Are you on track with your business goals?

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As we come to the tail end of winter – hurrah! – some of us may be coming out of hibernation or still lost in the monotony of day-to-day tasks in business.

I don’t blame you, especially since we haven’t had a long weekend in a while. Well, I’m here to give you a wake-up call so you can embrace the coming spring season with confidence. August is usually a period when I need to give my clients a much-needed motivational boost to stay on course with their business targets.

Do you have a set of business goals?

First, are you monitoring critical KPIs such as business costs, profitability, sales, cashflow health and your budget?

If you’re not, you need to start doing so as soon as possible. Get in touch with your bookkeeper and accountant to start drafting a realistic set of business goals. One of the things I love about Xero is the ‘Dashboard’ because it gives an eagle’s eye view of my business.

The Xero Dashboard is fully customisable so you can set what you would like to track based on your current goals, such as reducing business costs or increasing the profit margin.

Here are just a handful of KPIs that Xero can track:

  • Cash flow to monitor your inflow and outflow of cash to see whether you are ahead of your plans or facing a potential crisis.
  • Money you owe and owed to you
  • Your budget and how much you have spent
  • Profit margin and current liability

Are you achieving your business goals? (Breaking down your goals to projects)

Business goals can be overwhelming if you don’t break them down into several projects or areas of improvements. Projects can then be broken down to tasks or actions. Doing this will prevent you from feeling overwhelmed or unmotivated to start kicking your goals.

One of the most common issues faced by my clients is they tend to get lost in their everyday tasks. When you’re constantly looking at a list of things to do every single day, you will start to feel like a hamster running on a spinning wheel. It never ends, and soon you will lose any motivation to run your business.

Understand the difference between everyday tasks that must be done to run the business and comply with the law, and tasks that help achieve your targets. The latter will grow your business in the long run so you must set aside time for it or outsource tasks to subject matter experts. You can’t do it all.

If you don’t keep your eye on the prize, you’ll start to get upset and anxious over little setbacks, which are part and parcel of business. You will be working long hours without making more income or sales. You will burn out faster than you anyone else.

If you already have goals in place, it’s crucial to monitor and fix any issues as they arise. This is where you need to work closely with your bookkeeper to track the numbers. If you’re in need of some motivation, look at what you’ve achieved so far and have a little celebration with your staff.  Learn from any mistakes and regroup with your team.

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What if you’re falling behind with your business goals? 

Get in touch with your bookkeeper or accountant quickly. As the subject matter experts for business operating numbers, I can’t tell you how many times I have caught something before it became a major problem for my clients. In fact, a good bookkeeper will raise alarm bells before you speak to them. We produce monthly reports and schedule catch-ups with our clients so nothing goes unnoticed.

Anything can happen in business. The economy may shrink, which affects consumer spending, regulations may change or tax benefits may be cut. You need to stay one step ahead by regularly monitoring your goals and revising your plans as needed.

Get your team members to commit to resolving any issues that is hindering you from reaching your goals. Draft a plan of attack and work together to tackle it as a team. Establish a standard of accountability among team members. This is not to punish them when something goes wrong, but for your business to thrive by tackling problems head on.

At the very least, talk to your bookkeeper who can help set goals, assist you in deciphering the numbers and guiding you to stay on the right course towards your targets. It is never too late to start new goals or to fix any issues. This way, you know you truly deserve that long break over Christmas and the New Year.

 

Specialising in Xero bookkeeping, Notch Above is a Brisbane bookkeeper and BAS
Agent located in Alderley that offers Xero setup, as well as training and ongoing support. Notch Abov
e can take care of all the bookkeeping tasks you would rather not do, like bank reconciliations,
supplier payments, payroll services, debtor control and BAS returns.
 
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What Are Your Super Obligations As A Business Owner?

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Superannuation obligation is a tricky subject you need to tackle when you first employ people in your business.

You must invest enough time to get it right because making a mistake can have horrible and expensive consequences.

I am often asked about Super by my clients, and so I thought I’ll touch on a few superannuation basics. This message is for both first time business owners and seasoned ones, and I’ll outline what happens if you miss a payment, pay late or make a mistake, which can be a costly nightmare.

 

Basics of the Super Guarantee Contribution

If you have employees, you are required by law to pay a minimum super guarantee contribution for them, to help them build a retirement nest. This contribution is tax deductible for your business.

Check the ATO’s latest regulations on which employees you must pay super contributions for, to ensure you don’t miss anyone. Currently, the super guarantee rate is 9.5% of ordinary time earnings, which means ordinary hours worked minus overtime.

The super payments must be made at least 4 times a year, which is quarterly. You can make more frequent payments as long as all your super obligation for the quarter is satisfied and made on time.

You can use clearing houses to help pay your super obligations. A clearing house helps distribute your super contributions to the appropriate super funds on your behalf. If you are a small business with 19 or fewer staff members, you can use the clearing house provided by the government, which is free, called the Small Business Superannuation Clearing House.

Now, here is the important bit.

By law, the super contribution must be in all the employees’ super fund accounts by the 28th day after the quarter ends. Note that it needs to be in the super fund accounts, not being processed, just deposited or sent to a clearing house.

 

The table below lists the quarterly due dates.

Quarter Period Payment due date
1 1 July – 30 September 28 October
2 1 October – 31 December 28 January
3 1 January – 31 March 28 April
4 1 April – 30 June 28 July

Source: ATO

 

Furthermore, a recent law that came into effect between 2015 and 2016 requires you to pay your super contributions using SuperStream. SuperStream was introduced to standardise the payment and data processing of all super contributions.

The accounting software Xero also offers a super stream compliant solution inclusive in its software which makes the payments a breeze.

Previously, businesses were not required to transact electronically, and could pay manually by sending checks in the mail. Data was also not stored properly and generally inconsistent from business to business.

SuperStream sets the data and payment standards, which requires everything to be done and stored electronically. If you are planning to hire for the first time, make sure you read up on your SuperStream obligations first.

 

What happens if you didn’t fulfil your super obligations?

There may be several reasons why you didn’t make your super payments or paid less than the required amount. Regardless, you will be handed a super guarantee charge (SGC), which is akin to a tax.

You must lodge a SGC statement if you couldn’t fulfil your super obligations. The SGC amount is calculated based on the circumstance which the default happened. If the payment was late, you may be able to offset the SGC with your late payment. If you missed a payment, interest and other penalties will be applied. You should refer to the ATO site on how SGC is calculated.

One thing to remember is, a company director may be personally liable for a SGC. If the company fails to report the outstanding super payment within 3 months of the due date, or the debt is 3 months overdue, a lockdown provision applies. This makes a company director personally liable for the debt, and recovery proceedings may be carried out if you fail to pay up.

Once in lockdown, you are still personally liable for the SGC even if the company winds down. Shutting down the company does not absolve you of your responsibility to an employee’s retirement fund.

Therefore, I always advise company directors to be vigilant and extra careful when it comes to super requirements. For those planning to become a company director, check that there are no SGC outstanding or have a plan to pay it off according to the ATO’s requirements. It is better to be safe than sorry.

The final point I’d like to stress is to always double check or perform an audit to ensure you have paid the required amount and have not missed anything. If you do discover discrepancies before the ATO conducts an audit or an employee raises a complaint, you must report it to the ATO as soon as possible.

Burying your head in the sand will only make things worse. There will be penalties and charges to pay, but you may get discounts depending on when you report it.

Please consult an accountant or a bookkeeper if you need help or feel overwhelmed. I can’t stress enough how vital it is for your business to survive by meeting all your super obligations correctly. Trust me, you don’t want see the bad side of the taxman, as it could cripple your business.

Lastly, don’t forget to pay all your super contributions before the 30th of June, if you plan on claiming the full tax deduction for this financial year. I hope you have a good end of financial year experience without any headache and stress.

If you need to discuss your Super obligations, book a “Next Actions” chat and I we together we can ensure you’re obligations are being met. Book in now or all our office on (07) 3355 6427.

Specialising in Xero bookkeeping, Notch Above is a Brisbane bookkeeper and BAS Agent located in Alderley that offers Xero setup, as well as training and ongoing support. Notch Above can take care of all the bookkeeping tasks you would rather not do, like bank reconciliations, supplier payments, payroll services, debtor control and BAS returns.

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How a Bookkeeper Counteracts the 3 Common Stresses of Small Business Owners

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Being a small business owner is stressful. Reports, surveys and studies of small business owners around the world claim running a small business is their # 1 cause of stress. And the three common stresses of small business owners? Lack of control, having no time to ‘do it all’ and reacting too fast and too soon. It might seem very simple, but hiring a bookkeeper can counteract all three.

 

Common Stress 1: Lack of Control

As a small business owner you’re dealing with clients, investors, creditors, business partners, employees and government legislation while trying to navigate traffic, employee dietary needs and healthy snacks for kindy. Not surprising so many small business owners feel they have no control in their lives and get majorly stressed out. This is one key area where an efficient bookkeeping service can help.

Just knowing that your quarterly or monthly BAS Return will be lodged correctly (and on time) is certain to give you back a feeling of control. Knowing that your annual payroll reconciliation and tax office reporting is taken care of, and that the superannuation payments are calculated accurately, might free your mind to think of other things instead of being overwhelmed.

“Notch Above have made my business life soooo much more ordered and lowered my stress levels by half! AND they’ve saved me money but ensuring I’m compliant and up to date with all the latest regulations and compliances that have to be adhered to.” Brett Lane, Keltah Ventures

 

Common Stress 2: Reacting Too Fast and Too Soon

Small business owners are often so overwhelmed by volumes of paperwork, compliance demands and dormant sales leads that when issues arise suddenly (especially those involving capital purchases and major repairs) they make inappropriate responses. Result? Overwhelming stress.

Having an efficient bookkeeping service means you have real-time, up-to-date financial figures and accurate cash flow data, enabling you to make informed decisions. Balance this against the stress of making a super-fast purchasing decision only to remember an overdue loan or tax instalment a few weeks later.

“Notch Above has been offering outstanding bookkeeping and administration advice for my clients for over five years. Notch Above is a real expert in the field and importantly makes life easier for people running their own business. A true professional who goes the extra mile.” Scott Grady, Partner at CNS Partners

 

Common Stress 3: No Time to “Do it All”

Small business owners (especially those in the first year of business) are doing it all. Missing valuable time with family and friends, having no time for hobbies or creative pursuits and probably working more than 70 hours a week, it’s no surprise they’re experiencing significant stress.

If you are spending your time reconciling bank statements or trying to manage the year end payroll data or process group certificates, you are not using your real expertise working on your core business. An efficient bookkeeper gives back your valuable time. Time you can put back into growing the business or spend with family or even ride your bike again.

“I have saved at least 1/2 day a month of my valuable time which has been put to better use and my bookkeeping needs have been expertly and thoroughly looked after.” Shirley Farrell, HR Management Services.

We would love to help you put energy and passion back into your life by taking away your bookwork drag. Having had over 20 years bookkeeping and accounting experience, we truly understand your frustrations and stresses. Why not get in contact today, arrange a free consultation and check out our hassle-free bookkeeping packages.

Reduce your stress. Let us take care of your bookkeeping, while you take care of your business.

5 Silly Excuses We Give For Not Going Paperless

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After years of handling clients’ data, I’ve found that a lot of businesses are still clinging on to a paper-based system. It’s such a shame because there are massive benefits when you store your documents digitally, especially your invoice and receipts.

 

This is why Xero’s latest survey failed to surprise me. Here are the facts:

  • 65% of small businesses in Australia store some of their receipts and invoices in boxes or files.
  • Over 50% of respondents admit their filing system isn’t very organised.
  • Less than 4% do not have any system for storing receipts and invoices.

I know it’s not easy to commit to going paperless. It’s a lot of work.

While I understand their concerns and fears, I want to show that the benefits far outweigh the initial investment and work. These are 5 common excuses I’ve heard over the years.

 

Excuse #1: “I know where everything is and I can easily find the document I want quickly”

How about when you are on a holiday or off-site? If an emergency pops up, there is no way you can get back to your office to grab your documents in time. Using a cloud system means you can access your documents anytime and anywhere.

In fact, you can work anywhere when everything is stored online. Sit on a park bench and enjoy the fresh air. Type away in a café and smell the morning coffee. Work from home while minding the kids. You’re no longer tied to a physical space. You can pull up your documents instantly from the cloud and get cracking.

 

“Wouldn’t you want to work from here?”

“Wouldn’t you want to work from here?”

 

Excuse #2: “It’s always been done this way. It would take too much time and energy to learn and train my staff”

We’ve all heard the saying: If it isn’t broke, don’t fix it. The problem with having everything on paper is that your business is not disaster proof.

All it takes is a momentary lapse of judgement and all hell could break loose. It could be as simple as a coffee spill or as tragic as a fire in the office. Think of what would happen to your business if all your receipts and invoices are gone? Scary, isn’t it?

An employee misplacing or losing a file could easily happen. But the possibility of losing all your digital documents stored in a cloud system? Is unheard of. Remember, you always have backups even if it did occur.

Think of storing your documents in the cloud as a form of business insurance, in case the worst happens. You wouldn’t travel anywhere or do anything without insurance. So why risk your source of income?

 

Excuse #3: “I don’t know where to start. There are too many options out there.”

Any bookkeeper worth their salt will be able to help you organize your documents digitally. All it takes is careful planning and some time set aside weekly. Most cloud accounting system now give allowance for file storage.

Xero allows you to attach files with your transactions. I can’t tell you how practical and useful this feature is because you can organise all your documents on the spot, rather than leaving them to pile up on your desk so you can sort it out one fine day.

There is also software that can scan your documents and extract all the important information into your accounting system so you don’t have to flip through them one by one. Take a look at Receipt Bank, which integrates beautifully with Xero.

Digital storage also means using less physical space in your office, helping you reduce clutter. Who wouldn’t love to start work every day on a clean desk? Before you’d know it, you will be fully loving your digital filing system and wondering how on earth did you manage to do without it.

 

Work with a clear mind

Work with a clear mind

 

Excuse #4: “My accounts guy likes to work with paper.”

What if you need to collaborate with people? What about the rest of your team? It may be okay for a few, but others might find it difficult and tedious to work with paper. In a cloud system, all the documents can be easily accessed and edited by team members.

Your team can now collaborate easier and get the job done quickly without physically sitting next to each other while poring over documents. This is a simple way to increase productivity in the office. Then again, who says you need to be in the office to work?

 

Excuse #5: “The current system in place needs a signature so someone has to sign on paper.”

There are plenty of options when it comes to electronic signatures. Electronic signatures also reduce processing time as everything can be emailed through quickly, without having to fax and wait for a response. As a business, your customers will love the reduced processing time.

Xero has plenty of add-ons for electronic signatures such as RightSignature and DocuSign. In fact, you can sign digitally when you do your tax returns with Xero Tax.

So there you have it. I would even go as far as saying that going paperless is life changing for your business. Try it and I promise you won’t regret it. We can discuss the options with you today. Book a next action chat with me now by clicking here.

 

Specialising in Xero bookkeeping, Notch Above is a Brisbane bookkeeper and BAS Agent located in Alderley that offers Xero setup, as well as training and ongoing support. Notch Above can take care of all the bookkeeping tasks you would rather not do, like bank reconciliations, supplier payments, payroll services, debtor control and BAS returns.

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Is your Bookkeeper Up To Industry Best Practice?

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With Valentine’s Day around the corner, I’ve thought about clients whom I have loved working with.

It may be just business but it does get personal. We work hard to build a business together, even in my capacity as an outsourced bookkeeper.

As with any relationship, sometimes it can go sour. Usually it’s nothing more than just having the wrong chemistry. Sometimes it could be as bad as one party being totally unprofessional.

But there are other reasons to consider breaking up. Do you know the sign that it’s time to bid adieu to your bookkeeper?

 

1 – “I want to switch to an online accounting system but my bookkeeper doesn’t seem to know much”

I can’t even begin to list down all the benefits of keeping your books in the cloud, but here’s a few to consider

  • The ability to work anytime and anywhere? Check.
  • Having a peace of mind knowing that your documents are protected from fire, water damage and catastrophe? Check.
  • Easier collaboration with your staff members and bookkeeper? Check.
  • Faster payment processing for your customers? Check.

In this day and age, a bookkeeper has to keep up with the latest technology. There are plenty of options out there when it comes to online accounting software. I’ve tried a few over the years and Xero is still my favourite.

 

2 – “My bookkeeper keeps tonnes of files and prints on paper when we work”

It might not seem a big deal now but what if one of you misplace or lose a file? If you are still using a paper-based system, it’s time to rethink your strategy. Reducing paper usage also helps reduce the clutter in your office.

Besides, I have a particular liking for Mother Nature. Please save the trees. It’s the least you can do for the environment.

 

3 – “When I ask for data, my bookkeeper can’t provide it until much later.”

Time is money in business. If your bookkeeper takes days or weeks to get you the data or analytics you need, maybe it’s time for a breakup.

It should be a quick turnaround. Your bookkeeper should be able to pull up the numbers easily if he or she has a good system in place. They shouldn’t be digging into a library of files or have to crunch numbers when you need information urgently.

 

4 – “I have to wait until the end of the quarter to know my profit or cash position.”

Your financial numbers should always be in shipshape and up to date. Your bookkeeper shouldn’t be tidying up your numbers at the last minute when your BAS is due at the end of the quarter. With an online accounting system, you always have a finger on the pulse of your business.

 

5 – “I don’t know how much money is owed to me or how much money I owe my creditors.”

This problem is the same as above. For the sake of a healthy cash flow, you need to know these numbers. Your cash flow will be in trouble the longer it takes to get paid. Likewise, your reputation and credit score will be in trouble the longer it takes you to pay up. A good bookkeeper should be able to give you this information without hesitation.

 

6 – “I’ve never discussed how my company is performing with my bookkeeper.”

A good bookkeeper knows whether a company is going south or going places. After all, they work with the nitty gritty financial details of your business.

You will be wasting a precious resource and opportunity if you’ve never asked your bookkeeper how your company is really going. A good bookkeeper will share this information without being prompted. You can track your business performance over the years and even discuss what needs to change to hit your goals.

 

7 – “I don’t have a relationship where I can speak to my bookkeeper anytime.”

I believe that a good bookkeeper should feel like another staff member of your company. Why not? They process your books, which is an essential operation in any business.

Thus, you should cultivate a healthy working relationship with your bookkeeper. It would be great if you can just pick up the phone to discuss an issue or idea with them. It shouldn’t be a quarterly affair or worse, a yearly affair when you need to file taxes and close the books for the end of the financial year.   If you would like a different perspective on things book a “next action” chat with me now by clicking here.

 

Specialising in Xero bookkeeping, Notch Above is a Brisbane bookkeeper and BAS Agent located in Alderley that offers Xero setup, as well as training and ongoing support. Notch Above can take care of all the bookkeeping tasks you would rather not do, like bank reconciliations, supplier payments, payroll services, debtor control and BAS returns.

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Numbers Ready for your Exit Strategy

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Exit Strategy 101: Do you know how valuable your business is?

When you’re busy running a business, an exit strategy is probably the last thing on your mind. Most people tend to put it off until they are close to retirement, winding up or needing a change.

But have you ever asked yourself this question:

“If something unfortunate happens to me tomorrow, how much would I get from selling my business?”

See, you don’t have to wait until it’s time to sell your business to think about this. Anything can happen in life so you should always be prepared. It is also considered good practice to value your business from time to time so you can plan your retirement properly.

 

Valuing your business

It goes without saying that you want to get the highest valuation for your business. In order to do so, you need to get your finances in shape and all your records in order. You also need to know all the important numbers that buyers are interested to know.

Having the right numbers could make or break a deal. It will also determine how sellable your business is to potential buyers. Remember, buyers will also do their due diligence on your business before making an offer. If you have something to hide or have not kept your records in order, you may lose a potential buyer.

 

Below are just a few examples of the data you need to have ready.

1 – Basic numbers

If you can’t produce the basic figures easily, you are in big trouble. They can be obtained from your financial reports. Do you know what is your cost of goods sold (COGS) or operating cost? What is your annual profit or loss after tax? Which line of product or service is the most profitable? And which is the most cost effective?

 

2 – Key financial ratios

Ratios indicate how healthy a business is. They can measure a number of things including profitability, liquidity, cost and leverage. For profitability, examples of important ratios are your gross and net profit margin and return on equity ratio. For liquidity, you need to know your current ratio, which measures how much cash you have to cover short term liabilities.

You should also compare your ratios with industry averages to see how you stack up in the industry.

There are a million and one ratios you can measure. Calculating them should be a simple job.

 

3 – Assets, Liabilities and Equity

How much are your tangible assets worth? Do you know what your intangible assets are? Do you have a detailed asset schedule in place? What are your short and long term liabilities? These questions are easily addressed from checking your latest balance sheet.

 

4 – Transferrable items

Can you easily identify which items are transferable to the new owner and which are not? Check the terms and conditions of all your business loans and leases. It may not be as straightforward to transfer to a new owner. This can put buyers off.

 

5 – Trend and Forecast

What is the profit, cost and debt trends for the last five years? What is the projected earnings for the coming years? Buyers would be eager to see these numbers to assess their risk and return of buying your business. They will also compare it to your competitors in the market so have those numbers ready too.

Your financial data should be easy to calculate and prepare, provided you have done your books right. With a cloud accounting software, some of the data can be produced within a few clicks. Your bookkeeper should be able to help you out.

Valuing your business is only one part of the equation. There are business and tax regulations you need to adhere to when you start the actual selling process with your preferred buyer. When you are ready to sell your business, you should enlist the help of a business broker, who specialises in buying and selling businesses.

Take action today to avoid a catastrophe if you have to wind up or sell your company suddenly. You should know by now that it is always good to plan ahead in business. I urge you to start discussing it with your bookkeeper, give us a call today or click here to book a time with me to discuss next actions?

Don’t say I didn’t warn you.

 

Specialising in Xero bookkeeping, Notch Above is a Brisbane bookkeeper and BAS Agent located in Alderley that offers Xero setup, as well as training and ongoing support. Notch Above can take care of all the bookkeeping tasks you would rather not do, like bank reconciliations, supplier payments, payroll services, debtor control and BAS returns.

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5 Awesome Ways a Dashboard Helps Kick Your Financial Goals

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Studying financial reports or an excel spreadsheet can be a chore. It is, however, necessary for your business if you want to do more than just survive. To thrive in business, it’s important to understand your numbers.

Some of us are visual creatures and it’s true when they say a picture paints a thousand words. Our brain loves colours and tends to grasp concepts easily when we see the full picture.

If your eyes tend to glaze over numbers, you need a financial dashboard. Imagine if you could see a colourful visual representation of your financial numbers instead of trying to decipher a profit and loss report.

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The road in business is always bumpy but a dashboard helps you get there in one piece

What exactly does a financial dashboard do? It works just like your car’s dashboard, giving you vital information about your business. Is your business running low on fuel (cash)? Will you arrive at your target destination in record speed? Or will your business break down before that? Do you have a spare tyre (backup plan) handy?

At any point in time, you have these data at your fingertips so you can concentrate on driving the business to where it needs to go.

 

Kick your goals with a dashboard

You can set goals and monitor them closely with a financial dashboard, such as hitting your sales target or reducing costs to a certain level. You’re more likely to make the best decision once you have a full picture of what’s going on. You can also fix an issue before it gets worse or foresee a problem before it blows up.

Translate your company goals easily to your staff so everyone is on the same page. This also promotes accountability as everyone is responsible for a portion of the target.

Here are just a few awesome ways a dashboard helps you get kick your business goals.

  1. Keep an eye on your revenue, cost and profit – These are the lifeblood of any business. A dashboard will tell you exactly how you are faring. It can also forecast whether you will hit your target.
  1. Monitor cash flow and budget – Keep track of your cash in hand and see whether you are sticking to your budget. Monitor direct costs and overheads so you won’t run out of cash. Tracking your cash is equivalent to tracking the health of your business. After all, cash is king.
  1. Find out your average debtor days – Do you know how many days you have to wait for a payment on average? Revenue is vanity but cash flow is reality. I’ve seen too many good businesses go under because they fail to sustain a positive cash flow. Getting paid quickly is one way to take care of your business. Track bad debts so you can recoup your losses or write it off quickly.
  1. Stay ahead of creditors – Need I say more? You never want to get on the bad side of your creditors, especially banks. Monitor loan accounts and see how much interest you are paying or when they are due. Build a good credit score for your business, which will help in the future when you plan to expand.
  1. Compare your performance over time – It’s one thing to achieve your target. But how does your achievement compare to last year? Did you improve, decline or stagnate? These are key signs of the longevity of a business.

As you compare your performance over the years, you will get a rough idea whether your business needs help, a cash injection, extra resources or a product overhaul. You will see inflection points when your business started to lift off or when it started to slide and figure out what triggered them.

So, what will be your financial goals next year?

If you wish to find out more about how we can assist tracking these goals via a dashboard email me on jac@notchabove.com.au or book a “next actions” discussion with me now by clicking here.

 

Specialising in Xero bookkeeping, Notch Above is a Brisbane bookkeeper and BAS Agent located in Alderley that offers Xero setup, as well as training and ongoing support. Notch Above can take care of all the bookkeeping tasks you would rather not do, like bank reconciliations, supplier payments, payroll services, debtor control and BAS returns.

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Receipt Rage? Keep Calm and Follow These Tips

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Along with flying cars and holidays on the moon, the 21st century held the promise of paper-free offices; but alas, no. Twenty-first century bookkeeping still involves an awful lot of paperwork. While most civilians can safely toss their receipts away, small businesses operatives have to hold onto the invoices and receipts they amass, sometimes for years.

Not only are invoices and receipts easy to lose or misplace, but keying essential information from hundreds of these slips is a time-sucking experience. While collecting, transcribing, and archiving receipts are tasks that just need doing, there is no reason to lose your mind over these itty-bitty pieces of paper.

If you have a veritable hill of receipts waiting for you in your office, you need to conquer it with a plan, and once you have your receipts under control, make it a habit to capture your receipts every day by scheduling time for this task.

Reduce Your Mountain of Receipts to a More Manageable Molehill

Use Receipt Bank to Capture Receipt Data

If the prospect of keying in hundreds of receipts and invoices fills you with despair, chin up, because there is an application that takes care of that chore for you. Receipt Bank is a mobile application for iOS and Android devices. Instead of keying in a receipt, you take a picture of the receipt or use the desktop version of the application to scan the receipt.

The application then extracts all the essential information like the vendor’s name, the receipt total, the GST you paid, and the date of purchase, and then uploads this data. What is more Receipt Bank seamlessly integrates with Xero. With an application like Receipt Bank, a tedious process that can take hours is reduced to minutes. From there Notch Above can get you back on track with the bank reconciliations and BAS.

Life often gets in the way of best laid plans. A business trip, a sick child, or looming fulfillment deadline could take your attention away from dealing with your receipts. If you are juggling a lot right now, you do risk dropping an important ball. By delegating the task of reconciling your receipts and invoices, you will have one less ball to juggle.

We at Notch Above can help you catch up on your invoices and receipts and take on other Xero bookwork tasks, leaving you free to concentrate on growing your business and fulfilling the needs of your customers, as well as giving you back time for family and friends, and personal time for yourself.

Specialising in Xero bookkeeping, Notch Above is a Brisbane bookkeeper and BAS Agent located in Alderley that offers Xero setup, as well as training and ongoing support. Notch Above can take care of all the bookkeeping tasks you would rather not do, like bank reconciliations, supplier payments, payroll services, debtor control and BAS returns.