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Making Business Books and Accounting Come Alive! MYOB Reckon Quickbooks Training BAS Small Business


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Business Tips – The Process of Selling and Tips to Improve

Business Tips – The Process of Selling and Tips to Improve

The Process of Selling and Tips to Improve

Selling can either freeze you or excite you – and for many its FREEZE or Repel!

Here are some tips from – When ‘No’ means ‘Yes’ – 6 Tips to Make you A Better Salesperson, where there are also great examples of ways to be empathetic and LISTEN when selling!

    1. NEVER HANG-UP ON A PROSPECT – It is not your job to say ‘NO’ on behalf of your prospect. If you’re going to assume anything, assume the sale. (*With the exception of abusive prospects… Hang-up with gusto, my friend!)
    2. LISTEN TO THE FACTS – Example if you get “We’re okay for SEO” mean? …(A)… salesperson should not respond to this information that the prospect gave, and instead translate this to mean “I will never buy from you.”? In actual fact (FACT – I am the one who said this, so I know), “We’re okay for SEO” actually meant “I am not pedestrian enough to buy into your sleazy pick-up lines, Miss Salesperson… But I am in the market for SEO, so please try harder.”
    3. TRANSLATE THE FOB-OFF – If you choose to believe a fob-off “objection” from clients (eg “We’re fine for SEO thanks”), you are wasting your time, and simply won’t get anywhere. If you continue to buy in to the fob-offs you are served, you will have to go through more and more crap calls like this to get anywhere… How will you hit your target? BE REALISTIC and do not give up until you have unearthed a REAL reason – a REAL objection to overcome. If it’s real, you’ve done your job – fine.
  1. DIG,DIG,DIG! – If somebody says “NO” to you, or gives you a fob-off response, there is ALWAYS a reason. It may not be a good one – it may be “I am scared of salespeople and don’t want to be sold” or “I am busting for the toilet, but can’t tell you that!” – but there is ALWAYS a reason. Your job is to A) read between the lines to determine whether or not the objection given is actually realistic and B) Dig up the REAL objection… Rookies shy away from objections, but you WANT the REAL reasons why somebody doesn’t want to buy, so you can overcome it and CLOSE THE DEAL. So how do you dig? Keep asking questions… Questions that have purpose.
  2. NO PERSISTENCE = NO PASSION = IMPERSONALISATION – When a salesperson doesn’t persist, it shows lack of passion… Lack of faith in their product/service, and lack of belief that this product/service can solve a problem for their prospect. Furthermore, when a salesperson gives up on a prospect too quickly, it sends the message to the prospect that they are just another number. Sure, persistence can be naggy and annoying, but lack of persistence can strike a salesperson or brand/business off the prospects list forever. SHOW PASSION!
  3. DON’T ASSUME YOU KNOW WHAT THEY WANT This goes hand-in-hand with digging/probing for objections and client needs. Sometimes prospective clients are just waiting for the salesperson to say the right thing… Sometimes the prospect IS in the market, and they have done a sh*tload of research… They’re just waiting for that one little keyword to make their ears stand up. But heck – they’re not just going to GIVE you the sale… Are you serious?? It is YOUR job to discover what tickles their fancy. Take me for example… Being a passionista of the sales process, I A) Give good salespeople my ear, B) Feel no obligation to make things easier for bad salespeople than I would for a good salesperson and C) Like to flesh out the sales call to see where it goes. I allow salespeople to take me on their own path… If they lead me down the wrong way, that’s their loss… I’m going to give them donuts. If they’re good – if they say all the right things and actually spark my interest, I will consider and take them seriously. That’s what want. That’s weird. So what does the next guy/girl want? Don’t assume you know… Pay attention & go with it.

Get a FREE 30 min answer to your query, and FREE ongoing email or phone support – no-one offers as much! Call and you also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right! Email info@accountkeepingplus.com.au or call 0407 361 596 Australia


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MYOB – SuperStream and how MYOB Account Right is ready

MYOB – SuperStream and how MYOB Account Right is ready

MYOB – SuperStream and how MYOB Account Right is ready

SuperStream is an improvement in the productivity of the superannuation system and MYOB Account Right is ready. The new SuperStream works by introducing common data items, electronic communications, simpler channels and faster business processes for sending employer contributions.

Under SuperStream, employers must start to make super contributions electronically. The contribution data is sent electronically in a new message format to the fund, and the contribution payment is sent electronically through the banking system.

The data message and payment are linked by a payment reference number, which enables reconciliation by the receiving fund.

Many of the key components required for this change, including e-commerce infrastructure and software solutions, are already in use in the marketplace. Others are currently undergoing development and trials before being implemented.

SuperStream is mandatory for all employers making super contributions, APRA-regulated super funds and self-managed superannuation (SMSFs) fund receiving contributions.

MYOB have a video to explain more Set up Pay Superannuation to make super payments directly from AccountRight, meet your employee super obligations in a flash and always stay on top of government changes, including SuperStream. The best bit? It’s free with your AccountRight subscription. You might like to check out our list of super funds you can currently pay using Pay Superannuation. Note that self-managed super funds aren’t available yet, but we’re working on it.

Here is the video link (https://youtu.be/9_XnE6NWTsg )

If you want to get MYOB Account Right (AR) – call us for a competitive quote and extra bonuses in addition to what normal MYOB bonuses and support are supplied – 0407 361 596.

If you already have AR, or once you are set up on AR, here’s how to get started:

1

Sign up for Pay Superannuation

 2

Check super fund and employee details

3

Make superannuation payments

Need help? Not sure? Call for FREE 30min advice / strategy session today! 0407 361 596 Aust

***BEFORE you BUY Ask us for a competitive software price BELOW retail – No obligation!

You also get FREE 30 min to assist in setting up your company in the software, and FREE ongoing email or phone support – No-one offers as much! Call and you also get FREE“Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

Email info@accountkeepingplus.com.au or call 0407 361 596 Australia


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Business Finance 101 – The Cashflow Statement – Explanation for business owners

Business Finance 101 – The Cashflow Statement – explanation for business owners

Business Finance 101 – The Cashflow Statement – explanation for business owners

There are three financial statements that are commonly given for a business―a profit & loss or income statement, a balance sheet or statement of position, and a cashflow statement (or statement of cash flows). The purpose of the cashflow statement is to highlight the major activities that directly and indirectly impact cash flows and hence affect the overall cash for the business.

Business owners should monitor cash for a very good reason―without a sufficient cash balance at the right time, a company can miss golden opportunities or may even fall into bankruptcy.  The cash flow statement answers questions that cannot be answered by the income statement and a balance sheet. For example a statement of cash flows can be used to answer questions like where did the company get the cash to pay dividend of nearly $14,000 in a year in which, according to profit & loss / income statement, it lost more than $10,000?

The cashflow statement is a valuable analytical tool for business managers as well as for investors and creditors, although managers tend to be more concerned with forecasted statements of cash flows that are prepared as a part of the budgeting process. The statement of cash flows can be used to answer crucial questions such as the following:

  1. Is the company generating sufficient positive cash flows from its ongoing operations to remain viable?
  2. Will the company be able to repay its debts?
  3. Will the company be able to pay its usual dividends?
  4. Why is there a difference between net profit/income and net cash flow for the year?
  5. To what extent will the company have to borrow money in order to make needed investments?

For the statement of cash flows to be useful, it is important to use a common definition of cash. It is also important that a statement be constructed using consistent guidelines for identifying activities that are sources of cash and uses of cash. The proper definition of cash is broadly defined to include both cash and cash equivalents.

Cash equivalents (applicable more for large companies) include short term, highly liquid investments such as treasury bills, commercial paper, and money market funds that are made solely for the purpose of generating a return on temporary idle funds. Instead of simply holding cash, most large companies invest their excess cash reserves in these types of interest bearing assets that can be easily converted into cash. These short term liquid investments are usually included in marketable securities on the balance sheet. Since such assets are equivalent to cash, they are included with cash in preparing a statement of cash flows

The 3 sections of cash flow statement (each has an inflow and outflow section):

Operating Activities: (mostly income statement / profit & loss)

Operating activities shows the cash effects of transactions such as –

  • Cash receipts from sales of goods and services and
  • Cash payments to suppliers and employees for acquisition of inventory, taxes, interest on loans

Investing Activities: (mostly long term assets)

Investing activities generally show long term assets (and sometimes debt/equity securities) which include –

  • Sale/disposing of plant, equipment
  • Sale of debt or equity securities
  • Acquiring plant and equipment
  • Acquiring debt or equity securities

Financing Activities: (mostly long term liabilities and equity)

Financing activities involve liability and stock holder’s equity items and include obtaining cash from creditors and repaying the amounts borrowed and obtaining capital from owners and providing them with a return on, and a return of, their investment.

  • Increase in debt / loans taken on
  • Payment/Redemption of debt facilities / loans
  • Dividends paid

Next month we will work through an example

Need help? Not sure? Call for FREE 30min advice / Strategy session today!

Call 0407 361 596 Aust and also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

Email info@accountkeepingplus.com.au or call 0407 361 596 Australia


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Bookkeeping – 6 Steps to get Organised and Systemised

6 Steps to get Organised and Systemised

6 Steps to get Organised and Systemised

The majority of small business owners struggle with the account keeping/bookkeeping/record keeping for their business – most people don’t like it or are confused by it! But the law is that every business must maintain accurate and timely (up to date) financial records (books). Like many things in life – better to face it – regularly and with as less stress as possible – and it IS possible!

Here are the 5 ways to start –

1. A set time each week to DO the books

Be strong and disciplined! Don’t keep saying you will do it later – do SOME each week

2. Separate business bank account for business earnings and expenses

It is very important to keep your private transactions separate from your business transactions. It makes it easier for your accountant as well as yourself!

 3. Software that suits your business

If you are unsure which software to select, contact a bookkeeper, business consultant or your accountant who can better advise you before you buy There are desktop and cloud solutions. With many software moving to the cloud, one key benefit is that you can access your financials anywhere, anytime or have your bookkeeper and accountant check information for you.

Your business datafiles will always be backed up regularly in the cloud. However, always ensure you keep backups of your financial data as an added security measure. With desktop software, you will have to get into a habit of regularly backing up your files.

 4. Get all your tax and compliance obligations right

All businesses are required to register for an ABN, and if your turnover is more than $75,000 then you must apply for GST registration. You must also keep receipts for all acquisitions in order to claim on your expenses. If you employ staff, you must also register for PAYG withholding Tax. This is where you pay staff and withhold some tax on their behalf.

You are also obliged to complete and lodge monthly/quarterly Business Activity Statement (BAS) with the ATO. With the appropriate accounting program and setup, you can have this information at your fingertips. This way you create systems to help you streamline and automate your business processes for you to stay compliant.

 5. Keep your receipts

The ATO requires you to keep records for a minimum of five years.  The records you are required to keep and have accessible upon request are:

  • Invoices and receipts you provide for sales or services rendered by your business.
  • Invoices for goods, services or other business acquisitions purchased for your business.
  • Records of payments made to employees plus other organisations on their behalf like Superannuation funds and PAYG tax.
  • All financial statements including profit and loss statement and balance sheet.
  • Tax Return information.
  • Bank accounts and credit card statements
  • Stocktake records at end of financial year and asset register etc.
  • Anything else with a monetary value to the business

You could create digital files on your computer to store this information or keep a well organised filing cabinet.

6. Get a great account/book keeper?

As your business grows you may need to engage the assistance of a great bookkeeper, which is also tax deductible. Hiring a bookkeeper helps you focus on growing your business while ensuring your record keeping is up to date. Ask us to give a quote and the extras such as yearly analysis and graphs included for FREE in our service – want to see a sample – email for a copy – info@accountkeepingplus.com.au.

Get a FREE 30 min answer to your query, and FREE ongoing email or phone support – no-one offers as much!

Email info@accountkeepingplus.com.au or call 0407 361 596 Australia

You will also get a FREE set of TEMPLATES to Organise your records – including a monthly check-sheet for the whole year! FREE, no obligation


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Cashflow Tips – 5 ways to get more out of your accounts/bookkeeping or bookkeeper (or be a better bookkeeper)

Cashflow Tips – Remember to Pay Extra Super – 9.25% from 1 July 2013

Cashflow Tips – 5 ways to get more out of your accounts/bookkeeping or bookkeeper (or be a better bookkeeper)

  1. Do I have the most suitable software for the business needs? Should I upgrade to the next level or another brand? We can help you for FREE – call for a chat!
  2. Expenses we be reduced? What areas of expenses have increased, and are there better deals to reduce costs?
  3. What areas/products of sales are growing? Can we see a trend in products or categories that are underperforming? What about the best performers – should we focus on building them more?
  4. Checklist of the bookkeeping tasks so we don’t forget? Do you have a checklist – there can be at least 10 and more tasks each week/month – invoicing, paying suppliers, payroll, super, Workcover, collating customer payments, reconcile bank statements, reconcile credit cards, petty cash – if you want a template to track the main bookkeeping tasks, call or email info@accountkeepingplus.com.au
  5. Better Reports for more insight? What other reports does the software offer? I find that exploring other reports and seeing what customization is possible can reveal new reports and insights that help make better decisions!

Need help? Not sure? Call for FREE 30min advice / Strategy session today!

                Call 0407 361 596 Aust and also get FREE Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!


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MYOB/Reckon – What do I do if client has paid but the cheque is dishonoured by the bank?

MYOB/Reckon – What do I do if client has paid but the cheque is dishonoured by the bank?

MYOB/Reckon – What do I do if client has paid but the cheque is dishonoured by the bank?

When your client (or nemesis J) has paid by a cheque and it has bounced… dishonoured by the bank – how do you record this in your bookkeeping?

Usually there will be a Credit deposit and Debit when the cheque is dishonoured, so they will cancel each other out and are NOT worth entering at all.

Re-invoice the client for the bank fees you have been charged, using a service type invoice. Use the N-T or FRE tax code. Send it with a friendly note that the cheque bounced and these are the fees you have been charged!

When the cheque is presented (or you receive another cheque) allocate it to the correct invoice.

Get a FREE 30 min answer to your query, and FREE ongoing email or phone support – No-one offers as much! Call and you also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

Email info@accountkeepingplus.com.au or call 0407 361 596 Australia


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Business Tax Tips – The importance of keeping proper records and evidence when the ATO comes calling

Business Tax Tips - The importance of keeping proper records and evidence when the ATO comes calling

Business Tax Tips – The importance of keeping proper records and evidence when the ATO comes calling

Smart Company’s Terry Hayes reminds us of a key basic tax tip obligation of keeping proper records and evidence of the claims, when he summarises key results of an appeal against GST and income assessments –

A recent case in the Administrative Appeals Tribunal has again shown the importance of having proper records and evidence when the Australian Tax Office comes calling.

The taxpayer in question was audited and adjustments were made by the ATO. The taxpayer took the matter to the Tribunal but could not prove his case.

Read more: “Mice ate my tax records” just doesn’t cut it!

The AAT disallowed the taxpayer’s appeal against GST and default income tax assessments, although it set aside an administrative penalty for one of the years in question.

In 2008, the ATO audited the tax affairs of the taxpayer’s family and the companies they controlled. The family business in question was a business of property development and construction. The Tribunal said the audit “did not end well” for the taxpayer. As a result of the audit, the Commissioner was not satisfied that all of the taxpayer’s income had been disclosed nor that he had been carrying on an enterprise for GST purposes, which had the effect of calling into question the input tax credits he had claimed on his GST returns.

In 2012, the Commissioner made assessments of GST net amounts so as to claw back the input tax credits the taxpayer had claimed, plus default income tax assessments of the taxpayer’s taxable income for each of the income years 2003 to 2008 inclusive. The Commissioner had earlier made amended assessments for the income years 2007, 2009 and 2011.

The taxpayer faced tax and penalties of almost $2 million.

The taxpayer objected against the various assessments of tax and penalty. All of the objections relating to primary tax were disallowed, with the exception of one of the objections dealing with the 2007 income year, which was allowed in full. The objections relating to administrative penalty were disallowed, with the exception of the 2011 year, which was allowed in part.

The taxpayer then applied to the Tribunal for review of the Commissioner’s objection decisions.

The taxpayer was represented in the proceedings by his sister who, on his behalf, provided 55 lever-arch folders of documents to the Tribunal. Deputy President Frost of the AAT said it seemed that the taxpayer’s sister considered that those folders would shed light on her brother’s activities during the relevant period, including how he generated his income, what expenses he incurred in relation to those income-generating activities, what supplies he made for GST purposes and to whom, and what acquisitions he made and from whom, so as not only to attack the various assessments as wrong, but also to establish how they could be made right. The Tribunal, however, did not find the documents to be as helpful as hoped by the taxpayer.

The taxpayer himself did not provide a written statement to the Tribunal to explain his activities during the relevant periods or the sources of his income, and he did not give oral evidence either.

Need help? Not sure? Call for FREE 30min advice / strategy session today! 0407 361 596 Aust

***BEFORE you BUY Ask us for a competitive software price BELOW retail – no obligation!

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