We recently wrote about how QuickBooks uses the SuperStream-compliant service KeyPay to deliver payroll services because QuickBooks itself isn’t actually SuperStream compliant. Currently, the payroll feature in QuickBooks is free for all Small Business plans, as the company further positions itself as the low-cost accounting software option for Aussie small businesses.
When it Comes to Your Career, Hopping Around is OK
For many years, young people, particularly Generation Y, were cautioned about changing their jobs too often — or being a “job hopper”. It would give the impression they were flaky or disloyal or unable to commit, they were told,
You want to find a job where you can stay there for at least 10 years, where you can grow and progress through the company.
What To Do So You Don’t Lose Money When Doing Your BAS
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.
Here’s six steps you can take for an accurate BAS:
Check to ensure all bank, credit card, overdraft, loan, and petty cash accounts are reconciled with the original bank statements at the end of every BAS quarter.
Print your monthly profit and loss (P&L) report for the respective BAS quarter, and check for abnormalities in income or expenditure over the three months. You should also compare this quarter’s P&L report with the P&L report from the previous quarter (in the same financial year), as well as the P&L report from the same quarter in the previous financial year to detect any unexpected transactions.
Print out the balance sheet as at the end of the BAS quarter. Note the balances for the wage and salary, payroll, payable, super expense and payable, and PAYG and GST accounts, and investigate any abnormalities.
Generate the general ledger exceptions report to review any abnormal transactions. This report will indicate any differences in the GST codes for the same types of purchases or sales by comparing the current transactions with previous transactions.
Print your BAS and compare with it with last quarter’s BAS, as well as the BAS from the same quarter of the previous year, and ensure that your GST, PAYG, sales, and purchases are consistent across all three BAS’.
Lodge and pay your BAS on time to avoid penalties, and remember to record the BAS payment in your accounting software.
Although this may appear to be ‘double handling’, in fact, it eliminates double handling by ensuring that the activity statements you lodge with the ATO are correct and error-free. Typically, the mistakes this method turns up are ones that would be of benefit to the ATO and not to the business owner. So rather than give the ATO more money than you need to, make sure you follow this method for an error-free BAS lodgment.
An Experienced Bookkeeper in WA
Looking for a reliable and accurate bookkeeper to manage your business’ daily or weekly bookkeeping and accounts, either in the cloud (remotely) or in-person?
Our National Bookkeeping website has recently undergone a significant upgrade so keep a look out for more stories about featured bookkeepers in forthcoming blogs. Join now and we can feature YOU in our articles too.
Great customer service is the key to ensuring you always have a happy customer. Providing consistently good customer service and being courteous to people in the way you communicate with them, be they suppliers or contractors, as well as customers, is also highly beneficial to your business in other ways. Continue reading Thanks For Loving Us
The reason many of our students complete our MYOB training courses is because they’re looking for a new job, and so we’re often asked if our MYOB training courses are accredited and whether they come with a certificate.
The answer to this question is a little more complicated than it may seem, and here’s why:
If you’re working as a contractor and using an Australian business number (ABN), rather than a tax file number (TFN), you’re self-employed, and this means you will need to invoice your customers for the products or services you provide in order to get paid.
If you’ve only ever worked as an employee before, you’re probably used to being able to set your clock to payday, but unfortunately this isn’t often the case when you’re a contractor.
We’ve been writing about referral marketing a lot lately, and in a recent post about marketing action plans, we talked about why you should include referral marketing and/or networking as a marketing strategy in your marketing plan.
That may seem silly to some people, since networking doesn’t always translate to sales straight away, but we’ve discovered another reason why you should include it in your marketing plan: Google!Continue reading Is Google Your Sugar Daddy?
Maybe this sounds familiar: one of your clients has been calling you about a job you said you would do. You’ve been dodging their calls, because you haven’t had time to do it. Eventually they email, so you send one back. It begins: “Sorry, I’ve been really busy lately…” or “Sorry, I haven’t had a chance to…” “Sorry…” “Sorry…” “Sorry…” Continue reading Business Efficiency: Have You Said Sorry Today?
We’ve spoken about working for free before. In one post about setting prices we discussed why you should outline the free work that you do as ‘added value’, but if that’s still not working, maybe you should consider working for free.
Having accurate business records is vitally important for any business — and most of that hinges on accurate account keeping. If you’re a small business looking to hire a bookkeeper, you want someone who’ll be able to manage all of the data entry and coding for your company accurately and efficiently.