09 September 2016
SMALL BUSINESS TOPICS
Smart, Easy Online Solutions that make Bookkeeping Fun
When you own and run a small business it’s a juggling act to complete bookkeeping, build your client list and pay expense on time. Yet BAS and GST should be high on any small business’s “to do” list, not just to avoid fines from the Australian Taxation Office.
A survey from Small Business Barometer by bookkeeping franchise First Class Accounts found 11% of small businesses are missing their BAS deadlines, while 75% admit they just simply overlook the lodgement due date.
Many small businesses complain it’s too difficult to keep up with all the regulations and compliance requirements in general, yet complain about how much bookkeepers and accountants charge to do it for them.
Big biz in Australia is struggling with its new #tax reporting deadlines https://t.co/Etb8S6wI3f
— IPA (@ipaaccountants) November 30, 2017
Business Council of Australia (BCA) & PwC miss deadlines for lodging Tax Returns. Setting bad example! #auspol @smh pic.twitter.com/T8XFvUpncz
— Paul Keighery (@PaulKeighery) March 9, 2016
Are you juggling #time to make sure you can get your #bookkeeping done?
Ease up your time and achieve more beneficial tasks each week by hiring a Liberty Williams #accountant!⌚ pic.twitter.com/SfMEpHCHsu
— Liberty Williams Acc (@libertywillacc) January 29, 2018
“Administrative burden has increased three fold.
Too much paperwork and I can’t afford an administration person” States Shayne Hope, Bayside Security Doors (Final Thinking Busines Impacting Illawarra page 17 ) Can you relate to his statement?The real issue is not the your Business Activity Statement deadline, it’s the lack of urgency that small businesses place on their filing and bookkeeping obligations. It just isn’t a priority and it is put aside until the last minute with it absolutely must be done.
Day to day financial management for every small business is not just annecessary it is essential.
Working hard and depositing money in the bank fails on a number of accounts. Are you making money? Do you know what your break even is? Can you work smarter instead of harder?
There are so many tools available to you online to simplify, reduce stress and time without employing.
Here are my top 5 tips to help you keep on track and pay your BAS on time.
If you are mixing personal with business in your bank accounts, using excel spreadsheets, paper invoice books, it’s time to STOP!
Sit down with a calendar and write when all your deadlines are due throughout the entire financial year.
Make a list of all your regular monthly and quarterly bills
Estimate all your one off bills like registration, insurance
Set these out on a
Then set that amount aside on a regular basis. Some small businesses find it helpful to have a separate account to pay their GST into. piece of paper or in the online software itself – work out how much you need each month or week to pay these costs.
Sit down and make it a goal to meet all your deadlines on time. Pop a calendar on the wall or set alerts on your smartphone.
Know when to ask for help. If you know that bookkeeping is not “your thing” then start investigating and looking for an affordable option to suit your needs. For less than a coffee a day, most small businesses can have a qualified bookkeeper looking after their accounts.
Want to know how affordable bookkeeping can be? Click here
Amanda Hoffmann is a registered BAS Agent No.18613005, Associate of Finance, Xero & Myob Certified Consultant, a Queensland’s Quickbooks Trainer and works with the ATO on their advisory boards.
She says she is more than just a bookkeeper with experience in real estate investing, social media, podcasting, public speaking and blogging.
Amanda would love to train you to use accounting software, if you need help fixing a messy account or general assistance with automating your administrative duties to save time and money.
