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Bookkeeping – 7 tips for business health by keeping healthy books/accounts!

Bookkeeping – 7 tips for business health by keeping healthy books/accounts!

Bookkeeping – 7 tips for business health by keeping healthy books/accounts!

Here are some timely reminders from J T Ripton at smallbizdaily.com

Accounting is often one of the toughest jobs for small business owners, especially those who don’t have a lot of experience or a strong background in bookkeeping. Following a few simple tips throughout the year can make it much easier to track expenses and file taxes when the time comes.

1. Plan Ahead

The first step is to look ahead at the potential needs for your company and plan for these expenses. For example, if you know that you will need to replace expensive equipment in the near future, make sure to set aside funds every month to cover the costs. Other major expenses that may arise include office supplies, inventory, maintenance, and repairs. You can also set aside money each month to cover the annual taxes, so you won’t stress about the amount you need to pay when April 15 arrives.

2. Use Reliable Software

Business bookkeeping software has come a long way over the past decade, and some programs make it much simpler to input expenses and cash flow. MYOB, Reckon and Xero allow you to keep everything you need in one place for easy recovery as needed. From tracking the status of unpaid invoices, to creating customized invoices, to tracking billable hours and budget spent, online accounting software is a great way to save time and money. Some programs like Dropbox and  Google Drive also offer cloud access to your files, which means that you can pull up information from anywhere instead of having to go to the office to find a document or receipt.

3. Separate Business and Personal

If you use your business credit card to pay for a personal expense, make sure to track that and separate it as soon as possible. It is much easier to separate expenses if you use separate accounts to pay for them, but you may accidentally use your business card for a non-company purchase. Business costs are tax deductible, so make it easier on yourself by separating them every time you make a purchase.

4. Schedule Yourself

When it comes to bookkeeping, it might seem easier to just put it off until the end of the year. However, this is going to result in a big headache when you are trying to track down receipts and invoices that may be months old. Schedule time each week or each month to work on your books and stay as current as possible. It may be tempting to skip this every so often, but when you can stick to the schedule, it will be much easier to stay on top of the finances without feeling so stressed.

5. Review Invoices

Be sure to keep close track of your invoices, since some (clients) are notorious for paying bills late. You can probably use your accounting software to run a monthly report and determine what invoices are still outstanding. This gives you the flexibility to send reminders and follow up on outstanding bills before too much time passes. It is also smart to keep a close eye on your cash flow statement, so you can avoid the dreaded insufficient funds message on a payment.

6. Call in a Pro

For some things, it is definitely worth the investment to bring in an expert. You may rely on a financial advisor who specializes in your industry, or you might just need an accountant who can pay your taxes and payroll. You can even use a student intern who is working on an accounting degree if the budget is tight.

7. Track Expenses

Most experts discourage business owners from using cash to pay for any business expense, since it can be very difficult to track. When you use a credit card or debit card, you can view the transactions right away and make sure that all items are true business expenses to avoid issues with write-offs and taxes.

Accurate bookkeeping is an important part of business ownership, so it is crucial to stay on top of the expenses and invoices to prevent problems. If you have questions about bookkeeping, you can always rely on an expert, but once you have your system down, it should be much easier to keep track of the money coming in and out of your company each day.

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

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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Bookkeeping – Helpful Tool – Teamviewer – How to download and use for meetings or to login to your office or other PC

To Install – TeamviewerLogo(it should take about 5 min)

1.     Go To https://www.teamviewer.com/en/index.aspx

2.     Click Download – green button

DownloadButton

3.     Follow prompts – click “Save” in the Question box at bottom of screen (not Run yet)

Teamviewer1

4.     Then click the “Run”

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5.     After a few minutes, Teamviewer should open up ready to use

6.     You will have a Unique number – “Your ID”, and a Password these are used on the other device to login to your PC

Teamviewer3

7.     Then start using it for meetings, logins remotely and more – see lower down at http://www.teamviewer.com/en/ !

8.     There is an option to set up for unattended access (see the last video in the Videos link in Help (link below)

9.     For Help see – http://www.teamviewer.com/en/help/index.aspx

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

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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Cashflow Tips – Improving Cashflow – 5 things to attend to when cash is low

Cashflow Tips – The Importance and Productive Boost of Team-Building

Cashflow Tips – Improve Cashflow – Invoice Promptly!

There are many areas of your business can have an effect on how much cash is available. Here are 5 things to attend to when cash is low. Additionally, controlling your expenses and increasing your sales, you can improve your cash flow.

1. Review stock levels

Holding too much stock will tie up cash and increase storage and insurance costs. Practicing good stock control is to keep stock at efficient levels to service customers, but not sit for months waiting to sell.

2. Manage customer and supplier accounts

Follow up those overdue debtor accounts who owe you money. Managing debtors by having good credit policies and enforcing them, will keep your cash coming in.

You may also be able to negotiate longer payment terms with your creditors/suppliers. If you can get payment from your customers before you pay your suppliers, you will have zero out of pocket expense – easier said, but sometimes can happen.

3. Review banking products

Using the appropriate banking transaction products can have the money in your pocket sooner. Consider a mobile EFTPOS device, or investigate services to take payments over the phone or online.

4. Increase sales income

Review your pricing (time to increase?), use an new advertising campaign or improve your customer service and sell add-ons (would you like Fries with that?) to see if you can increase profits. You may also want to consider other ways to growing your business, such as complimentary products or services.

5. Reduce overheads

Think about reducing staff overtime hours and controlling overheads. Make your business more environmentally friendly may reduce costs such as power and water bills and minimise wastage. Remember to clearly communicate your policies on these items to your staff.

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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Bookkeeping – Having datafiles in Dropbox – Will it work?

Bookkeeping – Having datafiles in Dropbox – Will it work?

Bookkeeping – Having datafiles in Dropbox – Will it work?

 

Storing accounting datafiles in Dropbox sounds like the perfect “online” or “live” solution, but there are problems at times. Despite advice that is positive via Dropbox (https://www.dropboxforum.com/hc/communities/public/questions/202157455-Quickbooks-Pro-2013-Can-I-work-on-files-off-of-Dropbox) some of our clients have tried having their MYOB file in Dropbox, but wonder why it has issues. Please note the following –

  • Dropbox is not recommended by the Reckon or MYOB support recommendations
  • The continue uploading to cloud interferes with normal functioning:
    • Slows the datafile;
    • Can corrupt transactions while saving/uploading;
    • Can result in error messages referring to conflicts in the saving process.

The recommendation is DO NOT try it! It can be more trouble than it is worth!

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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MYOB & Quickbooks – Adding Credit Card Surcharges to Invoices

MYOB and Quickbooks - Adding Credit Card surcharges to Invoices

Adding Credit Card Surcharges to Invoices

A client emailed, concerned about the extra Merchant Charges they pay when clients pay by credit cards. There are a number of ways to deal with it depending on the type of layout you use.

  1. First, are there only specific customers who pay by credit card? If so, you could create a second invoice template and add the CC charge into it, then use the correct template to each customer.
  2. Or, you could add the surcharge into your standard template (say after a subtotal) but then you’d have to credit back the surcharge if the customer paid using another method. Or have a message at the bottom to ignore the charge if not paying by credit card.
  3. Another option is to create a large, bold text message box stating there is a surcharge for credit card payments and then show an example calculation after the text which would work out a set percentage of their invoice and actually show the amount that is extra.
    Your bookkeeper can make changes like these to your software templates, or call us to help!

What do you do?


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Quickbooks – Can I back up the programme in case I lose the disk?

 

Quickbooks – Can I back up the programme in case I lose the disk?

Quickbooks – Can I back up the programme in case I lose the disk?

Ensure you have a good spot in your files for your latest Quickbooks disks and login details, registration, etc.

It is not possible to just copy the software from your computer as the installation installs parts of the software in different areas, not just in the programme folder under programmes. So best to keep disks safe, but if disaster happens, call your local country office and they will be able to help with a link to get a download

Downloads of recent versions are available from the websites:

Aust: http://estore.reckon.com.au/businesssolutions.aspx

USA/International: support.quickbooks.intuit.com/support/Articles/INF12417

If you have Advantage cover you will have a log-in to access other benefits, so call and find out what you are entitled to.

Aust 1300 784 253 

USA (888) 859-4056             


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Super to be Paid for the Self Employed?

Super to be paid for the Self Employed?

Super to be paid for the Self Employed?

Do the sole traders and self employed, that do not have a company where super is compulsory even when directors pay themselves, have an obligation to pay super?

The ATO website guidance is “If you’re self-employed, you don’t have to make super contributions to a super fund for yourself. However, you may wish to consider super as a way of saving for your retirement.”  SEE HERE

It would be wise to be putting super away just as if you were employed, otherwise if you hope that selling your business will be your super, you take several risks – all your “eggs” are in one basket, your industry may not be viable when you want to sell, you may not be able to build the business to the value you want to sell for.

You will also miss out on the very generous tax concessions of super, such as tax free pension after 60 YO (or reaching preservation age), see details in this article HERE.

When is super due, the ATO states –

“You need to pay a minimum of 9% of each employee’s earnings base at least once every quarter, by the cut-off date (28 October, 28 January, 28 April and 28 July).

You can choose to pay more often if it suits you, for example – on a monthly basis.”

For more obligations, go to the ATO site HERE.