re Self Employed
That take away coffee that you buy each morning should be added to your business expenses sheet; even if not claimable it shows where your money is going.
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.
Not all your expenses are 100% business ones
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.
Monitor frivolous spending
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.
Create as many categories as you need
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.
Back to those business expenses
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.
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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.
We feel your pain! Often businesses lack the cash flow to make super payments, but you always have to pay them in the end…
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.
Run a cashflow report
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!
Determine super contributions
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.)
Make super contributions
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.
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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.
It’s a real buzz when you learn something new: a great way to up-skill your staff members and keep people interested at work is to provide them with online training course material.
OUR MYOB TRAINING COURSE is basically an induction into the role of a bookkeeper, in that it provides students with an overview of the duties typically carried out by a bookkeeper. Most of our students take our MYOB training course because they both want, and need, to know how to use the software in order to find work as a bookkeeper.
In the world of business training and coaching, this is called the Will versus Skill Matrix. Employees who have both the will to succeed and the skill to succeed are highly desirable in the workplace.
Transparency, will and skill
Employees who have only one of those attributes, however, are less desirable. Helping staff maintain both the will and the skill to succeed in their jobs has a lot to do with how transparent you are as an organisation.
We’ve mentioned transparency in business before, notably in relation to induction training programs. Induction training programs are a highly efficient way to communicate easily and efficiently with your staff, while also testing their will and skill to succeed at their jobs.
While most induction training programs are used to merely address the requirements of the Work Health and Safety Act, or to induct contractors and consultants to a business’ premises, induction training programs can also be used to further your employees’ professional development.
Help your staff upskill with a Word or Excel course
Furthering your employees’ professional development can be done by providing your staff with online training courses that are relevant and useful to their jobs, such as a Word or Excel training course. You’ll be surprised how many tasks can be done with these software applications — and therefore how empowering this knowledge becomes!
Online delivery of this content allows your staff to complete the course at their own pace, in an informal environment — at home or at their desk at work, rather than in a dedicated training centre on a dedicated day — and it also allows you to monitor their progress.
Being able to see how your employees are getting on with the training courses can illuminate areas where your staff could benefit from further training; it can also highlight those staff member who possess the will and the skill to succeed.
Those staff members who are have both the will and the skill to succeed in their jobs also happen to be highly engaged, and as we mentioned in a previous post, more productive.
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If you’re looking for ways to keep your staff highly engaged with your business, we can help you tailor and deliver highly engaging induction training courses to your staff. Visit our website for more information, or contact us today for a quote.
We mentioned that Jerry should use his accounting software to determine whether his he’ll have the start-up capital required to fund his new venture for the next 12 months. The best way to do this is to create a cash flow forecast, and we’re going to show you how.
Cash flow is a better indicator of available funds
If you’re wondering why you wouldn’t create a profit forecast, it’s pretty simple. Cash flow represents money in the bank, after you’ve paid all your suppliers and staff and loan repayments and so forth, while profit just shows how much the business earned but doesn’t take into account any cash outlays.
Profit just shows how much the business earned but doesn’t take into account any cash outlays.
It’s important to understand that it’s not uncommon for businesses to be profitable; however due to cash outlays, these same businesses may not actually have enough money in the bank to fund investment, or in this case, a new venture.
Generating a cash flow report in Xero
Follow these steps in Xero to generate a cash flow report for your business:
Go to Reports, then click All Reports.
Under Financial, select Cash Summary.
Enter the following report settings:
Date — The latest finalised month
Period — 1 month
Compare With — Previous 11 Periods
Select the Include GST and Show YTD filters
Click Update to generate the report in Xero
At the bottom of the report, click Export and select Excel to download the report in Microsoft Excel format.
The messy startup needs Xero Cashflow Training
There is a great business case study with lots of practical exercises in the Xero Cashflow Training Course. You’ll learn how to code and manage lots of different types of transactions and reconcile 2 quarters worth of transactions and end up producing cash flow reports to make financial sense of it all.
You’ll even be able to highlight alternative ways of financing some of those transactions.
Set up formulas to forecast 12 months ahead
In Excel, you’ll need to create formulas that will show you the average cashflow of your business across the previous 12 month period, so you can then forecast ahead for the next 12 months.
If you don’t use Xero and you’re using MYOB or QuickBooks, our MYOB and QuickBooks training courses will also show you how to run cashflow reports, among many others.
Documenting and tracking your business premises’ expenses leads to accurate tax and activity statements.
IF YOU DECIDE TO buy your business premises it will have an effect on your tax. Our Xero training courses will show you how to account for your business premises, but here is what you need to consider about your tax and GST obligations.
Capital gains tax (CGT)
If your business will be operated out of the premises you buy, it will be subject to CGT when, or if, it is later sold. As such, you need to keep records about when and for how much the property gained so you can work out the capital gains when you sell it.
Capital gains occurs when the amount the property is sold for is greater than what it originally cost to acquire it. If the property is sold for less than its original purchase price, this is known as a capital loss.
Capital losses
If you make a capital loss when you dispose of the premises, you can use that loss to reduce any other capital gain you might have also made in the same year — another property or shares in another business, say.
If you haven’t made a capital gain in the same year, you can use the capital loss to reduce a capital gain in a later year, but you cannot use a capital loss for any other income.
Income tax deductions
If the premises is used to run a business, or is available to rent for that purpose, you can claim tax deductions for expenses associated with owning it; such as interest on a loan to buy the property and maintenance expenses. Keep records of your expenses from the start, so you can claim everything you’re entitled to.
GST
If you buy commercial premises, you may be eligible to claim a credit for the GST included in the purchase price. Additionally, you may also be able to claim GST on other expenses that relate to buying the property — such as the GST included in solicitors’ fees and ongoing running expenses.
However, you can’t claim GST in the following instances:
The seller used themargin scheme to work out the GST included in the price
You purchase property from someone who is not registered or required to be registered for GST
You purchase the property as a GST-free supply
You’re not registered for GST.
Keeping track of the purchase and expenses related to your business premises properly in your accounting software is vital to the ongoing financial health of your business — and accurate tax and activity statements.
Struggling to manage your online payroll management? Our Xero and MYOB courses will help you get the most out of this software so you can manage payroll in house.
MANY COMPANIES OUTSOURCE PAYROLL because it contains many moving parts. For instance, there’s the payment of wages each week or fortnight or month, sure. But there’s also superannuation contributions, PAYG obligations, annual and sick leave accrual.
Fortunately, most accounting apps like Xero and MYOB have made payroll easier to manage, particularly if you only have a handful of employees.
Superannuation clearing houses
Nearly every major cloud accounting package has a connected superannuation clearing house within its payroll package. Xero and MYOB are both SuperStream compliant, a government initiative to help business owners tell which accounting software apps will let them make electronic superannuation payments. And QuickBooks uses a partner payroll system which is also SuperStream compliant.
Batch wage payments
Electronic superannuation payments are one way that paying staff is made easier, but paying a dozen or so employees individually each week or fortnight can be tedious. Fortunately, both Xero and MYOB have a ‘pay run’ function that lets you make batch wage payments. This eliminates the tedium of paying employees individually, as well as the potential for error.
Accounting software calculates entitlements
MYOB, Xero and QuickBooks, if you’ve set up your employees correctly and have the appropriate payroll subscription, will also calculate your employees’ sick and annual leave entitlements, also reducing the time it takes to process payroll and the potential for error.
EzyLearn courses now include real life case studies
At EzyLearn we are constantly refreshing the content of our online training courses. Relevant to those of you doing Payroll, might be our Excel Ad Hoc Payroll case study which is part of our Intermediate Excel Online Training Courses. Where possible, we draw on real-life case studies as examples, to help you learn, and apply your skills, in a relevant way that makes sense. Visit our Micro Courses page to learn more.
Documenting procedures helps keep your bookkeeping up to speed
Rescue bookkeeping is not ideal – it’s often expensive and shows you’re not in control. A bookkeeping procedures manual will outline what bookkeeping needs to be done, when.
IN A PREVIOUS POST we talked about how to tell when you need rescue bookkeeping, which is basically when a business is behind on its bookkeeping by three months or more and the deadline is looming to lodge their activity statements.
Rescue bookkeeping work costs more than having your bookkeeping taken care of regularly, because it’s often messy and there are no procedures in place to manage the bookkeeping efficiently.
What’s a bookkeeping procedures manual?
A bookkeeping procedures manual clearly identifies the regular tasks and activities your bookkeeper needs to take each week, fortnight, month or quarter to ensure your bookkeeping is kept up-to-date. This not only gives you the peace of mind that your bookkeeper is staying on top of your books, but it also helps you to understand what’s going on with your business.
If you require regular P&L statements or balance sheets, having a procedures manual to clearly outline how frequently they’ll be created helps you to stay on top of your business’ financials.
A typical procedures manual will include:
Simple steps that are easy-to-understand and succinct
Tasks are written up in a step-by-step style, so they can be followed logically
References, links or examples are included to help readers understand
Contain a number of formats — written steps, flow charts or checklists.
Rather than leaving your bookkeeping to the last minute, so you’re always operating your business in dark, organise to have bookkeeper create a procedures manual to regularly take care of your business’s bookkeeping.
We Can Help You Find a Good Local Bookkeeper
We have bookkeepers, BAS agents and accountants located across Australia, available to help businesses in need of rescue bookkeeping work. Visit our online bookkeeping directory, National Bookkeeping, to find a suitable and experienced person available to work in your area, or able to work anywhere in the cloud. Alternatively, if you are a bookkeeper looking to expand your client list or find contract work, you can register and become part of our network for free.
Go to National Bookkeeping for more information, to see our rates or to request a quote.
Dive deep into your claimable expenses and don’t forget all those smaller prepaid expenses like magazine subscriptions or domain name registrations – you can only claim all of these during the period in which they occurred.
WE’RE IN THE LAST QUARTER of the 2016/17 financial year, so now is the time to dive in deep and check you’ve included every single business expense — prepaid or otherwise — to ensure all your expenses are in order.
We all know this, but remember, they can only be claimed for the period in which they occurred. If you forget to claim a major business expense in the financial year that it occurred, you can’t make it up by claiming it the next year.
It’s really important you thoroughly check your credit cards and business accounts to make sure you’ve accounted for each expense. The final quarter of the financial year is also a good time to make any purchases for your business, because you can claim them straight away.
Prepaid expenses are often forgotten
Magazine or journal subscriptions, domain name registrations, business name registrations, car registrations, website fees, insurances — collectively they add up, but they’re also the easiest to forget.
These deductions are often prepaid and may not come up on your radar and may certainly not show up on your final quarter bank statements.
Make a list and check it twice
Over the next month or so, make a list of all of your expenses as you think of them. This makes it easy to spot them when you’re going through your bank and credit card statements and checking them against the expenses in your accounting software.
Want to make your business presentations and publications more eye catching?
Gone are the days of excruciatingly dull PowerPoint slide presentations. Nowadays PowerPoint is the hidden gem used to generate animations, videos, movies, advertising and graphics. It’s a great ally to the marketer or social media person in your organisation.
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Xero is a great bookkeeping program for tradies who are on the go and using their phones (or a tablet) all the time. From receipts scanning to creating quotes and invoices, receiving payments and keeping track of project costs.
bookkeepercourse.com.au/produ…
Online delivery of this content allows your staff to complete the course at their own pace, in an informal environment — at home or at their desk at work, rather than in a dedicated training centre on a dedicated day — and it also allows you to monitor their progress.
At EzyLearn you can choose from 
At EzyLearn we are constantly refreshing the content of our online training courses. Relevant to those of you doing Payroll, might be our 
Magazine or journal subscriptions, domain name registrations, business name registrations, car registrations, website fees, insurances — collectively they add up, but they’re also the easiest to forget. 
