Love Thy Numbers | Accountant

Love Thy Numbers

Phone: +61 400 703 785

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• Financial service
• Finance

25.01.2022 Hat trick 3 years running !

24.01.2022 Interesting day yesterday. Went to the inaugural Brisbane CBD Conference run by Worrells (How Businesses Thrive and Survive). There was a speaker from Wilsons (Investment Strategist) talking about Australia being a yield trade; there was the great grandson of the founder of Coopers beer (Glenn Cooper) talking about running a successful family business; ATO came and spoke about an exciting new initiative for small business (Cashflow Management Program) which I will be involved... in testing for them; and we had a really interesting and informative talk from Petris Lapis who opened my eyes on how being a multi tasker is a really bad thing! http://www.petrislapis.com/petris-lapis/ * if you try to do 2 things at once, you will lose at least 3 seconds each time your brain flits between tasks * if you attempt to multi task two tasks at the same time, it will take you 50% longer than if you did one after the other * if you attempt to do two things at the same time you will ake twice as many errors * when asked to do two cognitive tasks at once (talking on the phone while typing) the mental capacity of a Harvard graduate drops to that of an 8 year old * working while distracted by incoming calls or emails has TWICE the adverse impact of smoking marijuana! See more

23.01.2022 Roses are red, violets are blue, donating your organs is a great thing to do! Tell your loved ones today that you’d like to be an organ and tissue donor when... you die, and take the important step to register at www.donatelife.gov.au - it takes less than a minute. #DonateLife #organdonation #Valentinesday See more

20.01.2022 New PAYG withholding tax rates PAYG withholding tax rates apply from 1 October 2016. The 32.5% tax threshold has increased from $80,000 to $87,000 in the withholding schedules. This is a result of the targeted personal income tax relief changes. Your should download the updated tax tables or contact your payroll software provider for the update.

19.01.2022 Word is spreading, love thy numbers is the way to go!

19.01.2022 Want to take control of your personal finances? It's just $20/month to get Xero Personal and be in charge of your spending. Ask me how.

19.01.2022 The 5 Worst Cash-Flow Mistakes Small-Business Owners Make No matter how great your business model is, how profitable you are or how many investors are interested in supporting your business, you can't survive if you can’t manage your company’s cash flow. In fact, a prominent study found that as many as 82 percent of startups and small businesses fail due to poor cash-flow management. So, even if you’re a brilliant entrepreneur in every other way, you must stay squarely focuse...Continue reading

19.01.2022 So you want to relieve the financial pressure you're feeling? STEP 1: set up a spending plan The absolute best tool for this is at https://www.moneysmart.gov.au...//calculators-/budget-planner Remember there's a difference between WANTS and NEEDS! Life is about having fun and being fulfilled so you NEED to allow for the WANTS! Check in tomorrow for STEP 2! www.lovethynumbers.com.au/personal-finance.html

19.01.2022 So who wants to set a goal to save for a holiday and be able to track how you're going?

18.01.2022 I love the Blog from Louise at Lyfe Academy last week. Here's an extract: Using cash has so much power. I remember that Noel Whittaker, in one of his books, wrote that if you use cash to pay for items, you will feel more pain and therefore spend less. Now, I’m not sure if Noel’s words ring true for you, but I certainly find this works. Here is what we suggest to clients who struggle to manage their money: Take from the bank only what you need to spend each week for fun.... Take this out on Monday and make this money last until the following Monday. Try spend less at the start of the week accumulating more for the weekend ahead. Reduce a coffee where you can, and treat yourself to a lunch out every second Friday instead of with the work mates every day! Focus each week on saving more and more for weekends and you’ll soon find the aches & pains of spending your cash become part of the ritual or habit as easy as exercise or sport may be for you (certainly not I) We have used this method and researched it with clients in the past and the ones that stick to it seem to put away a lot more savings than they ever knew possible. They simply didn’t need to draw more on the weekends after a few too many cocktails! They soon found they became more conscious of what they were spending AND what they actually had to spend. The results seemed to surprise themselves, but mostly the awareness and excitement of savings became more of the motivator than spending. If you use cash, you feel more pain, so spend cash on luxury items and fun and see how little you can actually spend when you are truly conscious of its worth. Plastic is fantastic and convenient but encourages us to spend way too much over our limits. Go on I dare you to try spend cash! For more info and Blogs check out www.lyfeacademy.com.au

16.01.2022 Couldn't have said it better myself!

16.01.2022 Budgeting Basics You wouldn’t dream of going somewhere you’ve never been before without first getting directions. So, why would you go through life without a plan to help meet your financial goals? An ongoing household budget is essential, whether it’s helping you save for retirement or buy your first house. If you’ve never had a budget before, you may be unsure how to begin. Building a budget can be easy as long as you follow a few simple steps:... Establish your financial goals. Do you want to be debt free? Buy a new home? Build an emergency fund? Save for retirement? Setting financial goals can help guide the budgeting process. Determine your total monthly household income. This should include net income (the final amount of take-home pay after all taxes and deductions) for every working member of the household, including any government aid received, child support, pensions, etc. Knowing the total income gives you a starting point for your budget. Calculate your monthly expenses. It may be helpful to break expenses into categories, such as home, utilities, long term debt, medical, auto, groceries and personal. Personal can include items like clothing, entertainment, dining out, etc. It is helpful to review your cash spending, bank statements and receipts over the past few months to give you a better idea of your spending habits. Identify where you can reduce spending. After you’ve assessed your spending habits, you might be surprised to find areas where you can cut back. Small changes in your lifestyle can make a big difference to your budget. For example, instead of buying lunch every day, you could take your lunch to work or school. Less spending means saving more money. Be sure to set aside these new freed-up funds and allocate them toward your goals. If you’re trying to save for a new home or down payment, view your personal savings as a must-pay fund that’s as important as your rent or car payment. Periodically reassess your budget. Life is full of changes, such as fluctuations in income and shifting priorities. It’s important to go back over your budget from time to time to help ensure you are on track to achieve your financial goals.

15.01.2022 Who hates thinking about money? If you don't like to think about money, the best way to make sure you don't have to is to set up a system to properly manage it.... Personal finance is about learning to control your money so that you can get on with your life, whether that means travelling, affording the lifestyle you want or paying your bills without worry. Most of us are terrible at saving and paying bills. I can teach you a strategy to effectively automate most of your finances that will only take you about an hour each week. I look forward to helping you love YOUR numbers!

14.01.2022 "Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like. Will Smith

14.01.2022 Finally finding what I have known for years. Please contact me if you or anyone you know is facing cashflow challenges. A cashflow forecast prepared by Love Thy Numbers will be a great start to alleviating this pressure.

14.01.2022 Spread the word......

13.01.2022 The SuperStream deadline for small employers is nearly here. If you are not yet prepared, you have just days remaining to start using a compliant solution before October 28. Solutions you can use include upgrading your payroll software, using a super fund’s online system, a messaging portal, or using a clearing house. The ATO Small Business Superannuation Clearing House (SBSCH) is a free solution for small businesses to comply with SuperStream. It is a quick and simple way to... send super payments electronically in the new standard format, saving time and money. Businesses with an annual aggregated turnover of $2 million or less, and 19 or fewer employees can use the clearing house.

12.01.2022 Q1 Results looming You're a month away from your first-quarter operations. Hopefully, your accountant or bookkeeper will give you your financial reports --both an income statement and a balance sheet--and you spend time reviewing them together. So, how will you do???...Continue reading

12.01.2022 What an inspiration this beautiful woman is.

11.01.2022 Does your business have a cashflow forecast? Read on - you are not alone in your cashflow worries. SME owners are working up to 80 hour weeks, are losing sleep about cashflow and almost one in four are predicting revenue to decline through to the end of the year. The Scottish Pacific SME Growth Index, compiled by research firm East & Partners, surveyed 1,200 such businesses across all states and key industries,...Continue reading

10.01.2022 OK, I was going to launch this early next year, but I have realised that in the run up to Xmas it is more important than ever to take control of your personal finances:

09.01.2022 Just checking in, are you OK?

09.01.2022 Ever felt so overwhelmed you don't know where to start?

08.01.2022 SME's in particular need to be aware of this potential pitfall.

08.01.2022 Do you know anyone who would benefit from Xero for their accounting software? I can sign them up by midnight tomorrow for 50% off the next 3 months subscription. That's Beautiful Accounting Software for $25 per month until the end of the year!

08.01.2022 STEP 2 in relieving financial pressure: Discover how you're spending. Want to know more?

08.01.2022 A bad system will beat a good person every time So if [as W. Edwards Deming said] ‘a bad system will be beat a good person every time’, what can you do? Focus not on trying harder within the current system - but on changing the system so that success is built into the system. Relying on heroic measures is a poor way to manage.... Do you need an external eye cast over your systems and procedures? Contact me if you think this may be a good idea.

07.01.2022 Another passion of mine. I can come into your business and identify areas of vulnerability to help prevent internal fraud.

07.01.2022 Something every business owner should read and understand. WATCH THIS SPACE.......... Coming soon - cashflow clarity for INDIVIDUALS!! Have clear understanding of where your hard earned money is going. LIKE this article if you want to know more.

07.01.2022 I have lost count on how many Google Alerts I get that tell of a Bookkeeper embellishing, or an Accountant defrauding, or a company failing due to poor knowledg...e of their results. I get so frustrated that such stories give the bookkeeping/accounting industry a bad rap. If you, or anyone you know, needs a bookkeeper with years of accounting experience and oodles of software knowledge, I am here to change the perception and prove that there are some of us 'GOOD' bookkeepers still around. See more

07.01.2022 Spread the word - this could be really exciting: An Australian startup is taking on the big names in accounting software with its Rounded cloud and mobile application. Read more:

07.01.2022 Cashflow is king

06.01.2022 9 Ways to save MONEY around the home I'm not talking radical lifestyle changes, or living extremely frugally, but by adopting some simple money-saving measures, you can trim down your outgoing costs and see a notable increase to your bank balance. It makes complete sense that spending less and having more in the bank is going make most people happier and less stressed, so who wouldn’t want to live a low-cost day-to-day lifestyle, so that you have more to spend on the bigger t...Continue reading

05.01.2022 What are the Critical Numbers in Your Business? What are the critical numbers for your business? Most of us accountants will say they’re your sales figures, your gross profit, your break-even point, your working capital cash flow requirements, your aged receivables level and your stock turnover needs. These numbers are important because just like a personal trainer measuring your weight and your stamina levels etc, they’re needed to be measured as they are the indicators whi...ch tell you how your business is doing. But that’s the Score! Critically though, these numbers are the score on the board. They don’t, however, tell you anything about how the business is going to perform in the future. For this we need to look behind the numbers, what drives the score. For example, what is it that drives sales? Is it the value of orders booked, or the value in your pipeline, or for a transactional business, is it the number of outbound calls being made, sales visits or click throughs so in your website. Next you must know how your numbers are trending. This means understanding the changes to your numbers as they occur over any one rolling period. What is the appropriate length of a rolling period? It is the period which is long enough to show changes that wont be due to the impact of seasonal or economic cycles and are long enough for have absorbed the effect of some repetition of the change strategy. Rolling periods can be over the past week, the past month, the past 3 months or the past 6 months or over whatever period makes sense in your business. Context Then you need to set your critical numbers into a context (a comparative period, a forecast or a budget). Why? Because if there is no context, you wont know if the number or the trend is a great one, an average one or a poor result. The context is provided once you set an ideal target number for each of the critical numbers. Having the trend data and the forecast, you can make decisions as to what needs tackling first, how quickly that needs addressing and how you are going to go about changing the number. After that, its a question of letting the new strategy run for a while so that you give it a chance to work, to alter the pattern or trend.

02.01.2022 Mmmm, I LIKE the look of this!