Entries by Alexilum

Is Your Bookkeeper A Qualified BAS Agent?

Your company is thriving, and you are putting all your effort and hard work to achieve your business goals and your customers are happy. But by the end of the financial year, you also need to make sure you have a balance sheet that also makes you happy as well. Nothing is worse than finding […]

Picking a Good Bookkeeper

Bookkeeping is more than meeting tax obligations every year. It is a fundamental part of running a business. With your books in a mess so then are your finances. A good bookkeeper makes life easy. Accurate, up-to-date financials means you can plan and make wise decisions. The bookkeeping world can be a minefield, with not […]

Bookkeeping Should Be More Than Just Data Entry

There are too many people who think bookkeeping is just data entry and figure calling themselves a bookkeeper is an easy way to make a quick buck. The reality is that bookkeeping is much more than this. A bookkeeper should have a good understanding of your business and daily needs. You need someone who can bring […]

Cheap Doesn’t Mean Good Value

In your business, it’s important to make smart financial decisions. Many include finding ways to cut costs, increase your margins, and ways to make sure you are maximising your profit while adding value to your customers. It can be a temptation to find cheaper services for your business. It might even be a good decision, […]

Tax Office Targeting Unexplained Wealth

We’ve previously discussed why you should keep your business and personal finances separate, now there’s another reason. The Australian Taxation Office (ATO) has announced that they will target business owners with unexplained wealth. In an attempt to recover and minimise lost revenue, it warns careless reporting is not acceptable. Making incorrect small claims can add […]

Keeping An Eye On Your Business Health

We’ve previously discussed that sometimes the three core financial reports are not always enough to understand your business. If you want to know where various departments in your organisation currently stand or you want to focus on specific aspects of your business, you need proper custom reporting. Custom business reports are an important tool to […]

Rewarding Staff With Bonuses

Giving bonuses can be a great tool as an incentive for employees’s to improve performance or even reduce costs. It’s important to establish a measurable guide that the bonuses will be based upon otherwise they may see it as just another part of their pay and expect it without any effort. Motivation The most common […]

When Basic Business Reporting Is Not Enough

The Standard Financial Reports Recently we wrote about looking beyond the profit & loss report and understanding the role of the three core financial reports: The profit & loss report shows the financial performance of the business over a period of time The balance sheet shows the financial position of the business at a set point in […]

Capturing the Right Information with New Staff

Making sure you have captured all the right information when starting a new staff member can save a lot of headaches later on and it’s easy to miss those details during the hectic first days and weeks when a new staff member begins. The process begins before you even hold your first interview. Obviously by […]

Looking Beyond the Profit & Loss Report

When I ask business owners about how things are going they generally say their profit and loss looks pretty good. The problem is that’s the only financial report that they look at and while it’s an important indicator on your business performance it doesn’t tell the whole story. If you want to properly understand how […]