Bookkeepers and Business Owners! – Training you – Solving Problems – Or We do your books for you!

Bookkeeping – Train, Troubleshoot or we do the books for you! MYOB Reckon Xero & Set Up


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Business Tips – Consistency in Marketing – Having an overall consistent message in marketing

Business Tips – Consistency in Marketing – Having an overall consistent message in marketing

Consistency in Marketing – Having an overall consistent message in marketing

Like most business owners, you needs clients, but having consistency in marketing is hard when you find you can’t stop to get them! It feels like you’re being pulled in many different directions (both personally and professionally) that you can’t find the time to have an overall consistent message in marketing.

When it comes to marketing, what is most effective for businesses these days? It used to be you could pay a lump of money annually (or break it into monthly payments) for a Yellow Pages ad and the phone would ring. Or attending a local networking event from time to time. But things have changed. There are so many choices, and advertising doesn’t really seem to work anymore, at least not in the traditional way. Most of us are not outgoing and hate the idea of reaching out and “selling” our services .

So, for many, the marketing just doesn’t happen.

Problem – Yet we know it’s necessary to market our business to build and grow a stable income and reach our goals. But given the time and budget limitations, how can we get past the marketing hurdle?

Answer – Do small consistent tasks that don’t take much time. When you approach it this way, you’ll actually get BETTER results!

In this age of online technology, doing small actions consistently is one of the BEST ways to get and keep your marketing rolling to consistently attract new clients and grow your business.

Some quick and effective things to do that you can spread out over a week, ONE per DAY. And then repeat the process!

  • Create / Update Your LinkedIn Profile – This is a most powerful social media profile you can have for your business. Get it done one chunk at a time.
  • List your business in one new online business directory – These get picked up by the search engines and you never know who will find you this way. Most are free or low cost. Be sure to include a key benefit you have to offer that sets you apart from your competition. This works for both local and virtual bookkeepers.
  • Make one or two phone calls per day to a present or past client – The point here is to talk to someone just to warm up the connection and let them know you are available if they have a need. This also works for connecting with colleagues, strategic networking partners, and any business connections you have or want to establish.
  • Update your Association/Industry profile – If you’re a Certified X (your industry) (or have a listing in any other type of certification or partner program directory) update or improve your profile information so it is appealing to potential clients who see it. Maybe make a special offer that is time sensitive.
  • Making connections in  Social Media like Twitter – Start following people you would like to make a real connection with. Then start sharing (tweeting) helpful information that would be useful to the type of clients you want to attract. Ultimately, you will want to be spending a little time on Twitter daily, if possible.

Getting the word out about your services so it can reach the customer/clients who need your help can be a lot of work, but the load is much lighter when you can approach it just one small action at a time. When it becomes a habit, you will build a true, rock-solid business as a result.

Marketing is not something that should be done all at once and then stop when you get too busy.

Try out this simple daily plan above, and see if it works for you.

Do you already have a daily marketing routine that works well for you? Tell us your tips!

DOWNLOAD a FREE “Bookkeeping Quarter Checklist” to get organised! CLICK HERE

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

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

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Business Tax Tips – Can I claim Home Office Expenses?

Business Tax Tips - Can I claim Home Office Expenses?

Business Tax Tips – Can I claim Home Office Expenses?

Many clients ask “Can I claim Home Office Expenses?” There is great information on the ATO website, and links for more info and a cool expense calculator, as part-reproduced here –

If you are a sole trader and your home is also your place of business you can claim tax deductions for a portion of the costs of owning, maintaining and using your home for this purpose. When you sell your home you may be liable for capital gains tax.

If you operate a business at or from your home, you may be able to claim a deduction for some of the expenses relating to the area you use for business purposes.

These expenses can be divided into two broad categories:

  • Occupancy expenses (such as mortgage interest or rent, council rates, land taxes, house insurance premiums);
  • Running expenses (such as gas and electricity, phone, decline in value of plant and equipment, decline in value and cost of repairs to furniture and furnishings, cleaning).

As for motor vehicles, if you are carrying on a home-based business you can claim the cost of trips between your home and other places if the travel is for business purposes.

Generally, you can ignore a capital gain or loss you make when you sell your home, unless you have used any part of it for business purposes.

Next step:

Home office expenses calculator

Disclaimer:

  •  All outcomes provided by this calculator are based on the information you provide and the deduction rates available at the time of calculation. You should use the outcomes as an estimate and for guidance purposes only;
  • You need to self-assess your eligibility and entitlement to a deduction for home office expenses before using this calculator.

Warning – Capital Gains Tax on Sale of Home

Be aware that if you claim home expenses for business, then Capital Gains Tax may apply if you sell the home.

The ATO explains further (and gives examples there)  –

Generally, you can ignore a capital gain or loss you make when you sell your home. However, you may have to pay CGT when you sell your home if you have used any part of it for business purposes.

CGT will not apply if any of the following apply:

  • You operate your business from a rented home;
  • You do not have an area specifically set aside for your business activities;
  • You operate your business through a company or trust.

In most cases, the portion of any capital gain on your home that is taxable is the same as the portion for which you could claim a deduction for interest. Generally, this is based on the floor area of your home you have set aside for business, for example 10%.

You do not have to pay CGT for those periods you did not use your home for your business.

If you have a capital gain because you use your home for business purposes, you may be able to apply one or more of the small business CGT concessions to reduce your capital gain.

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

DOWNLOAD a FREE “Bookkeeping Quarter Checklist” to get organised! CLICK HERE

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


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Business Finance 101 – What is the Balance Sheet – Example and Definition

Business Finance 101 – What is the Balance Sheet – Example and Definition

What is the Balance Sheet – Example and Definition

An important part of helping our clients at Account Keeping Plus, is to educate and help businesses and bookkeepers to understand what is the Balance Sheet (also known as the Financial Position) and here we give an example and definition.

Definition

The Balance sheet presents a look at a point in time (eg end of month or year) of the assets and liabilities of the business. In other words, it is a picture or summary of what the business has and how it is funded.

There are three areas in the Balance Sheet – Assets Liabilities and Equity –

Assets include bank accounts, petty cash, inventory, debtors or accounts payable, which are also grouped as Current Assets because they turn over in less than 12 months. Long Term Assets show Plant & Equipment and Motor Vehicles.

Liabilities include credit cards and short term loans, creditors or accounts payable, GST, payroll withholding tax, PAYG and super accounts, which are grouped as Current Liabilities as they also turn over in less than 12 months. Long Term Liabilities show business loans and overdrafts, car loans/finance.

Equity is the difference of assets less liabilities. Sometimes known as net worth  or Shareholder Equity.

Example

The Balance Sheet can be likened to a house with a loan. The house has a value (Asset), say $450,000 and if there is a loan (Liability) say of $250,000 there would be a net of $200,000 which is also called Equity or net worth.

Bal Sht like house

In a similar way, a business reports these as the Balance Sheet Assets, less its Liabilities, leaves Equity (Shareholder’s Equity)

Bal Sht summary

Look for future Posts where we will look at important ratios that can be calculated from parts of the Balance Sheet.

What are your thoughts? Call for FREE 30min advice / strategy session today!

0407 361 596 Aust

DOWNLOAD a FREE “Bookkeeping Quarter Checklist” to get organised! CLICK HERE

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


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Cashflow Tips – A cool tool to see what affect changes make on Cashflow

Many run by gut or the bank balance early in running a business – but understanding your cash flow is critical to your business success, and a handy tool that bank NAB have created is an online cash flow improvement tool. Whether using MYOB, Reckon/Quickbooks or Xero for bookkeeping, Try it and see what you think! (Click icon to go to the page)

Cash Flow Imp CalcLet us know how you went…

For other NAB cool tools see Calculators and tools

Also see Cashflow Tips – 5 Ways to Keep Cash Flowing

Or Cashflow Tips – To Discount or ADD VALUE?

DOWNLOAD a Free “Bookkeeping Quarter Checklist” to get organised! CLICK HERE

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

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