Your Bookkeeping Matters: Recent Episodes
Lisa Turner
Your Bookkeeping Matters is a no fluff, short and sweet podcast with weekly snackable tips about all matters bookkeeping and your business to help guide you to do things the right way.
What if the legal risks you’re worried about in business aren’t the biggest problem... it’s the ones you didn’t know to look for? In this milestone 100th episode, I’m joined by small business lawyer and strategist Tracey Mylecharane for a conversation that’s been a long time coming. We’re talking about the real issues we both see too often. Misaligned expectations, poor client onboarding, and the ripple effect that happens when legals and numbers are overlooked.
Tracey breaks down the legal gaps business owners don’t realise are costing them time, money, and energy. We also chat about how working together (yep, she’s our client too) has shifted her perspective on her finances and made running her business feel clearer and more grounded.
If you’ve been relying on templates, winging it with contracts, or assuming your invoice terms are enough, this is the episode you didn’t know you needed. It’s packed with insights on what protects you legally, how to build strong systems, and why knowing your numbers goes hand in hand with sustainable growth.
This is the final episode on the podcast for now while I focus on other areas of the business, but it’s far from goodbye. And every conversation, insight and episode in the library is here for you to come back to whenever you need. You’re never doing it alone, and you were never meant to.
Here’s what’s covered:
- The most common legal problems Tracey sees and how to avoid them
- Why client onboarding sequencing matters more than most realise
- How your legal documents can actively support business growth
- The link between strong legal advice and financial clarity
- What changes when you stop DIYing your legals and your finance
Links & Resources Mentioned in This Episode:
- Connect with Tracey through her
- Podcast: Rise Up in Business
- Book a Discovery Call to work with Accounted For You
If you’ve ever felt like you’re doing it all in your business, or like stepping away would make everything fall apart, this episode is for you.
I’m joined by my friend, client and trusted advisor Michelle Broadbent for a real conversation about what it actually means to be supported in business. We talk through the mindset shifts required to grow, the signs you might be ready for change, and what being a CEO really looks like when you’re not stuck in the weeds.
Michelle shares her own experience of realising she didn’t need to manage everything alone, what led her to build a stronger support team, and the impact this has had across her business. She also opens up about how working with us at Accounted For You has given her clarity, confidence and time back, all things she now helps her own clients create too.
This episode is full of honest insights, small steps and practical encouragement to help you stop holding everything together on your own and start building the right support around you.
Here’s what’s covered:
- Why support isn’t a luxury, it’s a CEO-level decision
- Signs you’ve outgrown doing it all yourself
- What to look for in the right support team for your business
- How financial clarity creates space to lead and grow
- One small shift you can make this week to feel less alone in your business.
Links & Resources Mentioned in This Episode:
- Connect with Michelle through her website, Instagram or LinkedIn
- Book a Discovery Call to work with Accounted For You
Finding the right bookkeeper isn’t about a quick fix or ticking a compliance box. It’s about choosing a partner who gets your business, supports your growth, and gives you the confidence to use your numbers. And the way the relationship starts, your onboarding, says a lot about how it will feel to work together long term.
In this episode, I’m going behind the scenes to show what onboarding with us looks like and why the right fit matters so much. I share the difference between tailored support and bespoke work, when we’ve said no to potential clients (and why), and why following your own business process is essential.
You’ll also hear how we structure our onboarding to give you clarity and support from day one. From discovery calls through to health checks, proposals, welcome packs, and ongoing touch points. And because we don’t believe in surface-level service, I’ll explain how we go beyond compliance to help you strengthen cash flow, refine processes, and build financial confidence as you grow
Here’s what’s covered:
- The importance of choosing a bookkeeper who is the right fit for your business, not the most convenient option.
- Why tailoring matters to us, but going completely bespoke isn’t what we do.
- Signs it may be time to rethink your current bookkeeping support.
- What you can expect from a structured, supportive onboarding process that prioritises both compliance and growth.
Links & Resources Mentioned in This Episode:
- Xero Money Saver guide here free resource with quick, practical tips to help you save money with the way your Xero is set up and used.
When it comes to creating an event your clients will remember (and rave about), the magic isn’t in how much you spend, it’s in the details. In this episode, I’m joined by Caroline Hutchison, General Manager of Events Fantastic, to talk about crafting events that feel elevated, thoughtful, and completely on brand.
With over 20 years in the events world and experience on both the client and supplier side, Caroline shares a wealth of practical, unexpected tips to help you design an unforgettable experience, whether you’re planning a big-ticket conference, an awards night, or a more intimate workshop or VIP day. From clever budget shifts that make a big visual impact to those easy-to-miss finishing touches that shape how your guests feel, you’ll walk away with fresh ideas you can start using right away.
We cover the power of working backwards from your event date, why “the list” is your ultimate planning tool, and how to focus on what matters most to your attendees so they leave feeling connected, valued, and impressed. Caroline also opens up about how outsourcing has transformed her business (including her decision to work with us at Accounted For You), and why finding your people, your trusted “business tribe”, is essential for long-term growth.
Here’s what’s covered:
- Focus on how you want attendees to feel and use all the senses to create that atmosphere
- Work backwards from your event date with a detailed list to keep planning on track
- Use budget strategically, invest where the impact is greatest and cut where it won’t be noticed
- Keep details consistent for a polished, professional look
- Outsourcing frees up time for high-value work and growth opportunities
Links & Resources Mentioned in This Episode:
- Website: Events Fantastic
- YouTube: Events Fantastic
- Facebook: Events Fantastic Australia
Whether you're running a business from your spare room or clocking in a few admin hours at the kitchen bench, you’ve probably wondered what you can actually claim working from home — and what’s wishful thinking (no, your air fryer doesn’t count).
This episode clears up the confusion around WFH deductions with a no-fluff breakdown of the ATO-approved methods you can use to claim - and how to get it right. I’ll walk you through the two main options available, who they’re best suited for, and exactly what you can and can’t include. If you’re second-guessing what counts or relying on TikTok tips, this one’s for you.
With the ATO keeping a close eye on these deductions, it’s more important than ever to understand the rules, track your expenses properly, and stay on top of your records. You’ll leave this episode knowing the difference between fixed rate and actual cost methods, what each covers, and what to avoid so you don’t land in hot water at tax time.
Here’s what’s covered:
- There are two ways to claim: the fixed rate method and the actual cost method - each has specific requirements
- Fixed rate covers things like internet, phone, power, and stationery
- Actual cost lets you claim what you’ve spent
- You can’t double-dip or mix methods, and some items (like rent) are only claimable under strict conditions for business owners
- Records matter: keep invoices, receipts, and diaries to support your claim
- Your tax agent is your best friend for working out what applies to your setup
Links & Resources Mentioned in This Episode:
- Grab our free Xero Money Saver guide here
- ATO Work From Home resource here
EOFY shouldn’t feel like an annual panic button, but if it still does, you’re not alone. This episode is for the business owner who’s been at it for a few years and still finds themselves scrambling, second-guessing, or flat out avoiding the numbers when June rolls around.
Whether you’re DIYing or already have a bookkeeper, if you’re feeling behind and unsure what your BAS will be until it lands in your inbox, or scrambling to piece things together for your tax return, this is your sign to change things up. If you didn’t get a chance to review and optimise your tax position this year, it’s time for support which keeps you ahead, not playing catch-up.
From real-life client stories to some exact points from the checklist we use in my bookkeeping practice, I’m walking you through what EOFY can look like when it’s done right, with clarity, confidence and way less stress. You’ll also hear a gentle but honest reality check about what your bookkeeper should be doing for you (and what to ask if you’re not feeling the love).
Let this be the last EOFY you feel unprepared!
Here’s what’s covered:
- EOFY isn’t the time to fix everything, it’s the deadline, not the strategy
- The difference between a good bookkeeper and a great one? Ongoing support, clarity, and proactive insights
- Hidden costs in ecommerce and missed deductions in service-based businesses can lead to paying more tax than necessary
- Create a rinse-and-repeat EOFY checklist including super timing, stock takes, tidy payroll, and tax planning
- If you’re still winging it or only hearing from your bookkeeper at BAS time, it might be time to reassess
Links & Resources Mentioned in This Episode:
- Previous Podcast Ep: 03 My Top Tips for a Smooth EOFY
- Blog post: Here's Why Your EOFY Stock Take is a Good Thing
- Blog post: The EOFY Checklist for Small Business Owners
- Book a Discovery Call here!
Whether you’re hiring your first team member or reshuffling how support looks inside your growing business, this conversation will help you make smarter, more sustainable decisions. I’m joined by hiring and leadership expert, and my friend, Paula Maidens, and together we dive into one of the biggest growth questions I see small business owners face: should this role be in-house, outsourced or offshored?
It’s a topic full of opinions and assumptions, but Paula breaks it down with clarity and logic. We talk about how to weigh up true costs (spoiler: it’s not just about hourly rates), what red flags to watch for, and why your gut feel isn’t always the best hiring strategy.
If you’ve ever wondered whether you're overpaying, under-briefing or building a team not quite right for where your business is heading, this episode gives you the practical tools and mindset shifts to figure it out.
This one’s especially useful if you’re wearing too many hats and want to grow without losing control, profit, or peace of mind.
Here’s what’s covered:
- Control, confidentiality and consistency are key drivers when deciding where a role should sit
- The true cost of hiring isn’t limited to wages. Factor in training, communication, systems, and time
- Use Paula’s 5-step framework to assess: cost, value, hours, risk, and medium-term fit
- Onboarding is crucial. Skipping it sabotages your hire and your ROI
- Red flags your outsourcing or offshoring setup isn’t working: disappearing acts, lack of process ownership, or system misalignment
- Pay attention to communication flow. If they can’t integrate with your systems or team, it may not be a good fit
- Always document processes in your business, no matter who’s doing the task, in-house or external
We had such a great chat, and there was so much to unpack - if you enjoyed this episode as much as I did talking to Paula, there’s an extended version over on YouTube. Pop over there if you want to hear even more insights we couldn’t quite squeeze into the podcast here.
Links & Resources Mentioned in This Episode:
- Paula Maidens Kickass Hiring & Interview Masterclass
Connect with Paula:
- Website: Paula Maidens
- Instagram: Paula Maidens Consulting
- LinkedIn: Paula Maidens
- Podcast: Big Dreams Great Teams
Running a business without solid financial systems is like driving with your eyes closed. It’s risky, stressful, and unsustainable. This checklist covers the non-negotiables every small business owner must have in place to avoid the chaos and keep things on track.
Whether you’re in your first year or five years in, these seven financial must haves are what I make sure every client of mine is across, because they’re the difference between winging it and running a profitable, compliant business.
This isn’t a scare tactic. It’s a practical guide to help you stay in control, avoid costly surprises, and make smarter money moves with confidence. You don’t need to know everything, but you do need a solid handle on the essentials or the right expert in your corner.
If you're unsure whether your financial setup is working for you or against you, this episode is your starting point.
Here’s what’s covered:
- The two business bank accounts I consider non-negotiable (yes, two)
- The mistake I see far too often when it comes to GST
- Why staying “sort of” up to date with your numbers won’t cut it
- What should always be on your invoices, and when it’s missing what it says about you and your business
- The smartest move you can make, even if you're not a finance person
Links & Resources Mentioned in This Episode:
- Previous Podcast Ep: 78 Is Your Tax Invoice Giving Me a Headache?
- Bookkeeping Matters Learning Hub
- Blog post: The 6 Bank Accounts Every Business Needs
Pricing is one of the trickiest parts of running a business, and it’s also one of the easiest ways to watch your profit disappear. If you’re working non stop, but cash still feels tight, chances are your pricing strategy is the problem (whether you realise it or not).
In this episode, I’m breaking down the exact mistakes I see female-led businesses making with their pricing. It's the same traps I’ve seen with my own clients, and even faced myself. From guessing your prices and forgetting hidden costs, to relying on outdated models or chasing competitors’ rates, these issues chip away at your profit fast. The good news? Once you know what to look for, you can turn things around.
I’ll walk you through the practical steps to review your pricing properly. So you can make sure it covers all your true costs (including those sneaky ones like admin time, taxes, and overheads), supports your goals, and keeps your business sustainable. No fancy spreadsheets needed, just simple, actionable advice to get you back on track.
If pricing has ever felt overwhelming or you’ve been putting off a proper review, this is your reminder small changes can make a massive difference to your bottom line.
Here’s what’s covered:
- Why “set and forget” pricing is a recipe for profit loss, and how often you should review your prices
- The danger of hourly pricing when your business evolves (and how one client turned things around by switching models)
- What happens when you copy competitors’ pricing, and why it usually backfires
- The true costs you need to build into your pricing to avoid accidentally working for free
- Why discounting feels like a quick win but can seriously damage your brand and long-term profit
- How to set clear pricing boundaries and focus on value instead of dropping your prices
Links & Resources Mentioned in This Episode:
- Free Tool Pricing Calculator
- Previous Podcast Ep: 19 Pricing for Profit (and Mistakes to Avoid)
- Previous Podcast Ep: 82 Beyond Profit: Why Adding Value Matters Most
- Watch this episode on YouTube
Running a small business often means wearing many hats, but when it comes to bookkeeping, trying to DIY can hold you back more than help. If you’re serious about growth, it’s time to stop thinking of a bookkeeper as someone who merely clicks buttons in Xero. The right bookkeeper becomes part of your team, helping you make confident, informed decisions and setting your business up for sustainable success.
Bookkeeping goes beyond data entry, it plays a key role in your business growth. From cleaning up messy accounts to setting up smarter systems and giving you the financial clarity you need to scale, this episode is packed with insight. Whether you’re overwhelmed by overdue invoices or unsure how much to set aside for BAS, after this episode you’ll walk away understanding exactly how a proactive bookkeeper can help move your business forward.
Here’s what’s covered:
- How a great bookkeeper helps you see the full picture of your business
- The unexpected ways they can support your decision making and strategy
- Why you don’t need to have it all figured out before working with a bookkeeper
- How they help you stay focused on what matters
- What it looks like when your numbers finally start working for you
Links + Resources :
- Podcast Episode 09: Bookkeeper vs Accountant
- Podcast Episode 36:Hiring a Bookkeeper? Here’s What You Need To Know
- Podcast Episode 10: Should You Outsource or DIY your Books?
- Watch this episode on YouTube
- Learn more about working together with Accounted For You
Running a business while trying to maintain a personal life can feel like a never-ending juggling act. The pressure to be everywhere, do everything, and keep it all together is real, and exhausting. That’s why we’re stepping back to ask a more intentional question: is this helping create harmony, or is it feeding the overwhelm?
After a shaky 2024, the word harmony has become a guiding principle for me. Instead of striving for a perfect work-life balance (spoiler: it doesn’t exist), my focus has shifted to systems that support a flow between business and life, one that is flexible, realistic, and sustainable. I share what that looks like in practice with four systems that have helped me create harmony between work and life:
- Automating repetitive tasks. Whether it’s email rules, invoice reminders, or integrating tools, automation helps cut down manual work so you can focus on what matters most.
- Scheduling and Time Blocking. Create consistency and structure by scheduling tasks and batching them together. Time blocking helps protect your focus and ensures important things get done, without the mental clutter.
- Outsourcing the Right Tasks. You don’t need to do it all. Let go of tasks that drain your energy or take time away from your strengths. Think about where you add the most value and get help with the rest.
- Setting Boundaries. Define what works for you, whether that’s turning off notifications, not working Fridays, or saying no more often. Boundaries are essential for protecting your time, energy, and wellbeing.
Links + Resources
- Number News fortnightly email insights
Small changes can make a huge difference in your business. The right tweaks to your bookkeeping and financial habits can save time, improve cash flow, and help you feel more in control, all without adding more to your plate.
Efficiency is key, and it starts with reducing time spent on repetitive tasks. Are you still manually processing transactions that could be automated? Whether it’s setting up bank rules, batching expenses, or offering online payment options, there are smarter ways to handle your finances.
One simple shift? Automate your invoicing. Sending invoices manually not only takes time but can also lead to delays and cash flow issues. With automation, you streamline the process, get paid faster, and free up your focus for more important things.
Another game-changing habit? A weekly financial check-in. Instead of letting tasks pile up, block out a set time each week. Whether it’s Money Mondays or Finance Fridays, to review cash flow, send invoices, and stay on top of your accounts. This one habit alone can transform financial confidence and business growth.
Finally, don’t ignore your reports. Your bookkeeper isn’t sending them for fun! They’re a powerful tool for understanding your numbers. Start simple: find your gross profit and understand what it means. As you get comfortable, you’ll naturally start asking more questions and making smarter financial decisions
Links & Resources Mentioned in This Episode:
- Xero Money Saver Guide – Learn how to optimise your Xero set up.
- Blog post: Gross Profit vs. Net Profit – For a simple breakdown of gross profit.
After a year-long break from the podcast, I’m back! And there’s a lot to catch up on. While the podcast was on pause, my business, Accounted For You, definitely wasn’t. In fact, the past year has been full of growth, refining processes, and making big shifts in how we support clients.
In this episode, I share why I made the decision to step back from recording, the impact it had (both personally and professionally), and why now is the right time to return. I’ll walk through the behind-the-scenes changes in my business, what I’ve learned about prioritising the right things, and how stepping back in one area can sometimes be the best move for long-term sustainability.
If you’ve ever felt stretched thin in business or questioned whether you need to let something go (even temporarily), this episode is for you. Plus, I’ll share what’s ahead for the podcast and why I’m excited to get back to these conversations.
What you'll learn in this episode:
- Why I paused the podcast (and what I learned from it)
- How stepping back in one area gave me clarity in others
- The behind-the-scenes shifts at Accounted For You over the past year
- Why sustainability in business matters more than doing everything
- What’s next for the podcast and how it fits into the bigger picture
Small business isn’t for everyone but it might just be the perfect path for you. Although there are many perks of being your own boss, running a small business also comes with a variety of challenges that many people aren’t willing to take on. We all have different expectations for what we want out of life, which is why the decision to run a small business needs to be made with a lot of thought and care.
If you’re an aspiring entrepreneur, or perhaps you have an existing business and you’ve been questioning whether this gig is really for you, keep listening my friend. In this episode, I’m taking you through some of the benefits and drawbacks of being a small business owner so you can make an informed decision about the best path for you moving forward.
Embracing the Freedom and Passion
One of the most significant perks of running a small business is the freedom it offers. Being your own boss allows you to embrace your passion and make important decisions that align with your vision - but this freedom doesn't come without challenges. It requires self-discipline, the ability to wear multiple hats, and a constant drive to innovate.
Navigating the Challenges of Financial Independence
While financial independence is a significant benefit of small business ownership, there is also a flipside. Managing finances, navigating cash flow projections, and making strategic decisions require expertise and support. Whether you're adept at handling numbers or need to outsource this aspect, proper financial management is crucial for the success of your business.
Cultivating Creativity and Innovation
Creativity and innovation are at the heart of small business ownership. As the boss, you have the freedom to unleash your creativity, make decisions that set you apart, and adapt to market trends. While this offers exciting opportunities, it also places a significant responsibility on your shoulders. Balancing creativity with practicality and market demand is key to sustainable growth.
Ultimately, the decision to run a small business is a personal one that should reflect your strengths, passions, and values and there’s no shame in deciding that running your own business isn’t for you. Whether you choose to pursue small business ownership or explore other avenues, remember that your decision is a reflection of your courage, resilience, and commitment to personal and professional growth.
LINKS:
Join the waitlist for The Bookkeeping Matters Blueprint here
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
Today, we're going to dive into a fundamental aspect of running a small business in Australia – understanding business structures. The structure you choose will define how your business is organised, how it's managed, and of course, taxed.
Choosing the wrong structure can cause headaches down the road so it’s important to be informed before making a decision. If you have made the wrong decision though, don’t panic! I’ve been there myself, and while it costs some time and money, you can definitely change structures.
So whether you are starting a new business or reassessing your current structure, this episode will help you pick the perfect structure for you. Lets dive in to Australia’s three main types of small business structures:
1. Sole Trader
The sole trader structure is the most common choice for small business owners in Australia. It is cost-effective and easy to set up, making it an attractive option for those starting out on their own. In this structure, you, as an individual, are the business. This means there is no separation between your personal and business entities.
While being a sole trader offers simplicity and full control over decision-making, it also comes with unlimited liability. Without any separation, you are personally responsible for all aspects of the business including all its debts. Additionally, all the profits of the business will be taxed as your income.
2. Company
The company structure provides a separate legal entity for your business. This means the business enters into contracts, buys assets, and incurs liabilities in its own name, which offers some liability protection for the owners.
This is a great choice for businesses with multiple owners, significant assets, or plans for substantial growth. However, setting up a company requires a formal structure, which comes with more administrative tasks and costs. Don’t get discouraged though! A good tax specialist will be able to step you through this process if it’s the right one for you.
3. Trust
A trust is a unique business structure that holds assets on behalf of beneficiaries. It is not a separate legal entity but a relationship wherein a trustee manages the assets for the beneficiaries. Trusts are known for their flexibility in income distribution and asset protection, making them a common choice for family businesses. Keep in mind that setting up a trust is typically more complex and costly than other structures, so you’ll definitely want professional guidance.
LINKS:
Join the waitlist for The Bookkeeping Matters Blueprint here
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
If you've ever struggled with managing loans, ATO bills, superannuation, or credit card payments, then today’s episode is for you! I’m taking on the topic of debt and sharing strategies to empower you in managing and crushing your debt.
Taking a proactive approach is crucial for setting yourself up for long-term success. Here are some techniques to consider:
1. Budgeting and Cash Flow Forecasting:
Creating a budget for your business will help you stay on top of your debt obligations and allocate funds to the right places. Just remember that budgeting is not meant to restrict you, but rather guide you on how much money you have available for spending, repayments, and fixed costs.
2. Cash Flow Forecasting:
Understanding your cash flow is essential in reducing debt. By forecasting your income and expenses, you can ensure that you have sufficient funds to pay off your debt and cover the current and future expenses of your business.
3. Saving Ahead:
Create a savings buffer to cover any overdue debts or amounts. Set up a dedicated savings account to accumulate funds for taxes, GST, income, and other expenses relevant to your business. Even if you're not required to pay these yet, forming the habit of saving early builds excellent money management skills.
Challenges Along the Way:
Navigating debt management comes with its fair share of challenges. When obstacles arise, refer back to your budget and planning to identify which debts require immediate attention, which ones incur penalties, and which carry the highest interest rates. Avoid the temptation to ignore these challenges or bury your head in the sand. Inaction will only exacerbate the problem and increase your stress levels.
The Importance of Seeking Professional Support:
If you find yourself struggling with debt, there are many places you can reach out to for support; starting with your trusty bookkeeper. Be honest with where you’re at and they’ll be able to provide guidance, resources, and connections to financial planners or counselors. Don’t ever be embarrassed to ask for help, your financial advisors are here to assist you in overcoming financial hurdles and setting your business on a path to success.
Taking control of your debt is a crucial step towards securing a brighter financial future, and this episode will give you the tools you need. By implementing the strategies I shared, you’ll be well on your way to crushing your debt and regaining control over your finances.
Previous episodes mentioned:
Budgeting isn’t a dirty word
Reviving Your Small Business Finances: Tips to Get out of the Red and into the Black
LINKS:
Join the waitlist for The Bookkeeping Matters Blueprint here
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
Are you facing late payments from clients, and getting that panicked feeling about having to chase them up? I get it - and I know so many other business owners do too. In an earlier episode, I took you through my exact process for timely payments. Today, I’m diving a little deeper to discuss the power of personalised reminders and guiding you through the process to get paid quicker.
The first step in creating an effective reminder system is to turn on automated reminders in your accounting software. In this episode, we focus on Xero, but you can adapt these strategies to your own software. Once you've enabled the automated reminders, you need to determine how many reminders to send and how often.
While automated email reminders are extremely effective, generic templates won't grab your clients' attention. Personalising your reminders is a much better way to get them noticed, and I share an example of my own personalised reminder to show how you can infuse your personality and tone.
So, you’ve turned on automated reminders, and you’re feeling great about it. However, this is only half the battle. Often, we forget to actually receipt the payments that come through. This can result in unnecessary reminders being sent to clients and potentially awkward situations! To avoid this, stay on top of your receipting or take advantage of integrated payment options like Pinch or Paypal.
Finally, if you still haven’t received a payment after two reminders, I encourage you to jump on a phone call and check in with your client or customer. Perhaps your emails never reached them, or they’re facing a personal issue that has prevented them from making payment. It’s likely they’re more stressed about the situation than you are about calling them.
So, be calm, kind, and know that the more streamlined your invoice process is, the easier it will be to get to the bottom of any payment issue you may face.
LINKSPrevious episode mentioned: My Exact Process for Timely Payments
Join the waitlist for The Bookkeeping Matters Blueprint here
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
Welcome to another short and snackable episode of Your Bookkeeping Matters. Today we're looking at some core practices that can take your business from good to bad. Whether you're a seasoned business owner or just starting, these actionable strategies will equip you with the tools and insights you need to elevate your business game.
1. Mastering Your Numbers:
Understanding your financial metrics can be transformative for your business. Start with your Profit and Loss Statement and Balance Sheet Reports, which provide crucial information about your revenue, expenses, and overall financial health. You also need to identify and understand the KPIs that matter most to your business's success. These metrics aren’t necessarily financial, it depends on what's important to you and your business goals.
2. Ensuring Legal Protection and Compliance:
The importance of solid legal foundations cannot be overstated. DIYing your legals can lead to costly mistakes, such as removing crucial clauses in contracts that result in financial damage. Instead, seek the guidance of a solicitor who will create legal documents that perfectly suit your business needs.
3. Standing Out Online:
Having a strong online presence is a must for business success. To stand out from the competition and capture your target audience's attention, you need a great brand strategy. Define who you are, what you stand for, and the problem you solve. Then, get creative with your website design, social media content, and online advertising.
4. Nurturing Company Culture and Team:
Your team is your greatest asset as a small business owner. Investing in their happiness, well-being, and professional development is crucial for both their growth and your business's success. Define your company values and culture, and create a positive work environment where everyone can thrive.
5. Prioritizing Work-Life Harmony:Striking a balance between personal and professional life isn’t always possible. Instead, prioritize work-life harmony by setting boundaries, taking regular breaks, and making time for hobbies and interests outside of work. This is essential to preventing burnout, improving your mental health, and enhancing your overall productivity.
I work with so many businesses daily. Not only my clients, but my clients’ clients. These five practices are things I’ve seen work time and time again to help people become better business owners. So start implementing them today and watch your business thrive.
LINKS
FREE Pricing Calculator
Join the waitlist for The Bookkeeping Matters Blueprint here
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
Welcome to another short and snackable episode, where I’m diving into why value matters most in your small business. Today, we’ll explore the idea that while earning money and making a profit is crucial for your business, it shouldn't be the driver behind it. I believe profit should be the result of what you're doing in your business and why.
As a small business owner myself, I understand the overwhelming nature of keeping things in the business running smoothly, and how easy it is to lose sight of its true purpose. However, there’s a secret to creating a thriving business that goes beyond making money. By prioritising value in what you bring to the table, you can make a meaningful difference in the lives of your customers, build stronger connections and ultimately, achieve long-term success.
So, what exactly does "adding value" mean? I talk about it being more than just delivering a product or service and more about solving problems, meeting needs and enhancing the overall experience for your customers. Because let’s face it - business owners who lead with the one goal of making money can be a total turn-off!
Changing your mindset from a profit-focused approach to a value-based one can be challenging, but don’t worry - there’s a simple way you can start to make this shift. It all begins by revisiting your purpose - why did you start your business in the first place?
Remember, your business is not just about the numbers; it's about making a lasting impact. Let's embrace the value-driven approach together and build a thriving business that benefits not only us but the customers and communities we serve!
LINKSFREE Pricing Calculator
Join the waitlist for The Bookkeeping Matters Blueprint here
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
Today, I want to talk about something that every business owner can relate to - cash flow. Specifically, I want to dive into the topic of getting clients to pay you on time. I'll be sharing my exact process, the lessons I've learnt from past mistakes and some practical tips that have helped me ensure timely payments from my clients.
To help get you started, I share my top tips on optimising your invoice and payment processes:
1. Online Payment OptionsMaking it easy and fast for your clients to pay you should be a top priority. I discuss the importance of providing user-friendly online payment options and share my personal favourite, Pinch Payments.
2. Automated Recurring InvoicesSay goodbye to manual invoicing! I explain how automated recurring invoices have been a game changer for me. I walk you through the process of setting up repeating invoices in your accounting software to save time and ensure consistency in sending out invoices to your clients.
3. Automated RemindersEven the best clients can sometimes forget to pay. That's why automated reminders are a valuable tool to have in your invoicing process. I take you through how they work, the benefits of using them and the importance of finding the right balance in sending reminders.
Streamlining your invoicing process will not only save you time and energy, but it will also ensure your clients have the best experience possible.
So, if you're tired of dealing with late payments and want to improve your cash flow, then this episode is for you!
LINKSJoin the waitlist for The Bookkeeping Matters Blueprint here
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
As a small business owner, it is crucial to wear many hats and outsource areas that require expertise. However, one aspect that often gets overlooked is paying yourself. Though it might not initially appear as a top priority, paying yourself serves as both a reward for your efforts and a means of securing a financial return from your business.
So, How Much Should You Pay Yourself? Unfortunately, there is no one-size-fits-all answer to this question. The amount you pay yourself depends on various factors such as your sales, expenses, and upcoming financial obligations. I’ll guide you through the variables to consider and provide tips on how to determine the right amount to pay yourself.
Once you have determined how much to pay yourself, it is crucial to understand the process of actually withdrawing the funds. I’ll walk you through the steps of withdrawing money from your business bank account and transferring it to your personal account. I also highlight the often-overlooked issue of superannuation and the need to address it as a sole trader.
Tax implications are another critical consideration. We'll explore income taxes and emphasize the importance of setting aside funds for tax obligations. I'll clarify the distinction between owner drawings and wages, and dispel the misconception that sole traders can't hire team members. You definitely can employ others, you just cannot employ yourself.
Paying yourself as a sole trader is an integral part of running a successful business. It not only rewards your hard work but also ensures the viability of your venture. While there's no magic formula, my goal is to leave you feeling confident in navigating the complexities of compensating yourself effectively as a sole trader.
Connect with Lisa Turner:
Join the waitlist for The Bookkeeping Matters Blueprint here
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
We’ve all heard the phrase, “know your numbers” but what does it actually mean? Understanding your numbers can transform your business so today I’m sharing which numbers you need to know and how this knowledge can empower you to make strategic decisions and keep your business healthy.
When I talk about knowing your numbers, I mean having a clear understanding of the financial aspects that matter to your specific business. It could be analysing your Facebook ad spend, monitoring your product levels, or examining your overall business financials. It really does depend on your unique business and the industry you’re in, but by knowing the numbers important to your business, you will gain valuable insights into your business's financial health and be able to make informed decisions.
To truly grasp the health and profitability of your business, there are key financial metrics that you should be familiar with. Firstly, revenue or sales. While revenue alone doesn't indicate profitability, it is the lifeblood of any business. Understanding where your revenue comes from and the various revenue streams you have is crucial. Next, expenses, both fixed and variable. Fixed expenses remain consistent, while variable expenses fluctuate based on your sales. By understanding these expenses, you can identify trends and make adjustments to ensure financial stability.
One of the most important numbers you have to be across is your taxes. The two big taxes in Australia are GST (goods and services tax) and income tax. Staying on top of these numbers will ensure you have enough money set aside when it comes time to pay your bill.
While there are key financial metrics that apply to all businesses, it's important to tailor your focus to your industry and goals. Different industries have unique nuances, revenue streams, and expense structures. Therefore, it's crucial to identify the specific numbers that matter most to your business.
You don't need to be a financial expert to grasp these concepts. Through the right tools, resources, and training, you can equip yourself with the knowledge to embrace and utilise these numbers effectively. So, start your journey towards unlocking the power of knowing your numbers today and watch your business flourish!
LINKS
Previous episodes Mentioned:
- Understanding Your Fixed and Variable Spending
Connect with Lisa Turner:
Join the waitlist for The Bookkeeping Matters Blueprint here
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
Today, I want to talk about something that has been bothering me for a while – tax invoices. As someone who deals with business finances, I often come across cases where business owners fail to issue proper tax invoices, which wastes time, money and effort for everyone involved. So in this episode, I talk about the importance of tax invoices, the key elements they should include, and the common mistakes to avoid.
Tax invoices are essential documents that facilitate business transactions in Australia. If you run a business, it's crucial to understand the fundamentals of a tax invoice. Today I share the eight simple items that a tax invoice should include and why they play a crucial role in business operations.
As a business owner, it’s part of your responsibility to issue correct and compliant tax invoices. By adhering to the tax invoice requirements, you not only maintain a professional image but also ensure smooth relationships with your customers. Getting the invoicing right the first time saves you time and avoids the need for rework.
I also talk about the consequences of incorrectly charging, or not charging, GST. This can lead to serious implications for both businesses and their customers so today I cover the basics of what you need to know.
Something I see often is business owners trying to shift responsibility for incorrect tax invoices onto others, such as their accountants. In my book, however, it’s essential for business owners to take responsibility for issuing accurate and compliant tax invoices. Understanding the basics, such as your ABN and how to issue an invoice, is crucial for every business owner.
Getting tax invoices right is not only a legal requirement in Australia but also a fundamental part of maintaining good business practices. Taking the time to understand and implement correct invoicing procedures will save you (and your bookkeeper) headaches in the long run and contribute to the smooth running of your business.
LINKS
Previous episodes Mentioned:
- Do your (Tax) Invoices say the right things
- You're GST Registered, Now What?
- Hiring a bookkeeper? Here's what you need to know.
Connect with Lisa Turner:
Join the waitlist for The Bookkeeping Matters Blueprint here
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
As we all know, change is constant. Whether it's a sudden market shift, technological advancements, or unexpected curveballs life throws at us, being adaptable is a key superpower every business owner needs.
Today, I'll be diving deep into the concept of flexibility and sharing some practical strategies that will not only help you weather the storm of change but also thrive in it.
I've personally experienced the power of these strategies in my own bookkeeping practice, and I want to share them with you so that you too can embrace change and keep your business ahead of the game.
Remember, what works for one business may not work for another. Trust your instincts, do what works best for you, and always prioritise your customers. With these strategies, you'll be well-equipped to thrive in the dynamic world of small business.
LINKS
Previous episodes Mentioned:
- Creating a customer-centric journey for growth
Connect with Lisa Turner:
Join the waitlist for The Bookkeeping Matters Blueprint here
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
Whether your business has been on a short break or you're raring to go, it's essential to start the year by setting goals and envisioning your journey.
To help you navigate the financial aspects, I've compiled a handy New Year Small Business Financial Growth Checklist that will help you start the year feeling organised and ready to go.
I hope you find this checklist helpful in framing your year ahead and reaching your financial goals. It’s important to start a new year feeling ready to tackle it head-on, and this checklist will help put the steps in place for you.
LINKS
Previous episodes Mentioned:
- Strategic spending boosts your business not your bills
- Is cashflow the reason you're not growing
- Budgeting is not a dirty word
Connect with Lisa Turner:
Join the waitlist for The Bookkeeping Matters Blueprint here
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
This week, the show is taking a brief break, gearing up for the exciting new year ahead and crafting super fun episodes for your bookkeeping and business matters. With that in mind, let's take a stroll down memory lane to a classic episode, number seven, Where we delved into the unique challenges of e commerce accounting.
In this episode, I’m sharing the eCommerce accounting challenges that you’ll come across as a business owner running your business online. I share the common mistakes I see when eCommerce small businesses are DIYing their books to help you avoid wasting time and energy fixing everything.
So, what do you do with all of the different fees you pay?
There are so many payment methods that keep their cut before passing you the net amount into your bank, including AfterPay, LayBuy, and Shopify. Most of these fees can’t be automated or integrated in any way so you need to find out exactly what the fees were and manually add them in followed by increasing your sales by the same amount.
I’ll run you through the two main reasons you need to ensure you’re including all of the fees you’re paying.
We’ll go on to explore your payment providers (including PayPal), what GST you can claim (if any) on fees and how it impacts your BAS, tracking inventory with systems and processes, and if you should integrate your sales platform with your accounting software.
Tune in and find out how to handle all of the eCommerce accounting challenges you’re facing to make sure you’ve got it all covered and avoid increasing your workload with unnecessary effort and cost!
Enjoy this blast from the past, gain valuable insights and stay one step ahead. Then get ready for a wave of fresh new episodes hitting your ears from next week or next year, if you're tuning in on its release day.
LINKS:
Previous episode mentioned:
- My Top Tips for a smooth EOFY
- What the heck is GST and when should I register
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
I'm taking a little breather over the new year, still in the background prepping some fun new episodes for you. So this week I'm bringing you not only a fan fave from a little earlier this year, but one of my own favorites. That's a write off. Isn't it?
This one I step you through some of the nitty-gritty of business tax deductions, with a fun spin from our favourite Schitt’s Creek character, David Rose. If you need some help demystifying business expenses and tax deductions (particularly in the Australian context), then you're in the right place.
So, what exactly is this thing called a write-off? Well, friends, it’s merely another name for a business expense or a tax deduction. Simply put, it’s anything you purchase to cut down your profit or taxable income, giving you lower taxes. You could see it as a secret goodie bag for your business - but remember, it comes with some strings attached!
The Australian Tax Office isn’t playing around when it comes to write-offs. They've got three golden rules which I explain today:
1. The purchase must be for your business, not personal use.
2. If the purchase is for both business and personal use, you can only claim the business portion.
3. You need records as proof, and no, bank statements don’t make the cut. You need tax invoices!
Knowing the what and the how of deductions and business expenses is great, but it’s pointless if you don’t keep your tax invoices. Keeping those ATO-required records is your secret weapon. Without them, you could be shelling out more tax than you need to.
Tax deduction eligibility will always depend on your unique business but to help you along, I’m sharing some common write-off categories that may be relevant to your situation. And while I know it's tempting to turn to Facebook groups or your best friend’s aunt for advice, it's always best to get advice from a qualified professional to avoid any tax troubles.
Enjoy this episode and I'll be back with you shortly with fresh content to get you on top of your bookkeeping matters.
LINKS
Previous Episodes Mentioned:
- Do your (Tax) Invoices say the right things
- What happens when you don’t keep accurate records
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
As another incredible year comes to a close, it's time to reflect on the journey we've shared as entrepreneurs. One topic that every business owner faces is financial hurdles. Today, I want to take a moment to acknowledge and tackle these challenges and help us set our sights on a bright year ahead.
Just like you, I run my own business, and I understand the hard work, challenges, and rewards that come with it. Financial hurdles can manifest in various ways—a sudden dip in revenue, unexpected costs, or complex processes like paying employees. Navigating these hurdles can be tricky if you don't have the right systems and processes in place. It requires keeping a keen eye on your numbers and having the right support team around you.
As we reflect on the past year and any financial hurdles we encountered, it's important to remember that success isn't solely measured by revenue and profit. Running our own businesses allows us to prioritise our personal lives, support others, and build a nurturing environment for our team. These non-financial metrics play a significant role in our overall sense of fulfilment and success. I know personally that the flexibility of running my own business so that I can be there for my family, is well worth the stress!
As we wrap up this year, take a moment to reflect on your business's journey and the financial hurdles you faced. Celebrate your achievements and resilience. It's no easy feat to navigate the complexities of running a business, and 2023 was particularly tricky for a lot of small businesses out there. Always remember, you're not alone on this journey. There is a whole community supporting you.
LINKS
Previous episodes mentioned:
- Hiring Your First Employee
- Profit Strategies: How to Manage Your Money Right
- Pricing For Profit
- Strategies for Repricing After Registering for GST
- Reviving Your Small Business Finances
- Mastering Money Mindset
Connect with Lisa Turner:
Join the waitlist for The Bookkeeping Matters Blueprint here
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
As we approach the end of the year, amidst the chaos of festivities and business closures, managing your books efficiently is crucial. So today, I'm sharing some practical tips to make your bookkeeping process smooth, simple and stress-free.
Let's talk about the importance of simplicity in bookkeeping. It's not about the task itself being easy, but about completing it with ease. I’m all about working harder, not smarter - and as cliché as that sounds, it makes sense, right? This can be achieved by having a good, consistent process in place.
First up, I discuss the value of batch bookkeeping - setting aside a specific time each week to handle your books, which increases efficiency and reduces overwhelm. It not only becomes a habit, but you’ll remember what to do each time and get faster at it.
Another effective strategy for easy bookkeeping is effective record-keeping systems. Using the right accounting software, like Xero, can transform your bookkeeping process. It's about choosing a system that aligns with your business needs and budget.
I also cover categorisation in your chart of accounts, emphasising the need for categories that are tailored to your business. Remember, it's not about complication but about making things easy and intuitive for you.
So tune in for some simple tips that will help you embrace simplicity and systems that work for you. Let's make bookkeeping a breeze for your small business!
LINKS
Month-end checklist
Previous episodes mentioned:
- Are You Wasting Your Money on the Wrong Accounting Software?
- 8 ways accounting software saves you time and money
Connect with Lisa Turner:
Join the waitlist for The Bookkeeping Matters Blueprint here
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
Your customers are at the heart of your business's success, so in this episode, we explore how centering customers in your business can be a game-changer for your growth.
We'll explore putting customers at the core of your decision-making and crafting an exceptional journey for them. Drawing from my own experiences as a business bookkeeper, I'll share practical insights on how to map out crucial touchpoints, ensuring your clients have a memorable and positive experience.
I take you back to my early days in business when I lacked clear procedures and processes. I share my transition from this clunky process to a smooth and professional one through effective communication and onboarding.
We'll explore the crucial touchpoints in the customer journey, such as website visits, inquiries, onboarding, and support. I'll explain the importance of defining these touchpoints, and guide you on evaluating touchpoints based on their impact and frequency. This helps in deciding which touchpoints to review and improve first.
You will learn how to maintain consistency across all communication channels and the value of personalization in building trust. I'll share examples of personalized touchpoints, like handwritten notes and exclusive offers.
I hope this episode will inspire you to map out your customer journey, prioritize touchpoints, and infuse a personal touch into your interactions. Remember that your business journey is dynamic, just like your customers' needs.
So, stay adaptable, keep refining your approach, and watch your business flourish!
LINKS
Join the waitlist for The Bookkeeping Matters Blueprint here
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
Welcome to another short and snackable episode, where I’m simplifying the often-confusing world of fixed and variable spending costs. I've got some bite-sized number pieces for you, making it not only understandable, but actionable. By the end of this episode, you'll be a pro at working out which expense type your spending falls into and boosting your financial savvy.
Fixed costs are those steady, predictable expenses that stay consistent month after month. Examples include rent, insurances, leases, and permanent staff wages. Understanding these costs brings budget stability and helps set profitable prices. They are time-based, like monthly or yearly, and more fixed costs mean higher sales needed to cover them.
Variable costs on the other hand, change based on factors like sales volume. Think cost of goods sold, marketing, bank fees and casual wages. They're performance-driven and can impact profitability significantly. Keeping an eye on them is crucial.
In this episode, I share some practical tips on how you can proactively look for ways to optimise your variable costs, making the most of them or negotiating the costs. I also encourage you to think about ways to streamline how you track your expenses, such as embracing accounting software like Xero.
There are so many different ways and scenarios to mark your expenses, as it is unique for each and every business. What might be a fixed cost for one business could be a variable for another, or maybe not even exist at all. This is why it's important to be across yours and know how to keep an eye on them.
Digging a little bit deeper into your fixed costs, understanding and calculating them, is not only about day to day operations, it's a strategic move for future planning and financial security.
LINKS
Connect with Lisa Turner:
Join the waitlist for The Bookkeeping Matters Blueprint here
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
Today, we're diving into a topic that might seem a little dull at first glance, but is absolutely crucial for safeguarding your personal and business data. Having seen my own clients fall victim to cyber crime, I encourage you to pay close attention as I take you through some cyber security essentials for your small business.
Cyber crime is evolving rapidly, and criminals are becoming savvier in delivering their scams by the day. The repercussions can be catastrophic, often resulting in irrecoverable financial loss. In this episode, I run through some types of cybercrime to be aware of, including:
- Malware: Malicious software designed to infiltrate your digital world, monitor activities and steal personal information.
- Ransomware: Encrypts and locks your files, demanding a ransom for their release.
- Phishing and social engineering scams: Deceptive emails or messages containing fake links to compromise your accounts and passwords.
Thankfully, there are actionable steps you can take to protect your business. Things like conducting a cybercrime risk assessment, strengthening your passwords with unique codes and multi-factor authentication (MFA) can greatly help strengthen your security.
By taking proactive steps and staying informed, you can safeguard your personal and business data against the ever-evolving landscape of cyber threats. So tune in and learn how you can stay cyber-savvy, protect your assets and ensure your peace of mind in today's digital world.
LINKS
Connect with Lisa Turner:
Join the waitlist for The Bookkeeping Matters Blueprint here
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
Are you aware of what your bookkeeper can and can’t do? I often get asked by my clients to do things well outside my scope. However, this just comes down to people not having a clear understanding of the difference in roles between bookkeepers, accountants, financial planners and legal eagles. So today, I’m bringing you a short and snackable episode on a bookkeeper’s no-go zones, where we either tread lightly or don’t venture into at all.
Now, you might be thinking, what’s the problem with my bookkeeper dealing with all my financial matters? For starters, to provide services for most things numbers-related, you need specific training or registrations. That means you shouldn’t ask your financial advisor to complete your tax return or your bookkeeper to write your employment contract terms and conditions.
Unfortunately, it’s not uncommon to find people offering a mix of any and all different services without the relevant licences. However, there can be serious implications for your business if the person doing work for you is not actually qualified in a certain area. I take you through some of the common no-go areas that people assume bookkeepers can help with, and discuss the specialists you should be engaging to complete these tasks instead.
It’s crucial to ensure your business is compliant in order to avoid high penalties or any legal disputes that may unexpectedly arise. So if your bookkeeper puts their hand up to do certain things for you that may be outside their wheelhouse, you need to be aware of the implications, both legal and financial.
I hope this episode gives you some valuable insight into ensuring your financials are squeaky-clean, so that you can continue to grow your business with much more clarity and peace of mind!
**LINKS
Previous episode mentioned: Bookkeeper vs. Accountant Connect with Lisa Turner:**
Join the waitlist for The Bookkeeping Matters Blueprint here
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
Many small business owners fall into the trap of a “do-it-all” mindset. We can think it’s quicker and easier to do all the work ourselves but this just isn’t true, and it’s a quick path to burnout.
In this episode, I'm going to explore the incredible power of delegation and how it can be a game-changer for your business. I'll debunk some common misconceptions about delegation and share the myriad benefits that delegation can bring.
I’ll also share my personal journey as a small business owner, recounting the moment when I realized that wearing all the hats was leading to burnout and limiting my growth potential. Delegation became my secret weapon and allowed me to focus on revenue-generating tasks.
I also dive into some common mistakes that you should avoid, such as unclear processes and the detrimental effects of micromanagement. I'll illustrate these pitfalls with real-life examples from my clients' experiences.
Practicality is key, so I'll outline a four-step plan for successful delegation: identifying tasks for delegation, selecting the right individuals or teams, establishing clear instructions and communication, and maintaining a feedback loop.
This episode will give you the confidence to boost your business with some delegation magic for the first time or lean further into it. Just remember that it isn't a sign of weakness. It's strategic and it’ll supercharge what you can do!
LINKS:
Join the waitlist for The Bookkeeping Matters Blueprint here
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
Today we’re delving into a topic that often baffles small business owners: GST registration. If you've recently taken the plunge into registering for the Goods and Services Tax (GST) in Australia, you're not alone in your uncertainty. Many entrepreneurs find themselves lost in the maze of GST regulations and deadlines, leading to sleepless nights and the fear of making costly mistakes.
But here's the good news: you don't have to navigate the complex world of GST registration on your own. In this episode, I’ll shine a light on the path ahead once you've become GST registered, providing you with a clear and simple guide to managing the steps that follow. By the end of this podcast, you'll be armed with the knowledge and confidence needed to handle your GST registration like a pro.
In this episode, I clarify what GST registration entails and why it’s not just as simple as adding 10 percent to your prices. I talk about updating your accounting software and what’s involved in this first crucial step after becoming GST registered.
Then I take you through how to make sure that you’re charging GST correctly on your sales. Whether you're invoicing through accounting software, an e-commerce website, or other platforms, you need to ensure they're set up to apply GST on your sales. This step is essential to avoid overcharging or undercharging, both of which can lead to problems with customers and the ATO.
I explain the ins and outs of claiming GST credits and expenses and why it’s essential to review each invoice to avoid last minute stress. Then I guide you through the basics of preparing and lodging your Business Activity Statement (BAS) and the importance of noting deadlines on your calendar to avoid penalties.
Navigating GST registration might seem daunting, but armed with the right knowledge, you can conquer it successfully. Stay informed, stay compliant, and let your GST registration become a testament to your business's growth and success.
LINKS
Connect with Lisa Turner:
Join my Numbers List for small business news and fun, helpful tips here
Join the waitlist for The Bookkeeping Matters Blueprint here
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Grab some FREE Resources here
Check out my blog here
I'm taking a short break to refresh and gear up for more fantastic bookkeeping and small business insights. During this quick hiatus, let's revisit another fan favourite from the podcast archive. It's all about the 5 mistakes new business owners make, a must-listen for budding entrepreneurs.
Enjoy this episode and stay tuned for fresh content coming at you from next week.
______________
Everyone makes mistakes but if we reframe them, we can make them into fantastic opportunities to learn, change and grow.
In this episode, I’m sharing 5 mistakes all new business owners make. Write these down so you don’t make them yourself or flip them around so you can change things up and do it the right way. I talk about common mistakes surrounding bank accounts, tax, business insurance, pricing, outsourcing and more.
-
Mixing Personal and Business Finances: One common mistake is mixing personal and business transactions in a single bank account. This can lead to confusion, wasted time, higher tax costs, and the potential for missed deductions. The solution is to maintain a separate business bank account from the start.
-
Not Saving for Taxes: Another mistake is not saving money for taxes. Self-employed individuals need to set aside a portion of their income to cover taxes and failing to do so can result in a tax bill that they are unprepared to pay. The key here is to open a separate business bank account for tax savings and consistently save a percentage of income.
-
Lack of Business Insurance: Some new business owners fail to obtain the necessary business insurance, leaving them vulnerable to unexpected events. Make sure you consult an insurance broker to determine the appropriate insurance coverage for your business.
-
Not Outsourcing When Necessary: Business owners often try to do everything themselves, even tasks they are not skilled at or that take up too much of their time. This can hinder business growth. The solution is to identify areas where outsourcing can be beneficial and start small, such as hiring a virtual assistant or a specialist for specific tasks.
-
Underpricing: Underpricing products or services due to a scarcity mindset or by comparing prices with competitors can lead to financial struggles and undervaluation of one's offerings. Conduct a thorough cost analysis, including all expenses, and set prices based on the true value provided rather than simply trying to be the cheapest option. Regularly reviewing and adjusting prices is also important.
Overall, keeping a positive mindset, learning from mistakes, and seeking individualised advice tailored to your specific circumstances will put you in good stead. I hope this episode helps you avoid some of the common pitfalls that new business owners fall into so that you can get ahead of the curve and set your business up for success from the get go.
LINKS:
Check out my free pricing calculator here to find out how you should be pricing your products/services!
Join the waitlist for Power In Numbers here!
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
I'm taking a short breather to recharge and bring you even more valuable bookkeeping and business matters. During my quick hiatus, let's revisit a fan favourite from our podcast vault. It's all about pricing for profit and avoiding costly mistakes. This is essential for every business owner to be across.
Enjoy this episode flashback and I'll be back with you soon with fresh content to supercharge your financial journey....
______________
This is a topic I love chatting about as it makes a huge difference to small businesses and their bank balances - profitability!
Working with hundreds of clients across different industries and models over the years I have seen countless ways business owners work out their pricing, as well as the mistakes they’ve made along the way.
I want to share my super simple pricing process with you, and some of the mistakes business owners commonly make, so you can avoid them.
Pricing your products or services can actually be one of the hardest parts of running a small business because there is no exact science to it, and it is different for every single person. However - the foundations are the same.
In this episode, you’ll learn about the importance of working out your costs first (as well as what those should include), how to ensure you don’t miss the GST and when you should be doing a pricing review.
I also take you through the most common mistakes people make with pricing including not considering time and wages and discounting.
You need profit to grow, for expenses, to build up savings and to invest in your business. If this is a topic you still feel unsure about, jump in - you’ll be on your way to a profitable business in no time after listening.
LINKS:
Join the waitlist for The Bookkeeping Matters Blueprint here
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
A skill that could truly transform your financial life is learning how to master your money mindset. Today I’m diving into this topic to share some insights on how you can conquer financial stress and take control of your financial journey.
Money doesn't have to be a source of stress. It's all about our mindset and the stories we tell ourselves. So, where do these stories come from? Well, it turns out they're shaped by our upbringing, personal experiences, and the beliefs we've picked up along the way. All of your early experiences, whether they were positive or negative, helped form the stories you now tell yourself about money.
These money stories that we all have directly impact the financial decisions we make, from our pricing and investing to the way we approach opportunities for growth. But it's not just business; our personal lives are affected too. Money stories influence our spending habits, our ability to save, and our overall financial well-being. Emotions come into play here too. How we feel about money can lead us to comfort purchases and sometimes, even overspending.
In this episode, I share some practical tips on how we can overcome financial stress and reshape our money mindset. I talk about:
1. Confronting Your Fears: Facing your financial worries head-on is the first step. I've found that making a list of these worries and working through them systematically can make them much more manageable.
2. Embracing Gratitude: Shifting from a scarcity mindset to one of gratitude is powerful. It's about appreciating what we have and celebrating our accomplishments, no matter how small they may seem.
3. Seeking Professional Help: There's no shame in seeking help from professionals like financial advisors, therapists, accountants, and bookkeepers. I've learned that it's a sign of personal growth and strength.
4. Learning Your Finances: Investing time in learning about budgeting, investing, and other financial aspects is essential. It will empower you to make informed decisions about your money. Education is the key to financial confidence.
Understanding your money mindset and actively working to transform it can lead to a life with less financial stress and greater financial well-being. Remember, your personal and business finances are closely connected, and taking control of your money mindset is a powerful step towards financial empowerment.
LINKS
Connect with Lisa Turner:
Join the waitlist for The Bookkeeping Matters Blueprint here
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
I’m back today with part two of our "Getting Foreign Currency Savvy" series.
Last week we explored the world of invoicing sales in foreign currencies, simplified the basics of exchange rates, and discussed how using the right sales platforms or accounting software can facilitate super smooth transactions for your business.
Today I'm flipping to the other side and focusing on how to handle expenses in foreign currency. Like always, I break it down step by step, providing you with the knowledge and the tools you need to sail smoothly without the hiccups.
I begin with one of the biggest issues I see people facing when importing goods. I share the complexities of claiming GST on imports and the related duties, when to claim GST, and how to calculate it accurately.
I also talk about the importance of tax invoices when making overseas purchases, and the crucial details you need to get from your supplier. As well as how to deliver this information to the ATO to make sure it’s valid.
I finish up by tackling some of the most common mistakes people make when taking care of their expenses in foreign currency. These are simple mistakes that can cause big issues, and I’ll equip you with simple strategies that can keep you safe and savvy.
Handling your finances in foreign currency can seem overwhelming but it doesn’t have to be!
This episode will equip you with the knowledge you need to navigate the world of foreign currency transactions with confidence and accuracy.
LINKS
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
We're going global today as I dive into the fascinating world of foreign currency transactions. This topic may seem daunting at first, but as always, I’m here to simplify the complex world of bookkeeping and help you understand what you need to know.
In this two-part episode, I'll provide you with valuable insights and tips to ensure you're not losing out when dealing with foreign currency exchanges, processing the wrong amounts, or not invoicing correctly. Understanding the nuances of foreign currency can be a game-changer in the digital marketplace, helping you optimise cash flow and build stronger relationships with international clients. Today we’ll explore the basics of foreign currency transactions and sales in foreign currency and next week I’ll be talking about expenses in foreign currency.
If you have an online business and you’re attracting customers from across the globe, or perhaps you're sourcing resources and tools from overseas, understanding foreign currency transactions is essential. At the heart of it all is the exchange rate, and in this episode, I share the basics of what you need to know about exchange rates and where to find them.
To invoice sales in a foreign currency and handle foreign currency transactions, it's crucial to use software that can handle different currencies. I explain how various sales platforms and accounting software will drastically simplify things for you and what are some things to look out for. While these systems are user-friendly, consider seeking professional assistance if you need clarification on the setup.
Foreign currency transactions don't have to be daunting. By equipping yourself with knowledge and using the right tools, you can master this aspect of your business. Make sure you stay tuned for next week's episode, where I'll explore the other side of the coin: dealing with expenses in foreign currency, which comes with its own set of challenges.
LINKS
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
When it comes to reducing overheads in your business, a tempting solution can be to slash your bookkeeping budget. But let me tell you, that’s no solution at all. Today I’m talking about why cutting corners on your bookkeeping budget can actually backfire, leaving you and your business worse off. So, grab your favourite drink, settle in, and let's explore why your bookkeeping journey matters more than you might think.
Bookkeeping is more than just crunching numbers. It's the quiet hero that provides real time insights into your business's overall health, helping to steer your business on the right track. By understanding your numbers, you can make informed decisions and navigate the journey of entrepreneurship with confidence.
As I've mentioned in previous episodes, accurate bookkeeping goes beyond basic record-keeping. It can be the difference between a thriving business and one struggling to stay afloat. Although it might be tempting to consider cost-cutting measures, a decision to trim the bookkeeping budget can lead to far-reaching consequences such as inaccurate financial insights, unexpected cash flow problems, and a mountain of stress. It's like going from smooth sailing to navigating a storm without a compass.
Your growth strategy depends on accurate financial data. Without it, you could miss out on golden opportunities or overlook potential threats. Not to mention the emotional toll that disorganised finances can lead to. For a lot of business owners, the decision to outsource bookkeeping in the first place was to reduce overwhelm, save time and really hone in on their zone of genius. So before you make the decision to cut costs on your bookkeeping budget, remember why you chose to outsource in the first place. Have circumstances really changed? Or are you acting on impulse?
Remember, bookkeeping is an investment, not just an expense. It's your guiding star through the business voyage, helping you navigate confidently and make well informed decisions. After listening to this episode, I encourage you to take a moment to reflect on the countless hours, expertise and meticulous attention to detail that a seasoned bookkeeper can bring to your business.
LINKS
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
- Join us in the Accounted For You Numbers Club on Facebook here
- Join my Numbers List for small business news and fun, helpful tips here
- Download the New Biz Checklist here
- Download the FREE P&L Generator here
- Check out my blog here!
If you've ever felt overwhelmed by the barrage of acronyms in the financial world, you're in for a treat. In this episode, I'll be your trusty guide, helping you decode the common acronyms that frequently swirl around in financial conversations. By the time we're done, you'll have the confidence to navigate these letters like a pro.
Although it might seem like the confusing abbreviations are used to keep outsiders guessing, it's actually all about facilitating smoother communication among those discussing your numbers. Whether it's bookkeepers talking to accountants or business owners like you, these acronyms serve as shortcuts that ensure everyone's on the same page. But I get it – when you're on the outside looking in, it can feel quite isolating. That's precisely why I'm passionate about demystifying financial jargon. Everyone, regardless of their background, deserves to understand these terms and not be overwhelmed by them because financial literacy equals empowerment.
In this episode, I dive into some of those commonly confused acronyms that often leave people scratching their heads:
1. ABN, ACN, and ARN: In Australia, an Australian Business Number (ABN) is crucial for trading businesses, while an Australian Company Number (ACN) is a must for company structures. Then we have the Australian Registered Number (ARN), which is essential for non-Australian businesses selling into the country.
2. BAS and IAS: The Business Activity Statement (BAS) and the Installment Activity Statement (IAS) are forms you'll be submitting to the Australian Tax Office (ATO) to report various taxes. Understanding the differences between these forms is key to maintaining accurate records.
3. PAYG: Pay As You Go (PAYG) comes in two flavours – PAYG Withheld (PAYG-W) for employee taxes and PAYG Instalments (PAYG-I) for prepaying your own income tax. These are crucial components of smooth financial management.
4. P&L and BS: The Profit and Loss (P&L) report and the Balance Sheet (BS) provide insights into your business's financial health. Mastering these reports can give you a clear picture of your business's performance.
Keep in mind that acronyms are simply shortcuts to bigger concepts. They're here to make your financial journey more manageable, not to confuse you. With a dash of patience and the insights you've gained today, you'll be navigating your financial alphabet soup with newfound confidence. When in doubt, you can always turn to experts such as tax accountants, bookkeepers, and financial advisors to steer you in the right direction.
LINKS
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
- Join us in the Accounted For You Numbers Club on Facebook here
- Join my Numbers List for small business news and fun, helpful tips here
- Download the New Biz Checklist here
- Download the FREE P&L Generator here
- Check out my blog here!
Last week, we talked about the vital importance of understanding your numbers, the heart and soul of your business. Today, I’m building on that foundation by delving into another crucial concept that I often mention, which is aligned spending. So, if you've ever wondered whether every dollar you spend truly aligns with your business vision, this episode is for you.
Aligned spending is like curating your business's capsule wardrobe – intentionally choosing investments that resonate with and complement your core business goals. It's not about buying every shiny tool or service out there. Instead, it's about selecting investments that seamlessly fit into your business vision and enable it to thrive.
In this episode, I share 5 actionable steps you can take to make sure you are spending to boost your business, not your bills. These are:
1. Know Your Goals. Understand your short-term and long-term business objectives and keep these in mind when deciding where to spend your hard-earned dollars.
2. Understand Your Finances: Get crystal clear on your financial situation. Review your recent business expenses to pinpoint unnecessary costs that can be trimmed.
3. Conduct Thoughtful Research: Say goodbye to impulse purchases. Always research potential investments, whether it's tools, services, or partnerships and set a decision timeframe to avoid emotional spending.
4. Review and Adjust: Remember, your business needs to evolve. Set regular reminders to review and adjust your expenses based on changing circumstances.
5. Seek Advice: Bouncing ideas off mentors, fellow business owners, or financial advisors can provide fresh insights. Schedule a catch up with someone to talk about best financial practices.
Remember, it's not about cutting expenses – it's about infusing purpose into every dollar you spend. I challenge you to reflect on your recent purchases: did they truly align with your business goals? If not, that’s okay. Every step toward awareness brings the power to refine and adjust.
LINKS
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
In this episode, we’re taking a step back from the nitty gritty to address a phrase you’ve undoubtedly heard me say: know your numbers. Now, this may appear to be a simple idea on the surface. However, there’s much more to it than getting out the calculator or reading your P&L. The truth is, understanding your numbers will be your trusted compass, guiding you along the way to success in your business.
Today, I explain what it really means to know your numbers, using some colourful analogies that I hope will make you feel inspired and connected to this important aspect of your business. I talk about going deeper than crunching numbers, and discuss the importance of having a holistic understanding of your business’s financial health.
When it comes to really understanding your finances, I encourage you to take a step further and go beyond the math. However, I’m not saying you should avoid paying attention to basic calculations; you absolutely should be across them. Instead, I invite you to dive deeper and uncover the narratives or hidden story within those figures.
Are you seeing patterns when it comes to your monthly revenue? What are the trends you’re noticing, and are there any roadblocks? It’s important to peek behind the curtain to see the cogs that keep your business machine running smoothly. Uncovering the stories your numbers are telling will paint the true picture and give you an intimate bond to the heartbeat of your business.
I talk about how knowing where you stand financially will help unlock your creative freedom. Once you have a solid understanding of your numbers, you’ll have the confidence to take calculated risks, make decisions to experiment and pursue innovation.
Now, I know numbers may not feel like the most exciting part of your business. However, I believe that they are a roadmap that is integral to embarking on an exciting journey of discovery and growth in your career.
So, if you need some inspiration and guidance on delving deeper into your finances, this episode is for you. Remember, your business is an exciting journey full of potential, and your numbers are here to lead the way!
LINKS
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
This episode follows on from our previous one, where I explained what exactly write-offs are. Today, I give you a quick recap and then dive straight into which write-offs, AKA expenses, many business owners miss claiming.
With the surge in remote working and recent changes with the ATO, home office expenses have become the talk of the town. But surprisingly, not everyone is aware that they can claim these. I talk about the costs associated with running your home office that you could potentially claim as write-offs, including:
- Phone
- Internet
- Printing
- Electricity and gas
However, it's crucial to note that you might not be able to claim the entire cost of some of these expenses. And when it comes to the nitty-gritty of claiming, it's best to consult a tax agent.
Many business owners either overlook or are unaware of the insurances they can claim. Not having any insurance can be disastrous, and the reasons for missed claims often stem from insurance payments not originating from business bank accounts. If you haven't reviewed your insurance transactions lately, now might be a good time.
I talk about another type of commonly missed expense: merchant fees. These fees from payment providers like Shopify, Stripe, and PayPal are frequently overlooked, especially if you're manually tracking expenses.
For creatives and e-commerce businesses, platform fees, art supplies, and even product samples are potential write-offs. Keeping a diligent record of what you spend can ensure you don't miss out on these claims.
Your business expenses matter, and so does understanding and claiming them correctly. It's not just about saving money; it's about growing and managing your business the right way.
When in doubt, always consult with professionals who will help you stay informed and give you your best chance at success.
So, tune in today and make sure you’re not missing out on any opportunities that could save you money. Happy claiming!
LINKSBookkeeping Matters Blueprint
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
Are you a little confused about which items you can legally claim as a write off? This week, I’m uncovering some of the nitty-gritty of business tax deductions, with a fun spin from our favourite Schitt’s Creek character, David Rose. If you need some help demystifying business expenses and tax deductions (particularly in the Australian context), then you're in the right place.
So, what exactly is this thing called a write-off? Well, friends, it’s merely another name for a business expense or a tax deduction. Simply put, it’s anything you purchase to cut down your profit or taxable income, giving you lower taxes. You could see it as a secret goodie bag for your business - but remember, it comes with some strings attached!
The Australian Tax Office isn’t playing around when it comes to write-offs. They've got three golden rules which I explain today:
1. The purchase must be for your business, not personal use.
2. If the purchase is for both business and personal use, you can only claim the business portion.
3. You need records as proof, and no, bank statements don’t make the cut. You need tax invoices!
Knowing the what and the how of deductions and business expenses is great, but it’s pointless if you don’t keep your tax invoices. Keeping those ATO-required records is your secret weapon. Without them, you could be shelling out more tax than you need to.
Tax deduction eligibility will always depend on your unique business but to help you along, I’m sharing some common write-off categories that may be relevant to your situation. And while I know it's tempting to turn to Facebook groups or your best friend’s aunt for advice, it's always best to get advice from a qualified professional to avoid any tax troubles.
Happy bookkeeping!
LINKS
Previous Episodes Mentioned:
- Do your (Tax) Invoices say the right things
- What happens when you don’t keep accurate records
Connect with Lisa Turner:
- Instagram: @accountedforyou
- Website: https://accountedforyou.com.au/
- Join us in the Accounted For You Numbers Club on Facebook here
- Join my Numbers List for small business news and fun, helpful tips here
- Download the New Biz Checklist here
- Download the FREE P&L Generator here
- Check out my blog here!
In this episode, we will be discussing a topic that is often overlooked but crucial for the success of your business: bank accounts. Many business owners make the mistake of not having the right bank accounts in place, which can lead to confusion, mistakes and missed opportunities.
So, let's dive into the world of bank accounts and explore what you need to know to set up the essentials.
The first and most important rule when it comes to bank accounts for your business is to have a separate business bank account. Mixing personal and business transactions in the same account can lead to a host of problems, including difficulties in tracking income and expenses, potential legal issues and a lack of clarity in your financial records.
Even if you are a sole trader and not legally required to have a separate business bank account, I highly recommend you do so. By keeping your personal and business finances separate, you can streamline your bookkeeping process, avoid confusion and ensure that you have a clear picture of your business's financial health.
While you can get away with having just one or two main business bank accounts, there are a bunch of other types that can really benefit your business. I take you through the six different options that will ensure you have funds set aside for each of your obligations, such as:
- Savings Account
- GST Account
- Tax account
- Expenses Account
- Wages Account
- Profit Account
I share some ideas around what type of funds you can put into each account and why, as well as which areas of your business they will benefit.
While having multiple accounts can provide clarity and organisation, it can add a tiny bit of extra admin - that’s why it's important not to overwhelm yourself with unnecessary complexity. I encourage you to evaluate your specific needs and goals, and determine which accounts are essential for your business.
Remember, just like with everything in business, there’s no one-size-fits-all. As long as you’re complying with your obligations, the way you structure your processes is your decision.
So go find out what works for you, and run with it!
LINKS
Resources mentioned: FREE New Business Checklist
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
Today is Part 2 of my financial tips that I’m sharing to help creative entrepreneurs thrive in their businesses. Last week we explored some practical solutions to help mitigate the overwhelm that can come with numbers. We also tackled things like time audits, tracking expenses, focusing on the important metrics and how it can all impact profitability.
So jump on over to that episode if you want some juicy tips on how to face your numbers with less dread and a lot more confidence!
In this episode, I discuss ideas you can implement in your business to transform your relationship with numbers, such as:
- Having fun! While most people do not find numbers exciting, it’s a vital part of keeping things running smoothly in your business, as well as creating growth. I suggest ways to make numbers more fun, and talk about shifting your mindset so that you can turn stressful tasks into opportunities to celebrate your success.
- Educating yourself: While engaging professionals like bookkeepers and tax agents who really know their stuff is ideal, not everyone is at the point in their business to do so. That’s why it’s important to empower yourself to get educated on the money side of things. I run through different resources as budget-friendly options that can help you learn more about your finances.
- Engaging professionals: If you are in the stage of your business where you’re able to hire the experts, I encourage you to work with those that specialise in creative industries like yours. They'll be able to understand the nuances of your field and provide valuable insight. They can also assist with things like automating processes or sending out invoices, allowing you to focus on what you do best.
- Automation: Now this is a game-changer for creative entrepreneurs. If there’s a task that is bogging you down or stealing your focus, ask yourself: can I automate it? There’s going to be an array of different options out there to automate the jobs you don’t want to do. Utilising your accounting software or other programs can cut down on a lot of unnecessary steps.
There are so many ways you can make your financial management more enjoyable. And remember, we’re all unique, and we all require different processes.
I encourage you to take something you’ve learnt and see if it works for you. If it doesn’t, try something else. It’s time to go test things out!
LINKS
Resources mentioned
- Blog post: Here's How To Make Numbers Fun In 2023
- Podcast episode: Why it's crucial to automate your invoicing
- Course: Bookkeeping Matters Blueprint waitlist
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join us in the Accounted For You Numbers Club on Facebook here Join my Numbers List for small business news and fun, helpful tips here Download the New Biz Checklist here Download the FREE P&L Generator here Check out my blog here!
I'm super excited about today's topic because I'm about to share some practical financial tips to help you thrive as a creative entrepreneur. I've worked with countless creatives who've had similar questions and challenges, and now I want to spill the beans and get you on board with these amazing tips and processes that have worked wonders for our one-on-one clients.
We're splitting this topic into two parts because it’s so jam-packed full of tips and I don’t want to overload you! This is episode part one, and next week, we'll drop part two.
This episode is for you if you love what you do but absolutely dread facing the numbers - you're not alone. Many clients who've joined our Accounted For You family have expressed this exact sentiment. But fear not because there's a simple solution: focus on the numbers and reports that actually matter to you, instead of overwhelming yourself with all of them every month or quarter.
Here's what you can do: take a step back each week or so and just glance at the key numbers that are most important to you. It could be as simple as three or four figures like your sales, GST owed, wages, and profit.
Now, how can you do that without diving into a sea of reports? I’ll take you through two options that you can start using today and explore how we present the useful info that our clients actually want to know in a format that stops their eyes glazing over.
It's all about digesting and understanding the numbers without overwhelming yourself.
So what can we do with those condensed reports? We can track our separate income streams or different services/products, so we know which of your services are profitable. Don’t waste your time and energy on services that aren't making you money.
We’ll also explore how to track expenses for each product or service. The bottom line comes down to: if time is a cost for you, track the hours you spend on each job. This is controversial for some, but it can be essential for accurate measurement. How else will you know if you're over or under budget?
I get it, diving into the numbers can be daunting, especially for creative souls. But trust me, tracking profitability on a job or service level is vital. It helps you uncover any areas that are draining money from your business, even if you have other profitable areas that are hiding the issue.
Don't let your mindset hold you back with thoughts like, "I'm a creative, I can't deal with numbers." You absolutely can!
Stay tuned for part two next week, where we'll dive into even more juicy tips. Until then, keep rocking your creative business and don't shy away from those numbers—you've got this!
LINKS
Resources mentioned:
- Everhour
- Toggl
- Clockify
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
As we get ready to kick-start the new financial year, it’s a common time for business owners, myself included, to review what we’re doing and plan for the year ahead. Auditing our processes and streamlining them where possible is key in ensuring we reach our goals.
Today, I’m talking about simplifying your business systems in the new financial year, and share some helpful tips on how you can create a smoother, more efficient workflow.
Ever feel like your business procedures are overwhelming you? I’ve been there, but I’ve also seen the value in simplifying my systems to better serve my business and my clients. Today I’m talking about the processes that cover finance matters, marketing, client engagement and more.
It’s easy to get so busy that we end up overlooking the details. Are we utilising our resources efficiently? Could we get better at delegating? Today I talk about identifying redundancies, pinpointing more efficient ways of managing systems and how integrating accounting software into your operations can be a game-changer.
While I’ve found solutions to make things run smoothly in my business, it hasn’t always been smooth sailing. I share some of the mistakes I have personally made, and what you can do to avoid them.
This episode is for you if you really want to gain a firm grasp on how your business is tracking and how to grow it in the most sustainable way. So tune in for some top tips on cleaning up your processes, and get ready to cut the business clutter for good!
LINKS
Xero Setup Training Video
Previous episodes mentioned:
- Should you outsource or DIY your books
- How To Outsource to Get Out of Your Own Way - with Hayleigh Watson
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
Welcome to my 50th episode! I’m so grateful to all of you for putting me in your ears every week and giving me the opportunity to share my short and snackable episodes about all of your bookkeeping matters.
This brings me to today’s episode on which metrics you should be measuring in your business to achieve sustainable success. There are so many different metrics you can use to measure how your business is going, but which ones really matter?
For example, frequently I see business owners touting their amazing revenue figures without mentioning their profit at all.
But what’s the point of earning $1 million in revenue if your expenses are $999,000?
So, to help you grow your business sustainably, we’ll take a look at your profit metrics, pricing strategies, work-life balance, which products and services are profitable, diversifying your income streams, efficiency and productivity, and employee retention.
This episode is perfect for you if you really want to gain a firm grasp on how your business is tracking and how to grow it sustainably without being chained to your desk 24/7.
Enjoy!
LINKS
Previous episodes mentioned:
- Simple steps I use to increase profit
- Profit Strategies: how to manage your money right
- Pricing for Profit (and mistakes to avoid)
Connect with Lisa Turner:
Instagram: @accountedforyou Website: https://accountedforyou.com.au/Join us in the Accounted For You Numbers Club on Facebook hereJoin my Numbers List for small business news and fun, helpful tipshereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here!
As we come to the end of the financial year in Australia, it’s crucial for businesses to be across the various tasks involved when it comes to reporting their numbers. Today, we’ll be exploring the fundamentals of Single Touch Payroll, and why it is essential for business owners to understand how it works.
In the past, group certificates or payment summaries provided a breakdown of income and were relied upon for determining taxable incomes and assessing tax deductions. However, the government’s introduction of the Single Touch Payroll (STP) initiative has replaced this process and is now the mandatory system for reporting to the Australian Taxation Office.
So what exactly is STP, and why has it been introduced? Being a system where data flows into relevant government departments (not just the ATO), Single Touch Payroll aims to reduce administrative burden, as well as help create transparency around monitoring whether people are being paid regularly or correctly.
In this episode, I dive into STP and share with you the important details on:
- Understanding what exactly STP reports on;
- How STP can link to your payroll software;
- The requirements and deadlines for employers reporting through STP;
- How STP gives employees access to their own tax and super information;
- Who you can and can’t delegate your payroll responsibilities to.
No matter the size of your business or number of employees, Single Touch Payroll is now the only way to do your payroll reporting. I hope this episode provides you with clarity so that you can ensure you’re complying with your duties and setting up processes that will serve you in the best possible way.
LINKS
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
Are your stress levels starting to creep up as we approach 30th June?
It’s so common to see small business owners starting to feel waves of stress and overwhelm when it comes to their bookkeeping as we approach the end of the financial year – especially if you have been DIYing your own books.
If this is you, listen in to this episode where I give you my top tips for stressing less this end of financial year.
It’s so important for you to plan and organise your numbers as we come into this super fun time. I find business owners who don't plan their cash flow and save for their tax bills, before they invest in other things, always end up chasing their tails trying to get back on track.
You can also feel your stress levels rise if you’re approaching 30th June and you’re not even sure if you've been making a profit and if you'll have any tax to pay (and how much!). I often see business owners scrambling to find all their expenses, record them, and update their bookkeeping in a rush and there is a much easier and simpler way.
Trust me, do your numbers regularly or invest in a bookkeeper to do it for you and don't leave it to the last minute.
And if you’re one of our clients at Accounted For You, you have absolutely nothing to worry about because we have it completely covered so you can relax and put your feet up!
**LINKS
Previous episodes mentioned:**
- Profit strategies: How to manage your money right
- Hiring a bookkeeper - here’s what you need to know
- My top tips for a smooth EOFY
Previous blog mentioned:
- The EOFY checklist for small business owners
Download our FREE pricing calculator here**!
Connect with Lisa Turner:
Instagram: @accountedforyou Website:** https://accountedforyou.com.au/
Join us in the Accounted For You Numbers Club on Facebookhere
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here
Are you planning on registering for GST for the new financial year or already have and you’re wondering how to approach repricing your offers, products and services? It can feel daunting but don't worry, I've got you covered in this episode.
We’re going to explore the strategies I tell my clients for repricing so that you have everything covered, your clients aren’t upset you’ve raised your prices, and your BAS is filed without any mistakes or owed money.
I’ll take you through different approaches you can choose from to pick the best option for your business and where you are in your business journey. You can choose to absorb the GST, pop a flat 10% price increase on top of your prices, or complete a holistic review of all your costs and profit, and then add 10% on to come to your new selling price.
It’s up to you! Join me in a deep dive into how you can approach your own repricing.
Remember, repricing after registering for GST can feel overwhelming, but with a clear plan and a strategic approach, you can navigate this transition smoothly. Make sure you take the time to understand your costs, calculate the GST component accurately, and ensure effective communication with your customers. By being proactive and flexible, you'll be able to adapt to the new GST regulations while maintaining a positive relationship with your clients.
**LINKS
Previous episodes mentioned:**
- Profit strategies: How to manage your money right
- Pricing for profit (and mistakes to avoid)
- Do your (Tax) invoices say the right things
Download our FREE pricing calculator here**!
Connect with Lisa Turner:
Instagram: @accountedforyou Website:** https://accountedforyou.com.au/
Join us in the Accounted For You Numbers Club on FacebookhereJoin my Numbers List for small business news and fun, helpful tipshereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here!
Welcome back after a very short break!
I’m thrilled to be back in your ears and bringing you more of what you asked for. From my Numbers List, you all let me know that you want to hear more about Ecommerce - which I absolutely love talking about! Now is the perfect time as we approach the start of a new financial year to analyse, evaluate and maybe start fresh with a new bookkeeper.
E-commerce has evolved dramatically over the last couple of years with the introduction of so many different platforms, integrations, and payment providers. You have to keep up and have a strong understanding of all things accounting, not only basic bookkeeping, so you don't make an absolute mess of the financials.
In this episode, I’m sharing three red flags to look out for with your Ecommerce bookkeeper. We’re going to explore clearing accounts, PayPal and/or Strip bank account setups in your software, and if your bookkeeper is asking you for all of the correct invoices to accurately determine your taxes.
If any of these red flags have popped up for you with your current bookkeeper and they haven't been able to give you some clarity or confidence that it's been taken care of, it might be time to look around for a new bookkeeper.
These are also some great questions to ask of prospective bookkeepers if you’re shopping around so tune in to find out these three red flags to give you confidence that you’re working with someone who knows their stuff and won’t leave you hanging at tax time!
LINKSDownload our FREE pricing calculator here Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join us in the Accounted For You Numbers Club on FacebookhereJoin my Numbers List for small business news and fun, helpful tipshereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here
As we wrap up Season 2 of the podcast today, I’m extremely grateful as I look back over the first two seasons of the show, and thankful that you allowed me to pop into your ears each week. As I take a quick break from recording and go into planning mode for Season 3, I encourage you to keep charging forward in your business and find new ways to tap into that big growth energy.
One theme that seems to have woven its way throughout this season is the importance of finding support as you learn and grow as a business owner. You cannot do everything yourself, and today I encourage you to look at outsourcing as an expense that you’ll see return on, and not a sunk cost to be avoided. Whether it’s a business friend, a virtual assistant or bookkeeper, I believe having people you can lean on is vital in supporting your growth.
I share my thoughts on another super important ingredient to finding big growth energy, and that is knowing your numbers. Whether you’re a numbers fanatic or you’re overwhelmed with keeping track of your financials, I believe that keeping up to date with this information is non-negotiable. I encourage you to take a look at previous episodes on the show that give you strategies on how to manage your money right.
I run through some of my favourite topics and episodes of the podcast, all centred around growth and creating space for the things you value most. Do you know what you really want to achieve in your business? What will help you reach your goals? What is currently stopping you?
I encourage you to also take a look back through this season and dive into any episodes you haven’t already snacked on. I know they will inspire and challenge you to tackle everything you wish to achieve, and become who you want to be as a business owner.
While we say goodbye to this season of the podcast, I look forward to bringing you new inspiration on all your bookkeeping matters, and to continue supporting you as you grow your business.
LINKS
Top 10 FAQs
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
While social media can be a wonderful tool for marketing your business, it's important to recognise that it's only one piece of the puzzle. To create a comprehensive marketing strategy, it's important to consider a variety of channels and tactics, including email marketing, content marketing, and paid advertising.
In today’s episode, I’m chatting with Marissa Batty, from The Savvy Studio. Marissa is an extremely talented content-creating queen and is the brains behind the words you see on my very own social media, blogs, website and many other things.
Marissa helps us understand how to use organic and paid social media marketing to our advantage in business. While both methods have their benefits, there are some key differences between the two. Organic social media marketing is a slow burn, taking time and effort to build a following and engagement. Paid social media marketing, on the other hand, can deliver quick results, but can also be expensive.
That's where hiring a social media manager comes in. A social media manager can help you navigate the complex world of social media marketing and develop a strategy that's tailored to your business goals. They can help you determine which methods are best suited to your needs, whether that's organic social media marketing, paid advertising, or a combination of both.
Marissa runs us through the difference between an expensive social media manager and a cheap one. While it might be tempting to opt for a cheaper option, it's important to understand that you get what you pay for. A cheap social media manager might be able to deliver basic social media management tasks, but they may not have the expertise and experience needed to develop a comprehensive strategy that aligns with your business goals.
I’m so grateful to have Marissa on the show to share with you how diversifying your marketing efforts and outsourcing your content creation can lead to a broader audience, maintain greater control over your messaging and brand alignment, and increase conversions and sales.
Social media is not what it used to be, and it just isn’t so simple anymore. Tune in to hear all of Marissa’s expertise and tips to learn how to build a comprehensive and successful social media and marketing strategy and increase your growth and success.
**LINKS
Resources mentioned:**
- https://skedsocial.com/
- https://www.airtable.com/
- https://www.canva.com
Connect with Marissa Batty:
Website: www.thesavvystudio.com.au Instagram: @thesavvystudio_au
Connect with Lisa Turner:
Instagram: @accountedforyou Website: https://accountedforyou.com.au/
Join us in the Accounted For You Numbers Club on Facebook hereJoin my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here!
Have you hit a rough patch and found yourself in the red? This is the episode to help get you back on track! We'll be going through practical tips to help you turn your finances around and get back on track.
We’ll look at how to revive your small business finances by simplifying, focusing on increasing revenue through easy steps, understanding your financial situation, seeking professional help, and examining any potential funding resources you can investigate.
Don’t overcomplicate it. Look after the cash that you have and make sure things are going to go the way that you want them to with proven popular products and services. I'll then talk about strategies for increasing revenue, including up-selling and cross-selling, using add-ons, and making it really easy for people to buy from you.
Do you have a complete understanding of your numbers? I'll take you through how to get a clear picture of your business's current financial situation. This includes understanding your cash flow, profit and loss, expenses and debt.
Running a small business is a very tough gig and can be super stressful not only financially, but for you personally. It is not weak to ask for professional help and there are so many resources and services you can depend on.
By the end of this episode, you'll have a better understanding of how to take control of your small business finances and get back on the path to success. But remember, Rome wasn't built in a day, and neither will your business's finances be fixed overnight. But with perseverance and a solid financial plan, you can get back on track and see your business thrive!
**LINKS
Previously mentioned episodes:**
- Is Cashflow The Reason You're Not Growing
- Profit Strategies: how to manage your money right
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join us in the Accounted For You Numbers Club on FacebookhereJoin my Numbers List for small business news and fun, helpful tips hereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here!
As a business owner, increasing revenue is always a top priority. Whether you're just starting out or have been running your business for a while, finding effective strategies to boost your revenue is crucial for sustained success.
In this short and snackable episode, we’ll explore five practical and actionable strategies that can help you increase your business revenue. From setting clear goals to leveraging customer loyalty, these strategies can make a significant impact on your bottom line. So, let's dive in and unlock the potential for revenue growth in your business!
- Write Down Your Goals for Visualization and Accountability
Setting clear goals is the first step towards achieving them. Take the time to write down your revenue goals and break them down into smaller, manageable chunks. - Don't Delay Invoicing and Automate it if Possible
Cash flow is crucial for any business, and delaying invoicing can have a significant impact on your revenue. Make it a priority to promptly send out invoices to your clients or customers. Streamline your invoicing process by automating it if possible, using tools and software that can help you generate and send invoices efficiently. - Learn How to Delegate and Outsource Work
As a business owner, it's tempting to try to do everything yourself. However, learning how to delegate and outsource work can be a game-changer for your business revenue. Identify tasks that are time-consuming or not within your area of expertise and delegate them. This can free up your time to focus on revenue-generating activities such as sales and marketing. - Offer a Freebie for Email Subscribers to Grow Your Email List
Building an email list is an essential marketing strategy that can lead to increased revenue. Offer a valuable freebie to entice visitors to subscribe to your email list. This not only helps you grow your email list but also gives you an opportunity to establish a relationship with your subscribers and showcase your expertise. - Make Customer Loyalty a Core Part of Your Business
Repeat customers are often a significant source of revenue for businesses. Focus on building customer loyalty by providing excellent customer service and maintaining regular communication. By nurturing customer loyalty and maintaining long-term relationships with your customers, you can increase their lifetime value and boost your overall revenue.
With dedication and a proactive approach, you can unlock the full potential for revenue growth in your business and achieve the financial success you desire.
Make sure you write these down and start working on each one to build a thriving business with increased revenue!
LINKSPreviously mentioned episodes:
- How to outsource to get out of your own way with Hayleigh Watson
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
Is your business growing, but you’re unsure what you should be doing with your numbers? Don’t worry - this episode has your back. Let's talk budgeting for bookkeeping and how much you should invest at each stage of your business.
In this jam-packed episode, I take you through each of the stages of a business - planning, launch, growth and scaling - and exactly how much money you can expect to invest.
If you’re bootstrapping in the early, planning days of your business I outline the accounting software that’s perfect for you at this stage (and why you really should be budgeting for software at any stage of your business). I also explain the two simple bookkeeping options that are available - hourly or package - and which may be the best option for you, depending on your individual business needs.
When you reach launch mode you have more numbers for the number-loving bookkeeper to keep on top of for you. Now is the time to plan and budget for more complexity in your business, more volume, and the need for different or extra bookkeeping services (like payroll and BAS).
The growth stage is the point where most business owners hand their bookkeeping over to professionals. Again, the amount to invest depends on your business, but I explain why I recommend a monthly bookkeeping package at this stage.
Finally - in the final scaling up and expanding growth stage, I take you through why you should absolutely not be DIYing or paying by the hour when you reach this stage. I explain the strategic reasons why hiring a bookkeeper at this stage is so important to ensure you can remain laser-focused on the essential elements of your business.
This episode will help you grow and know exactly what you should be investing in, at whatever stage of business that you’re at. Dive in!
LINKS
Resources mentioned:
Digital Course: Bookkeeping Matters Blueprint
Engaging A Bookkeeper? Here Are 10 Questions You Should Ask
Previously mentioned episodes:
Ep 8 -8 Ways Accounting Software Saves You Time and Money
Ep 27 - Are You Wasting Your Money on the Wrong Accounting Software?
Ep 10 - Should you Outsource or DIY your Books
Ep 36 - Hiring a Bookkeeper? Here’s What You Need To Know
Connect with Lisa Turner:
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
If you’re like many business owners who hear the acronym ‘SEO’ thrown around but you’d like to know more about what it is and why it’s so important, SEO specialist Karlie Plowman joins me today to answer your burning questions.
Having just celebrated her 10th anniversary in business, Karlie Plowman is a small business website designer, SEO specialist and business mentor who knows her stuff. Karlie is particularly passionate about helping mothers and female led businesses by breaking down SEO into simple terms so they can grow and reach their business goals.
In this episode, Karlie explains what SEO (Search Engine Optimisation) actually is and why it’s so important for the success of your business. She outlines the difference between organic SEO and paid Google ads, and answers questions around website optimisation and the different things we can do to improve online visibility.
We talk about backlinks, understanding analytics and Karlie busts the myth that different website platforms impact Google ranking and SEO performance. Karlie shares some of her tools and the resources she recommends to help you perform your own website audit, understand your analytics and improve your SEO ranking.
When it comes to outsourcing, Karlie shares her advice on what to look out for when engaging an SEO manager and why it’s so important to ask questions and do your research. Karlie also shares the top 3 worst things you can do when it comes to SEO optimisation and the best time to get started with SEO in your business.
Karlie is a such a wealth of knowledge and this episode is going to leave you with so many amazing tips and tools you can use to get started with SEO optimisation in your business straight away.
Connect with Karlie Plowman:
DIY SEO audit & Keyword Research PDF
Instagram:https://www.instagram.com/technobird/
Website:https://www.thetechnobird.com.au/
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
Connect with Lisa Turner:
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
Managing your cash flow as a small business owner is essential to your business growth. Even if your business appears to be doing well with plenty of clients on your books, a steady influx of sales and money coming in, poor cash flow management can make it really hard to succeed in the long run.
If cash flow is the reason your business isn’t growing, this episode will help you uncover some of the things you can do to get your growth on track. Cash flow can be a really complex and in-depth area of your business and it's different for everyone, which is why it’s important you understand what will work best for your business.
In this episode I expand on what positive and negative cash flow is, the importance of strategically planning for growth and why you need to have great processes in place to protect and keep your cash flowing both in and out.
I discuss the three main categories of cash flow, being operational, financing and investments and how these different areas impact your business. I also talk about making sure you have adequate working capital and some different strategies you can put in place to help manage it.
I also touch on the issue of slow moving stock for e-commerce or retail businesses and some practical strategies you can put in place to navigate this.
This episode will give you loads of takeaways to help you make the necessary changes in your processes and your cash flow to grow your business to where you want it to be. I hope this encourages you to go about things a little differently and be proactive about your business and your money spending decisions.
FREE Pricing Calculator Download
- Join us in the Accounted For You Numbers Club on Facebook here
- Join my Numbers List for small business news and fun, helpful tips here
- Download the New Biz Checklist here
- Download the FREE P&L Generator here
- Check out my blog here!
- Connect with Lisa Turner:
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
Have you ever felt frustrated and overwhelmed when it comes to managing your business finances and cash flow?
Maybe you're just not confident in your bookkeeping skills or you don't know where to start. Well, have no fear!
In this episode, we're talking with Belinda Hindmarsh about how my online course, Bookkeeping Matters Blueprint (formerly known as Power In Numbers) can help you find the confidence you need to manage your own finances and keep your business running smoothly.
Belinda Hindmarsh has completed the course and is here to share her experience and transformation from being frustrated with her finances to confident and in control of her cash flow. Belinda is a transformation expert herself and helps women get FUN back without being weighed down by expectations and judgements.
By now we all know why bookkeeping is so important for your business. Keeping accurate records of income and expenses is essential for understanding your business's financial health, making informed decisions, and avoiding any potential tax or legal issues down the road. But I get it, bookkeeping can be intimidating, especially if you don't have a background in accounting.
That's where the Bookkeeping Matters Blueprint comes in. Belinda shares how she gained a great knowledge of accounting principles, learned about ABNs, GST, legalities, Profit and Loss Statements, expenses, understanding financial statements, and so much more. This knowledge can save you time and money in the long run by helping you identify and fix financial issues before they become major problems.
But more than just the practical benefits, completing the Bookkeeping Matters Blueprint can also give you confidence and reassurance come the end of the financial year!
Listen in to all of Belinda’s advice and experience and don't let bookkeeping intimidate you. Sign up to the waitlist for the Bookkeeping Matters Blueprint and you will gain the knowledge and confidence you need to manage your own finances and keep your business running smoothly. So go ahead and take that first step - your business (and your peace of mind) will thank you for it!
Connect with Belinda Hindmarsh: Head CheerLeadHer
Instagram: https://www.instagram.com/belindahindmarsh/ Facebook: https://www.facebook.com/theheadcheerleadher LinkedIn: https://www.linkedin.com/in/belinda-hindmarsh-293b3abb/
Sign up to the waitlist for the Bookkeeping Matters Blueprint here Join us in the Accounted For You Numbers Club on FacebookhereJoin my Numbers List for small business news and fun, helpful tips hereDownload the New Biz Checklist hereDownload the FREE P&L Generator here Check out my blog here**!
Connect with Lisa Turner:
Instagram:@accountedforyou Website:**https://accountedforyou.com.au/
Keeping accurate records is essential for your business. Without proper records, businesses will find themselves facing problem after problem and can even lead to legal issues. In this episode, we'll dive into what can happen when you don't keep accurate records in your business.
The first thing we’ll look at is how inaccurate bookkeeping records can lead to financial issues. When you're not keeping track of your income and expenses, it can be difficult to understand your business's cash flow. Don’t run your business by your bank balance! This can lead to cash flow issues and missed payments. Without accurate records, you may also miss out on potential tax deductions and end up paying more tax than necessary.
Inaccurate bookkeeping records can also lead to legal problems. In the event of an audit by the ATO, you may not have the receipts and documentation necessary to defend yourself. This can result in costly settlements or judgments against your business.
Another issue that can arise from poor record keeping is missed opportunities. Without a clear understanding of your business's financial situation, you may be unable to identify areas for growth or investment. You may also miss out on potential investments or further education chances that could propel your business to the next level.
So, how can you avoid these problems? It's simple: keep accurate bookkeeping records. Consider using accounting software and hiring a professional bookkeeper to ensure that your records are up-to-date and accurate. And finally, be proactive!
Listen in to this snackable episode to fill you in on how essential accurate record keeping is for success, sustainability and longevity in your business. Take a moment right now to review your current record keeping strategy and you’ll be setting yourself up for long term growth and success.
Previous episode mentioned:
- Hiring a bookkeeper? Here’s what you need to know
Join us in the Accounted For You Numbers Club on FacebookhereJoin my Numbers List for small business news and fun, helpful tipshereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here**!
Connect with Lisa Turner:
Instagram:@accountedforyou
Website:**https://accountedforyou.com.au/
As a small business owner, you know that keeping track of finances is absolutely essential for the success of your business and one of the best ways to ensure that your finances are in good hands is by hiring a bookkeeper.
In this episode, I’m taking you through what you need to know when choosing and hiring a bookkeeper. Firstly, congratulations on making the decision to outsource and hire a bookkeeper! You’ll save so much time and energy in the long run and you’re making a very smart choice to outsource your numbers to an expert.
Now, it's important to understand what a bookkeeper does. A bookkeeper does not replace your tax agent or your accountant. They’re responsible for keeping track of all financial transactions of a business, including accounts payable and accounts receivable, payroll, and financial statements. A bookkeeper is an important part of your team to help you stay organised, manage your cash flow, and ensure that your financial records are accurate.
When hiring a bookkeeper, it's important to know that one size doesn’t fit all. Take the time to consider their qualifications, experience and make sure they specialise in your industry. Look for someone who works with similar businesses and is a registered BAS agent.
Another key factor to consider when hiring a bookkeeper is their software choice. You want to find someone who is familiar with the accounting software that you use, or who is willing to learn it.
I’ll take you through some of the red flags to be wary of when making your decision on who to hire. Don’t rush your decision and make sure they are the right choice for you and your business and don’t stress if you’re not currently up to date with all of your bookkeeping. A good bookkeeper won’t blink an eye if you’re behind and will help you get up to date accurately and efficiently.
And remember, it’s vital to establish a great working relationship with clear expectations and communication with your bookkeeper. You should have access to your accounting software, have regular check-ins to review your financial statements and provide documents, and always feel free to ask any questions that you may have.
Tune in to learn my key tips for hiring a bookkeeper and you’ll feel confident to find the right fit for you, your business and your team.
Resources mentioned:
- Engaging A Bookkeeper? Here Are 10 Questions You Should Ask
- Choosing a Bookkeeper? Watch Out For These Red Flags!
Join us in the Accounted For You Numbers Club on FacebookhereJoin my Numbers List for small business news and fun, helpful tips hereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here**!
Connect with Lisa Turner:
Instagram:@accountedforyou
Website:**https://accountedforyou.com.au/
I’m really excited today to chat about one of my absolutely favourite non-numbers topics - mindset. Your mindset is crucial in how you take care of your finances, your business and your growth so I wanted to invite my dear friend Danni Vee to share her wealth of knowledge, experience and advice.
Danni has worked with thousands of women through her roles in education, mentoring, and coaching, in addition to over 20 years as a driven entrepreneur. She began running her very first business from the age of 19 as a piano teacher in primary schools around Brisbane and has progressed through the health and wellness industry.
Danni owns and runs a few different health and wellness businesses. The first one, My Fit Tribe, provides health and fitness training and programs in Brisbane, both in person and online. The next one is The Mummy Trainer Academy which is pregnancy and postnatal training, and provides qualifications for teachers. And the third one is the area we are talking about today, Danni Vee Coach, which includes all things confidence, mentoring and authenticity.
Danni is passionate about a positive mindset, growth and learning, and is here to share with you how your mindset could be the missing ingredient that is stopping you from growing, how to find the confidence that you are looking for, and how your mindset is tied to your money.
Danni is sharing some really simple practical steps you can start using today to recentre, focus and add in that absolutely vital missing ingredient back into your growth plans.
Enjoy!
Resources mentioned:
- Book - Goodbye Busy Hello Happy
- Book - Voices of Impact
Where to find Danni Vee:
Website: https://myfittribe.com.au/ and https://www.themummytraineracademy.com/ and https://www.dannivee.com/
Instagram: https://www.instagram.com/danniveecoach/
Join us in the Accounted For You Numbers Club on Facebook hereJoin my Numbers List for small business news and fun, helpful tips hereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my bloghere**!
Connect with Lisa Turner:
Instagram:@accountedforyou
Website:**https://accountedforyou.com.au/
We know that starting and running a small business is such a rewarding experience where every day is a new opportunity to learn and grow. But, there are often times we become confused with our figures and lost in our bank accounts, so I’m here to help you understand your profit and how to manage it correctly.
Do you have profit strategies set up in your business? These are the systems, processes and actions you have in place to ensure you’re making a profit and keeping it. At Accounted For You, we help our clients with this every single day and probably without them even realising.
In this episode, I’m going to take you through my profit strategies so you can learn how to manage your money right.
We’ll explore how to:
- Price for profit. Check out my Free Pricing Calculator here!
- Pay yourself.
- Manage your payables and receivables. Pay your bills on time and follow up on the clients who owe you money.
- Effectively use multiple bank accounts and manage your cash flow.
Everything in business is fluid. A really important aspect of being a business owner is moving and learning to be proactive and not reactive. If you monitor your spending, have a budget to keep you on track and accountable, understand and manage your accounts receivable and payable, and surround yourself with a team of professionals - you’ll increase your sales and profit with confidence, intention and strategy.
Resources mentioned:
- Pricing Calculator
- The 6 Bank Accounts Every Business Needs
Previous episodes mentioned:
- Pricing for profit (and mistakes to avoid)
- Growing your business: How to scale your tax planning - with Melissa Smith
- Simple steps I use to increase profit
Join us in the Accounted For You Numbers Club on FacebookhereJoin my Numbers List for small business news and fun, helpful tipshereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here**!
Connect with Lisa Turner:
Instagram:@accountedforyou
Website:**https://accountedforyou.com.au/
Do you find yourself getting stumped by your finances? Or worried that you’re not planning for the future with confidence?
This is a really important episode to help you look at your finances and see if you’re making some very common financial mistakes. I know it’s inevitable that we’ll make mistakes, especially when you’re new to running your own business and they’re often a great way to learn, but mistakes with your finances can end up costing you thousands.
So today some of the common financial mistakes we’ll explore are:
- Not pricing for profit
- Keep your personal banking and business banking separate
- Not saving for your taxes (including your GST!)
- Shiny object syndrome and spending big
- Not budgeting
- Running your business on a spreadsheet - make sure you invest in accounting software
Grab a pen and write these down as I explore the minefield that each can cause in your business. You’ll save yourself so much time and hassle if you have the right structure, planning, knowledge and support from the beginning.
Resources mentioned:
- Pricing Calculator
- Xero Setup Video
Previous episodes mentioned:
- Pricing for profit (and mistakes to avoid)
Join us in the Accounted For You Numbers Club on FacebookhereJoin my Numbers List for small business news and fun, helpful tipshereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here**!
Connect with Lisa Turner:
Instagram:@accountedforyou
Website:**https://accountedforyou.com.au/
Today I have the amazing Melissa Smith from Side Hustle Accounting with me to discuss all of the ins and outs of scaling your tax planning for your growing business. I've known and worked with Mel for years and her knowledge of the tax system is second to none because she's been an accountant for more than 20 years.
Mel left a traditional tax accounting firm to run her own practice, Side Hustle Accounting, which she founded when she saw a real need for some accurate and quality advice on taxation and accounting just for side hustlers in Australia.
In today’s discussion Mel is here to fill you in on tax planning. Are you already zoning out? Don’t stress! This episode is chock-full of really easy to understand, simple actionable steps and advice to make sure you’re covered for the ATO as you’re growing your business.
Unfortunately, there’s no quick answer for a uniform exact percentage everyone in business will need to set aside. As with all things tax related, your situation will be different to the person down the street so it’s very important to consider your own circumstances, profit, expenses and business structure and speak to an accountant who knows you.
Mel is here to share all of her expertise and knowledge on everything you need to know to be confident in your tax planning so you can spend your time and energy growing your business.
Connect with Melissa Smith:Website: https://www.sidehustleaccounting.com.au/
LinkedIn: https://www.linkedin.com/in/melissa-smith-cpa-165964b9/
Join us in the Accounted For You Numbers Club on FacebookhereJoin my Numbers List for small business news and fun, helpful tipshereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here**!
Connect with Lisa Turner:**Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
I’m so excited to be bringing you this listener request sharing our absolute favourite productivity tools we use here at Accounted For You.
I know there are endless programs and software out there for you to navigate and try to implement in your business so I want to let you in on the ones I find are especially helpful and productive and save us an enormous amount of time and admin work.
I’ll take you through how we automate as much as possible in our client onboarding process, email management, payroll, bookkeeping and everything financial, scheduling, calendar and an amazing program that acts as a middleman between all of these to make everything even more automated and efficient.
As a service based business, I need to be able to track how my team is spending their time to either improve processes or do more training to ensure that everything is running smoothly and efficiently. These programs enable me to keep on top of everything we need to get done each day and make sure we don’t forget anything (especially when a team member is away on leave).
I look at all of my software subscriptions and expenses as an investment because they help me and my team learn, grow and communicate better in addition to saving me huge amounts of valuable time.
So, tune in and write them all down, then head over to their websites (I’ve listed them below) and find out more about how they can help you to become vastly more productive in your business every day.
Software:
- Karbon
- Asana
- Acuity Scheduling
- Active Campaign
- Toggl
- Zapier
- Xero - Check out my blog on4 Fast Tips to Invoice Using Xero
Other helpful links:
Join us in the Accounted For You Numbers Club on Facebook hereJoin my Numbers List for small business news and fun, helpful tipshereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here**!
Connect with Lisa Turner:**
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
Today I’m talking with one of my favourite people in the world - Naomi Rohr from Avarcas Australia. Naomi was the very first client I ever had in my bookkeeping practice, Accounted For You and I’m absolutely thrilled to have her on today to discuss how she has built her eCommerce business to not just be profitable but to thrive.
Naomi founded Avarcas Australia as a side hustle to sell beautiful, handmade, sandal-like shoes imported from Menorca in Spain. Her business grew so quickly into a full-blown company with a warehouse inventory, wholesale stockers and a complex array of moving parts that she had to learn to navigate very quickly.
In today’s conversation Naomi shares the things you need to avoid when running an eCommerce business to steer away from pitfalls as well as her incredible tips and pearls of wisdom to design a successful business that is profitable and thriving.
We discuss GST, the apps and software that she finds works best for her, outsourcing, joining online communities and how to keep on top of your pricing in today’s global climate with an effective pricing calculator.
Listen in and learn from all of Naomi’s experience and expertise in running a successful eCommerce business. You’ll save so much time and money and thank yourself later!
Connect with Naomi Rohr:
Website: https://www.avarcasaustralia.com.au/
Instagram: @avarcasaustralia
Other helpful links:
- Join us in the Accounted For You Numbers Club on Facebook here
- Join my Numbers List for small business news and fun, helpful tips here
- Download the New Biz Checklist here
- Download the FREE P&L Generator here
- Check out my blog here!
- Connect with Lisa Turner:
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
This season we’re focused on growth and levelling up, which is why this episode is all about what you need to know when you hire your first employee.
The huge topic of payroll is something I love talking about, as it’s not a simple or straightforward process anymore. There is so much to do, and it’s a really important area to be all over.
First up, we run through what you need to have in place before your new team member starts their new job. I run through the important documents and insurance you need to have sorted before your new employee’s first day.
Next up, I take you through the paperwork you need to have ready for them to sign, why it’s important and where you can find some of these key documents. Superannuation is an important part of this process, and I explain what to do if you don’t get the right forms back.
I also run through award wages, why paying these rates is absolutely non-negotiable, and why you need to register for PAYG with the Australian Tax Office (ATO).
Finally, I run through all the reasons you need to be using online payroll software. Thankfully, the days of spreadsheets are over for this, and I explain why using this software is now absolutely essential due to single-touch payroll requirements.
Payroll is not as simple as it used to be and you can land yourself in hot water if you’re not doing things right. It’s something you need to have a really good understanding of as a business owner.
Hoever, don’t stress as you’re going to feel all across things once you’ve listened to this episode so jump on in (and don’t forget your notepad and pen!).
Links Mentioned:
- ATO Superannuation Information
- Fair Work Information Statement
Previous Episodes Mentioned:
Ep 6 - What is a BAS (and key areas to review)
Other helpful links:
- Join us in the Accounted For You Numbers Club on Facebook here
- Join my Numbers List for small business news and fun, helpful tips here
- Download the New Biz Checklist here
- Download the FREE P&L Generator here
- Check out my blog here!
- Connect with Lisa Turner:
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
In this episode, we're chatting with the lovely Hayleigh Watson from Hali Helper about something that’s absolutely key to growing a business - getting out of our way and outsourcing.
We frequently get stuck in the day-to-day doing and we end up being our own worst enemies when we’re trying to improve and grow.
Hayleigh is the owner of her own Virtual Assistant (VA) Agency Hali Helper. Hali Helper looks after admin, social media, graphic design and loads more. I can personally say that Hayleigh and the team deliver amazing high-touch services, completely tailored to your business. Hayleigh also hosts a podcast, her passion project - The Girls Gotta Work.
Today we explore whether all VAs do the same thing and why outsourcing to a VA is key to growing your business past a certain point.
Hayleigh recommends that you consider hiring a VA before you hit the point of overwhelm so that you can work out what your needs are with clarity and so that you have the time to find the right one. Which is such a great tip for any decisions in your business!
We also chat about what you should do, think and ask when they’re ready to work with a VA. Hayleigh explains how to find the perfect VA for your business, and what to do when you’ve found them, to ensure you get the most out of them!
You might even be ready to work with a fantastic VA like Hayleigh after listening to this episode!
Links Mentioned:
Connect with Hayleigh Watson:
Website: https://www.halihelper.com.au/
Podcast: https://msha.ke/girlsgottaworkpodcast
Instagram: @halihelper / @girlsgottaworkpodcast
TikTok: https://www.tiktok.com/@halihelper
Other helpful links:
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
Connect with Lisa Turner:
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
In today’s episode, we explore whether you’re wasting money on the wrong accounting software. I give you insight and tips to check if what you’re using is the right software for you.
I know there are spreadsheet users out there, but to grow your business, accounting software is non-negotiable. My personal advice is to use software from the start.
If you’re already on accounting software and feeling like it’s not the best one for you but you’re not sure what you should be looking for, this episode will help!
My practice, Accounted for You, is Xero software only, for lots of personal and business reasons. I explain why, after comparing the usability, features and add-ons, we made the decision to go Xero-only.
As a business owner you need to do the same thing - work out what your business needs and which software you enjoy using.
I run through the considerations you need to weigh up when choosing your software. I discuss considerations to consider including inventory management, complex payroll systems, foreign currency conversion and your bookkeeping skills. Essentially, you need to note down what you need for your business and make sure the software you choose has those things.
Bookkeepers can help you work out the best software for you. I also discuss how, if you’re keen to look after it yourself and are tech-savvy, there is a lot of information available online to work out what’s best for you and your business.
And of course, consider cost as part of your decision-making process, but don’t make that the deciding factor. I explain why the free accounting software doesn’t have the reporting and other features that you need.
Keeping track of your finances can be challenging enough - don’t make it harder than it needs to be. After listening, you’ll feel confident about the importance of good accounting software and how to find the one that works best for you.
Links Mentioned:
Payroll add-ons: Microkeeper / Deputy and Wage Easy / Keypay
Xero File Setup video
Previously mentioned episode:
Ep #10 - Should you Outsource or DIY your Books
Other helpful links:
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Have you considered coaching but have no idea where to start? Perhaps you’re not sure if it’s the right time, or you don’t know what you should look for in a coach.
If you’re driven and passionate about your business but stuck in a place of unknown or overwhelm, this is the episode for you!
My guest for this episode is Emma McQueen, a Melbourne-based Executive Leadership and Business Coach, who has worked in the realm of Human Resources for more than 20 years. Emma has worked with some of Australia’s leading organisations to develop their team and talent and has absolutely bucket loads of experience!
Emma’s coaching has a core focus - supporting her clients to unlock their potential and achieve real results. Emma is an accredited coach and works brilliantly with people’s strengths to take meaningful actions to reach their goals.
In our conversation, Emma explains what to look for (and what to avoid) when you’re wanting to take the next step and get a business coach on board.
And if you’re not sure if you’re ready for a coach, or you think you don’t need one, Emma explains the when, why and how coaches are a great investment to help you move forward and uplevel your business faster.
Emma explains what a coach can help with, from focus, prioritisation and revenue generation to avoiding burnout. Emma believes that you can and should find joy and play in your business and your life. As a coach, she genuinely cares for her clients, gets stuff done and sets her clients up for success.
Business coaches help move you from chaos to clarity and from uncertainty to empowerment. This was such an inspiring conversation - I know you’re going to love this episode to learn how you can connect with the right business coach to grow your business.
Links Mentioned:
Institute of Executive Coaching and Leadership
Marco Polo
Connect with Emma McQueen:
Website: https://www.emmamcqueen.com.au/
Facebook: https://www.facebook.com/emmarmcqueen/
Instagram: @emmarmcqueen
LinkedIn: https://www.linkedin.com/in/emmamcqueen/
Podcast: https://www.emmamcqueen.com.au/podcast/
Other helpful links:
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
You might have reached a point in your business where it’s time to think about a new business structure. If that’s you - amazing! What I run through today is what happens after you make this decision, so that you can avoid the common pitfalls that can come with this changeover. This knowledge will ensure you go through this big change the right way and can make a huge difference to your financial growth and profitability.
First of all, I run through the all-important topic of withdrawing money. The ways you can do this are really different between sole trader and company. I explain what you need to be aware of, and how you access money from your business under a new structure like a company or trust.
The next pitfall I take you through is software. What you really need to know is that it’s not as simple as just updating your new ABN in your Xero, MYOB or Quickbooks file. This can create a giant mess. I explain how to keep the split clean and tidy.
Thirdly - new bank accounts. Even if you had separate bank accounts as a sole trader, you still need to set up a new suite of bank accounts. I run through the reasons why you need to do this, and why this step is non-negotiable.
The next big admin job when changing structure is the client-facing end. Everything you do with your clients needs to be updated. This includes your website, invoices, legal documents and engagement documents or client agreements.
My biggest tip to you is, if you haven’t already started your business, get advice on the best structure before you start out. Sometimes it’s a great idea to start out from the get-go as a company.
If you are already a sole trader and have grown to the point where it’s time to make the switch, don’t be afraid of it. If you plan ahead, you’ll be organised and confident and you’ll know what to do.
Lastly, you really need a tax agent’s help on this. Your business is unique so the best thing you can do is to surround yourself with the right professionals to guide you and grow your business.
Links Mentioned:
Blog post: Wages & Payroll Ain’t That Easy
Blog post: Switching To A Company? Update Your Accounting Software!
Previous episode mentioned:
Ep 13 - Payroll Mistakes That Could Land You In Hot Water
Other helpful links:
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
You are in for a real treat today - we are talking all things business legals, truly non-negotiable in business. While getting your legal documents sorted can be a big investment, ultimately they not only save you money in the long run but can help you make money in your business.
Joining us on the podcast today to go over some key pieces of the legal puzzle is my dear friend and own solicitor Tracey Mylecharane from TM Solicitor. Tracey has a unique approach to supporting you legally and is all about doing law differently. She specialises in small business law and has an empowerment ethos - she’s all about empowering you and minimising risk so that you are confident, set up and legally protected for complete peace of mind.
Tracey’s approach is that prevention is better than cure. And her legal expertise is incredible - she comes with 20 years of experience, the majority in litigation and dispute resolution. Her background in this area is why she’s so passionate about helping to set you up to avoid issues in the first place.
In this episode, Tracey shares how to change the legal landscape of your business to be the best it can be and how to use your legals to help your business grow, all while being protected.
So, what are business legals? They are the basic core trio of legal documents that all businesses need - your Client Agreement (also known as Terms and Conditions), your website terms and conditions and your privacy policy.
Tracey explains that business legal documents form one of the three pillars of risk mitigation in your business (along with business structure and insurance). We also discuss legal templates and why they are not the right approach and all the reasons why (there are many!).
If business legals are something you feel confused about or have been avoiding Tracey’s approach will have you on the right track in no time. There is loads of juicy information in this episode for you!
Links Mentioned:
Masterclass - Business Structure: What You Need To Know
Tracey's Annual Legal Checklist
Masterclass series: The Legally Empowered Entrepreneur
Connect with Tracey Mylecharane:
Website: https://tmsolicitor.com.au/
Instagram: @tmsolicitor
Podcast: https://tmsolicitor.com.au/rise-up-in-business-podcast
Other helpful links:
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
This episode is about an unknown for many small business owners - what do you do when you’ve made a mistake on your BAS (Business Activity Statement)?
This episode is super short and snackable because it’s a very quick and straightforward ‘what to do’. Even though it sounds like it might be a sticky situation to navigate it’s very straightforward and simple. There is absolutely no need to stress out.
There are a million different reasons you may have made a mistake but fear not. I provide some examples of what constitutes a small (immaterial) mistake, with some examples and the practical steps you need to take to reverse the incorrect entry.
I also explain how simple it is, if you’re using the new BAS experience in Xero.
I also explain what to do if it’s a big (material) mistake. Don’t worry - there is no drama if it’s a recent and honest mistake. I explain what to do in this situation and give you an example of how to revise a mistake like this through the ATO portal. All mistakes need to be revised in 12 months to four years depending on different time limits, scenarios and turnover thresholds.
I summarise by providing a list of questions you need to consider:
- Is the amount material?
- Is the amount recent?
- What financial year is it in?
- Can I include it in the next BAS or am I required to lodge a revision?
Finally, don’t hesitate to ask your friendly bookkeeper, BAS agent or tax agent for help. Asking for help is how we learn and grow.
LINKS:
ATO Revising activity statements
Previously mentioned episode:
Ep 6 - What is a BAS (and key areas to review)
Join the waitlist for Power In Numbers here
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Welcome to a very special episode where I’m chatting with the wonderful Maddy Avery from Birdcage Marketing talking all things digital Marketing.
I share how I’ve watched Maddy grow from a sole trader to an agency with more than ten employees so believe me when I say Maddy has done the hard yards. She has one of the biggest hearts I know and genuinely wants to help other small businesses use their marketing to grow their business that feels good and is aligned with their purpose.
Why is Maddy in marketing and why does she do what she does? She is a self-confessed business-holic with a bundle of qualifications and more than ten years of experience in other agencies before she started her own business.
Maddy shares with us some of the mistakes that most small business owners make so that you can avoid them and save yourself some money and we bust some marketing myths. We also talk about how marketing is key to your business's success and how to do that in a way that works for you.
Maddy steps us through what a brand strategy is, how important it is to not skip this step and the key components including target audience, brand features and benefits, personality, vision and mission statements, key messages and aesthetics page. Maddy explains that it’s how your brand makes people feel that sells your business.
Marketing is not static. Maddy reminds us that rejection is a redirection - it’s important to pivot according to what adjust to what your market is telling you.
Maddy also shares her favourite marketing hacks, including a secret way to stay top of mind with your ideal clients through Facebook. She also steps us through the Birdcage Vault App which helps small businesses with marketing training at a super low cost.
Maddy shares her one tip that makes her finances easier, how I’ve been able to help her and what she wishes she did differently with her numbers in the early days.
LINKS:
Join the waitlist for Power In Numbers here
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
Connect with Maddy Avery:
Instagram: @birdcagemarketing
Website: https://birdcagemarketing.com.au/
App: https://birdcagemarketing.com.au/birdcage-marketing-vault/
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Woohoo! Welcome back to Season 2! In this season we’ll be talking all about matters relating to levelling up your business and finances in a way that works for you.
Are you ready to outsource? We’ll be looking at so many ways and things you can outsource. Are you switching up your business structure? We’ll be covering that too.
Not only will we talk next-level steps, but I also bring on my business friends and ask them some big questions to get you really thinking about things you could or should be doing, with their inside info to help you on your business journey. We can learn so many things from other business owners who have already been there, leveraging all of that to grow and skip some of the mistakes.
To kick us off, in this episode I give you some strategies to level up FAST. There are ever so many, so I take you through my five favourites - networking, mindset, automation (and/or outsourcing), money management and planning.
We cover lots of great topics around these five strategies including what it feels like to have the right people in your corner, money mindset, my favourite tools and software that I use and love, pricing for profit and business coaches and strategists.
These five strategies and steps will help you become unstuck and level up fast.
LINKS:
Join the waitlist for Power In Numbers here
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Welcome to the last episode of Season 1 - it’s been an amazing journey with so much learning and fun. This first season was all about basic bookkeeping matters, giving you the information you need to set yourself up for success and profit in a short and sweet format.
As a small business owner, it is your responsibility to know and be on top of certain things always, and your finances are one of those. If you’re just starting out on your business journey, these first episodes have been some of the most important things I want to teach you.
I take you through my most popular and downloaded episodes (including my personal favourite!), and why these are some great ones to listen to if you haven’t already.
My why for doing this show is pretty simple - I love teaching and I love helping small businesses learn and grow. Giving you the knowledge and power to make your business financially compliant and profitable is why I started this podcast.
Season 2 will build on Season 1’s knowledge base and take things up a notch, with some really excellent guests that will empower you with the information you need to learn and grow even more.
If you’d like to follow along with me on Instagram, and see some sneak peeks, follow me on @accountedforyou. And if you’d like to nab a freebie tool or checklist, hit up my resources page.
Thank you so much for coming along for the fun in Season 1. I absolutely can’t wait to jump into Season 2 with you very soon, after a short break.
LINKS:
Join the waitlist for Power In Numbers here
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
This is a topic I love chatting about as it makes a huge difference to small businesses and their bank balances - profitability!
Working with hundreds of clients across different industries and models over the years I have seen countless ways business owners work out their pricing, as well as the mistakes they’ve made along the way.
I want to share my super simple pricing process with you, and some of the mistakes business owners commonly make, so you can avoid them.
Pricing your products or services can actually be one of the hardest parts of running a small business because there is no exact science to it, and it is different for every single person. However - the foundations are the same.
In this episode, you’ll learn about the importance of working out your costs first (as well as what those should include), how to ensure you don’t miss the GST and when you should be doing a pricing review.
I also take you through the most common mistakes people make with pricing including not considering time and wages and discounting.
You need profit to grow, for expenses, to build up savings and to invest in your business. If this is a topic you still feel unsure about, jump in - you’ll be on your way to a profitable business in no time after listening.
LINKS:
FREE Pricing Calculator here
Join the waitlist for Power In Numbers here
Join us in the Accounted For You Numbers Club on Facebook here
Join my Numbers List for small business news and fun, helpful tips here
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Today’s episode is a super short and snackable one all about eInvoicing. Even if it doesn’t yet apply to you, it will eventually because you’re running a business.
But what on earth is eInvoicing? eInvoicing is a government initiative in Australia which enables businesses to send and receive their invoices digitally, straight into their accounting software. No PDFs, no emails. Pretty cool hey?
I take you through what you need to know about eInvoices, the framework that makes it possible and the benefits. I also give you the basic framework so you know how to set yourself up for eInvoicing.
Thankfully, it is a super simple process, but as with any big change, there will be a transition period. So jump into this episode so you can get yourself set up and ready to go!
LINKS:
Join us in the Accounted For You Numbers Club on Facebook here (including a mini training on eInvoicing)
Join my Numbers List for small business news and fun, helpful tips here
Join the waitlist for Power In Numbers here, for updates when my budgeting template drops, or check the resources section of my website.
Download the New Biz Checklist here
Download the FREE P&L Generator here
Check out my blog here!
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Today we’re chatting about automating your invoicing, something that matters way more than you would think. If you have clients you raise invoices for and you’re doing it manually then listen up - it’s time to get automated!
If you are using Word, Canva, or something that is not an invoicing or accounting program, you’re doing it the long, hard manual way. Or, even if you’re using accounting software but not automating your process, it could be so much simpler!
It is so crucial to your small business that you automate your invoicing as much as you can. I take you through the benefits of automation, and why it hurts your business if you’re not doing it.
How exactly do you automate your invoicing? I clarify the options so you can work out which ones will work for your business and your processes. I also step you through how to map your invoicing process and the magic of repeating invoices.
If you issue invoices you’re going to love this episode and get some real, actionable steps to speed things up and get paid faster, consistently.
LINKS:
Blog post: 4 Fast Tips To Invoice Using Xero
Join the waitlist for Power In Numbers here, for updates when my budgeting template drops, or check the resources section of my website.
Download the New Biz Checklist here
Download the FREE P&L Generator here
Join us in the Accounted For You Numbers Club on Facebook here!
Check out my blog here!
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Today I’m going to chat to you about budgeting and how easy it is. Because I want you to get excited about budgeting, however that looks for you. My aim is to get you super comfy with budgeting and to know it’s not a dirty word that you can't use.
What is a budget? Essentially it’s what you’re planning to earn and spend. It measures and guides you with your money. Overall, you should plan for your sales to exceed your expenses.
Budgeting helps you work out a spending plan so that you’re not just buying things all over the place (or becoming a course junkie).
I love this saying from Dave Ramsay - “A budget is telling your money where to go, instead of wondering where it went.”
If you’re not planning and budgeting you’re just winging it and making decisions based on your bank balance.
So how do you do a budget? There are a few ways - a simple spreadsheet, through your accounting software or you can go next-level with budgeting add-ons. I step you through each of the options so you can work out which one will work for you.
Budgets don’t need to be over complicated. I give you some tips on how to keep yours simple and how to adjust your budget when you have new expenses or new hires.
Knowing your numbers helps you make great business decisions. After listening to this episode, I know you’ll make friends with budgeting and be able to use the word without feeling overwhelmed.
LINKS:
Dave Ramsay quote
Join the waitlist for Power In Numbers here, for updates when my budgeting template drops, or check the resources section of my website.
Download the New Biz Checklist here
Download the FREE P&L Generator here
Join us in the Accounted For You Numbers Club on Facebook here!
Check out my blog here!
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
It’s such an exciting time when you’re first starting out a brand new venture. Amidst the excitement, there are a bunch of things to think about so I’m sharing some of the important first steps you need to take for your new small business.
One of the key lessons I learned throughout my business journey is that you can do anything, but you can’t do everything. When first starting out, business owners don’t usually have the cash to invest in all the things they need from the get go. This is where it’s important to prioritise what you can and should do first until you’re able to outsource.
In this episode, I discuss some of the important (and often missed) steps that you need to take when first starting out. I talk about getting your business set up on paper, including deciding on your business name and business structure. One of the mistakes I made was setting myself up as a sole trader in the beginning. I wish I had set myself up as a company right from the start to avoid the headache of changing everything over. I talk about the importance of speaking to your tax agent and solicitor about what business structure is best for you in the long run.
I also talk about why you need to register for an ABN and keep your personal and business expenses separate. If you don’t already have a separate bank account for business transactions, let this episode be your reminder to do so today!
LINKS:
Download the New Biz Checklist here
Download the FREE P&L Generator here
Join us in the Accounted For You Numbers Club on Facebook here!
Check out my blog here!
Join the waitlist for Power In Numbers here!
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
As you know, being a small business owner means you need to wear so many different hats. Today I’m going to talk to you about a few of the lesser known, or avoided, hats you need to keep on top of to make sure your business is every success you dream of.
How often do you wear the hats of sales, legals, business planning and customer service?
How well does your sales hat fit you? This is such an easy one to avoid. If that is you - maybe you don’t like selling to people! I share with you how I think of the sales hat as the ‘solving a problem’ or ‘removing a challenge’ hat.
The next forgotten hat is your legals. Guess what? I had mine on, but sideways for the first 18 months of my business Accounted For You. There is a core trio of legals that every business must have, and having them tailored to your business is crucial. I take you through why wearing this hat is really important to protect you, and set the guidelines for your working relationships.
The next area in your business that you might have forgotten is business planning. Planning is actually one of the most important things to do with any business. It really is true that ‘without a plan, it’s just a dream’. I take you through the various components of a business plan so you understand how to put that hat on effectively.
The customer service hat is another frequently forgotten hat! It’s six to seven times more expensive to attract new customers than it is to retain a new one. I want to help you save money and make more sales and profit. I take you through steps you can take to boost your customer service.
LINKS:
TM Solicitor
Birdcage Marketing
Previous episode mentioned:
- Should you Outsource or DIY your Books?
Join us in the Accounted For You Numbers Club on Facebook here!
Check out my blog here!
Join the waitlist for Power In Numbers here!
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
Today I’m going to run you through some payroll mistakes with your employees that could land you in some really hot water if you don’t do them or if you get them wrong. Even if you don’t yet have employees, don’t skip this one because some of it might still apply, or it will make you aware of the mistakes before you make them.
First up - you can’t do payroll manually. It must be in online software and you must report every payment via Single Touch Payroll (STP). We discuss how, even though this has been around for a few years now, not everyone knows about these requirements.
Another payroll mistake you don’t want to make is paying someone as a contractor, when they should be an employee. There are a few reasons why this is a really important thing to be doing correctly.
Superannuation payments are one of the most important things to be getting correct and we run through how frequently you need to be paying your employee’s super and what you need to do if you don’t lodge the payments on time.
Also - not paying your employees the right amount and not having a contract in place (including listing the relevant award) is another really important item on the checklist. It’s illegal to underpay, and this one carries jail time if the offence is serious enough (it’s called wage theft).
Finally we run through the fact that you can’t make any deductions that aren’t required by law without permission in writing from your employee.
Payroll is pretty technical with lots to learn and do. Not even all bookkeepers do payroll - it’s a specialised area. We do payroll here at Accounted for You and we love it. So, if you’re ready to take the next step and put on an employee, make sure you have all your processes spot on and if not, outsource your books.
LINKS:
Employees are part of my digital course Power in Numbers
Australian Taxation Office: How to work it out: employee or contractor
My blog article: Employees & Contractors – what’s the difference?
TM Solicitor blog post: Engaging an Independent Contractor: What the High Court has to say
Previous episode mentioned:
- 5 Mistakes new business owners make
Join us in the Accounted For You Numbers Club on Facebook here!
Check out my blog here!
Join the waitlist for Power In Numbers here!
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
A question I get asked a lot is - why aren’t I making any profit?
Even with all the challenges of running your own small business, there are some really simple steps you can take to help boost your bottom line. It’s also important to keep in mind that this is not just about increasing your sales and making the same or less profit you already were. It’s about increasing and improving your profit, so that when your sales increase, your profit increases too.
In this snackable episode I share some of the strategies I’ve used along the way, and also helped my clients implement, with really great results. The four main strategies we run through are niching or specialising (in both services and clients), reviewing and restructuring your pricing, hiring in order to scale and reviewing your expenses.
I also share some extra ideas on how to drive profitability including outsourcing and digital courses and e-products (including training videos and downloads like I’ve done).
If you’re looking to grow and improve your profit I hope these insights from my own personal experience are super helpful.
LINKS:
If you want some pointers around pricing, my free Pricing Calculator download is here to help.
Previous episode mentioned:
- 5 Mistakes new business owners make
Join us in the Accounted For You Numbers Club on Facebook here!
Check out my blog here!
Join the waitlist for Power In Numbers here!
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
Reports may sound boring but they are actually jam packed full of juicy details about your small business!
In this short and sweet episode, I run you through the main reports you should be running as a business owner so you can be on top of your numbers. I also decipher the terminology the reports use, how frequently you should be running each one and what they will tell you.
We run through the profit and loss report (also known as a P&L or income report), cash flow report (or cash summary), aged payables, aged receivables and balance sheet.
If you’re not running these reports regularly, you’re flying blind and making decisions based on your bank balance, not on how your business is actually running. By the end of this episode, you’ll have a good idea of what each of these reports are used for and how they help you make important financial decisions (like putting up prices or saving for BAS).
It’s really important for the health of your business to keep an eye on these reports - run them regularly and get familiar with each of them. I know you’ll be feeling much more comfortable and confident after listening.
LINKS:
If you’re not using Xero yet, my digital shop has a training video that will help you set it up.
Previous episode mentioned:
8 Ways Accounting Softwares Saves you Time and Money
Join us in the Accounted For You Numbers Club on Facebook here!
Check out my blog here!
Join the waitlist for Power In Numbers here!
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
How do I know when to outsource my books?
I know you’re going to love this episode as I get asked this question ALL the time.
There are a number of things to consider when working out whether to outsource your bookkeeping or go it alone and DIY your books. Both have their pros and cons, which is why it can be difficult to decide what’s best for you and your business.
If you’re doing your own books there is a lot to keep on top of to ensure your numbers are well looked after, accurate and up to date. Records, invoices, reports, preparing and lodging payroll and BAS, as well as keeping up to date with all those rules and regulations. I run you through how to work out what the best use of your time is, and when you might know that it’s time to handball the numbers to a professional.
We also take a look at some other factors that are really important to consider when making this decision - skills and knowledge, enjoyment and whether your business is set up in a way that enables you to easily hand the numbers over to an expert.
Tune into this short and snackable episode to get the lowdown on all the facts you need in order to make the right decision for you and your business.
LINKS:
Questions to ask when engaging a bookkeeper
Previous episode mentioned:
5 Mistakes New Business Owners Make
Join us in the Accounted For You Numbers Club on Facebook here!
Check out my blog here!
Join the waitlist for Power In Numbers here!
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
When running a business, it’s very important to have both a bookkeeper and an accountant on your financial team. I know that many think that if you have one you don’t need the other, or that they’re in fact the same role BUT I’m here to let you know why you need both.
In this episode, I’m explaining the differences and similarities between bookkeepers and accountants and the reasons you need both of them in your business.
A bookkeeper looks at tracking your financial transactions, records finances for events that have already happened, analyse financial data and gives you insights into your performance. An accountant does deep diving analysis to give you growth, taxation and structural advice and look after your income tax returns.
Your bookkeeper will look after the day to day running of your business and your monthly and quarterly BAS (or IAS reporting) reporting. Whereas your accountant (or tax agent) can give you taxation advice, structural advice and also help with audits, financial management advice, reporting and compliance.
Tune in to learn all about why you need both of these roles on your financial team to keep your business running smoothly and without any added financial stresses.
**LINKS:
Previous episode mentioned:**
- What is a BAS (and key areas to review)
Join us in the Accounted For You Numbers Club on Facebook here!Check out my blog here!Join the waitlist for Power In Numbers here**!
Instagram:@accountedforyou Website:**https://accountedforyou.com.au/
Are you tired of wasting valuable time on bookkeeping with spreadsheets that are driving you up the wall?
I see this all of the time and I'm here to help! Accounting software can automate so many of the tasks that you're spending too much energy on and save you from draining all of your focus that should be spent on your business.
In this episode, I’m sharing 8 ways accounting software can save you time and money. Spreadsheets are awkward and inefficient when used for bookkeeping with no built-in error checking so it’s very easy to make mistakes that aren’t found until much later (if ever!).
Accounting software is specifically designed to help you manage your finances so almost everything is automated for you including bank transactions, receiving client payments, updating sales reports, GST owed, emails and so much more.
There are so many tremendous benefits to implementing good accounting software. You’ll be able to see real-time insights into your business performance at any given time through a number of reports that track your progress over time.
I’ll run through these 8 fantastic ways that using accounting software will give you hours back in your week and save you the headache of countless spreadsheets that need to be continuously updated to be useful.
There are so many reasons I strongly recommend using good accounting software over manually entering spreadsheets. Listen in to learn about how much time, energy and money you’re saving and make the switch today!
Check out my stepping stone spreadsheet for you to track your income and expenses that is really simple and will generate a profit and loss statement for you here.
**LINKS:
Previous episode mentioned:**
- Ecommerce Accounting Challenges
- What is a BAS (and key areas to review)
Check out my blog here!Join the waitlist for Power In Numbers here**!
Instagram:** @accountedforyou
Website: https://accountedforyou.com.au/
When running an online eCommerce store, you have to handle a different set of bookkeeping challenges compared to traditional accounting, so I’m here today to make it clear and easier for you to sort everything out.
In this episode, I’m sharing the eCommerce accounting challenges that you’ll come across as a business owner running your business online. I share the common mistakes I see when eCommerce small businesses are DIYing their books to help you avoid wasting time and energy fixing everything.
So, what do you do with all of the different fees you pay?
There are so many payment methods that keep their cut before passing you the net amount into your bank, including AfterPay, LayBuy, and Shopify. Most of these fees can’t be automated or integrated in any way so you need to find out exactly what the fees were and manually add them in followed by increasing your sales by the same amount.
I’ll run you through the two main reasons you need to ensure you’re including all of the fees you’re paying.
We’ll go on to explore your payment providers (including PayPal), what GST you can claim (if any) on fees and how it impacts your BAS, tracking inventory with systems and processes, and if you should integrate your sales platform with your accounting software.
Tune in and find out how to handle all of the eCommerce accounting challenges you’re facing to make sure you’ve got it all covered and avoid increasing your workload with unnecessary effort and cost!
**LINKS:
Previous episode mentioned:**
- My Top Tips for a smooth EOFY
- What the heck is GST and when should I register
Check out my blog here!
Join the waitlist for Power In Numbers here!
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
Today is devoted to a very important bookkeeping matter - preparing, reviewing and lodging a BAS! This information is critical because you don’t want to overpay GST or miss claiming any expenses. There is a lot to remember and checks to go through, but once you’ve got your head around them and you understand the process, the lodging will be a breeze.
In this episode, I’m going to explore how to prepare, review and lodge a BAS, along with all of the tasks that must be completed before you submit it.
A Business Activity Statement (BAS) is lodged to the ATO each month, quarter or year depending on your lodgment cycle. A BAS is used when you’re registered for GST and you have to report to the ATO the GST that you collected on your sales less any GST credits from GST on expenses that you’ve paid.
It’s good to remember that if your GST turnover is less than ten million dollars you can use a simplified version with less information called a ‘Simpler BAS’.
I’ll run you through exactly what a BAS is, GST, what to do if you have employees, prepayments on income tax, the difference between a BAS and an Installment Activity Statements (IAS), the different types of BAS and IAS cycles, and the key areas of a BAS and IAS you need to check before lodging to the ATO.
If you miss your BAS lodgement date you could have to pay a hefty late lodgement fine AND late payment penalties - so make sure you add it to your calendar today!
If you have any questions or if this whole process sounds too overwhelming, book a free discovery call here or join the waitlist for Power In Numbers.
**LINKS:
Previous episode mentioned:**
- What the heck is GST and when should I register
Join the waitlist for Power In Numbers here!
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
I'm always asked about this week’s topic: Do my (tax) invoices say the right things?
In our business, we see hundreds of invoices travel across our desk every single week so we have seen everything when it comes to formatting an invoice. We always take the time to make sure all of our client’s invoices are spot on to enable the receiver to claim it with the ATO effortlessly.
In this episode, I’m discussing all of the important aspects of a tax invoice that you have to include to make sure you’re compliant with the ATO. If you don’t have an invoice that includes everything, you can’t claim the expense. So let’s make sure we get this right!
We’ll go through the importance of including your ABN, common myths, GST, and the invoice components, along with any tweaks and exceptions.
Sounds like a lot to remember? Don’t worry - you can set all of this up to be generated for you by your accounting software every time.
To top it off, I’ll then give you some really handy tips for your eCommerce platform (such as Shopify) that you can use to automate the process and make it individual and easy.
Remember, receipts from Paypal or online providers are not enough to claim an expense. (Tax) Invoices must have all of the things outlined in this episode so make sure you grab a pen to tick them all off on your invoice to feel confident you have it covered.
**LINKS:
Resources mentioned:**
- Withholding if ABN not provided | Australian Taxation Office (ato.gov.au)
- Do your Tax Invoices say the right things?
Join the waitlist for Power In Numbers here**!
Instagram:** @accountedforyou
Website: https://accountedforyou.com.au
Everyone makes mistakes but if we reframe them, we can make them into fantastic opportunities to learn, change and grow.
In this episode, I’m sharing 5 mistakes all new business owners make. Write these down so you don’t make them yourself or flip them around so you can change things up and do it the right way.
We’ll address bank accounts, tax, business insurance, pricing, outsourcing and more. You’ll protect and continue to grow if you learn from these common mistakes and take the time right now to make sure you have your business set up for success.
Check out my free pricing calculator here to find out how you should be pricing your products/services!
LINKS:Join the waitlist for Power In Numbers here**!
Instagram:**@accountedforyou
Website:https://accountedforyou.com.au/
The end of the financial year is only a few weeks away!
Can you feel the panic setting in?
In this episode, I’m sharing my top tips to keep your EOFY as smooth as possible. We’ll go through each one in detail so you can apply it to your business to start to feel your stress melt away.
Start with your tax planning and if you haven’t already, reach out to your tax agent to book in for a tax review. They will go through all of your income, expenses and deductions to work out what income tax you’ll have to pay. This will allow you to investigate any areas where you can lower your tax and give you peace of mind by having the money set aside ready to go.
I’ll run you through all of my top tips so you’re feeling calm and confident as June 30 approaches. After listening to this episode, check out my free resources below to get started!
**LINKS:
Resources mentioned:**
- Not All Donations Are Tax Deductible - Accounted For You
- Proft and Loss Generator - Accounted For You
Join the waitlist for Power In Numbers here!
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
Welcome to the very first episode of Your Bookkeeping Matters
Together we’ll be looking at lots of business and bookkeeping matters, to look after your numbers and better manage your business.
In this episode, I’m exploring what a bookkeeper actually does and why someone has to do it in every business. I’ll run you through the role a bookkeeper plays and what they DON’T do so you have the full picture of what they provide.
Bookkeeping has grown along with the needs of businesses. Their role is multifaceted and dependent on the business, but generally, they will take care of processing income and expenses, bank reconciliations, payroll, leave entitlements and making sure you’re compliant with superannuation plus much more. Here at Accounted For You, we tailor our packages for the requirements of each business so you can choose the added tasks you no longer want to manage yourself.
Bookkeepers also look after recording your GST (if you’re registered) and BAS - all the fun tasks!
I want to help you learn more about your business through targeted insights and lessons to transform your money mindset. Listen in and you’ll even become friends with your numbers!
LINKS:
Check out my FREE profit and loss generator spreadsheet here.
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
Is the concept of GST overwhelming you?
You’ve heard that you should register for GST at some point, but when?
In this episode, I’m diving into what GST even is and when you should register for it. I’ll talk about the types of transactions that are GST free, the benchmark and timeframe for registering for GST, deciding on the method of registration (cash or accrual) and how to absorb it into your pricing.
Goods and Services Tax (GST) is a 10% tax and is designed to be paid by the person at the end of the sale - not the businesses doing the buying and selling. It’s completely different from your income tax so if you’re registered for GST then you must do both.
I’m finishing off this jampacked episode with some hot tips for you! If you’re struggling with working out the GST or you’re in e-commerce and charge shipping, make sure you listen closely.
Resources mentioned:
- GST | Australian Taxation Office (ato.gov.au)
Join the waitlist for Power In Numbers here!
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/
Welcome to Your Bookkeeping Matters, a no fluff, short and sweet podcast about all things bookkeeping with your host, Lisa Turner.
As the head number cruncher of my bookkeeping practice, Accounted For You, my passion is to help other women in business flourish with bespoke bookkeeping. There is so much more to bookkeeping than processing expenses and bank transactions!
In this podcast, I’ll be sharing all the things you need to know and why you need to know it. With a degree in accounting and 15 years of experience in corporate and small business, I know that if you do your numbers the right way, your business will grow and you’ll level up personally too.
Stay tuned for plenty of tips and info coming your way.
LINKS:
Instagram:@accountedforyou
Website:https://accountedforyou.com.au/