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Accounts Hero

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25.01.2022 Numbers 5 and 7 point to fresh perspective & planning. Goes beyond the age old argument of saving time and ensuring accuracy. This is what will elevate your business to the next level. This is how you can grow.

23.01.2022 Series: Financial problems Your books are a mess! If you’ve been told your books are a mess by your accountant, no doubt you’ve been advised to find a bookkeeper. And if you had a bookkeeper, realise that you probably should not have engaged the cheapest one you could find. Cleaning up your books in this kind of circumstance is termed rescue work. Yes, it’s that serious. But, with determination and commitment we can fix it. We know you had the best intentions. But along the... way you have been absorbed trying to sell your products and/or services. You probably did a bit of the books here and there. But now business and personal transactions are all mixed in together, documents are missing, transactions are coded and/or classified incorrectly, reconciliations are incomplete, gst has been incorrectly claimed for expenses, inventory stated does not match stocktake etc. So we know how we got here, but what’s the big deal? When your books are incorrect: - You cannot make valid business decisions - Information reported to the ATO is incorrect (tax either over or under claimed) - The risk of audit and legal penalties increases - There’s an inability to attribute growth to particular expenditure (unable to prove cause & effect) - Access for stakeholders at crucial times (like the bank!) becomes difficult - Job costing cannot be evaluated how do you know which projects are profitable? - You do not know who owes you money and who you owe money to - Rescue work is more expensive by the hour than ongoing monthly fees - Rushing the work at the last minute is stressful and could cause additional errors How a BAS Agent can help: - We’re faster. With our experience and knowledge, what takes you half an hour might take us 30 seconds. - BAS Agents use systems and workflows. The organisation and efficiency our processes generate save time and hassle. - Advice can be provided to improve your business. We spot irregularities and compare information across time to determine the cause. - We can provide budgets and cash flow projections and take measures to prevent hardship and unnecessary spending. - Since we are contractors we can be there at the peak times and you don’t have to spend money paying us during the lull as we are not employees. - We have portals to the ATO and partner editions of software ensuring your information is always submitted and up to date. - You do not need to spend money providing us workspaces as we can work remotely. - We can tailor services to your businesses particular needs so you get the most out of your information. Don’t fall into the trap of thinking you are saving money by not engaging a professional to do your accounts. It is going to cost you more in the long run and money spent on your books can be gained back fourfold by using that time to focus on your sales. www.accountshero.com.au

20.01.2022 An excellent reason to move from paper lodgements to online reporting

18.01.2022 Is your current bookkeeper BAS Registered? If not, or if you don’t know, you are taking a huge risk. Risks you should never undertake when it comes to your business finances. Your unregistered Bookkeeper may not meet the criteria for qualifications, experience, being deemed a fit and proper person, or they may not hold adequate professional indemnity insurance. ... If they are charging you for BAS services, and not registered, they are trading illegally under the Tax Agent Services Act 2009 and could be fined heavily. You want someone registered and you want someone bound by the Code of Professional Conduct. Otherwise you open yourself or your business up to compliance and financial risk. I’ve seen it first-hand and cleaned up the mess left behind. Don’t leave it until it’s too late. Check for your Bookkeepers TPB symbol and registration number Check the Tax Practitioners Board Register here: http://www.tpb.gov.au//Search_the_/tpb/agent_register.aspx Don’t leave it another minute, you’re at risk. Let’s find a solution now.

17.01.2022 Series: Financial problems You can’t find a ‘good’ bookkeeper For most businesses there are satisfactory services to fit within their budget. Frustration occurs when you want Champagne on a Beer budget. To facilitate this, indulge in the Champagne by changing the budget. Find a Bookkeeper capable of reducing expenses and increasing revenue. BAS Agents in particular, work with a variety of client’s expenses giving them experience in reasonable rates. They can obtain quotes,... negotiate on your behalf, and prepare budgets. To increase revenue - and this might be a little harder to find, but trust me we are out here find a BAS Agent capable of generating lead reports for growth. All too often business owners meet with their Bookkeepers in drab monthly meetings discussing what has already happened. You get your reports, your tax liability and your bill. And safe to say, you probably do not understand much of it. Choose a BAS Agent to lead you and learn from. There is no embarrassment in asking questions about something outside of your expertise. Anyone who makes you feel embarrassed or becomes defensive is not the right fit. Try this for a great working relationship with your BAS Agent - Choose someone interested in what your business does. - All businesses have problems. A good BAS Agent wants to find solutions for these. - Find one you look forward to meeting with, who gives you targets and monitors goals. - Give them what they need to be effective the authorities, the access and the trust. - Value their time, their fees and their presence. They are also business owners with overheads. - Find a BAS Agent who is your advocate and someone you can lean on. Lastly, enjoy the process. This is your business and the product of your vision. Surround yourself with great people. Attack targets with pride, review regularly, and set new targets. You will build a momentum that you cannot stop even if you wanted to. A ‘good’ Bookkeeper will help you achieve success by providing a priceless service. We are out here and would be excited to get involved. www.accountshero.com.au

14.01.2022 Series: Financial problems Your time isn’t managed effectively Time is a valuable resource and should be spent wisely. We’ve all heard the saying ‘Time is money’. This becomes all too evident when you are forced to make choices between adding value for your customers, and trying to keep your business afloat.... Successful small business owners make their money matters a priority. They surround the business with good support. Especially because time is also needed for other activities such as marketing, strategising and building relationships. Conversely, poor time management can lead to fatigue, poor decision making and ultimately serious financial problems. That stress can start to show in your business. The most common problems with time are: - Intending to do your books yourself but not making time for them and falling behind - Spending too much time on them due to inexperience and your core business suffers - Experiencing burnout because you have used your home, family and spare time to get them done - Procrastinating in doing the books due to laziness, overwhelm or fear Trust me when I say, receiving a phone call from a stressed business owner is difficult. You hear frustration in their voice. The long sighs. The reasoning. They still don’t want to spend the money which is now more expensive as rescue work. They’re running out of time and now they are looking for a cheap bookkeeper who can do 3 years work in a week. You do not want to get to this point. Be proactive. Call a BAS Agent to help out - This is exactly what we are here for to free up your time so you can work on core business that earns. - If your sales increase with the extra time you now have, your Bookkeeping costs will not rise proportionately. - You can set the terms of the agreement depending on the free time vs control you want, whether it is full-charge bookkeeping or just BAS review and lodgement. www.accountshero.com.au

13.01.2022 A Series: Financial Problems Small Business Owners Face Sometimes as a small business owner you just don’t know what you don’t know. You’ve put all your energy into your core business activities and now you need to know how to run your business. The marketing, financial and customer service side of things included. We all want to do everything ourselves. I get it. But sometimes having that sense of control is not worth the time we need to expend knowing everything about every...thing. Oftentimes it’s just the smarter choice to work it into your budget and outsource it. Are you going to make more sales with time spent adding value to your customers, or wasting it working on your books? The following posts are going to be a series, covering the following financial problems and why they need to be avoided. * Your books ‘are a mess’ * You’re unsure of all the rules * Your time isn’t managed effectively * You’re behind on payments * You can’t find a ‘good’ bookkeeper * You’ve lost receipts and financial documents are all over the place * Business and personal affairs are not kept separate * You’re feeling stressed and frustrated What’s more is that these compound upon themselves. So if you are lacking in the area of organisation, losing receipts, not keeping your affairs separate, procrastinating etc, then your books will be incorrect, you will spend too much time on them and become stressed and start having cash flow problems. If you are experiencing any of these seek help sooner rather than later. Each one of these problems can be overcome. It might take a bit of determination and commitment but not all is lost. We can help. Stay tuned for an in-depth look into these issues coming soon. www.accountshero.com.au

11.01.2022 Essential info for small business owners

11.01.2022 Single touch payroll (STP) extends to all employers on July 1st, 2019 according to recent legislation. If you have 20 or more employees then you have already been participating since July 2018. If you have 19 or less employees, you now have an obligation where reporting is concerned to submit payroll and superannuation data for each pay event that occurs. Presently it is submitted monthly or quarterly. Take this opportunity to review your current processes. For many employer...s these essential services may be taking up time that could be better spent on core business services. It may very well be a time to consider outsourcing your payroll to experts and/or investing in accounting software to simplify the reporting process. The last thing you want is to be at compliance risk. If you are an employer with fewer employees, still lodging BAS in paper form; or if you are making weekly or fortnightly payruns without accounting software, please contact us soon. As BAS Agents we have special reporting abilities available to us and further solutions to save time, money and avoid risk. www.accountshero.com.au

10.01.2022 Welcome Heroes! This page is for you. I hope you find it informative and inspiring in the years to come. I want you to experience growth, improve productivity, and increase efficiency within your business. Being ‘audit’ you can be.... Here, you will find posts about the following:- - Small and medium business advice - Current financial news - Bookkeeping topics - Customer service articles - Software and cloud computing news - HR and technology articles - Productivity, efficiency and organisation tips Join me on this journey of growth. Hear about CPE I undertake and what I learn. Let’s examine your business and it’s current performance. Create budgets, plans and goals, implement them, measure their success and do it all over again in another area of your business. My business is to provide you with the freedom to focus on your business services and not your accounts. Visit my website, see my facebook services page or contact me for a list of ways I can help you. First, we comply. Then we dream. www.accountshero.com.au What is your business? Contact me and let’s talk!

08.01.2022 Series: Financial problems You’re unsure of all the rules As a small business owner, you must comply with all rules and regulations. It becomes your responsibility to adhere to legislation and not knowing is not accepted as a reasonable defence. If you are unsure whether you have all your bases covered, start having simple conversations with people like us. It’s a totally manageable situation. Don’t wait for an audit or a nasty letter to take action.... Compliance is not only vital to financial institutions such as the ATO and the OSR, but also ASIC and Fair Work. The Privacy Act, IP laws and OH&S, not to mention environmental laws, consumer laws and fair trade laws. Payroll administration and compliance is risky and employment law is serious. Pay awards, PAYG and Superannuation etc must be spot on. If you are preparing your books yourself and are untrained you’re taking a risk. Understandably, accounting software has become more user friendly and most compliance reporting is self-assessed. So you may not face immediate consequences of incorrect information. But this sets a false sense of security. Heavy penalties are dished out for non-compliance. Sometimes it’s just better left to the experts. How a BAS Agent can help - We already know the legislation. To register as a BAS Agent with the Tax Practitioners Board we must have a formal qualification and supervised experience. - Since we know the legislation we also know the criteria and thresholds that need to be met to apply it. - In order to stay registered we need to comply with CPD requirements, so we must keep up with new and changing legislation. - We know where to find information promptly and have a wealth of resources, connections and networks. - We have special allowances available to us that are not available to non-BAS Agents. - BAS agents accept the responsibility of keeping you compliant and we are insured for this to a certain degree. - A BAS Agent can reduce your stress and concern in the compliance area of your business. www.accountshero.com.au

05.01.2022 Wishing everyone a safe & happy Easter long weekend x

03.01.2022 Series: Financial problems You’re behind on payments If you are currently under financial pressure it can feel overwhelming. Let’s just allow the creditors to scream for another 5 minutes while we calm this situation down together. The first thing to do is get rid of any embarrassment you are feeling. Let’s turn this situation into a positive opportunity for growth and proactivity. We can change how we think about debt and expenses. It is not like personal debt. ... Successful businesses have cashflow problems for many reasons. But whether the problem is due to disorganisation, lack of planning, or overspending, the next thing we need to do is commit to being proactive, dealing with it head on, and as soon as possible. Clear communication is always best. Be up front with Creditors, provide consistent updates rather than ignoring requests for payment. You do not want to ruin relationships. And then what you’re going to do is get out there and continue making money. Your overheads are built into your rates so there is no need to borrow. Avoid lowering your prices to win projects and be competitive by adding value instead. Make wise decisions; invest in proven marketing tactics, sales training, and a GOOD Bookkeeper traits of which I will outline in the next blog in this series. A GOOD Bookkeeper will help you manage what you have and plan ahead. Why you need to build bookkeeping into your rates and get a GOOD Bookkeeper - We create projections & budgets, calculate your break-even points, implement inventory control, and a robust credit control process. - We protect your business with credit applications terms and conditions for invoice payment, and PPSR applications. - We can re-negotiate contracts in terms of rates and prices. - We make instalment arrangements on your behalf. - We read the financial reports and identify problem areas and ways to reduce expenses. I can talk about this problem and provide you with solutions for days. You have so many options here. For a fresh perspective on your books, the next step is to get in touch with us asap. www.accountshero.com.au