BOOKKEEPING TIPS

Not sure on how to process something in your accounting software?
Ask a professional!
No matter how big or how small. If you are unsure please either ask a bookkeeper or accountant. It could save you hundreds of dollars. 

 Do you have a pile of receipts and supplier invoices that you can’t find the time to process?
We have apps that can read the receipts and process them into Xero so you don’t have to. 

 Tired of not knowing where your employees are or how productive they are on a job? Did you know there are easy to use apps that can track employees locations as well as job allocation making it easy for business owners to see where their employees are and what job they are working on. 

If we have learned anything in recent times it’s how important having a work life balance is. By engaging with a professional and qualified bookkeeper you can free up hours of time each week to spend on other important things in your life. 

 Want to save money on bookkeeping and accounting fees?
Keep your business and personal expenses separate. Plus do you really want your bookkeeper and accountant to know every place you shop? 

 Using a cloud based software allows you to access your file when ever where ever you need. Freeing up time for the more important things in life. 

 BAS, IAS, STP, TPAR, Super...!!!
It seams every year there are more and more deadlines that business are expected to meet. Some deadlines can incur huge penalties if missed. ensure you keep track of your deadlines and pay amounts due by the due date.

It’s so important for business owners to regularly review the financial position of their business. Not just sales but also gross and net profit as well as other factors like stock purchases as well as staff costs in relation to sales. 

It’s so important for all business owners to at least learn the basics of accounting. To understand at least what transactions go where and what position their business is in.
At Fleurieu Coast Bookkeeping we work with our clients to ensure they understand where their business is at. 

 Struggling to pay your taxes when they are due?
We recommend you put a certain percentage of your sales away each week in a separate account that you only use to pay your tax. If you can have an account with bonus interest you can earn a little bit extra as well. 

Keep it simple!
Why overcomplicate things if there is no need to?
By establishing easy to follow processes you can dramatically cut your accounting and bookkeeping fees. 

With so much technology becoming cloud based, which means people can log on anywhere anytime. It is even more important to ensure that each staff member that accesses your business software has their own log in and uses 2 step authentication. This is the main and easiest way to ensure there is an audit trail so you know who did what and when. 

To see how your business is performing create regular reports. Even if it’s just a Profit and Loss or Balance Sheet. If you compare month on month you can easily see areas that are improving and those that need some work. 

 There’s is 2 parts to this
- If an invoice has been raised and paid in cash ensure it is paid off to where the money went. Don’t leave it unpaid or pay it to the bank account unless the money actually went to the bank.
- Ensure the cash received each day matches the cash sales for the day. Cash theft can be a huge issue for small businesses that deal with large amounts of cash. 

 By making your books a priority you can keep a closer eye on how your business is going financially. By engaging with a qualified bookkeeper you can make your books a priority and still be able to do what you do best. 

When you keep track of where your sales are each month you will have a better idea of how your business is going and can make necessary adjustments.

When you use a qualified bookkeeper you can be assured that they have a higher level of bookkeeping knowledge and must maintain their knowledge each year.

Ensure you lodge and pay all your employee entitlements on time. Some of these have huge penalties if they are lodged or paid late.

What is your business without your suppliers and your employees?

By paying your supplies and employees correctly and on time it is more likely they will stay with you saving you time and money in the long run. Pay yourself when your business can afford it.

If you put a certain percentage of your sales away each week or month into a separate account then when it comes to paying your super it is no big shock as the money is already saved up.