Do You Have Five Minutes to Expand Your Business?
Often our MYOB and QuickBooks bookkeeping clients 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
We were approached by a client in Balcatta who’s been using her accountant to do her bookeeping!
The accountant, in Stirling, had set up everything for her, but things had got out of hand. We organised for one of our book-keepers to go and see her, and let us sort out the mess.
In her wisdom, she decided that she’d speak to her accountant before we started. Then she came back to us explaining that the accountant would look after everything.
Maybe she doesn’t realise that accountants too outsource bookkeepers who may be using Quickbooks or MYOB acounting software, and then add a nice little (big) markup to add to their profits – so the client actually ends up paying more fees for less work.
Anything that you can do that will save them time, such as keeping your books in good shape, will save you money.
You can dramatically reduce your accountant’s bills by taking care of your own day-to-day finances.
Ever wondered why your accountants’ eyes light up when you present them with a shoebox full of dockets at the end of the financial year?
The accountants will charge their time to you and pay bookkeepers rates to get the work done. So the accountant has just made a very nice profit from a business owner who desperately needs to tighten up business operating costs.
If you’ve been told that hiring a bookkeeper is expensive, then contact us for a free appraisal of your bookeeping needs
Gone are the days when a “cash business” could hide earnings – thanks to Bill Gates and others in Silicon Valley, the ATO now has sophisticated data matching software.
They can compare similar businesses and create reports showing “average” turnover for a particluar business, and then cross-check against the tax return / BAS lodgment of that business.
It would be a huge job to be a bookkeeper for the Australian Taxation Office. During 2006/07 the Australian Government collected $135billion from individuals, and paid out $17billion in tax refunds
It’s no surprise that the ATO has so many more resources now than in days gone by for extracting every tax dollar from individuals and small businesses.
As bookkeepers, it seems most days we are working for the Australian Taxation Office, yet being contracted to small businesses in and around the City of Stirling, Western Australia.
During the period 2006/07 the ATO collected $40billion in GST, so of course the ATO is going to be doing everything within its means to ensure that every tax dollar is accurately reported.
Can A Business Hide Cash in Bookkeeping?
You may have a Car Wash business in Balcatta, or you may be an electrician in Westminister, doing cash jobs. The ATO can make a reasonable estimate of your tax liabilities and then come along and audit your books.
If the records appear to be disorganised, it will take the ATO longer to look through them. The longer they take, the more they will see, and the more questions they will ask.
If you can present them with an organised and tidy bookkeeping system, they are less likely to ask too many questions.
Whether you use MYOB or Quickbooks, or maybe you do not have any accounting software or even any bookkeeping system in place, then contact us NOW for an initial FREE consultation
He regarded the bookkeeping to be an unnecessary expense
Many small business owners struggle with keeping their bookwork up to date. Yet good record keeping is an essential part of any successful small business. Contact Us HERE for details.
How can you make an informed decision about your business if you don’t know where you are at financially with your business?
You may have an excellent understanding of your business, and can say that you have all the information in your head.
We recently had a client who knew his business so well, that he boasted one client accounted for more than two – thirds of his business turnover.
When we presented the figures, he was shocked to learn that the client actually accounted for less than a third in terms of income, and was actually taking up about 80% of his time.
The business owner had no idea of where his business was, he hadn’t looked at sales figures, had a vague idea about his pending orders, and was heading for collapse.
Yet he took no notice of our warnings, because he regarded the bookkeeping to be an unnecessary expense, and only wanted the minimum of bookkeeping services.
Six months later he closed the doors on his business, before the creditors declared him a bankrupt. So he lost his whole business for the sake of a few hundred dollars in bookkeeping fees that he regarded as an expense.
Good record keeping should be the life-blood of your business, so ensure that you have a good bookkeeping system in place. Contact Us HERE for details
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4th Quarter: 30/07/12
