A must-listen podcast πŸ“ˆ to grow your business

Even the busiest business owners can do better business simply by listeningπŸ‘‚!

As a Certified Strategic Bookkeeper, I am excited to introduce you to The Better Business Podcast hosted by Jeannie Savage, a multi-award-winning Strategic Bookkeeper, author, speaker and trainer.

Successful business owners educate themselves, and this podcast is designed to do precisely that, little by little, on all things business to help you do better in business. Everyone has time to listen to a podcast. Play it while you’re working, driving or going for a walk. Double down on your efficiency.

As your strategic bookkeeper dedicated to helping you do better in business, your business achievements are our shared wins. That’s why I recommend listening to these Better Business podcasts:

Episode 1: Click to listen on (Spotify) or (Apple) or (Google)


Episode 2: Click to listen on (Spotify) or (Apple) or (Google)

These podcasts are a goldmine of information and resources all designed to help your business thrive.

Deb at Your Trade Bookkeeping can help support your business growth.

Call today to schedule a results call πŸ“ž 0428954577. Deb is a registered BAS agent with 35 years bookkeeping experience.

    #betterbusinesspodcast #listenandlearn #FinancialManagement #BusinessSuccess

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    Decluttering Your Business

    Ditch the Dead Weight- Decluttering Your Business

    As a busy Tradies Wife, you often wear many hats and juggle many balls daily. You understand the importance of maintaining accurate financial records and compliance with the ever-changing regulations. However, the task can become overwhelming when unnecessary clutter bogs down your business operations. In this article, we’ll explore 8 key strategies for streamlining and simplifying your bookkeeping processes, helping you ditch the dead weight and boost efficiency.

    1. Embrace Digital Solutions: Say goodbye to bulky filing cabinets and piles of paperwork. Embracing digital solutions is the first step towards streamlining your bookkeeping. Invest in cloud-based accounting software to centralise all your financial data securely. Cloud-based platforms offer real-time access, simplified collaboration with clients, and automated backups, reducing the risk of data loss.
    2. Automate Repetitive Tasks: One of the main culprits of inefficiency is manually handling repetitive bookkeeping tasks. Leveraging automation tools can save you time and effort. Set up automatic bank feeds to reconcile transactions effortlessly. Use recurring invoicing for regular clients, and schedule automatic payment reminders to improve cash flow management. Automation reduces errors, increases accuracy, and frees up your time for more strategic financial analysis.
    3. Consolidate Vendor Relationships: Review your list of vendors and suppliers regularly. Are you working with multiple suppliers for similar products or services? Consider consolidating these relationships to negotiate better deals and streamline payment processes. Fewer suppliers mean fewer invoices and less administrative hassle.
    4. Implement Paperless Systems: Paper clutter can be a significant hindrance to efficient bookkeeping. Encourage your clients to go paperless by sending and receiving electronic invoices, receipts, and statements. Not only does this save time and resources, but it also aligns with eco-friendly practices.
    5. Regularly Reconcile Accounts: Neglecting bank and credit card reconciliations can lead to discrepancies and errors. Make it a priority to reconcile your accounts regularly. This practice ensures that all transactions are accounted for, identifying any anomalies promptly.
    6. Integrate Systems: Consider integrating your accounting software with other business tools like CRM (Customer Relationship Management) systems, project management software, or inventory management systems. Integration reduces data duplication and provides a more comprehensive view of your business’s financial health.
    7. Secure Data Backup and Protection: With digital systems, data security becomes paramount. Ensure that your client’s financial data is well-protected with strong passwords, two-factor authentication, and regular backups. Implementing robust cybersecurity measures instils confidence in your clients and safeguards sensitive information.
    8. Outsourcing Bookkeeping to a BAS agent: As your business grows, you might find that functions like payroll processing or data entry consume a significant chunk of your time. Consider outsourcing these tasks to professionals, allowing you to focus on high-value customer service instead.

    So it’s clear, streamlining and simplifying your bookkeeping processes is essential for maintaining a competitive edge and providing top-notch services to your clients. Embrace digital solutions, automate repetitive tasks, consolidate vendor relationships, implement paperless systems, regularly reconcile accounts, integrate systems, prioritize data security, and consider outsourcing non-core functions. By decluttering your business, you’ll pave the way for more efficiency, accuracy, and success in the dynamic world of bookkeeping.

    For help implementing any of the above strategies or to gain further understanding give Deb at Your Trade Bookkeeping a call on 0428 954 577 or visit yourtradebookeeping.com.au.

    Ditch the Dead Weight- Decluttering Your Business

    Accounting software for business

    πŸ“Š Tradie Tips for Choosing the Right Accounting Software

    Effective financial management is a key component to the success of any trade business. One crucial aspect of financial management is choosing the right accounting software that meets the specific needs of your trade industry. Keep reading to better understand the key factors to consider when selecting accounting software. Let’s dive in! πŸ’ΌπŸ’‘

    1. Assess Your Current Business Needs πŸ“

    Begin by evaluating your business requirements and objectives. Look at the size and structure of your business operations? Determine which features and functionalities you need from an accounting software solution.

    1. Future Business Needs πŸ“ˆ

    Look for accounting software that can cover your business needs as it grows. Consider your future expansion plans and ensure the software can accommodate increasing transaction volumes, additional users, and advanced reporting capabilities.

    1. Fit with other Business ToolsπŸ”—

    Determine if the accounting software integrates smoothly with other essential tools and systems you use in your trade business. For example, compatibility with project management software, payroll systems, or payment gateways can streamline your financial processes.

    1. User Friendly πŸ‘©β€πŸ’»

    User-friendly software can save you time and simplify the learning curve for you and your team. Consider the intuitiveness of the user interface, ease of navigation, and availability of helpful resources such as tutorials or customer support.

    1. Insights Generating πŸ“ŠπŸ“ˆ

    Robust reporting and analytics features enable you to gain valuable insights into your business’s financial health. Software that offers customisable reports and live tracking data with detailed data insights are optimal in helping you make informed decisions about your business.

    1. Data Safety πŸ”’πŸ›‘οΈ

    Ensure the accounting software prioritises data protection. Look for features like data encryption, regular backups, and role-based access controls to protect sensitive financial information.

    • In the Cloud vs. On-Site Solutions ☁️🏒 

    Decide whether an in the Cloud or on-site accounting software solution suits your trade business. In the Cloud software offers the advantage of accessibility from anywhere with an internet connection, automatic updates, and data backup. On-site software provides more control but requires dedicated infrastructure and IT resources.

    1. Cost vs Customer Support πŸ’°πŸ“ž

    Consider your budget and the pricing structure of the accounting software. Compare different plans or subscription options to find the one that aligns with your trade business’s financial capabilities. Additionally, evaluate the availability and quality of customer support offered by the software provider.

    So, you should now understand that choosing the right accounting software for your trade business is a crucial decision that can significantly impact your financial management processes. The key considerations in making this decision are assessing your current and future business needs, fit with other business tools, ease of use, insight generating capabilities, data safety, and cost vs customer support.

    Remember, each trade business has unique requirements, so take the time to research and try out different software options to find the best fit. πŸ’ͺ

    Consulting with a bookkeeping professional can also provide valuable insights and guidance in selecting the most suitable accounting software for your trade business. Get started on optimising your financial management today! πŸš€πŸ’Ό

    #accoutningsoftware #Tradespeople #FinancialManagement #BusinessSuccess

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    Understanding BAS

    Making sense of Business Activity Statements for Tradies

    As a tradie, you likely excel at your job, be it plumbing, carpentry, electrical work, or any other specialised skill. However, managing the financial aspects of your trade may not come as naturally. One of the key responsibilities you have as a tradie running your own business is completing your Business Activity Statement (BAS) throughout the year. πŸ“ŠπŸ’°

    πŸ€” So, what is a BAS? A BAS is a document that helps the Australian Taxation Office (ATO) track the Goods and Services Tax (GST) and other taxes associated with your business. It is used to report your business income, claim tax credits for any GST you have paid, and fulfill other tax obligations. It is typically submitted on a quarterly basis, although some businesses may need to lodge it monthly.

    πŸ’‘ Why should you focus on your BAS? Understanding and fulfilling your BAS requirements is crucial for several reasons:

    • Compliance: Lodging your BAS accurately and on time ensures that you are meeting your legal obligations as a tradies. It helps you avoid penalties and unnecessary complications with the tax office.
    • Tax credits: BAS allows you to claim credits for the GST you have paid on business-related expenses. This can help reduce your overall tax liability and improve your cash flow.
    • Financial insights: Completing your BAS requires you to keep accurate records of your business income and expenses. These valuable insights about the financial health of your business will help you make informed decisions and identify areas for improvement.

    πŸ“‹ What details are included in a BAS? When filling out your BAS, you will need to provide the following financial information about your business:

    • Business income: This includes all the money you have earned from your trade during the specified period.
    • GST collected: You need to report the GST you have collected from your customers on taxable sales. This amount is usually 1/11th of the total sales.
    • GST paid: You can claim credits for the GST you have paid on business expenses, such as tools, materials, and other relevant costs.
    • PAYG withholding: If you have employees, you must report the amount of tax withheld from their wages.
    • Other tax obligations: Depending on your business structure and circumstances, you may have other tax obligations to report, such as Pay As You Go (PAYG) instalments or fringe benefits tax.

    πŸ”‘ Tips for handling your BAS effectively: To ensure a smooth BAS process, consider the following tips:

    • Maintain organised records: Keep track of all your business income and expenses, ensuring that you have accurate records to support your BAS figures. Consider using accounting software or engaging a bookkeeper to streamline this process.
    • Understand GST rules: Familiarise yourself with the GST rules and obligations specific to your trade. This knowledge will help you accurately calculate GST payable and claimable.
    • Seek professional advice: If you’re unsure about any aspect of your BAS, don’t hesitate to seek advice from a registered BAS or tax. The right advice can save you precious time and money.

    βœ… Take action: Stay on top of your BAS responsibilities! As a tradesperson, it’s essential to dedicate time and effort to understand and manage your BAS effectively. By staying compliant and maximising your tax benefits, you can ensure the financial success of your trade business.

    So, roll up your sleeves, gather your financial records, and start demystifying your BAS today! πŸ“πŸ’ͺ

    If you need help, Your Trade Bookkeeping can assist in preparing and lodging your quarterly BAS with the Australian Tax Office. Deb is registered with the Tax Practitioners Board. Give her a call on 0428 954 577.

    πŸ‘‰ Remember, accurate record-keeping, understanding GST rules, and seeking professional advice are key to handling your BAS with confidence. Get on top of your business finances to fast track your business success and stress less.

    #BAS #Tradespeople #FinancialManagement #TaxObligations #BusinessSuccess

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