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Cashflows Tips – 3 Tips To Help Your Cashflow

3 Tips To Help Your Cash Flow

3 Tips To Help Your Cash Flow

Cashflows can easily get out of hand and some studies suggest that financial miss-management is one of the top causes of business failure. We gave 4 tips HERE, now here are 3 more tips to help get cashflow under control – remember it is an on-going thing to work on and never stops!

1. Set Credit Terms of Your Invoices Carefully
If you are offering credit to clients/customers, then it is important to set clear limits to your terms of credit. The next step is to –
2. Collect Payments Fast
We must manage debtors. Try letting debtors know how much time remains before due dates. Keep close touch with major debtors as payment deadlines approach. Also consider offering small discounts for early payment as an incentive.
3. Pay Creditors to Your Strategic Advantage
You can take advantage of credit terms and prioritise payments according to the consequences involved if you go overdue. Priorities though, are wages, taxes and direct debits at the top of the list for timely payment; but sometimes key suppliers may be prepared to wait. Don’t pay early just to get a discounted price unless getting the discount is better than being without the cash.

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

And also get FREE “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right!

Wondering which software to get? Click on the “Get FREE Download” button above for your FREE report!

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MYOB – No Payroll when Upgrading from v18 to Account Right Plus 2013

 

MYOB – No Payroll when Upgrading from v18 to Account Right Plus 2013

MYOB – No Payroll when Upgrading from v18 to Account Right Plus 2013

This is an interesting query on the MYOB Community forum last week – (HERE)

City Haven asked –

“I have just upgraded my MYOB company file from MYOB Accounting Version 18 (without Payroll) to MYOB Account Right Plus v2013. I understood that I would have a payroll function with the upgrade but after upgrading my old company file, when I open it the file is a MYOB AccountRight Standard file even though I installed the AccountRight Plus v2013 – there is no payroll function. Can anyone help me?

Solution in Reply –

In response to your post, this issue can easily be resolved by following the steps below :

1. Open MYOB and your company file.

2. Go to the Help menu.

3. Select ‘Change Product’ and ensure that the AccountRight Plus package has been nominated.

Please note that if the change isn’t visible immediately after then restart the software and you will see the additional features such as Payroll, appear.

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

And also get FreeAvoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right!

Wondering which software to get? Click on the “Get FREE Download” button above for your FREE report!


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Business Tax Tips – Prepare Now – Early Start on Year End Preparations!

 

Business Tax Tips – Prepare Now – Early Start on Year End Preparations!

Business Tax Tips – Prepare Now – Early Start on Year End Preparations!

It’s never too early to start preparing for Year End – that is 30 June in Aust. You can begin now, even though some tasks have to be completed AFTER 30 June.

Before you start year end complete the main basic regular tasks for the financial period being closed:

  • Bank account – you have fully reconciled your account and it agrees with your actual bank statement balance.
  • Invoices – you have entered and approved all invoices.
  • Bills – you have entered and approved all bills.
  • Expense claims – you have entered and approved all expense claims.
  • Payments received – you have banked all payments received.
  • Financial adviser role – make sure you email or call to ask if there are any issues to complete before 30 June

Once the above have been completed, accounting software company Xero recommends the following (adapt according to your own needs and software – the Reports mention are specific to Xero, but similar reports are in all the major accounting software). Xero accounting software have a great step-by-step list that also applies to all business accounting software, so take advantage of their help, as follows from their Help Centre – (Note – links are for Xero-specific topics and reports, ignore if you are on MYOB or QB or other – year end tips for these will come soon also – email us or sign-up Free for updates!)

  1. Run a GST Reconciliation report. From here you can drill down and tab to the GST Audit report for each period. Check each GST category, for example, the GST charged on income, GST charged on expenses, BAS Excluded and GST-Free Expenses for any coding and GST treatment that looks incorrect.
  2. Run a Trial Balance.
  3. Reconcile all accounts on your Balance Sheet:
  • Bank account – make sure any unpresented cheques or payments are correct. Check your imported bank balance in Xero against your actual bank balance from your bank. Use the Bank Reconciliation report to help with this.
  • Run an Aged Receivables and an Aged Payables report. Xero is designed to ensure the balance of your aged receivables and payables matches your general ledger at all times. Write off any bad debts using the credit functionality.
  • Check your BAS Return and balance for the period.
  • Ensure you know what makes up the balance of all accounts in your Balance Sheet, including loans and fixed assets.
  1. Let your financial adviser know you have finished entering data so they can log in to your organisation in Xero to see/update what you’ve done and potentially complete the rest of the process.
  2. Your financial adviser can add journals and adjustments directly into Xero. They don’t need to re-key this information.
  3. Your financial adviser is likely to verify balance sheet items and add entries for:
  • Year-end manual journals
  • Tax liability
  • Accruals
  • Work in progress
  • Depreciation
  • Loans
  • GST adjustments.

If your financial adviser is completing your accounts, they may want the paper copies of items on your Balance Sheet (such as loans, bank accounts, prepayments, GST statements) to check these against your Xero balances and ensure they are correct.

In Xero there’s no need to do a specific year end (‘roll up’) journal to bring the profit and loss balance back to 0.00. Xero’s reports are created in real-time and in the case of the Profit and Loss report it is run directly off the year-end date you’ve specified in Xero. So on any date the report is run it will be from the start of the financial year anyway. Once the new financial year starts, as long as you haven’t entered any transactions into Xero for that year, the Profit and Loss report will show 0.00.

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

and also get Free “Avoid these GST mistakes – there’s 18 that the Tax Office see regularly – get them right!

 

Wondering which software to get? Click on the “Get FREE Download” button above for your FREE report!


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Quickbooks – Catching Up Customer Payments

 

questionClient rang, saying they have just taken over as volunteer treasurer for the local cricket club.

While going through the books they discovered that the previous treasurer had been depositing the payments from the members, but not entering them into the program.

How can I give the members credit for past payments without altering the books?

Answer If you invoice your members, you match the payment on the bank statement to the invoice with receive payments, but if no invoices have been created and issued, you can still create an invoice and then use receive payments when the payment is received. If you don’t invoice your members, you just use a sales receipt which will deposit to the bank at the same time.

In both cases, you may want to consider depositing the payments to undeposited funds so that when you find deposits you can select the payments in the deposit. That way your deposits in QuickBooks will match the deposits on your bank statement. And the undeposited funds account will keep a record of any missed, but should clear out back to zero.

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

And also get Free “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right!

 


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Cashflow Tips – 4 Tips to Help Cashflow

Cashflow Tips – 4 Tips to Help Cashflow

Cashflow Tips
4 Tips to Help Cashflow

Cashflow can easily get out of hand and some studies suggest that financial mismanagement is one of the top causes of business failure. Here are 4 tips to help get cashflow under control – remember it is an on-going requirement!

1. Plan for the ups and downs
Be aware of when lean cashflow patches are coming up and plan accordingly. Avoid major purchases from your business’ working capital unless you are sure you have cash to cover it. A cashflow budget will help you see this – eg revenue down on forecast (eg the average monthly required).

2. Have finance products working to your benefit
Overdrafts, premium funding, lease facilities and cashflow funding products can all be excellent tools to help boost a business’ cash. Even the business credit card can be a good way to ease the squeeze as long as you are sure the debt can be paid before interest kicks in, which is the best way to handle credit cards!

3. Avoid vehemently – tax and other statutory penalties
Save the money and the stress!

4. Keep your hands out of the till
Make cash drawings for personal purposes as minimal and following conservative cashflow forecasts.

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

And also get Free “Avoid These GST Mistakes” – There’s 18 that the Tax Office see regularly – get them right!