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Become a Better Bookkeeper with our 10 Best Bookkeeping Tips for Small Business

Northern Beaches Bookkeeping Solutions
Feb 2

Become a Better Bookkeeper with our 10 Best Bookkeeping Tips for Small Business

With our ten best bookkeeping tips, you can keep track your financial transactions, monitor your expenses, and make informed decisions about your finances and business operations.

Our Ten Expert Bookkeeping Tips to Help You Stay in Control of Your Bookkeeping?

To ensure that your bookkeeping is effective and efficient, follow these top 10 tips:

  1. Keep accurate and detailed records of all financial transactions.
  2. Use a consistent and organized filing system for receipts, invoices, and other financial documents.
  3. Regularly reconcile your bank statements to ensure that your records are up to date and accurate.
  4. Use bookkeeping software to automate and streamline your bookkeeping tasks.
  5. Set aside time each week to focus on bookkeeping tasks, such as reconciling bank statements and entering transactions into your accounting software.
  6. Keep track of all expenses, including business-related travel and entertainment expenses.
  7. Regularly review your financial reports to monitor your cash flow, expenses, and profitability.
  8. Seek the help of a professional bookkeeper or accountant if necessary, especially during tax time.
  9. Stay compliant with tax laws and regulations by regularly filing required tax returns and paying any taxes owed on time.
  10. Regularly review and update your bookkeeping processes and procedures to ensure that they are effective and efficient.

    By following these top 10 tips, you can ensure that your bookkeeping is accurate, efficient, and helps you make informed decisions about your finances.

    At Sydney based Northern Beaches Bookkeeping Solutions we prefer to use Xero accounting software because we believe this is the best software on the market for most small to mid size businesses.

    Xero Accounting Software

    We also take advantage of other online software called Dext to help gather your paperwork easily, all you have to do it take a photo of your bill/receipt or forward on the attachment in your email and we do the rest. This is included in all of our set price monthly bookkeeping packages.

    If you would like to see more information about our bookkeeping services please click here

    Posts by Coralie Downie
    Feb 2

    An Expert Guide to Employee Superannuation for Small Business

    Superannuation is an important aspect of an employee’s remuneration package in Australia. It is a long-term savings plan designed to provide financial security during retirement. In this article, we aim to provide a comprehensive understanding of how employee superannuation works and why it is important.

    employee superannuation

    What is Employee Superannuation?

    Employee superannuation refers to the contributions made by an employer towards an employee’s retirement savings plan. These contributions are made on behalf of the employee, and they are typically a percentage of the employee’s salary. The contributions are then invested by the super fund to grow over time, providing a retirement nest egg for the employee.

    Why is Superannuation Important?

    Superannuation is important because it provides financial security during retirement. The cost of living can be high during retirement, and having a solid savings plan can help to ensure that an individual has enough money to live comfortably. Additionally, the Australian government provides tax concessions for contributions made to superannuation, making it an attractive savings option.

    How Does Employee Superannuation Work?

    Employee superannuation works as follows:

    1. An employer makes contributions to an employee’s superannuation fund on behalf of the employee.
    2. The employee has the option to make personal contributions to their superannuation fund, either before or after tax.
    3. The contributions are invested by the superannuation fund, and the returns are used to grow the employee’s retirement savings.
    4. When the employee reaches retirement age, they can access their superannuation benefits, which can be used to provide an income stream or a lump sum payment.

    What are the Key Components of Superannuation in Australia?

    There are several key components of superannuation, including:

    • Contributions: Contributions made by an employer and/or an employee to a super fund of choice.
    • Investment returns: The returns generated by the investments made by the superannuation fund.
    • Fees: The fees charged by the superannuation fund for managing the employee’s retirement savings.
    • Insurance cover: Some superannuation funds provide insurance cover, such as death and total and permanent disability cover.

    Who Regulates Superannuation?

    Superannuation is regulated by the Australian Prudential Regulation Authority (APRA). APRA sets standards for superannuation funds, ensuring that they operate in the best interests of their members.

    Conclusion

    Employee superannuation is a critical aspect of an employee’s remuneration package in Australia. It provides financial security during retirement and is an attractive savings option due to the tax concessions provided by the government. Understanding how superannuation works, including the key components and regulation, is important for all employees.

    For more information visit the Australian Taxation Website info page

    As professional bookkeepers, we can assist with accruing and paying your employee’s superannuation on time so you are compliant with the Australian legislation avoiding any late fees, interest or penalties.

    Posts by Coralie Downie
    Northern Beaches Bookkeeping Solutions - Xero Gold Partner
    Feb 1

    Finding the Right Professional Bookkeeper for your Small Business

    What do you need to look for in a professional bookkeeper? As a business owner, you understand the importance of managing your finances effectively. Bookkeeping is a critical aspect of financial management, and choosing the right bookkeeping services in Sydney can help you keep your business on track and avoid financial complications.

    Why Choose Professional Bookkeeping Services in Sydney?

    There are many reasons to choose professional bookkeeping services in Sydney, but the most important are accuracy and efficiency. A professional bookkeeper will have the knowledge and expertise to ensure that your financial records are accurate and up-to-date, and they can also save you time by handling the bookkeeping process for you.

    Benefits of Professional Bookkeeping Services

    There are many benefits to using professional bookkeeping services, including:

    1. Increased accuracy: A professional bookkeeper will have the knowledge and expertise to ensure that your financial records are accurate and up-to-date.
    2. Improved efficiency: A professional bookkeeper can save you time by handling the bookkeeping process for you, freeing up your time to focus on other aspects of your business.
    3. Better financial management: With accurate and up-to-date financial records, you will have a clearer understanding of your financial situation, allowing you to make informed decisions about your business.
    4. Reduced stress: Bookkeeping can be a stressful and time-consuming process, but a professional bookkeeper can take that stress away and allow you to focus on other aspects of your business.

    Choosing the Right Bookkeeping Services in Sydney

    When choosing a bookkeeper in Sydney, it is important to find a company that is professional, reliable, and experienced. You should also look for a company that offers affordable rates and excellent customer service.

    Conclusion

    Whether you are just starting out or have been in business for years, a professional bookkeeper can help you stay on track and avoid financial complications.

    By partnering with a professional bookkeeper, you can ensure that your financial records are accurate and up-to-date, and you can enjoy the peace of mind that comes with knowing that your finances are in good hands.

    See a comprehensive list of the bookkeeping services we provide here

    Or check out our Xero badges and qualifications on the official Xero Advisory Lookup Service

    Posts by Coralie Downie
    Dec 15

    Learn How to Manage Your Cash Flow With our Free Coaching Kit

    How can you manage your cash flow with the recent challenges faced by small businesses?

    Using our Cash Flow Coaching Kit, Northern Beaches Bookkeeping Solutions, your trusted adviser can work with you to answer this question.

    The kit includes change lever tools designed to help you identify how to keep your business cash flow healthy.

    Specific levers focus on increasing cash into your business and reducing cash out.

    Your adviser can show you which levers work best for your business situation.

    For example, if you need to change prices, the pricing change lever will help identify:

    • the margin you need to generate from sales to cover your expenses
    • whether you can implement small regular price increases
    • your most profitable customers, products or services.

    The Cash Flow Coaching Kit offers solutions to help manage a range of small business pressures. Richard Dudley of the Motor Trades Association of Australia says:

    ‘If you’re experiencing less income coming in the door and you’re struggling to absorb cost increases, consider how the pricing lever can be used to make changes to your pricing strategy and manage your cash flow’.

    There are things you can do to help your business perform better in challenging times. Talk to your adviser about the Cash Flow Coaching Kit today.

    This information is supplied by the ATO Small Business Newsroom

    https://www.ato.gov.au/Newsroom/smallbusiness/General/Managing-cash-flow-in-challenging-times/?sbnews20221214

    Posts by Coralie Downie
    Dec 15

    Entertaining your Employees

    With summer just around the corner, you may be planning a party or a day on the green with your employees.

    Before you fire up the BBQ, make sure you consider the fringe benefits tax (FBT) implications of your celebration.

    These will depend on:

    • the amount you spend on each employee
    • when and where your party is held
    • who attends – is it just employees, or are partners, clients or suppliers also invited?
    • the value and type of gifts you provide.

    Don’t forget to keep all records relating to the entertainment-related fringe benefits you provide, including how you worked out the taxable value of benefits.

    Remember, registered tax agents can help you with your tax.

    This information is supplied from the ATO Small Business Newsroom

    https://www.ato.gov.au/Newsroom/smallbusiness/Employers/Entertaining-your-employees-/

    Posts by Coralie Downie
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