OrmeauBookkeeping.Com.Au

Do You Have Five Minutes to Expand Your Business?

Often our MYOB and QuickBooks bookkeeping clients around Yatala, Ormeau, Pimpama, and Beenleigh are so busy involved working in their business that they tell us, their bookkeepers, that they’ve no time to work on their business.

Here’s a simple habit that you can form and stick to everyday. Then watch the results. All you need is five minutes.

Can you find 5 minutes to at least one of these things to expand your business?

• Send a quick note / email to a prospect, colleague, friend or acquaintance.
• Invite a friend or business associate to lunch for next week – even if they cannot go, spend a few minutes “just catching up.”
• Scan the local paper and jot a little note of “Congrats” to someone you recognize.
• Have a look at your diary. Think of another opportunity to develop with a client you saw yesterday, then follow up with your client.
• Call someone whose project you’ll be starting in the next two weeks and tell them you’re looking forward to seeing or working with them again. Ask how they’ve been.

If you’re looking for some more ideas Contact us

12/01/009The ATO advises that:” if you make monthly payments, the PAYG is due on 21 January 2009, while most small businesses that report quarterly, this instalment is due on 28 February 2009
Note that as the date falls on a long weekend in some states, the lodgement and payment deadline has been extended to 3 March 2009 Australia Wide)

With Christmas out of the way, and many small businesses returning to work, 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 2008) to get your BAS lodged on time. Contact us here for details

Maybe the Australian Taxation Office (ATO) does have a heart, after all. Rather than asking for lodgements on 28 January, they automatically give everyone an extension to the BAS lodgements to 28 February.

However, don’t be fooled by their grace, because there is NO WAY that they’ll consider granting an extension after that date. So you need to ensure that you have your Business Activity Statement lodged by 28 February 2009

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

Our bookkeeping Service has clients in and around Ormeau, Yatala, Coomera, Eagleby and Beenleigh, Gold Coast, Australia. Contact us here for details

It’s BAS season again, and the phone’s running red-hot.

It’s not unusual for a small business owner to contact us from the areas around Ormeau, Yatala, Coomera, Eagleby and Beenleigh wanting to know how to complete their Business Activity Statement, that’s due on 28 October 2008.

I just need some help with Payroll, and BAS lodgements

Generally the problem is not with the BAS itself, rather it’s with the allocations and the data entry. So often we’ve seen clients who want to save money on bookeeping fees, by them trying to do the bookwork themselves.

Investing a few dollars in a good bookeeper once a quarter to help with your BAS can save you money

By not fully understanding the process, there’s a danger that your figures are incorrect, and you are declaring a higher Tax liability than is correct, and so you will be out of pocket.

Smart business owners understand that by investing a few dollars in a good book-keeper once a quarter, they actually end up ahead, compared to trying to sort out the bookwork themselves.

“I’m quite proficient with MYOB, but I just need some help with Payroll, and BAS lodgements, can you help?”

We often get telephone calls like this – Sometimes we an even help people over the telephone, there and then. Some clients need us to spend a couple of hours with them training to use the MYOB accounting package.

If you need help calculating your BAS from MYOB, then contact us HERE, sometimes it can be simply explained over the phone. Or we can look at your MYOB file and help you work out the BAS. Rather than getting stressed, contact us today

Other clients just need some extra help in working their way through the software to streamline their bookkeeping. Often we get referrals from book keeping clients who are very happy with the bookeeping service that we provide.

Contact Us when you need some help with your bookwork, or some training with your MYOB accounting software

ATO Reviews Book/Record Keeping Of Small Businesses

The Australian Taxation Office have been engaged in extensive programs of visiting Small Businesses to check if they are keeping adequate bookkeeping records. Can your business survive a tax audit? Contact us for a review of your bookkeeping system

Section 262A of the ITAA 1936 requires that a person running a business to keep records that expalin and record all transactions. The documentation must be kept for a minimum of five years

If the ATO find that your bookkeeping is inadequate, then the taxpayer will be informed and advised to improve the record keeping operation, and your business will be revisited in six months.

The ATO has a list of records to be inspected and will contact you for a suitable time to review your bookkeeping and record keeping procedures

Can your business survive a tax audit? Contact us for a review of your bookkeeping system

Disclaimer: We are bookkeepers skilled in establishing and assisting with bookkeeping systems, we are not registered Tax Agents and cannot give advice in relation to tax matters.

A good bookkeeping system is recording Expenses and Income in appropriate accounts

As mobile bookkeepers servicing Ormeau, Yatala, Coomera, Eagleby and Beenleigh, we are often asked how we can be of benefit to the small business owner.

Bookkeeping can be seen as an unnecessay expense by some business owners, whereas for others, it’s seen an essential part of their business.

Very often it comes down to a lack of understanding, or full appreciation of what bookkeepers actually do, and how bookeeping benefits businesses in Ormeau, Yatala, Coomera, Eagleby and Beenleigh.

The basic building block to a good bookkeeping system is recording expenses and income in appropriate accounts.

The tricky part is to make certain that whoever enters the data understands the true nature of each and every expense, and is able to put it in its right place. Contact us NOW for a free appraisal of your bookkeeping system

Data Entry
Businesses need to have up to date and accurate account of their business income and expenses. While concentrating on their core business, financial record keeping can easily become overwhelming for many business owners. Out of date or poorly prepared records can actually hinder their business.

Professionally prepared financial records provide powerful information tools that enable better management of the business.

These records and reports enhance any interactions with accountants and financial institutions, so the business owner has an accurate picture of the financial status to make better business decisions.

In any business, money comes in, and money goes out. Generally money that comes in (Income) is through sales of goods, products, or through providing a service (i.e being paid to do a job such as bookkeeping, for a client).

Need help with your bookkeeping?
Contact us NOW for a free appraisal of your bookkeeping system

Other money that may come in to a business could be through loans from the business owner (private funds), the Bank or financial institution, Grants or capital injection from other sources.

Money that comes out of the business can fall into a number of different categories also. This money may be classed as expenses, including purchasing raw materials / components/ products all involved in making up the goods being sold. Other reasons that money comes out of the business maybe for personal use (Drawings), wages or to pay back loans.

This is where a basic understanding of accounting is very important, and it is the where the skills of bookkeeping are truly recognised.

Not all businesses are the same, and where an item may be seen as an expense in one business (i.e cutlery for a catering business) would more likely be a personal expense in another business (i.e an electrician buying cutlery would most unlikely be using that cutlery to further his business).

When the tax office (ATO) comes to audit a business, claims for items that are not business related can result in heavy fines. A recent example has been with the Australian Taxation Office scrutinising owners of investment properties that have been making purchases for materials used in their family home and claiming them as a deduction for their investment properties.

Clients will often fill their work vehicle with fuel at a service station, and then buy confectionary, bread, milk and other grocery items at the same time, all in a single transaction. When that transaction is recorded, the bookkeeper must ensure that only the fuel component of the transaction is recorded as a business expense, and the other items would be reflected as a personal expense, (i.e Drawings).

Incorrect data entry would not only misrepresent the total spent on fuel at the end of the reporting period (which would affect calculations in costings and future budgeting) but it would also affect the total “Cost of Goods Sold” and “Profit and Loss” figures.

Contact us NOW for a free appraisal of your bookkeeping system

In the last two days we’ve had calls from small business owners who understand that they cannot do everything that needs to be done to keep their business going.

The cost of hiring a bookkeeper may seem expensive until you consider the cost of trying to do the bookkeeping yourself. Contact us now for a free quote

One client had their brother-in-law set up the chart of accounts and show our client how to do the bookwork. That can work well sometimes, and can be a total disaster for others. Costly mistakes can occur by not setting up your bookkeeping system correctly, through giving an incorrect reflection of your business profit and loss, or incorrect calculations of the GST that is owed

As we fast approach the deadline for the September Quarter BAS returns, business owners begin to panic and search for quick solutions to their bookkeeping.

If you’ve been doing your own books and are not sure about how to complete the BAS, you can Contact us now.

We have clients that email us their MYOB / Quickbooks files and we can sort them out and submit the BAS electronically. If you are not sure whether you’ve done the data entry correctly, Contact us now and we’ll have a look over your data files.

Not only can we save you in accounting fees, we may also save you in your GST liabilities – after all, you can probably put the money to better use than the Australian Taxation Office, can’t you?