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Cashflow Tips – Reminders to Keep on Top

 

Cashflow Tips – Reminders to Keep on Top

Reminders to Keep on Top

There are many ways to ensure your business cash flow stays healthy, but most of it comes down to the discipline to keep on top of key practices and good communication with your customers, suppliers and banks.
Debtors
– It is important to really know your customer. Before you provide credit terms, check that you have all of their information. If the deal is big enough, run a credit check on the potential customer.
– Set and agree your credit terms clearly up-front. Ensure your customer knows exactly when payment is due and to whom, and that invoices clearly show your terms and your banking details. Feel free to offer terms that work for both you and your customer but try to keep them under 14 days.
Creditors
– It’s important to build good relationships with your suppliers. Ensure you make payments on time whenever possible so if you do have a period of cash shortfall, they are more likely to extend your credit terms.
– If you do hit a rough patch, don’t be afraid to ask for extended terms or to spread your payments over time.
Stock
– Review what is selling and what isn’t. Cut the slow moving products and sell them as quickly as possible, as holding stock just locks your cash away.
Cashflow Forecast
– Consider some different scenarios – what would happen if your biggest customer didn’t pay? Or if your average payment terms increased? Regularly update it and track your progress to avoid surprises. Here is an exercise – Download last year’s Profit and Loss as a monthly multi-period into excel, then adjust known sales and expense changes for the coming year. Add the formulas to total your cost of sales and calculate gross profit each month. Then the formulas to total expenses and finally the calculation to see your operating profit. You can add a line to put in the opening bank balance, and take out any expenses not actually paid, eg depreciation, so the ACTUAL Cash is recorded. The sales are what you expect to get in the bank CASH, based on customer history. Takes ability of work, but once the template is set up, you can vary figures and see the effect in months to come that can indicate when you will have surplice or shortfalls of cash.
If you need help, we can come and supply a template to plug your figures in and what you aim for in the year to come to see where you may end up at 30 June next year.
– Reconcile your bank account daily to check payments coming in and out. Good accounting software should provide daily bank feeds that are coded automatically so you are always aware of your cash balance.

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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Reckon/Quickbooks – How To Print Address Labels And What Are The Options Available?

 

Reckon/Quickbooks – How To Print Address Labels And What Are The Options Available?

Reckon/Quickbooks – How To Print Address Labels And What Are The Options Available?

You can print mailing labels from any or all of these lists:

  • Customers & Jobs Note: You can print labels or cards for customer names on your Customers & Jobs list, but not for specific jobs on the list.
  • Supplier
  • Employee
  • Other Names

Here’s how to find out what options are available to print address labels in Reckon/Quickbooks

  • Make sure that your printer is on and that the sheets for the labels or cards are properly loaded in the printer.
  • Go to the File menu, choose Print Forms and then click Labels.
  • Choose the names you want to appear on the labels. Drop down the list and choose Customer, Supplier, Employee or select Multiple names and tick off individual names specifically
  • (Optional) You can target your mailing to a specific geographic area, by specifying a particular Post Code or group of Post Codes to print. To do this, select the with Post Codes that start with checkbox and enter the Post Code (or partial Post Code) that you want to use to limit your printing. You can choose part of a code eg 20 or 200 for all codes that start with that, or full postcode, but NOT multiple codes at once
  •  (Optional) To sort the labels or cards by Post Code, click the Sort By drop-down list and choose Post Code. Otherwise, Reckon Accounts sorts the labels or cards alphabetically by name.

Important: For the Post code sort to work, the last line of addresses must contain only the city, state, post code, and country (if necessary). The comma after the city name is optional.

  • (Optional) If you want each customer’s shipping address to appear on the labels, select the Print Ship To addresses where available checkbox. Otherwise, Reckon Accounts prints the billing address. Also choose to include Inactive Names or Jobs
  • Click OK.
  • Check that the Label Format setting is correct in the Print Window – check the printer. Drop down the  “Label Format” and choose which Avery Format.

Important: Only the label numbers shown in bold appear on the drop-down list when you select a label format. The other label numbers listed are equivalents to one of the bold label numbers. For example, if you use Avery label # 7651B, select 7651 when you set up your printer for printing mailing labels.

Number   on list Avery equivalents Columns,
# per page
7651 8160
8660
5 columns
13 labels
7160 8161
8661
3 columns
7 labels
7162 8162
8662
2 columns
8 labels
7163 8163
8663
2 columns
7 labels
7164 8163
8663
3 columns
4 labels
  • Click Print.

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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Business Tax Tips – Are un-finalised business tax changes holding your business decisions in check?

Business Tax Tips – Are un-finalised business tax changes holding your business decisions in check?

Are un-finalised business tax changes holding your business decisions in check?

There are around 100  tax changes  that the former Labour Government and new Coalition Government have announced that are still to be clarified with final legislation. The uncertainty has arisen due to the Coalition stating it will review or repeal Labour measures. Some include the proposed “loss carry-back measure”, delay the compulsory super guarantee increases annually to stay on hold at 9.25% for at least a year, 28.5% Corporate tax rate for Over $5mill turnover, removal of instant write-off of assets under $6,500 and tax deductions on interest for overseas business expansion. There is a tendency for tax advisors to advise caution which is adding to indecision while the business community waits for certainty.

As Yolanda Redup reports at Smart Company –

Small business owners have been left in limbo, with almost 100 tax changes announced by the Coalition and former Labour government left unlegislated.

Cash flow problems are common among small business and the raft of changes which are yet to be enacted are making it difficult for them to plan for the future.

EY, Ernest Young Accounting, has compiled a list of the unlegislated changes for its clients to help manage the confusion, with the global accounting firm identifying a total of 95 potential changes.

EY tax partner Alf Capito told SmartCompany the uncertainty hasn’t ground business to a halt, but it is reducing investment and spending.

“The economy is still jigging along, but when you have close to 100 measures unlegislated, each one impacts a small proportion of the tax paying community, potentially in a significant way,” he says.

“If you’re looking to buy an asset, but don’t know if you’ll get the instant tax write off or not, you wait to buy it until it becomes clear. So it’s hampering investment and potentially creating a position where jobs aren’t being created.”

Capito says measures such as the Carbon Tax and the Minerals Resources Rent Tax repeal can have a big impact upon the business environment, but largely it’s the “plethora” of un-enacted measures which is destructive.

“Each measure in itself isn’t critical… but it’s just the plethora of measures which demonstrate the Labour government let this get out of control,” he says.

“I sense the new government is determined to deal with these issues, but the difficulty will be finding the resources to get these issues resolved when it’s taking a tough line on public service cuts.”

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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Reckon/Quickbooks – Combine Multiple Company Reports

 

Reckon/Quickbooks – Combine Multiple Company Reports

Reckon/Quickbooks – Combine Multiple Company Reports

Do you have multiple companies with data stored in separate Reckon/QuickBooks files, and need to consolidate reports? Do you know how to combine each company data in one report? Some versions of Reckon/QuickBooks (eg Enterprise xxxx) have a built-in feature designed with this task in mind. The Combine Reports from Multiple Companies feature will enable you to create reports that combine the Balance Sheets, or Profit and loss, Statements of Cashflows and more. The combined data is exported as a Microsoft Excel spreadsheet, and you can further manipulate as required.

This applies to Reckon/QuickBooks Enterprise Solutions. It may vary slightly or significantly with other versions or products.

  1. Launch QuickBooks and open a QuickBooks file from the first company with which you want to work.
  2. Click “Reports” on the main menu and select “Combine Reports from Multiple Companies.”
  3. Click “Add Files,” locate the second company file, select it and then click the “Open” button.
  4. Select the reports for which you want to view combined information. Available reports are listed in the Select Reports For Combining section.
  5. Enter the date range you want to use in the From and To fields, respectively.
  6. Click your desired report basis.
  7. Click “Combine Reports in Excel” to display the combined report from the two companies in a spreadsheet.

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