For many small business owners it seems pretty boring entering data into a computerised accounting software program, as well as being totally unproductive. And the more bookkeeping that you do for your business, it seems the more there is still left to do.

After a hard day or week at work, the last thing you want to do is go home and sit infront of a computer and enter bookkeeping data

When the economy is in such a state and money is so tight, there’s even more reason to make sure that your bookkeeping is upto date.

You may use MYOB accounting software, or Quickbooks, or some of the other more popular bookkeeping software packages. However, unfortunately having a bookkeeping software package doesn’t turn you into a bookkeeper.

What’s worse is that you can make a simple mistake in the data entry that can throw your figures out totally, and you could end up paying the Australian Taxation Office (ATO) more than you need to be doing.

When’s the last time you had someone have a real good look at your accounts? We’re not talking about your accountant, who just looks at the bottom line figures – we’re talking about really looking through your chart of accounts and identifying errors in allocations that can end up giving you false reports.

Now, as the month of March comes along, we find that people are starting to panic about having any available funds to be able to pay their March Quarter Q3 BAS due 28 April 2011

This year Easter falls on the weekend just before ANZAC Day, so we’ll be pushing to get our clients BAS in order before the Easter School holidays

With the wonderful Federal Government always scheming ways to help us spend our money it’s a wonder why any small business bothers to keep going

For many business owners that have been struggling with staying ontop of your bookkeeping, it’s time to hand it over to a professional mobile bookkeeping team such as our Ormeau Bookkeeping service

Contact our Ormeau bookkeeping service for help with your bookkeeping, whether you use Quickbooks, MYOB or other accounting software. We service clients in and around Ormeau, Beenleigh, Yatala, Eagleby, Coomera and Pimpama

Businesses in flood affected areas

Businesses in flood affected areas have automatically been granted an extension of time, depending on your suburb postcode Contact our Ormeau bookkeeping service for more details

Unfortunately for some small business owners in Yatala, their bookkeeping has become a nightmare for a number of reasons. some of which we’ve included below:

Some people seem to be “naturally gifted” with numbers, whereas others would rather crawl through the desert on broken glass than do their own bookwork

If that’s not a passion or a skill, then why spoil your day getting stressed out and frustrated over performing what to a professional bookkeeper can be a simpe task?
You can then free up your time to focus on areas of your Yatala business that can be far more productive for you and your business

There’s been recent changes in the legislation requiring bookkeepers to become registered BAS Agents before they can lodge your Business Activity Statements. Whilst the Government can “pat themselves on the back” for creating more red- tape – unfortunately this does not irridacte the problem of inexperineced bookkeepers being let loose on your bookkwork

May be your husband, wife, mother, father ,son or daughter may be willing to help you with the bookkeeping for your Yatala business – or you may have a well-meaning friend that’s done the books

An inexperienced bookkeeper can quickly become a liability in your business though making innocent errors, taking more time than is necessary, or simply not having the expertise

Office equipment suppliers and hardly normal electrical retailers may tell you that you can easily do your own bookkeeping by purchasing the MYOB accounting software.

If you do not set up the chart of accounts correctly, and ensure that all the tax codes are correct for your specific business, you may soon become unstuck, and find that you’re paying the Australian Taxation Office (ATO) more than is necessary.

Without having an experienced bookkeeper come in and set up your accounting system correctly, you may find that you will not have a true reflection of the financial side of your Yatala business

Contact us today for a bookkeeping health check

Keep Good Records

There’s a legal requirement to keep good bookkeeping records. By law, you must keep business records for five years after they are prepared, obtained or the transactions completed, whichever occurs latest

There are penalties for not maintaining the required records and for not keeping them for five years. Keeping good records will help you avoid these penalties.

Cash Flow Management

Cashflow is the life blood of your business. Cut off the supply of cash, and your business will soon die.

Make this week the week that you prepare a Cash Flow Budget by following these four simple steps
Step 1: Prepare a sales forecast
Using figures from previous years, or guestimating figures (for new businesses)

Step 2: Cash In
Estimate cash coming into the business from customers, loan monies, assets sold off or money you put into the business.

Step 3: Cash Out
Guestimate money that you’ll need to pay to suppliers, wages, loan repayments, money for assets you expect to buy, money you take for your own use (drawings), and any loans you may provide to others.

Put aside between 20 – 30% for tax payments GST etc and amounts you’ve withheld from employees’ wages, and fringe benefits tax.

Step 4: Profit / Loss at end
Calculate the difference of Cash on hand at start of period
PLUS Estimated cash INflows LESS Estimated cash OUTflows = Estimated ending cash balance

Get organised and stay organised

We can have the very best intentions – and when you look at the huge mountain of paperwork yiu can soon feel overwhelmed

“How do you eat an elephant?”

Answer: One mouthfull at a time!

Get on top and STAY on top of your record keeping, or contact a professional mobile bookkeeping service to do it for you

- We LOVE bookwork!!!
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Business Activity Statements BAS are due on 2 March 2010 for businesses that report their GST obligations quarterly in Ormeau, Yatala, Coomera, Eagleby and Beenleigh, South East Queensland, Australia,

With the Christmas holiday period over for many small businesses, it’s time to get all your paperwork together and get it to your bookkeeper or outsourced bookkeeping service- to report on the 2nd quarter (1 September to 31 December 2009) to get your BAS lodged on time.

If you are struggling with your bookkeeping and need help, if you do not have a bookkeeper, or are looking to outsource to a mobile bookkeeping service, then contact us now

You may use MYOB or Quickbooks accounting software – or even some other syatem for your bookwork. We can assist you with any challenges, or even just releave you of the burden of the book-keeping

Our bookkeeping Service has clients in and around Ormeau, Yatala, Coomera, Eagleby and Beenleigh,South East Queensland, Australia, Contact us here for details

No sooner have we finished lodging BAS for the December Quarter, to find the January – March 2009 Quarter will soon be due. Contact us for HELP

Quarterly BAS
Most businesses submit quarterly, and the 1 January – 31 March 2009 (Quarter 3) BAS is due 28 April 09 for lodgment and payment with the Australian Taxation Office (ATO).

A new client contacted us out of desperation. Struggling to prepare all the documentation for the Business Activity Statement, she could not get the figures to balance.

We suggested she email us the MYOB data file, so that we could get a clearer understanding of where she was at with her bookwork. Contact us for HELP with your BAS

“I had trouble with my MYOB files and contacted Carol and her team and they were just excellent.
They listened and then explained what they could do to help.
Everything was done speedily, efficiently and most of all cost effectively.
They emailed me how to send my files and worked on them that day!
Most of all “they listen” and don’t treat you like a dummy!
It got me out of a potentially tricky situation and literally saved the day!
Thanks Carol.
Liz Bird, Perth WA”

Monthly BAS
If your business submits the (BAS) Business Activity Statement monthly, then 21 March 09 was the due date for lodgement and payment of the February 2009 monthly activity statements

Superannuation Guarantee Contributions
Also on that date are due the Quarter 3 Superannuation guarantee contributions (1 January -31 March) contributions to be made to the fund by this date.

If you are struggling to complete your BAS form, contact our team of Ormeau Bookkeepers for HELP

Tracking the flow of money in and out of your business occurs through the recording of each transaction by the person responsible for your bookkeeping. Contact us NOW and we’ll help you determine whether there is more money flowing in, than is flowing out of your business.

In basic terms there are four sources of income, and four reasons why money flows out of your business.

Depending on your business, income is generated through the sale of goods and services, or the sale of business assets. Other sources of income can be through loans to the business, either from yourself, or money that you have borrowed from relatives, friends, or formal channels such as financial institutions.

There are very few businesses that incur no expenses to generate the income. Thus money flowing out of your business will be to pay bills for overheads, such as power, telecommunications, rent, wages etc.

Other expenses include buying or replacing assets to run the business. Then there’s your remuneration, as drawings etc, and also your business may lend money to others.

The recording of each transaction by your bookkeeper is critical to protect all parties concerned. Each transaction should be supported by the appropriate documents. When the Australian Taxation Office decides to audit your business, they will often need to see all your supporting documentation.

Your bookkeeper needs to ensure that all the documentation is filed in such a way that it can be easily traced. Each transaction recorded in the bookkeeping system should be supported by the relevant documentation also.

Consider the day that a piece of equipment fails, and you wonder if it’s still under warranty. Your bookkeeper should be able to tell you when you bought the equipment, how you paid for it, and also be able to located the documentation relevant to that equipment.

A logical and ordered filing system is just as important as the balance sheet or P & L reports for your business. For more information or a free appraisal of your bookkeeping system, contact one of our South Brisbane bookkeeping service NOW, and we’ll help you determine whether there is more money flowing in, than is flowing out of your business.

A client asked us today whether he should make the final balloon payment on his earthmoving equipment, even though he still has 12 more months to pay it off

We’re not registered tax agents and can’t advise whether he’s better paying the lump sum before the end of this financial year, or whether he should carry the payments over into next year.

If your bookwork’s not upto date, how do you make an informed decision about your tax liabilities?

If you don’t have your bookwork upto date, or if bookkeeping is the last thing on your mind right now, then how can you make an informed decision about your tax liabilities for the financial year ending 30 June 2009?

How do you know if you should make a lump sum payment on your vehicle lease this year? If you ask your accountant, you’ll most likely be told that without seeing any upto date figures for this financial year, your accountant cannot give you an informed answer

To prepare for the end of the financial year is not as difficult or as daunting as the task may appear. In fact, the ATO offer you encouragement to get your financials upto date with the quarterly BAS requirements.

Look no further, stress no more, simply contact us, as we provide an outsourced bookkeeping service. Our mobile bookkeepers can come to your premises, work on your computer, or pick up the paperwork and take it away to return with neatly filed and documented set of accounts ready for you to take to your accountant

The December Quarter 2009 (Q2) Business Activity Statement is due on 3 MARCH 2009

If you’re hoping to get an extension, you’ve got buckleys as the Australian Taxation Office have already given you an extension from 28 January to 3 March.

If your chart of accounts is not set up correctly, your BAS Figures may be distorted

Really, you’ve got an extension on the extension, since the ATO normally ask for the BAS lodgment to be submitted by 28 February, which this year falls on a Saturday.

The next business day would be 2 March 2009. However, in Western Australia there’s a public holiday on 2 March, so the ATO have extended the December Quarter 2009 (Q2) Business Activity Statement due date to 3 MARCH 2009

Do you need help with your BAS lodgment?
We get many frantic calls from clients who are struggling to complete their Business Activity Statements. The few weeks leading up to the BAS deadline can be very hectic for freelance bookkeepers

Our mobile bookkeepers can come to your premises, or even better, you can simply send us your data files and we can review your work, run a few reports and make sure that you’ve got all the figures in the correct allocations.

Business Activity Statements can appear daunting. What many small business owners do not realise is that the completion of the BAS form is not where the problems can be. Where the challenge may in fact be, is the fact that the data entry is not correct.

Maybe you’ve been down to your local computer supply store and bought your accounting software at a Hardly Normal Sale. You’ve rushed home and wacked the CD into your PC and then followed the prompts thinking that everything will fall rapidly into place

If your chart of accounts is not set up correctly, or the allocations are incorrect, you could find yourself believing that you owe Wayne Swan far more than you need. And rest assured, our illustrious Treasurer will soon find a way of spending other people’s money.

If you need help with your BAS, and don’t want to pay the ATO more than is absolutely necessary, then contact our Ormeau mobile book-keeping service right now so we can help you out