What To Do So You Don’t Lose Money When Doing Your BAS – 6 steps
If your business is registered for GST, it means you have to file regular activity statements with the ATO, usually each quarter. A lot of business owners export their Business Activity Statement (BAS) data straight from their accounting software, like MYOB or QuickBooks, and quickly prepare their BAS’ that way. But this is an imprecise method, and one that could be costing you money.
Reconciling Your Accounts Daily Gives a True Picture of Cash Flow
For a lot of business owners, just the thought of reconciling their accounts once a month is enough to make them go weak at the knees, never mind every day. Yet there are plenty of contract and remote bookkeepers who work for their clients each week, and some that work every day for the same client, reconciling their accounts and providing other vital bookkeeping services.
Do You Have to Drop a Client Because of a Bad Credit Check?
A Credit Check is one of the most important first steps of good credit and debt management but you can still do business if the check comes back negative.
In a previous post on credit and debt management, I recommended that all businesses — regardless of whether they offer credit to customers on a 30-day account or not — perform a credit check on any new client who will spend more than $1000 on goods or services in one sale, on an ongoing basis.
I’ve always believed that as soon as you offer credit you’ve got yourself another business – a credit management business.
When we first created our MYOB Daily Transactions course we designed it to take students through the cashflow process of where money goes when it first leaves your bank account and these are the main steps:
Money in the bank (cash asset)
Buy stock (inventory asset)
Products sold on account (accounts receivable asset – Trade Debtors)
Customer pays their account (cash asset)
The interesting part of this business process to me is the marketing (choosing the products, pricing, marketing message and advertising) and the credit management to get the money back.
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This advanced Xero Cashflow Training Course is the final of the 7 Xero courses included in the Xero Complete Course package. Great skills to measure your cashflow, reporting and decision making: