Straight Up Small Business

View Details

The driving force behind everything I do in my business is to free purpose-led business owners from financial stress while consciously fulfilling social and environmental responsibilities. This podcast certainly helps achieve this vision and having started as a platform for sharing knowledge, it has evolved into a powerful marketing machine for my business.

After some careful consideration, I’ve come to realise that I need to slow the machine down and press pause on releasing episodes for the time being.

Despite the success and impact of this podcast, I feel a calling to deepen my engagement with my clients and free up time to give 100 per cent to my bookkeeping mentees in the Bookkeeping It Real mentoring program. I also need to be there for my team as they gear up for the next level of growth in my business, Straight Up Bookkeeping on top of the normal family commitments.

As I reflect on my podcasting journey, I feel a deep sense of gratitude for your support and engagement. I am so glad that I started this podcast. It has changed my business, strengthened my credibility and been so rewarding on many levels. While the future remains open-ended, I am committed to keeping the conversation alive, sharing industry insights, and connecting with you in new and meaningful ways.

I hope this episode also serves as an inspiration to you, knowing that you too have permission to look at your current situation and change things up. You don't need to keep doing things in your life or business just because you’ve always done them.

Until we meet again, take care, stay inspired, and please feel free to reach out to me if you would like to work together or simply stay connected. I truly appreciate your support.

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Getting your numbers right is crucial for business success, which makes having the right bookkeeper and accountant by your side all the more paramount. Many of my clients came to me following a bad bookkeeping experience elsewhere, where they received a lack of communication, errors in their bookkeeping, and they were left wanting a more solid relationship with their numbers person.

Finding the right bookkeeper or accountant for you and your business requires more than a quick Google. One of the first things to bear in mind is that bookkeepers and accountants do very different things. Bookkeepers focus on organising financial data at a transactional level and maintain a close relationship with you as the business owner. I like to say that bookkeepers are in the trenches with you, up close and personal with your day-to-day numbers. This is why it’s important to find someone you can trust and be vulnerable with.

Accountants, on the other hand, especially tax accountants, offer high-level strategic services like tax planning and compliance. They are less focused on the minutiae, cost a lot more than a bookkeeper due to the extra qualifications and compliance they undertake, and accountants often don't have a close relationship with their clients.

Some of the key considerations when choosing a numbers person for your business are:

1. Qualifications: Ensure your bookkeeper or accountant holds the necessary certifications and registrations, demonstrating professional competence.

2. Experience: Look for professionals with industry-specific experience to better cater to your business's unique needs. It makes a world of difference when your numbers person has prior experience working with businesses similar to yours.

3. Recommendations: Seek referrals from trusted sources to find a numbers person who aligns with your requirements. Don’t take just anyone’s word for it. Make sure you do thorough research and ask questions to any questions you have.

4. Location: While virtual services are prevalent these days, consider whether the physical location of your numbers person is essential to you. While it might seem preferable to be able to pop into an office to chat, from my experience, you can still build a wonderful relationship with your bookkeeper online.

5. Vibe and Values: Evaluate the cultural fit and values of the bookkeeper or accountant to ensure a harmonious working relationship. Look at their website and social media to really get a feel for the person and the way they work.

Choosing the right bookkeeper and accountant is a critical decision for any business owner. By considering qualifications, experience, recommendations, location, and compatibility, you can find a numbers person who fits your needs and contributes to the financial health of your business. Remember, a well-informed decision today can pave the way for long-term success tomorrow.

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -

In today's fast-paced business world, having a clear understanding of your company's performance is essential. A business dashboard is a powerful data visualisation tool that displays key performance indicators (KPIs), metrics, and other relevant information in a visual format. I think they can be so beneficial to a business, which is why we’re diving into them in today’s episode. I’ll share the benefits of having a business dashboard, the metrics to consider, and how to design one.

The benefits of having a business dashboard:

By providing visual representations of key metrics they make it easier to quickly understand complex information. With real-time data updates, we can stay on track, identify areas for improvement, and respond confidently to changing situations. Having all your data in one place saves the time and effort you would spend collecting it, and ensures your team members are working off the same information.

Choosing metrics for your Dashboard:

When designing a dashboard, it's important to focus on metrics that are relevant to your business.

Unnecessary data will muddy the water and make it difficult to understand the health and performance of your business. It can be hard to figure out what to include, but don’t worry! I’ll take you through all of your options and share a practical example within my business.

How to set up a Dashboard:

Setting up a business dashboard would be hugely beneficial for any business, but that process and the end product are going to differ greatly. There are multiple approaches to designing a dashboard, and the appropriate one for your business will depend on your business needs, your budget, and your team's capacity to update the dashboard. I’ll layout these options so you know where to look, whether you want to invest in some software, use something you already have, or take a DIY approach.

A business dashboard is an invaluable tool for improving performance, efficiency, and decision-making in any business, regardless of size or industry. So, what are you waiting for? Start designing your business dashboard today and unlock the potential for growth and success.

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -

Welcome to episode 100 of the Straight Up Small Business Podcast! This has been an incredible journey, and I'm so grateful to all of you for your support and listenership.

Today I want to give you a guide to payment plans with the Australian Taxation Office (ATO). Payment plans can be a lifesaver for sole traders or business owners struggling with cashflow, so I think it’s crucial to have a good understanding of what they are, how they work, and how to set one up. I’ll also discuss the rules you’ll need to follow, and share some tips for getting out of a cycle of debt.

What is a Payment Plan?:
A payment plan allows you to break down your tax debt owed to the ATO into manageable installments. These installments can be spread weekly, fortnightly, or monthly until the balance is cleared. Payment plans can be set up for business activity statement (BAS) debt, installment activity statement, or income tax debt.

Setting Up a Payment Plan:
Individuals, sole traders, and/or businesses, can typically apply for a payment plan with the ATO online. This is done where you usually handle your taxes. So for individuals and sole traders that’s through myGov, and for companies, it’s online services for business.

Sometimes you might not be able to set up a payment plan online. This might be because the debt exceeds $200,000, or you have overdue debts, or you have previously defaulted on a payment plan. In this case, you can still set up a payment plan, but you will need to contact the ATO by phone.

Once a payment plan is in place, there are a few important rules to follow:Firstly, you can only have one payment plan per lodgement type at a time. In other words, you can have one payment plan for income tax debt and another for activity statement debt, but not two payment plans for different activity statement quarters simultaneously.

Secondly, installments must be made by the due date, and all future tax lodgments or payments must be made on time. If you are struggling to meet due dates it is crucial to communicate with the ATO and explore alternative arrangements, before your debt becomes overdue.

Mindfulness and Planning Ahead:While payment plans can provide temporary relief in times of cash flow strain, it is essential to avoid relying on them for an extended period. The goal should be to free yourself and your business from payment plans as soon as possible. To achieve this, it is important to understand your tax savings needs and maintain a tax savings account.

Navigating tax debt can be scary, but it shouldn’t be. This episode shares everything you need to know about payment plans with the ATO which can help you overcome cash flow strain, and work towards financial freedom. I want you to be empowered to make informed decisions that improve your financial situation and build a thriving business!

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping

View Details

I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -

Numbers can be scary, but they are not our enemies. As entrepreneurs numbers can be some of our strongest allies, providing us with a wealth of information to pave the wave to success.

My guest today is Chris Edwards, an entrepreneur who has founded multiple successful businesses, and we share a conversation about the importance of numbers for entrepreneurs. Chris shares valuable insights about her approach to managing finances, the importance of building a strong financial foundation, and the lessons she has learned along her journey.

Learning from Mistakes:

As many business owners are tempted to do, Chris tried to manage her own books when she began. Despite having a commerce degree and accounting knowledge, it was harder than she expected, and she ended up making costly mistakes. Chris encourages entrepreneurs to learn from her experience and emphasises the need to seek expert help early on to avoid such setbacks.

Choosing the Right Accounting Software:

Chris shares her experience using invoicing software when she started out in business. It was helpful, but insufficient for managing the finances of her business. She then transitioned to using Xero, which provides her with more comprehensive tools for tracking revenue, expenses, and financial performance. She even has separate Xero accounts for each of her ventures, allowing for a clear and accurate overview of each business's financial performance.

The Power of a Well-structured Chart of Accounts:

We also discuss the value of having a well-structured chart of accounts. While it may be tempting to create account codes for every little expense, Chris recommends consolidating and grouping expenses into meaningful categories. This allows for a clear and concise overview of financial metrics, making it easier to identify trends and potential areas for improvement.

Overcoming the Fear of Numbers:

There’s a common mindset Chris has observed over her years working with entrepreneurs, one of fear and negativity surrounding numbers. Many business owners express discomfort or even avoid dealing with financial matters, often citing a lack of confidence or math skills. She shares her personal journey in overcoming this fear and embracing numbers as allies. Chris encourages entrepreneurs to lean into their numbers, seek help from professionals, and develop a positive association with financial metrics.

Chris has a wealth of experience juggling various ventures and she’s learnt the importance of her numbers the hard way. By picking up on her missteps, tapping into accounting tools, and staying organized with your finances, you can set your business up for success.

So, whether you're at the beginning of your entrepreneurial journey or looking to level up your financial management skills, remember that numbers are your ally, not your enemy.

Where to Find Chris:

Instagram: @Chris_Edwards_AU
LinkedIn: chrisedwardshoneycombers

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping

View Details

I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -

Today, I'm talking all about director's loans - a topic that has many business owners in a bit of confusion. This episode is geared towards business owners operating a company business structure, however if you’re a sole trader or in a general partnership, it’s important to stay on top of the ins and outs of business so that you can continue to make informed decisions.

When a working director receives a salary from their company, the process is similar to that of any other employee. The salary is processed through payroll, ensuring that taxes are withheld and super is calculated accordingly. This legitimate method of withdrawing money from a company offers a range of advantages. However, I see so many directors of companies lacking clarity around the correct ways to receive or use company funds, and therefore put themselves at risk. We’ll explore the best practices for receiving a loan from your company and the considerations you need to be aware of to ensure compliance with financial regulations.

Now, there’s more to director’s loans than a director taking money out of the company. Conversely, a director may contribute funds to their business bank account from their personal one - another type of director’s loan. For example, when I first started my business, there wasn’t enough cashflow in the business bank account to buy a car for travelling to see clients. So, I transferred my personal funds to the business to make the purchase, creating a loan to the company that was in my favour.

In this episode, I dive deeper into tackling repayments of loans before tax time, give you an overview of what franking credit is and why it is the most effective way to distribute profit to shareholders. But don’t worry - I keep it short and sweet so you can digest all the information easily!

Director's loans are significant, especially in the eyes of the ATO. Remember, the company’s money is not personally yours, and treating it as such has the potential to land you in some hot water come tax time. So, join me today and stay educated on how to keep doing good business.

**LINKS

Previous episode mentioned:** Business Structures: Which one is right for you?

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -

As a business owner, keeping accurate and up to date records of your transactions is not only a legal requirement but also crucial for the success and growth of your business. So in this episode, I’m sharing some essential record-keeping responsibilities that every business owner should be aware of and why establishing good record-keeping habits is essential.

Understanding Record Keeping Obligations

In Australia, you are legally obligated to keep records of all your transactions related to tax and superannuation matters. This includes revenue and expense records such as invoices, bills, and receipts. You must also maintain documents that outline decisions, choices, estimates, determinations, or calculations made for your business's tax and superannuation affairs. In short, every transaction and relevant documentation must be recorded and retained.

Maintaining accurate and complete records is not just about meeting your legal obligations; it also has a range of benefits for your business. Effective record-keeping allows you to monitor the health of your business by keeping track of your income and expenses and helps you comply with any regulatory requirements. Keeping accurate records will also keep you well-prepared for tax time and ATO audits, should they come knocking. Trust me, The Australian Taxation Office has robust data-matching capabilities and conducts regular audits to ensure compliance.

Use Accounting Software

I highly recommend using Xero as your accounting software to streamline your record-keeping process. This software allows you to link your business bank account, ensuring all transactions are automatically recorded. On the topic of bank accounts, make sure you separate your business and personal expenses to simplify your financial management and also protect your privacy.

Have Support Documentation for Each Transaction

While the bank feed in your accounting software provides a great overview of your transactions, it is essential to support each entry with relevant documentation. For sales, provide invoices sent to clients or data from underlying sales systems. For expenses, keep receipts and tax invoices from suppliers. Remember, to claim GST on expenses, you need to have a tax invoice from the supplier.

Leverage Technology

Take advantage of innovative applications like Hubdoc or Dext to streamline your record keeping. These tools allow you to capture and store documents electronically, providing a centralised location for all your records. They also extract relevant data, facilitating smooth bookkeeping into your accounting software.

Organise Your Documentation

Establish a systematic approach to document storage using cloud-based platforms such as Google Drive, OneDrive, or Dropbox. Create folders for different areas of your business, such as finance, HR, legal, and insurance. Within each folder, organise documents by financial year or relevant categories. This structured approach ensures easy retrieval of information when you need it.

By adopting good record-keeping practices, you not only ensure compliance with regulatory requirements but you’ll also gain a clear understanding of your business's financial health. So stay organised, follow the rules, and keep proof of your compliance. These small steps will protect you from potential penalties, make financial management more efficient, and contribute to a good night sleep every

View Details

I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -

Today, we dive into bookkeeping skills and how to best record your business transactions in Xero. The foundation of accurate bookkeeping in Xero is an understanding of the chart of accounts, which is a comprehensive listing of all the accounts in your business accounting system. It consists of five categories: Assets, Liabilities, Equity, Revenue, and Expenses.

Xero provides default account codes for each of these, but it's essential to customize your chart of accounts to fit your business. I’ll share the key things to consider for each of these categories:

1. Revenue Account Codes:A single revenue account code may suffice for some businesses but, if you have different revenue streams in your business or revenue streams that attract different tax rates, then you might want to set up additional revenue account codes. Individual accounts will help you to make better, more informed business decisions, but be wary not to go too granular and create confusion.

2. Other Income Account Codes:Other income refers to income received that is not part of your normal trading activities. It could include interest income, grants, or any other income unrelated to your core business. Creating separate account codes for these income sources will give you a better understanding of their impact on your business.

3. Expense Account Codes:Coding expenses accurately is crucial for effective bookkeeping. Xero provides default account codes for common expenses such as rent, cleaning, and insurance. However, our businesses are not default, so purposefully grouping expenses will provide valuable insights, and better reflect how we operate.

4. Direct Cost Account Codes:Direct costs are expenses directly incurred in producing or providing your goods or services. Whatever industry you’re in it's important to distinguish direct costs from other operating expenses. Create separate account codes for direct costs to calculate your gross margin accurately.

5. Assets and Liabilities:Assets and liabilities are essential components of your balance sheet but are typically best left in the hands of your bookkeeper. Still, it's important to familiarize yourself with the asset and liability account codes, to help you navigate these sections effectively.

Mastering transaction coding in Xero is essential for effective bookkeeping and financial reporting. By understanding the chart of accounts, customizing it to suit your business's unique needs, and coding transactions accurately and consistently, you can generate insightful reports and make informed business decisions.

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

As we kick off the new year, it's a perfect time to explore the power of Xero Reports for managing your business effectively. In this episode, I’m diving into the most useful Xero Reports that every business owner should consider running regularly. These reports will provide valuable insights into your financial performance, cash flow, and overall business health.

1. Profit and Loss (P&L) Report:

The Profit and Loss report, also known as the P&L, is the ultimate report for assessing a business's financial performance over a 12-month period. It shows revenue, expenses, and ultimately the profit or loss of your business. I recommend running this report regularly, at least monthly, to give you a clear picture of your profit situation and help you identify areas for improvement.

2. Balance Sheet Report:

The Balance Sheet report showcases the financial position of your business by displaying your assets, liabilities, and equity. It helps you understand the health of your business and ensure that your bookkeeping is accurate. By reviewing this report monthly, you can identify any inconsistencies in coding or liabilities that require attention.

3. Aged Receivables Detail Report:

The Aged Receivables Detail report is crucial for monitoring unpaid invoices from your customers. This report is one not to ignore as it will help you identify overdue invoices that need follow-up for payment. It also helps you investigate any anomalies, such as incorrect coding or missing payments.

4. Aged Payables Detail Report:

Similar to the Aged Receivables report, the Aged Payables Detail report focuses on unpaid supplier bills. By entering bills into Xero before they are paid, you can use this report to manage cash flow more effectively. It allows you to plan for upcoming payments and keep track of outstanding bills.

5. Budget Variance Report:

Having a budget is essential for tracking your financial goals and ensuring that you stay on track. The Budget Variance report helps you compare your actual financial results against your budgeted goals. By regularly reviewing this report, you can identify areas where you are exceeding or falling short of your budgeted targets.

I also share some often overlooked Xero reports which can be really useful in running your business and I highly recommend you check these out and take the time to explore each report's features. With accurate bookkeeping and diligent reviewing of these reports, you will make informed decisions, set achievable goals, and drive your business towards success.

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Ever heard of pay.com.au? As a business that provides account payable services, we get a lot of queries around this payments platform. In today’s episode, I sit down with Grant Austin, the COO and co-founder of pay.com.au to pick his brain on how it all works.

Pay.com.au offers business owners the ability to turn their business payments into rewards points, and allows users to make payments such as invoices and payroll via credit card or bank transfer. With its valuable features and rewards, pay.com.au has created some incredible wins for its customers. It also has a seamless integration with Xero to make paying bills super easy.

In this conversation, we hear about the main benefits of using pay.com.au, including the working capital benefit and the value of points users are able to generate. There are also some exciting travel opportunities for users with reward points, with pay.com.au providing customers with assistance in booking flights - one client was even able to fly via private jet!

Grant gives us an overview of the rules regarding payment types, the different fee structures available to customers and transaction fees for both credit cards and bank account payments.

Whether it's improving cash flow, earning valuable reward points, or receiving assistance from the concierge service, pay.com.au provides a comprehensive solution for businesses.

If you're a business owner looking to earn frequent flyer points on your payments, pay.com.au is definitely worth considering and I encourage you to tune in and find out all about its amazing features!

Where to find Grant:

Website: www.pay.com.au
Instagram: @pay.com.au
Email: gaustin@pay.com.au

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping

LinkedIn: @straight-up-bookkeeping

View Details

This is a recast of a previously released episode that performed really well. I thought it may be useful for you as a business owner. I'll be back with new episodes in a couple of weeks!

An entrepreneur recently asked me whether I thought their business was healthy. This was an interesting question for me - didn’t they know? They work in their business every day and they know about their cash flow, profits, losses and loans. But it turns out that despite knowing the parts of their business, they didn’t understand the sum total of these parts.

In the episode today we run through the indicators that help me understand the health of the business, including the reports that help me piece together the sum total of the business' health.

First of all - is the business profitable? This information resides on the profit and loss (P&L) statement. If a business isn’t profitable, I try to work out why. Is it a systemic issue, or a one-off thing? There are some common culprits that we explore.

The balance sheet is also important. Most business owners without a background in finance will totally ignore this report but it’s a really important one to consider as it provides key metrics that help diagnose the health of a business.

Another factor I consider is equity, or more specifically, retained earnings. I explain how this line of the report helps in understanding the history of a business, which can provide perspective on overall health.

Another tool for high-level assessment of health is cash flow forecasting. This one is absolutely essential. I explain the reasons why.

How does your business stack up? I’d love to know. Even if you think your business isn’t super healthy having stepped through the checks I’ve run through, then be glad that at least you have the knowledge to change things. Knowledge is power.

Resource mentioned:

Budgeting and cash flow forecasting mini course

Previous episode mentioned:

Ep 6 - Let's talk cash flow

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping

LinkedIn: @straight-up-bookkeeping

View Details

This is a recast of a previously released episode that performed really well. I thought it may be useful for you as a business owner. I'll be back with new episodes in a couple of weeks!

Today I want to talk about productivity. For these last six months, I have been working hard at creating sustainable work habits. My goal has been to focus on taking the time to just ‘be’, rather than always 'doing' and racing through my life.

While it’s tempting to try and squeeze more into your work day, productivity should be more about working smarter and not harder.

In this episode, I share 8 tips that I really believe will set you on the path to creating productive work patterns. By doing this, you can make room for other things in life that really matter to you.

I talk through ideas such as dedicated deep work, letting go of inbox zero, day theming, and mindset and learning. I share tips on how to become laser-focused and what I do to cut down on time wasting.

I truly believe that by increasing your productivity, it’s possible to find a healthy balance between work, play and everything else in between.

LINKS:

Podcast episode with Elana Robertson: "Discovering your sustainable pace with Elana Robertson"

Book recommendations: "Deep Work" by Cal Newport and "Busy" by Tony Crabbe

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -

Today, I want to take a moment to reflect on the past year and share with you the things I'm doing in my business before 31 December to finish the year on a high note. I can’t believe we’re already here, to be honest, but there’s no denying that the end of the year is fast approaching.

As a bookkeeping business, we are constantly dealing with month-end, quarter-end, and year-end deadlines. It can often feel like a never-ending cycle and it used to be so hard for me to take time off. I didn’t plan it far enough in advance, would be scared to tell our clients that we were taking a break, and so I just didn’t take one.

As a result, I would be a burnt-out mess and would start the new year needing a holiday desperately.

In this episode, I discuss how we let our clients know in advance that we would be taking a few weeks off at the end of the year. I look back on my experiences, achievements, setbacks and lessons learned this year. I emphasise the power of vision boarding based on how incredible this process has been for me this year.

I share my plans over the holiday period which include contacting clients and stakeholders for further planning, getting organised, catching up on training for continuing professional development, and updating my business budget and cashflow forecast.

As a successful business owner, I encourage everyone to take stock, reflect, set boundaries, and make a plan to change for a great year ahead.

LINKS:

Resources Mentioned:

Why Every Business Needs A Budget

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -

If you’re an avid listener to this podcast or a follower on our socials, you will no doubt be aware that sustainability is very important to me and my business. Increasingly over the last couple of years, I started to feel as if I wanted to do more to ensure that Straight Up Bookkeeping was hitting more sustainable targets so that the strong values we hold, were being demonstrated effectively.

I was inspired to become a B Corp certified business when I started working with purpose-led clients who cared about the world they do business in and were making sustainable choices. Seeing their commitment to sustainability and the positive impact they were making motivated me to be part of this movement.

I wanted my business to be known as a good business, one that could be trusted and a market leader when it came to sustainable practices.

The deciding moment came when a prospective client, who had been a B Corp certified business for several years, asked about our sustainability practices. I didn't want to scramble for answers in the future; I wanted to be a business that lived and breathed sustainability.

After two years of work to achieve this, I am proud to say that my business, Straight Up Bookkeeping, is now a B Corp certified business.

Being a B Corp certified business requires recertification every three years. So, my team and I need to stay focused on what got us here and continue improving our good business practices year after year to maintain our accreditation. B Corp matters have become my world, and I'm excited to share my journey with you.

This has been an immensely rewarding journey. I believe that good businesses have a role to play in making the world a better place. While the certification process required investment and dedication, the benefits far outweigh the costs. I am excited about the future and the positive impact we can continue to make as a B Corp certified business.

Resources Mentioned:

BCorp Certification:https://www.bcorporation.net/en-us/certification/

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -

With the wind down to holidays underway, I wanted to share three game-changing practices that I have embraced in my life and business this year in the hopes that they inspire you to set yourself up for success in 2024.

Business owners are a powerful breed. We are constantly putting out fires, searching for solutions to problems, juggling business and personal life, and working on the business to make meaningful progress. I understand how it can all get overwhelming, and as simple as they may be, the three practices I’m sharing today have completely changed the game for me.

Have you ever faced a problem that seemed impossible to crack? I sure have. This is where the SOAK method has been a revelation for me. It's all about giving yourself time to let problems marinate in your subconscious, trusting that the solution will come in good time. In this episode I take you through this method and why it’s done wonders for me.

Another practice that I’ve implemented this year is creating time to think. It might just sound like common sense, but in today's fast-paced world, finding time to think can be a real challenge. I talk about scheduling dedicated thinking time to use for big-picture ideas, problem-solving, and tapping into your intuition. I also share how having a coach has been invaluable for me in gaining clarity and making significant progress in my business.

The final practice I share today has become somewhat of a superpower for me - prioritisation. It might not sound revolutionary, but when you do it well, you’re able to move beyond the daily grind of to-do lists and putting out fires to really push the needle forward. I share my strategy for prioritising tasks for myself and my team and how taking control of my priorities has allowed me to prevent my inbox from dictating my business and life.

If you're looking to level up your game in 2024, give these practices a try and I’d love to hear how they make a difference in your life and business. Catch you next time!

LINKS:

Resources Mentioned:

Book mentioned:Time To Think by Nancy Kline

Article mentioned:Give Your Problems Soaking Time When Trying to Solve Them

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

Register your interest in the Bookkeeping it Real Mentoring Program here.

View Details

I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -

I’m diving deep into the world of business systems and operations today with Megan Robinson, Certified Online Business Manager and founder of Unbusy Your Business. Megan helps service-based entrepreneurs reclaim their energy and make more money in less time by simplifying, automating, and streamlining their businesses.

If you're a business owner looking to streamline your processes, enhance productivity, and gain more freedom in your work, you're in for a treat. Megan shares her expertise on how to create and implement effective systems that can transform your business from a chaotic endeavour into a well-oiled machine.

Megan kicks off the conversation by introducing us to the four essential phases of business systems: pre-system, consistency, scalable, and optimised. She explains that every business starts in the pre-system phase, where there are no established systems. As you progress, you move from relying on a single person for consistency to creating scalable processes that don't depend on any one individual.

For many business owners, the challenge lies in transitioning from the consistency phase to the scalable phase. Megan emphasises that this phase is crucial for growth, allowing you to delegate tasks and reduce key person dependency. She highlights the struggles that service-based businesses, like bookkeepers, face in the consistency phase and how systems can help them break free.

Megan introduces us to her framework, "Systems to Scale," designed to guide businesses from the consistency phase to scalability. She discusses the importance of the first step, Structure, which involves defining the overall structure of your business and identifying the systems within it. From there, we move on to the subsequent steps: Capture, Apply, Leverage, and Engineer, each with its specific role in building and maintaining efficient systems.

Megan shares valuable tips on documenting your processes using various software and generating standard operating procedures (SOPs) using AI tools such as ChatGPT. We also talk about the challenge of maintaining systems and keeping them up to date and Megan shares her approach for how to do this with relative ease.

This is an absolutely jam-packed episode with so many incredible insights and tips for business owners. Remember, successful businesses don't just happen; they are built on well-designed systems. So, tune in to the episode, take notes, and start mastering your business systems today.

LINKS:

Where to Find Megan:

Website:https://www.unbusyyourbusiness.com/
Download Megan’s Ops. Manual Starter Kit here

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

Register your interest in the Bookkeeping it Real Mentoring Program here.

View Details

I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -

I regularly come up against a lot of confusion around what expenses should and shouldn’t be put through a business. Today, I want to shed some light on this topic so you can head into the holiday season with clarity and set yourself up for a successful year to come.

At the core of running a successful business is understanding your finances, and that means knowing how to handle expenses. Business expenses are costs incurred in the operation of your business. They play a crucial role in determining your business's financial health and you may be eligible for tax deductions on certain expenses.

However, it's not a free-for-all. There are rules governing what can be considered a legitimate business expense. Ask yourself, if the ATO were to audit your business, would all your expenses hold up as business-related? For instance, buying a dress for a photoshoot makes sense as a business expense, but claiming ten dresses over two months for the same photoshoot? Not so much.

The Australian Taxation Office has laid out three golden rules for work-related expense deductibility, and I take you through each one so that you can get clear on what are considered legitimate business expenses. These include things like everyday operating costs, training, product purchases and travel expenses.

Now, it’s tempting to get a little creative when it comes to claiming expenses. It may seem harmless to claim that daily coffee run or a couple of team golf days, however the ATO’s guidelines are there for a reason, and you want to do your best to avoid getting into any sticky tax-related situations. I dive into the types of expenses that won’t pass as tax-deductible, and clarify some areas that can be confusing or tricky to navigate.

When in doubt, consult your tax accountant - this will help ensure your business stays financially healthy and in the clear come audit or tax time.

**LINKS:

Want to be a guest on this podcast? Reach out to me here clientcare@straightupbookkeeping.com.au Previous episode mentioned:** Bookkeeping for Christmas parties, Christmas gifts and entertainment expenses

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

I would like to acknowledge the traditional custodians of the land on which I recorded this episode and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -

In a time where the world is facing some major crises, it’s easy to think that focusing on things like business growth or saving money is frivolous, if not insensitive. I’ll be the first to put my hand up and say that it’s been challenging to know where to put my focus when there is so much going on.

However, maintaining financial health is not just necessary to continue growing our businesses, but to ensure we can continue putting food on the table, paying rent and caring for our families. In today’s episode, I’m diving into the topic of building a business cash safety net to help you protect your business's financial future.

As we navigate through life and business, it's important to recognise that unforeseen challenges can arise at any time. From global crises like the COVID-19 pandemic to changes in the market, having a financial safety net in place can be a game-changer. While there are many differing opinions on the amount of savings a business should have at any given time, I believe each business owner should consider their situation and do what’s right for them.

I take you through five steps to consider following so you can better understand what savings you need for a healthy business safety net:

Understand your fixed and variable costs
Consider liabilities and cash outflows
Determine the timeframe your safety net will cover
Safeguard the funds
Regularly review and adjust

When it comes to figuring out the right amount of savings for your business, one size does not fit all. It depends on so many different factors, including your personal circumstances. I encourage you to take some time to consider what safety net is right for your business and start putting money towards it today. In doing so, you’ll gain the peace of mind that comes with knowing you can weather unexpected financial storms.

**LINKS:

Where to Find Bec:**

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Today I’m broaching a topic that is an inevitable part of any business journey: rejection. We've all been there, and I recently had an experience in my business that prompted me to share my insights on how to turn rejection into a positive experience. Today I’m sharing 5 steps for how to navigate rejection and bounce back even stronger.

In this episode, I talk about my recent experience onboarding a client who ultimately wasn't the right fit for my business. Long story short, we parted ways and although the decision was mutual, it still caught me by surprise and hit me pretty hard.

Rejection can be tough. In the early days of my business, I used to ruminate over rejections, making them personal. However, I've learned that my business doesn't define my worth. Today I share how cultivating a resilient mindset and not taking business matters personally is crucial for long-term success.

While staying positive is important, it’s equally crucial to not ignore the valuable feedback that rejection can provide. I talk about cultivating the skill of listening to constructive criticism and how understanding the reasons behind rejection is key to growth. Constructive feedback is more valuable than praise because it identifies areas for improvement. Use this feedback as a gift to enhance your business systems and processes. It can also help you refine your offerings and better understand your ideal clients.

Business isn't for the faint-hearted. Hard conversations and challenging situations are all part of the journey and there is always something more we can learn. Remember, you can do hard things, and rejection is just another step toward your business's success.

LINKS:

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

Register your interest in the Bookkeeping it Real Mentoring Program here.

View Details

If you’re like me, you may have started off in your business without a true understanding of what branding really is. I thought I simply needed a logo and some colours for my website, and off I would go. However, branding is so much more than that. It’s the identity and persona of your business that expresses your voice and sets you apart from your competitors.

Today I’m joined by Zoe Scott, brand builder and website design extraordinaire. Zoe is the founder of The Design Order and the person responsible for my business’s fancy new website. Zoe understands the power of an in-depth brand identity to support your business strategy, and in this episode, she shares her insight into building a clear and authentic brand, wherever you are in your business journey.

Zoe takes us through the various elements that make up a brand, including brand personality, visual identity, voice and positioning. A strong brand not only differentiates a business but also helps establish credibility and build relationships with customers. Zoe explains the value of a website, in that it serves as the online home for a business to showcase its brand and connect with potential clients.

When starting a business, it’s not always immediately clear how we want it to be presented, or where we’re exactly headed down the road. Zoe emphasises the importance of clarity in business goals, mission and values and explains how understanding these aspects can make the branding process so much clearer. She takes us through her own branding and website design process in detail, from the initial moodboard to producing the final deliverables.

When it comes to your website, selecting the right platform can get a little overwhelming. There are a lot of different options out there, not to mention various opinions from other business owners. We discuss the different factors to be considered, such as budget, your own technical skills and the specific needs of your business. Zoe lists the different options available out there, as well as their pros and cons, to make the process a little less confusing.

It can be tempting to fall in line with what others are doing or follow the trends that you see online. However, Zoe takes a different approach, choosing to stay away from the trends and focus on celebrating the uniqueness of each individual business.

If you're interested in learning all about branding and websites or at the point of reinvesting in these things in your business, then you're going to get so much value out of this episode.

Enjoy!

**LINKS:

Where to find Zoe:**Website: https://thedesignorder.com.au/

Instagram: @thedesignorder

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: https://www.linkedin.com/in/rmbuchanan/

View Details

I’ve been hearing some strange comments of late from business owners around GST, so I thought I’d clear up a few things on this important topic. In an earlier episode on the podcast, I gave a general overview of GST registration and how it works. Today, I’m going a little more niche and talking about why you shouldn’t be scared of it as a business owner.

Understanding GST and its implications for business owners is crucial in ensuring compliance, as well as giving you the confidence to expand your business and keep moving it forward. While many business owners are under the misconception that they’re being robbed of that extra 10% come BAS time, I discuss how collecting GST on behalf of the government actually works, and why avoiding registration might not be the best strategy.

When it comes to small businesses making the flip to becoming GST registered, I often see business owners fearing that their customers will not be willing to pay the extra 10% cost for their services. However, there are ways to change your mindset around charging more from one of fear, to one of abundance. I talk about ways you can add value to your service to keep your customers coming back, and encourage you to think big when it comes to the longevity of your business.

I take you through some GST housekeeping and share general advice around:

The annual turnover that requires GST registration;
Different avenues available for registering for GST;
Issuing tax invoices with GST included in order to report correctly come BAS time;
Seeking training or guidance when preparing your first BAS to avoid mistakes.

I talk about how avoiding GST registration may mean you encounter some issues that may be a bit curly to unwind down the track, or that you miss out on claiming GST refunds on your expenses altogether. Don't let short-sighted tax avoidance strategies dictate your business decisions. Instead, focus on growth and understanding how GST can work for you.

LINKS:Previous episode mentioned: Let's talk GST

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

Check out my course Bookkeeping it Real here!

View Details

If you’re a small business owner or an aspiring entrepreneur, you’ve likely been overwhelmed by the huge number of tasks and decisions that come your way. I believe the solution to this is to simplify your business, and that’s something I strive for daily. In this episode I share the biggest moves I’ve made, lessons I’ve learned, and the benefits gained on my journey of simplification.

The first step I took was working out what my business was all about, and why I’d started it in the first place. It’s vital to clearly define what you do and, equally importantly, what you don’t. Once you're clear on this, decision-making becomes infinitely easier and you can cut out unaligned work.

Next, I talk about the power of niche offerings. It’s tempting to offer everything under the sun, but there's immense power in specialisation. By narrowing down your offerings, not only can you become an expert in that domain, but your marketing and operations can also become more focused and effective.

I also talk about how beneficial standardisation can be. If your overwhelm stems from feeling like everything’s in your head, then it's high time to transfer that knowledge. Creating shareable formats, be it manuals, training videos, or process documents, can free up your mental bandwidth and empower your team.

Finally, I'll share how to make technology your ally. In today’s digital age, there's a tech solution for almost every business challenge, and investing in the right tools can be a game-changer. I’ll share some of my favourite programs that I use in my business and all the different ways they’ve helped me. From automating mundane tasks to managing customer relationships, technology can be your best friend.

This episode offers actionable insights to declutter your business processes and enhance productivity, and I hope it inspires you to embark on the journey of simplification. Just remember that simplicity is not a one-time task, and to always be on the lookout for what's working and what's not, and be ready to pivot or scale accordingly.

**LINKS:

Where to Find Bec:**

Website:https://straightupbookkeeping.com.au/

Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @rmbuchanan/

View Details

I’m so pleased to be back with you after taking a bit of a break from the podcast for a much-needed reset and refresh. So today, I’m excited to dive back in and continue sharing short and sharp financial insights to support you on your business journey.

When it comes to client work in my bookkeeping business, a common predicament we face is messy Xero files. Whether they’re brand new businesses struggling to make sense of Xero or companies dealing with the aftermath of inexperienced bookkeeping, the message is clear – many business owners are in the dark about the basics of maintaining their Xero files.

In this episode, I'm hitting the reset button and taking us back to the fundamentals. I'll guide you through five crucial steps to conduct a health check on your Xero file. These steps will help you spot issues, improve your financial decision-making and make your bookkeeping experience a smooth one.

Whilst big bookkeeping stuff-ups might need the help of a professional to come in and unravel the mess, a lot of the problem is knowing there’s an issue in the first place. Bookkeeping clean ups are much easier to deal with two months in rather than twelve months in, and I take you through these practical steps in detail to help you take stock of what’s going on under the hood of your Xero file:

Getting your bank reconciliations in order
Tidying up your dashboard
Analysing your profit and loss report
Understanding your balance sheet
Cleaning up any ageing reports

Staying on top of your bookkeeping may feel overwhelming and less interesting than the other aspects of your business, however it’s an important part of keeping things running smoothly across the board. Remember, timely attention to your financial records prevents messy bookkeeping down the road. If it’s not something you wish to deal with yourself, there are many professionals out there who are ready and able to assist you in maintaining your financial health!

**LINKS:

Where to Find Bec:**

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

Check out my bite-sized Xero courses here.

View Details

Artificial Intelligence is a huge topic at the moment and quite a divisive one but whether we like it or not, it’s already here and it’s not going anywhere. When I realised this, I decided I wanted to ride this wave of change and began implementing AI into my business.

Some of the things I tried have been game changers but others have wasted more time than they’ve saved. In this episode, I want to share my experience so that you get a better idea of the possibilities and the limitations of AI in business.

One way I use AI in my business is by getting it to produce transcripts of recorded video meetings and compile summaries that I can send directly to clients. This not only saves me time but has become a key component in my sales process.

I also talk about my experience using Xbert. It’s an AI tool that scans your business's Xero data for duplicates, errors, and anomalies and presents a summary report of these findings, allowing you to quickly address any potential issues. It all sounds great on paper but I have found that checking through these reports has taken time and added stress.

Artificial Intelligence can be incredibly beneficial to our businesses and workflow, but it’s essential to remember that just because it is helpful to another business doesn’t mean it will be helpful to you. Still, I’m excited to see what the future holds and how else I can use AI to enhance the capabilities of my team to deliver a better service for our clients.

LINKS:

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

On the podcast today I interview Stephanie Devine - the incredible and inspirational founder of The Very Good Bra, which makes the world's first botanically, circular and fully compostable bras in the same size ranges as conventional bras. Despite having a long, successful, and well-paying corporate career, Stephanie decided to throw that all in to pursue an entrepreneurial dream that could change the world for the better.

We dive into what sparked Stephanie’s passion for sustainability in the textile industry and why it’s an area that so desperately needs change. Much of the clothing being produced currently is damaging to the environment, produced with unethical labour practices, and puts harmful substances on our bodies. Stephanie dreams of a very different future, and this change comes about from pioneering entrepreneurs like her and consumers who use their money to back innovative products.

Stephanie also talks about the challenges she faced while creating these products. Because she holds her products to a high standard, she’s had to find solutions to problems that typical textile producers don’t face. From sourcing the correct materials, finding the right manufacturers to communicating properly with consumers, she’s learned a lot of lessons that she now shares with us!

If you've never really considered the origins of your clothing or where they go after they're no longer in use, this discussion will surely be an eye-opener for you. For those already passionate about sustainable fashion, you'll undoubtedly appreciate Stephanie's efforts in leading the way towards a more eco-friendly fashion future for everyone.

LINKS:

Where to find Stephanie Devine:

Website: www.theverygoodbra.com
Instagram: @theverygoodbra

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping

Facebook: @straightupbookkeeping

View Details

It’s that time of year, and as we at Straight Up Bookkeeping deep dive into completing business and instalment activity statements for the quarter, I’m reminded that the term activity statement can baffle a lot of people.

So today, I’m bringing you a short and sharp explainer episode on what activity statements are, what they include, when they are due and how to lodge them.

Used by the Australian Taxation Office to report various tax obligations, an activity statement details your business activity for the period in question and declares the amount of tax you owe (or any refunds that the ATO owes you). If you are a small business owner, it’s important that you have a good understanding of what your specific obligations are and how to complete these statements correctly. This will help you to avoid penalties and ensure that you are meeting your tax obligations.

I explain the two types of activity statements you should know about:

Business activity statement (BAS)
Instalment activity statement (IAS)

There are two methods for submitting BAS and IAS statements and paying tax. I explain what they are and how the method you use will depend on factors specific to your business. I take you through the different components that determine what your obligations will be, such as:

An individual’s or company’s GST registration status
Sole trader PAYG withholding obligations
Yearly turnover

The ATO strongly encourages taxpayers to lodge their activity statement on time, even if payment is not immediately possible. Lodging on time not only provides clarity regarding your position with the ATO but also demonstrates your awareness and intent to meet your obligations. Failing to lodge on time may lead to penalties, adding an extra motivator to comply.

I hope you find some valuable insights from this episode so that when you next have an activity statement in front of you, you’ll have much more clarity and confidence to complete it.

If you’re in the middle of managing your activity statements right now, good luck! And to all the bookkeepers and tax agents out there - all the best over the next month and I’ll see you on the other side.

LINKS:ABN Lookup

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

On the podcast today, I’m joined by vibrant entrepreneur Sarah Cross, who from the age of 24 built a multimillion dollar gift hamper business from her kitchen table. Sarah is now the founder and CEO of Creative Product Institute, a well-known speaker and author of Fearless Fempreneur. In this episode, she shares her incredible insight on scaling a successful wholesale business.

This conversation is a must-listen for all product-based business owners wondering if they should embark on a wholesale business strategy or evolve their wholesale arm.

Sarah has a passion to challenge business owners to get out of their comfort zones and break free from limiting self beliefs, and shares with us her own rags-to-riches business story. She describes growing up in an entrepreneurial family, and how this influenced her own determination to start a business.

Knowing early on the kind of life she wanted to pursue, Sarah backed herself from day one and with her ‘say yes now and work it out later’ philosophy, built a multimillion dollar business that helped create the amazing life and career she has today.

Sarah believes that having a robust wholesale strategy is paramount to having a sustainable and profitable product business. She takes us the through the key benefits of wholesaling such as:

Reducing costs
Securing recurring cash flow
Providing consistency and more certainty for forecasting and buying

When it comes to pricing, many business owners struggle to price their products correctly. We talk about the importance of getting this right in order to set yourself up for making a profit. Sarah shares her insight on conducting regular price reviews and how to calculate true unit prices while factoring in labour prices.

We then talk about the importance of diversifying revenue streams, and Sarah gives us her recommended split of revenue for a business’s wholesale and business-to-consumer arms. This approach not only hedges against risk but also provides a steady stream of income.

Our conversation is an incredibly helpful look into the wholesale strategy, and Sarah provides so much practical advice for entrepreneurs either starting out in business generally or those looking to expand. Tune in to hear more on Sarah’s call to be bold, take action and grow as you learn along the way.

LINKS:

Sarah’s book: Fearless Fempreneur

Where to find Sarah:

Website:https://sarahjcross.com/
Instagram: @sarahjcross_offical

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

Check out my short courses Bookkeeping it Real here!

View Details

In this episode, we’re talking about profit margins. Now, I know what you may be thinking - attempting to understand margins is daunting and should be left up to the ‘numbers’ people. However, it’s crucial for business owners to understand the profitability of their businesses so that they can continue to grow and make well-informed decisions.

Today we’ll explore the three types of profit margins you should be become familiar with:

Gross margin: profit generated from core operations before deducting operating expenses (Sales less Cost of Goods Sold)
Operating margin: profit made from business operations after both direct costs and day-to-day running expenses (Gross Margin less Operating Expenses)
Net margin: the profitability of a business after accounting for all income and expenses (Operating Margin plus Other Income less Other Expenses)

I explain these in a way that is simple to understand by taking you through the components that make up these margins. I discuss the different costs within a business and how they’re categorised, so that you can understand which margin they relate to.

Though profit margins may seem confusing at first glance, calculating them is a straightforward process. I give you the simple calculations you need to find out the total of each margin, and explain how to refer to your profit and loss report to get to them. You’ll be surprised to find out how easy it actually is.

Tracking profit margins over time allows you to monitor the financial health of your business and reveal the true picture of where things are at. You'll be able to identify trends and patterns and make better data-driven decisions to optimise your processes.

I hope this episode gives you the clarity and confidence to gain a deeper understanding of your business's financial performance, and help you pave the way for future profitability and success.

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

I recently won the Bookkeeper of the Year Award at The Accountants Daily Australian Accounting Awards, which is an achievement I feel extremely proud of and humbled by. Following the ceremony, I started to reflect on my award journey and why I believe small businesses can have a big impact.

In this episode, I share some of my insights following my recent reflections, including the power of vision boards and goal setting. Winning Bookkeeper of the Year was on my vision board this year, for both personal achievement goals and good PR for my business and I have been amazed at the things I’ve achieved already this year. I am a big believer in the fact that life rewards participation.

Another insight I talk about is the importance of social responsibility and innovation and why this is the key to staying relevant and ensuring longevity in your industry. I talk about the need to prioritise purpose and integrity in business and why a small business doing the right thing is worth a thousand times more than a big business doing the wrong thing.

I also talk about the value of paving your own unique way and not comparing yourself to other businesses. This has been a really important part of my business journey, ensuring that I keep focusing on my vision, knowing that I am here to make a big impact.

No matter where you’re at in your business, you can make a big impact through the way you do business and the values and integrity that underpin everything you do each day. I hope you find some golden nuggets in these reflections today and that this episode inspires you to think about the impact you want to make.

LINKS:

https://www.accountantsdaily.com.au/australian-accounting-awards/winners/2023-winners-and-finalists

Register your interest in the Bookkeeping it Real Mentoring Program here.

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Today I’m joined by the incredible Annie Gichuru to talk about a topic that is not only very close to my heart, but one that is crucial for business owners to find more understanding around as we strive for a more inclusive world.

Having come across Annie’s work as I was looking to do DEI (diversity, equity and inclusion) work, I enrolled in her course called Represented, which I found eye-opening, uncomfortable and changed who I am for good.

Annie is a racial equity coach and consultant for online entrepreneurs, and has helped many prominent business leaders build intentionally inclusive businesses. She is deeply passionate about representation through a racial justice lens, and combines her experience as an internationally certified life coach, love of storytelling and extensive career as a Human Resource specialist to deliver a transformational online program for all business owners who are ready to build a racially diverse, inclusive and equitable business.

In our conversation, Annie shares her previous 15-year history in Human Resources, where she discovered a lack of real discussion around race in the corporate world. The heightened conversation following the public execution of George Floyd in 2020 prompted Annie to step into the gap and start having these important conversations.

Though we live in a modern and ‘progressive’ world, there remain systems of exclusion that exclude marginalised people from financial opportunities and services. Annie describes how people of colour have been held back historically, and how this causes them to have to work extra hard for financial freedom and stability. She emphasises the importance of becoming equitable in our practices so that we are giving people opportunities where they may otherwise become stuck simply due to their identity and the colour of their skin.

While many people are afraid to enter the conversation on race and inclusion, Annie reminds us that no human is perfect and that life consists of making mistakes. She encourages us to be willing and open to learn, and to approach the work of inclusion with curiosity rather than fear.

The journey towards racial equity may be uncomfortable and challenging, but it is necessary for creating a better world. I hope this episode gives you a new perspective on embracing curiosity and learning so you can be part of paving the way for a more inclusive and equitable society.

LINKS:

Book mentioned: Caste, by Isabel Wilkerson

QUIZ

REPRESENTED Course

Where to find Annie:

Instagram: @annie.gichuru
Website: https://anniegichuru.com/

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

As we wrap up the financial year and dive into a new chapter, I wanted to take a moment to reflect on the art of balancing the demands of running a business while also being a parent. Today I give you an insight into my work and mum life, as well as share the challenges I’ve faced and strategies I’ve adopted to help juggle it all.

To me, life as a working parent is a delicate dance that requires grace, patience and a sense of humour. And as an entrepreneur, I find it to be a constant balancing act between my professional ambitions and personal commitments. So is there really a way to do it simultaneously, and do it well?

In this episode, I take you through my own personal journey that has helped me navigate the ups and downs of business and family. I talk about the powerful influence of my hardworking parents that sparked an ambition that continues to drive me, and how developing a solid worth ethic has given me an advantage in achieving my goals.

While I’m always striving to grow my business and expand my impact in the world, I know that prioritising personal goals is important. It's not only an outlet to manage stress, but helps me stay true to who I am. I share some of my strategies for managing time effectively so that I can keep my commitments to both parenthood and to my career.

Life can certainly throw us curveballs, and any business owner knows that creating the life they truly want isn’t easy. However, I believe in making intentional decisions that create order in the things we can control.

It’s my belief that balancing all we want to achieve is not a destination, but a journey. Rethinking the concept of success and learning to embrace the messy middle allows me to focus on what really matters.

If you’re looking to improve how you navigate the challenges of juggling your personal life and career, I hope the lessons I’ve shared with you today help you on your own journey to success as a thriving parent and business owner.

LINKS:

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

As a small business owner, maximising tax deductions is always a priority and one area that often causes confusion is motor vehicle expenses. Can you put your car expenses through your business? Should you buy a car in your business name or your personal name? What method should you use to calculate your business related car expenses?

In this episode, I delve into these questions and more to help you make informed decisions about expensing your motor vehicle costs through your business.

I explain the criteria that businesses must adhere to when claiming tax deductions and how this changes depending on your business structure. Diving into more detail, I explain both the Cents per Kilometer and Logbook Methods for recording business travel and when these methods are applicable. It’s important to note that travel from your home to work and back again is not considered business travel and therefore cannot be claimed as a business expense.

Motor vehicle allowances are complicated, even for numbers folks like me so I encourage you to get some help setting this up in your payroll system. I share some important information to keep in mind before purchasing a car and what to keep in mind so that you don’t end up with a hefty Fringe Benefits Tax bill.

LINKS:

Register your interest in the Bookkeeping it Real Mentoring Program here.

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

As we’re nearing the end of the financial year, bookkeepers are busier than ever. We are reminding clients about paying superannuation to get tax deductions, preparing for single touch payroll finalisation due in mid-July, capitalising and depreciating assets, and accruing expenses that relate to this financial year in order to get a tax deduction. The list goes on.

Needless to say, if you are looking to hire a bookkeeper during this time of year in Australia, you’ll be hard pressed to find one because most bookkeepers close their books during this busy season.

So when is the right time to engage a bookkeeper? And when you find one, what can you expect out of a relationship with a bookkeeper?

In this episode, I answer these questions and more as I talk about how and when to choose a bookkeeper that suits your unique business, and some considerations to take on board if you’re looking to engage with a bookkeeper in the near future.

I also bust some common myths about hiring a bookkeeper and share why businesses of all sizes can benefit from having a bookkeeper as part of their team. Throughout this episode, I also discuss the different services a bookkeeper can provide your business and why it’s important to find someone who has experience working with other businesses in your industry.

LINKS:

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Employee onboarding can be a daunting and time-consuming process for small business owners. From collecting new employees’ forms, licenses and certificates to storing them in a secure place, this procedure can also be overwhelming - particularly for small businesses that don't have a dedicated HR department.

Today I sit down with Frank Iannelli of Canyou, an innovative app that presents a masterful solution for automation, security and retaining talent.

Frank is a passionate software developer with a deep understanding of the impact of technology on small businesses. His love for technology and its practical applications in small businesses drove him to help automate business processes for SMEs in Australia every day.

While assisting a small business in transitioning from a traditional bricks-and-mortar model to an online presence, Frank was faced with the lengthy administrative process of bringing on new staff. He immediately knew there had to be a better way, and after failing to find an app that could help streamline this task, he decided to build one himself.

Knowing we live in an age where we continue to face higher risks of sensitive information breaches, Frank and I discuss the importance of ensuring clients’ or employees’ particulars are kept safe. He describes how Canyou is the safe alternative to email in how it encrypts and secures data being sent between employers, employees and bookkeepers.

Frank discusses the challenge employers face in the current climate of retaining quality staff, and how creating a positive onboarding experience for new team members can be a key differentiator. For example, with a focus on the user experience, Canyou’s QR code feature ensures an easy, streamlined process for new employees, bypassing the need to download an app.

As a business owner with a busy schedule myself, I’ve personally found this comprehensive, time-saving app to be an absolute game-changer. If you’re a small business owner looking to customise, automate and streamline your HR processes, I urge you to dive into this episode and hear all about the amazing things Canyou is helping employees achieve.

LINKS:

Where to find Frank:

Website: https://canyou.com.au/

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

There is a lot of misunderstanding out there around superannuation. Because information isn’t always readily available or well known, my goal for this episode is to help keep you up to date on the ins and outs of superannuation. There will be some big changes happening with regard to superannuation requirements in Australia very soon, so get ready to take some notes.

This episode is intended for employers who pay super to their staff, payroll officers, business owners who pay super to themselves as part of payroll, and employees who want to learn more about super and their rights.

As I cover an overview of superannuation, I discuss the fact that employees can choose their super fund and the obligation employers have when it comes to paying superannuation guarantees. I talk about ordinary time earnings (OTE), superannuation payment due dates and the super rate changes that are coming up, starting in July 2023.

The ATO is cracking down on late super payments and there will be some hefty implications and penalties for employers moving forward. I share exactly what these penalties are and what you can do now so that your business is prepared for the changes.

Though potentially very expensive for employers who have a lot of staff, the great thing about superannuation is that it helps workers who work really hard to have a better retirement with more funds set aside for their post-work years. I advise you to stay educated and up to date with current issues, whatever side of the superannuation fence you're sitting on so that you know what your obligations and entitlements are.

I hope you find this episode really helpful in understanding the changes that are coming up very soon.

LINKS:

Register your interest in the Bookkeeping it Real Mentoring Program here.

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

For small business owners, it’s important to have a high level of understanding around certain concepts that will help make sense of our financials and ensure we make good decisions as we head into the financial year end and beyond.

Today I talk specifically about concepts that I find many business owners aren’t completely up to speed on, which are fixed assets and depreciation, and the government’s instant asset write-off scheme. In this episode, I encourage you to consider how these ideas may impact you and how you can apply them to your business.

When it comes to balance sheets, there is often a misunderstanding around what items should be entered under which code. And while most business owners have the help of professionals to clean up their bookkeeping, it’s important to have some conceptual knowledge to avoid the potential for confusion.

I define what a fixed asset is, and how it differs from equipment that does not have long-term benefits. I also run through the way fixed assets should be expensed in the profit and loss statement, as well as the calculations behind depreciation. I go a little bit deeper and explain the two types of depreciation, and how understanding these concepts will help you see the real value of your business.

Earlier this month, the 2023-24 Australian budget was announced, which included a change to the instant asset write-off threshold. This scheme has a big impact on small businesses, and can affect how much tax they need to pay. If you want to reduce your taxable income this financial year, it’s helpful to be aware of the schemes and initiatives on offer in order to take advantage of them. I talk specifically about the instant write-off scheme, running you through the maximum value that can be used and the limits in place.

There is a lot to know about keeping on top of your finances, and I hope today’s episode brings you some useful knowledge that you can implement to manage your business and tax affairs in the most effective way possible.

LINKS:

ATO Small Business Support - $20K instant asset write-off

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

On the podcast today I interview Marissa Mills - a lady of many talents and many businesses. Marissa is a graphic designer and photographer and also has experience in social media management, event management, website management and marketing. One of her most recent endeavours is the creation of a modern day shopping cart called the Joyrolla.

To take a bright idea from invention to design to manufacturing is a truly involved process. I invited Marissa on the podcast today to take us on her journey, one which has been seven years in the making! Marissa demonstrates how it takes being clear on your vision, backing yourself, and exhibiting grit and resilience to survive this kind of business journey.

In our conversation, Marissa reveals how she came up with the idea for Joyrolla and the role an old vintage cart that her brother found in an antique store played. She also steps through how she moved from a sketch to a prototype to having the carts manufactured and ready for shipping.

Marissa explains the role industrial designers, bag designers, and packaging engineers played in the process and how she has had to drop some of her perfectionistic qualities along the way.

We dive into business advice including:

top tips for anyone looking to manufacture a product and what you should keep in mind to bring your vision to life
why creating something from scratch is worth the effort
Marissa’s graphic design and photography business Creative Mills and how she manages the three businesses simultaneously
How she procured work when moved from Sydney to Northern NSW
Epiphanies for those just starting out as business owners and freelancers

If you’re listening to the podcast and wondering if you should start a business, I think you’ll find Marissa incredibly inspiring. Given she is currently running three businesses she is such an incredible wealth of knowledge and I know you’ll love learning about her journey!

LINKS:

Where to find Marissa Mills:

Instagram:@marissamills
Websites: Marissa Mills Fine Art Prints / Joyrolla / The Creative Mills

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Today, I want to talk about how I run a high vibe business. That terminology probably sounds a bit fun for a bookkeeper, but I mean it. I really think my business is high vibe and on the episode today I explain five areas I exhibit high vibes in my business.

Another term for high vibes is abundance mindset. Doing business with an abundance mindset, over a scarcity mindset is a skill I continue to practice and hone because both life and business is so much more enjoyable this way.

I outline the five ways I choose high vibes in my business including:

Paying my bills lovingly and enthusiastically because I choose to see the value in what I'm getting and I'm so grateful for the skills, time saved, or organisational benefits that I'm buying.
Donating money, how I changed my mindset and practice around donations, and how they give my business a purpose beyond just making money for myself.
Why I love paying taxes and consider this to be a sign of business success (and how I don't get caught up in worrying about the billionaires with tax shield arrangements!)
Knowing things happen for a reason and truly believing that the universe has my back and is rigged in my favor.
Continuing to have a go and not take myself or my business too seriously (including how I overcame imposter syndrome and comparisonitis in the early days of my business)

I've always been an optimistic person, but I'm becoming even more optimistic with practice and positive mindset teachings. I think this is a skill you can learn and it can have an incredible impact on how you approach and enjoy your business.

I hope this inspires you to think of ways that you can create or maintain high vibes in your own business!

LINKS:

Resources mentioned:

The Soul of Money - Reclaiming the Wealth of Our Inner Resources, by Lynne Twist and Teresa Barker

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

This episode changes it up from the accounting and sustainability topics I’ve been discussing recently to share my experience on course and program creation and launching.

I think my experience is useful to share because I’m not a launching or course-making professional. I’m a bookkeeping business owner, who runs a team of bookkeepers. We have many clients to take care of, so I create and launch courses on the side of my business-as-usual (BAU) work. I have learnt a lot over the years, and in this episode, I share my five top lessons to create and launch that course you’re dreaming of.

First up, I discuss how imposter syndrome and comparisonitis don’t stop me from moving forward anymore. Self-limiting beliefs can be paralysing and I explain how I overcome these and focus on the unique perspective and knowledge that I bring.

I have learnt that if you feel called to create a course, even if there are other comparable offers out there in the world out there already, you should still do it. Your unique voice deserves to be heard, so don’t waste time grappling with those imposter syndrome vibes for too long.

In today’s episode, I also share:

Why I have chosen to create both evergreen and live launch courses and what to focus on when choosing which one will suit you and your business
Why following the traditional ‘rules’ of launch strategy 101 didn’t work for me and how you can do it your way and be successful
The costs and benefits of creating passive income streams
How having courses can help position you as an expert and be leveraged in other parts of your business
How I overcome the fear that always appears when I create a new course, and the importance of listening to your intuition

If you're thinking of creating a course in your own business, I urge you to do it - you will not regret it.

LINKS:

Resources mentioned:

Gabby Bernstein

Steph Taylor

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Today, I’m chatting with one of our fantastic bookkeeping clients Natalie Dean Weymark. Natalie is the co-founder and director of Compass Studio, an independent PR and marketing agency that specialises in responsible, purpose-led brands.

In this episode, we talk all about B Corp matters, how purpose-led businesses can market authentically to attract values-led audiences, and what Compass Studio is up to this year.

B Corp, also known as Benefit Corporations, is a type of for-profit company legally required to balance the interests of its shareholders with the interests of society and the environment. There are a collection of 520 Australian and New Zealand brands that are formally committed to preserving the planet and the well-being of people. B Corp is a third-party audited certification that measures impact across five categories: workers, customers, governance, environment, and community. Natalie describes it as a business alliance that exists here in Australia, but also globally.

I was motivated and inspired by Natalie and wanted to be a part of the B Corp movement. Natalie highlights how it not only helps the environment and people across the world, it also helps with your external marketing. B Corp businesses can differentiate themselves from their competitors by emphasizing their commitment to social and environmental responsibility. This can help them stand out in a crowded market and appeal to customers who prioritise sustainability and social impact.

As a business, Natalie reminds us it's really important to get clear on your values and be very specific. These aren't lofty ideals. They're meant to be very real-life things that you are committing to on a daily basis for your business and start with taking small steps.

Tune in to find out more about B Corp businesses, how Natalie runs Compass Studios as a B Corp business, Natalie’s marketing strategies and everything she has planned for Compass Studio this year.

LINKS:

Business Impact Assessment Tool: B Impact Assessment (bcorporation.net)

Where to Find Natalie:

Website: https://compass-studio.com/
Instagram: @compass_studio
Facebook: @CompassStudio
LinkedIn: COMPASS STUDIO | LinkedIn

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Do you approach tax time dreading being in the dark about how much tax you might have to pay? Fear not, today’s short and sharp episode will help you estimate your own tax payable come tax time without having to rely on your bookkeeper or tax accountant to help you do that.

This is an estimation, as there will always be adjustments that get made when submitting your tax return (which I run through as well). But there is no reason for you to be in the dark about much tax you have to pay if you know these tips.

There are different considerations according to whether you’re an employee, sole trader, in a partnership or have a company business structure. I take you through each of these considerations as well as a run-through of the ATO’s individual income tax rates.

I give an overview on:

The reasons why you should have minimal tax payable if you’re an employee
How you are taxed as a sole trader
Why having your bookkeeping up to date is important in order to estimate your tax payable as a business
How to calculate your tax payable based on the five ATO tax brackets.
How tax is calculated for partnership businesses
The company tax rate and how to calculate the tax payable if own a business that’s a company

Good tax accountants are worth their weight in gold when they do your tax return and get you a great outcome. But there is no reason to go through your business life clueless about your taxes. Armed with knowledge of the personal and company tax rates, I encourage you to have a go at doing this in your own business or life this year.

LINKS:

Bookkeeping It Real Mentoring Program - waitlist

ATO - Individual income tax rates

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

As an employer are you across what your leave entitlements are for your staff? There’s quite a bit of detail to leave and I'm regularly setting up payroll for clients who aren't totally across all of these details, so I thought it was fitting to do a podcast episode all about leave.

In this episode I cover who gets paid leave, what leave is and the different types of leave. I also cover off the kind of leave that casual staff are entitled to.

The National Employment Standards (NES) set the minimum leave entitlements for staff, and Awards build off this minimum standard.

You are probably familiar with the different types of leave from taking it yourself, but as an employer you may not be across all the different types. There are quite a few and they each have various components are nuances that you need to be across.

I give an overview on:

Paid leave, why casual employees don’t get paid leave, and what happens with leave when you’re the sole director of a company.
Annual leave, when it accumulates and leave loading
Personal, sick or carer’s leave
Compassionate leave and when it's paid
Community service leave, the activities it applies to and how jury duty leave works
The difference between paid and unpaid parental leave, and what you are responsible for as an employer
Family and domestic violence leave, including information on the new legislation that's currently in effect for employers of 15 staff or more and that will be relevant for all employers from 1 August 2023
Long service leave and who it applies to
The different leave types that casual staff are entitled to

There are a number of leave types that can catch you out as an employer if you’re not aware of them. This episode will ensure you're across what you need to know so you can feel confident next time a leave request comes in.

LINKS:

Services Australia - Paid Parental Leave scheme

Fair Work Ombudsman

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping

LinkedIn: @straight-up-bookkeeping

View Details

Instagram Reels have become such a powerful business tool when it comes to sharing what we do and attracting our ideal clients. But the trends seem to change so quickly, it can be hard to keep up or feel like we’re nailing any of it. Today, I chat with Alyona Polishchuk, who shares her thoughts on how to spend less time on Reels while making more money.

Alyona is an Instagram business coach and Reels creator who helps online business owners monetise their Instagram with the power of Reels. With 10 years of experience in TV production, Alyona knows how to tell a video story like no other. She helps her clients zero in on their messaging in order to create content with ease and reduce the stress that often comes with showing up on socials.

Alyona gives us a rundown on Instagram’s latest shift and how they’re getting back to their roots - static posts and traditional video content. However, Alyona believes that Reels aren’t going anywhere and are still a powerful tool in promoting your business online. She gives us her advice on creating content that is genuine and uniquely ‘you’, which helps to build your audience’s connection to your brand.

We discuss what makes a good Reel in 2023, and Alyona shares some examples of simple video content you can use to serve your audience and provide them with valuable, free content. She assures us that we can say goodbye to making those uncomfortable lip-syncing videos and that Instagram now favours speaking Reels and good old fashioned 'being yourself.'

Showing up on social media doesn’t have to be a headache, and you don’t need to follow the pack in how you create. Alyona believes that showing up in a way that feels right to you is the best way to stay committed to sharing your valuable content with others.

We talk about the importance of always having a goal behind each piece of content you create, and how a simple Reel has the potential to drive traffic to your business and create final sales. Alyona gives us advice on the simple ways to create calls-to-action on your Instagram posts and funnel people into your direct messages.

Reels have the potential to help you attract your ideal clients and really position yourself as the go-to expert in your industry. All you need is a simple strategy, a goal and a little imagination.

So what are you waiting for?

LINKS:

**Connect with Alyona:

Instagram**: https://www.instagram.com/alyona.social/

FREE ‘Speaking Reels’ Guide: https://www.alyonasocial.com/speakonreels

’Simple Sell Out Reels’ Masterclass: https://www.alyonasocial.com/masterclass

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping

LinkedIn: @straight-up-bookkeeping

View Details

We have three months to go until end of financial year. You may be asking yourself whether it’s just something for accountants to get excited and post champagne photos about, or if you should care about it too. The truth is, it’s important to know where your business stands and whether you’re in a profit of loss situation. Today I share 5 ways to make more profit in your business to ensure you’re in the best position you can be come tax time.

Do you know where your profit stands at present, and are you on track to achieve your financial goals this year?

Now is the ideal time to take stock of things and put plans in place for the next three months to achieve your goals or shoot the financial lights out in a way that satisfies you that you gave it a good hard go.

Profit means you earnt more than you spent. Loss means that your business spent more than you earnt. Generally speaking, a business exists to make a profit and I encourage you to aim for profit even if you need to pay tax, which can hurt sometimes.

In today’s episode, I run through some tips that I’m personally applying in my business over the next month:

Review your pricing upwards to factor in inflation and rising costs of living
Cross-sell and upsell your current services or products by reminding existing customers of the valuable things you can do and offer
Review and reduce your expenses, remembering that small actions can make a significant impact on your profit
Think outside the box and do a project piece of work to bring extraordinary money in, like creating a course or writing an ebook
Keep things simple and up to date, knowing you’ll be able to make great decisions when your business makes sense

Think of 30 June as the official line in the sand for your business, knowing that with some good strategies in place and an awareness of where things sit, you can run towards it with a positive mindset.

I hope today’s episode helps and inspires you to take stock and go into this next quarter with clarity and a renewed sense of confidence.

LINKS:

Previous episode mentioned: Why every business needs a budget

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

We hear the term “write it off” thrown around a lot but I think many business owners don’t really understand what legitimate tax write-offs are. There is a lot of confusion around the scope of what you can write off in your business so in this episode, I want to share some clarity on the subject.

For the most part, I think business owners are overly optimistic about what a legitimate business expense is. Many business owners confuse personal expenses with items that can be claimed as tax deductions in their business. But as a business owner, it’s really important that you understand the difference.

Today, I’m sharing some practical examples of things I often see in my work as a bookkeeper and some insights on what you can put through your business account.

I give an overview on:

What writing off an expense through your business actually means.
Purchasing upfront through Profit and Loss and depreciation methods.
The benefits of tax deductions and why a lot of business owners are optimistic about what the benefits are.
What legitimate business expenses are. You can only claim a tax deduction for an expense that needs to be incurred to earn your accessible income.
Expenses I often see in my bookkeeping work that aren’t legitimate tax deductible expenses.

At the end of the day, common sense prevails most of the time. Always ask yourself, “do I need to incur this expense to earn my accessible income?” If the answer is yes, it’s likely that it’s a legitimate business expense.

If the answer is no, you’re probably looking at a personal expense which cannot be claimed as a tax deduction.

I hope this episode gives you clarity on the topic of tax deductions and gives you an understanding of what you can and cannot “write off” in your business.

LINKS:

Previous episode mentioned:

Bookkeeping for Christmas parties, Christmas gifts and entertainment expenses

https://www.youtube.com/watch?v=hg1Uk60rBsc

Register your interest in the Bookkeeping it Real Mentoring Program here.

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Sustainability is extremely important to me, and last year I decided to take my business in the direction of becoming a certified B Corp business. This means being held to higher standards of social and environmental performance, along with other stringent factors. To help me achieve this, I had Amy Robertson-Thrift join my team. Amy is an amazing bookkeeper, as well as being super passionate about sustainability.

Today I chat with Amy, who shares 5 tips for small businesses to move forward on the sustainability front. While it’s a big space and can feel overwhelming to tackle, you don’t need to be an expert. It’s the simple steps we can take that will change how we do things and potentially influence big businesses to do the same.

We dive into ideas around:

Starting where you are
Finding a team or sustainability representative to support your endeavours
Changing your bank and employer super fund to an ethical provider
Looking at your physical operations to find where you can reduce waste
Thinking locally and building community

Setting a couple of goals or creating an achievable baseline can be such an effective way to take steps towards sustainability in your business. Amy shares some amazing insight into the mindset you can adopt, whether you’re just looking to make some small, positive changes or you’re working towards certification.

I hope this episode really gets you thinking and inspires you to move your sustainability measures forward in your own world.

LINKS:

B Impact Assessment

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

If you’re a business owner, it’s really important to know what your responsibilities are when it comes to tax or GST debts. In today’s episode, I discuss the importance of lodging your activity statements on time and run through what you need to know about ATO debt.

We know things can take a turn in the world and economy, often when we least expect it. Should anything go wrong and you want the government to assist you, it will serve you well to stay up to date with lodgements and payments. This will cause the ATO to look favourably towards you and your history.

While I have found the ATO to be very helpful, there are strict dates around lodging your business activity statements on time and making payment of any debts owed to them. Today I give you an overview on:

What ATO debts actually are
The 2 different types of activity statements and what your responsibilities are with them
The different timeframes for lodging when you are doing so on your own behalf or using a tax agent
Penalty rates for late lodgements or payments of debt
Setting up payment plans when you’re unable to pay your debt
The importance of making super payments to staff, and how this is considered even more important than tax debts

As the ATO actually says on its website, please don’t put your head in the sand. When it comes to making payments of any debts you owe, communicating with the ATO transparently will help them help you. And it will absolutely serve your business in the long run.

I hope you enjoy today’s episode and find it helpful in understanding the importance of staying up to date and in control of any of your ATO debts.

LINKS:

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping

LinkedIn: @straight-up-bookkeeping

View Details

Do you need clarity on how to pay yourself as a business owner?

I often come into touch with entrepreneurs who aren’t 100% clear on the best way to take money out of their businesses. Whether it’s for weekly pay, bonuses or receiving a loan from your company, there are a few ways to pay yourself for showing up every day.

It’s important to note, however, that each of these structures comes with differing tax and legal implications. Today I take you through these differing structures so you can decide on the best way to set yourself up in your business.

I start with talking through the advantages and disadvantages of being a sole trader, such as the ease of using your personal bank account and the legal liability that comes with operating under this structure.

I then give an overview of the partnership setup and the similarities it shares with the sole trader structure. I explain the way profit or losses are calculated and how they are split between the partners.

If you’re looking for the best way to pay yourself for growing your business, I recommend setting up a company. I explain how creating this separate entity is really beneficial from a legal perspective, and how it can protect you personally if something goes wrong. I also run through the tax effectiveness of this structure versus sole trader or partnership.

What’s the best structure for your business to operate under? I hope today’s episode gets you thinking about which option is right for you and leads you to make the best choice for your growing business.

LINKS:

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Have you ever thought about selling your small business?

Whether you have a pottery business, restaurant, beauty spa or a training organisation, you can potentially sell your business on to someone else when you feel the time is ready. So it’s absolutely vital that you have all of your ducks in a row now to have smooth sailing in the future.

Today I’m chatting with Lauren Gross, an associate lawyer from Velocity Legal, about everything you need to consider when selling your small business. This type of sale is definitely not simple or straightforward so Lauren is here to help with her passion for solving complex legal issues and achieving amazing results.

We begin with Lauren taking us through the different types of purchasers acquiring businesses, when business owners start thinking about selling, what purchasers are looking for, and how a business is valued.

We then look at the practical steps involved after a business owner has made the big decision to sell their business. Lauren explores everything from finding a business broker, examining the market, doing the due diligence and investigations and ensuring that all of your business documents, contracts, employee agreements and paperwork are complete and accurate.

There can be very big consequences from providing inaccurate warranties in the business sale agreement, so Lauren takes us through how to avoid liability through honest and comprehensive documentation and how to find the right legal representation for you and your business.

This is such an important conversation for everyone interested in one day selling their business. Lauren is an absolute wealth of information, knowledge and experience and specialises in the business sale process so make sure you grab a pen and paper and tune in for all of her advice.

LINKS:

Register your interest in the Bookkeeping it Real Mentoring Program here.Check out my course Bookkeeping it Real here**!

Where to Find Lauren Gross:**

Website: https://www.velocitylegal.com.au/ https://www.velocitylegal.com.au/team/lauren-gross
LinkedIn: https://www.linkedin.com/company/velocitylegal/

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Today I’m bringing you a short and sharp episode on gift card accounting, a process that many business owners either find confusing or aren’t exactly sure how to tackle.

Whether you only sell one gift card every quarter or you’re a retailer selling a large number of gift cards regularly, it’s helpful to understand best practice when it comes to recording your gift cards in your business.

I run through these four different scenarios and the best way to approach them:

The sale of gift cards
Exchanging goods for a gift card
Giving gift cards as gifts
Gift cards as a form of payment

While I aim to give you a general understanding of the different processes for gift card accounting, I also encourage you to seek guidance from your tax accountant or bookkeeper for any specific situations you may come across.

I hope today’s episode prompts some extra thinking about your systems and how to avoid making mistakes when accounting for gift cards.

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping

LinkedIn: @straight-up-bookkeeping

View Details

Hello and welcome to episode 53! It has now been a full year now since I started this podcast and since it’s our birthday, I thought I would share my reflections on podcasting.

First up - why did I start a podcast? The reason is not too profound, and it wasn’t a long-term goal of mine, but there were some really good business reasons, which I take you through. I also explain who gave me the idea in the first place and why getting help with the audio production has really helped.

Overall, my intention for this podcast was to build authority in my industry and gear my business up for future growth. Additionally, the success of small businesses means a lot to me so I was eager to show up and serve small business owners to help move their businesses forward.

I run through the positives of having a podcast and what I have loved about the journey. I also run through the flip side and give you the low down on what’s been hard.

Do I recommend it? Overall - yes! The benefits I take you through (not least new business) mean it has been totally worth it for my business. There is a lot of personal growth that has come from it as well. So, here’s to another year of podcasting!

LINKS:

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

A common problem we see today as business owners is having websites that don’t convert to inquiries or sales.

We invest a lot of time and money on branding, copywriting and design. Pulling it all together can take months and once it’s live, we’re so proud of it. We wait for our business to go gangbusters. But then… crickets.

Today I talk with the fabulous Tahnee Sanders, founder of The Strategy Studio. Tahnee is a former journalist turned marketing strategist who leads female-led businesses to effective marketing strategy.

Creating a strong marketing ecosystem for our business is vital, and Tahnee gives us solutions on how to achieve this in order to drive people to our websites.

We also speak on areas where websites tend to go wrong, such as being too self-focused, having a lack of clear messaging and issues with call-to-action.

I learnt so much from my conversation with Tahnee, and I know you will gain a lot of valuable insight into engaging your future clients.

CONNECT WITH TAHNEE:

Website:https://thestrategystudio.com/

Instagram:https://www.instagram.com/thestrategystudio

LinkedIn: https://au.linkedin.com/in/tahnee-sanders

LINKS:

Check out my Bookkeeping it Real Mentoring Program (for bookkeepers) here.

Check out my Xero training course (for small business owners) here!

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

This is a bonus episode for bookkeeping business owners wondering if the Bookkeeping It Real Mentoring Program is a good fit for them.

More details about the Program can be found HERE.

View Details

While it’s tempting to try and squeeze more into your work day, productivity should be more about working smarter and not harder.

I truly believe that by increasing your productivity, it’s possible to find a healthy balance between work, play and everything else in between.

LINKS:

Podcast episode with Elana Robertson: "Discovering your sustainable pace with Elana Robertson"

Book recommendations: "Deep Work" by Cal Newport and "Busy" by Tony Crabbe

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Today on the podcast I provide an overview of what you need to know about Single Touch Payroll 2 (SST2). For business owners who have staff or are employees themselves, this is relevant for you. And STP2 is already here, so there are things that you need to know.

I actually suspect that many employing business owners are living in blissful ignorance right now because they don't know what they don't know about STP2. Don’t stress - this episode is here to help and runs throught the basics.

First up, I explain what STP is, why you need to care about it and what it’s replacing.

I then run through the changes that STP2 will mean for reporting and the types of details that you are now required to report on. Depending on your business these changes may have no impact or, it may have a massive impact for the payslips that you’re producing.

I run through two practical examples of what this might look like and also explain the areas that should be simple and those that you may need to pay a little more attention to, depending on the nature of your business.

Additionally, there are two methodologies that the Australian Taxation Office (ATO) is proposing for the changeover to STP2, so I explain the difference between those.

This is a big change to the payroll reporting requirements in Australia and there is a lot of detail to take in. This episode will help you understand the basics so grab and pen and paper and tune in so that you stay on top of the changes!

LINKS:

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Happy new year! Welcome back to our very first episode of Straight Up Small Business for 2023.

In this episode, we’re kicking off the year by exploring how to use Xero to manage your business and not just your bookkeeping.

January is the perfect time to create or update your business budget so, with your sparkling new budget in place, I’m going to run you through how you can use Xero in your business to take far more of your administration workload in 2023.

I’ll run you through my top tips on how to use Xero to manage your business across 3 different areas:

Keeping you on track to achieve your business goals
Helping you manage your business cash flow
Saving you time.

Within each area we’ll explore exactly how Xero can be used to support your business, save time on administration tasks and keep you on top of all of your bills, invoices, staff, superannuation and GST.

This episode is jam packed full of useful information so grab a pen and paper and start this year off by getting on top of all of your numbers with Xero today!

**LINKS:

Previous episodes mentioned:**

Kristy Robinson’s podcast on vision boarding
Why every business needs a budget
Ecommerce bookkeeping tips if you’re using Shopify and Xero

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

“I am taking a quick break for a couple of weeks over the holiday period, and I wanted to share with you some of the listener favourites from the back catalogue.

If you haven't had a chance to listen to this one previously, or you're new here, I hope you enjoy this one!

I will be back with fresh new episodes in a couple of weeks!”

As a business owner, you should always have a comprehensive understanding of exactly how your business is doing at any given point. If you don’t know how your business is going, it’s more of a hobby and you haven’t set yourself up to succeed.

In this episode, I’m chatting about how bookkeeping is the key to business success. I’ve had extensive experience accounting for a wide range of businesses. I’ve seen how poor bookkeeping can lead to businesses failing despite providing incredible services, hindering profits, limiting revenue or causing problems with the ATO.

I’ll explore exactly what bookkeeping entails and 10 key reasons why it’s so important for your business. From profit to tax statements, accurate and comprehensive bookkeeping will save you from a headache further down the road.

LINKS:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn- @straight-up-bookkeeping

View Details

I am taking a quick break for a couple of weeks over the holiday period, and I wanted to share with you some of the listener favourites from the back catalogue.

If you haven't had a chance to listen to this one previously, or you're new here, I hope you enjoy this one!

I will be back with fresh new episodes in a couple of weeks!

Why is there no cash in my bank account when I know I’m making a profit?

This is a very common question amongst entrepreneurs. If you avoid learning your numbers and what they mean for your business, you’ll always be confused about where your money is going.

In this episode, I’m going to explore basic accounting and bookkeeping concepts that will allow you to understand your business financials and how they relate to your profit. I’ll go through 5 reasons why your cash doesn’t match your profit and loss report to build a thorough understanding of your business.

It can all come down to knowing the difference between a balance sheet and a profit and loss report (PnL). Through experience, I’ve found business owners have been disinterested in their balance sheet and don’t thoroughly understand it. But cash resides in your balance sheet and profit resides in your PnL so it’s very important to understand them both comprehensively.

You can’t compare profit and cash. I’ll explain how this works, the difference between a balance sheet and a PnL, where to find the numbers, and how to interpret cash, profit, assets, and liabilities.

Grab a pen and write down these 5 reasons so you have a concrete understanding of why your cash will not equal your profit and it’ll no longer scare you every time you open your bank account.

LINKS:

Check out my course Bookkeeping it Real here!

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

“I am taking a quick break for a couple of weeks over the holiday period, and I wanted to share with you some of the listener favourites from the back catalogue.

If you haven't had a chance to listen to this one previously, or you're new here, I hope you enjoy this one!

I will be back with fresh new episodes in a couple of weeks!”

Do you have a budget in your business?

I’ll explain how to create a budget, types of budgets, what you should include in your budget, timeframes, and how to measure your business. I’ll give you examples of all of the types of expenses you can incur so you can build a comprehensive picture of how your business is doing.

Once you’ve formally created a financial plan for your business, you’re much more likely to achieve your goals and succeed.

LINKS:

Check out my Budgeting and Cash Flow Forecasting Mini Course here!

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

On the episode today I talk to Amelia Hicks, the co-owner and co-creator of the business Old Quarter Coffee, based in Ballina NSW. Old Quarter Coffee has a cafe, provides a coffee subscription service for home coffee drinkers (like me!), and sells wholesale beans to cafes.

One of the reasons I have Amelia on the show is because Old Quarter Coffee is a social enterprise, and it’s so inspiring to hear her journey. The business model for Old Quarter Coffee is built around sourcing beans ethically through direct partnerships with farmers, ensuring that every cup of their coffee is doing good in the world. Their goal is to improve the lives of everyone along the supply chain, from farm to cup.

In this interview, Amelia and I talk about coffee (obviously!). We also talk about knowing your numbers in business and what it’s like to run a business for good. Amelia also shares her own journey up levelling her financial literacy, how business has been a personal development journey and her top tips for changing your money mindset.

Straight Up Bookkeeping is also turning into a business for good. We are donating, volunteering and making our business decisions through the lens of sustainability and environmental impacts. And Old Quarter Coffee is one of the businesses that really inspired us to take this approach.

So - I hope this conversation inspires you as well - to think about the changes you can make in the world through your business and how business can be a force for good!

LINKS:

Resources mentioned:

Old Quarter Coffee subscriptions

Badass Habits - Jen Sincero

Tony Robbins

Check out my course Bookkeeping it Real here!

Connect with Amelia Hicks:

Website: https://oldquartercoffee.com.au/
Instagram: @oldquartercoffeemerchants
Facebook: https://www.facebook.com/oldquartercoffee
LinkedIn: https://au.linkedin.com/in/amelia-hicks-16198087

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

It’s time for a much needed break but 2022 is not over yet - there is a lot you can still do to end the calendar year with a bang and put yourself into an awesome opening position for 2023.

In this episode, I’m sharing with you 5 things that I’ll be doing in my business before 31 December. Making sure the team and I take time off to rest and recuperate, I’ll be getting organised and contacting clients and stakeholders to let them know our plans and ask them what support they need from us.

I'll also be finishing all the courses I've purchased and the training for my continuing professional development that I put on hold for a couple of months. Now is also the perfect time to review my business budget and re-upload the changes to Xero.

The last thing I'm really focusing on doing before going on holidays is reviewing my business cash flow forecast. I share some of the exciting things happening in the business and how this impacts my cash flow, which is why it’s really important I review this.

I hope this episode inspires you to make the most of the next few weeks of 2022 and start the new year off in the best way possible.

LINKS:

Register your interest in the Bookkeeping it Real Mentoring Program here.

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Today’s topic is cyber security, which is pretty topical at the moment given the widely reported attacks on large corporations in the last few months. When we hear about these in the news, it’s easy to think, shame on you, to the large organisation for not protecting their client’s data properly. But what we don’t realise how easy it would be for a cyber attack to happen in our own business, and the enormity and implications of such an attack.

The fact is, cyber attacks happen to many businesses every day. I think it’s fair to say that we all take a few precautions, but then we forget about it and hope for the best.

In this episode, I highlight that cyber security is something you should be aware of and give consideration to. I step you through what cyber security is, some suggestions on how to run a cyber secure business and what to do if you have a cyber incident.

There are six areas that I cover when considering cyber security in my business. I run through these including network security, application security (including cloud application security), information security, operational security, disaster recovery and business continuity planning and end-user education.

The main takeaway I want you to have is that anyone who collects data or uses a computer with the internet is at risk of a cyber-attack. If you haven’t yet given thought to cyber security in your business then I encourage you to do so. Do your own research and implement controls in your business that are bespoke and relevant for you.

LINKS:

Resources mentioned:

Kannu / Deputy / Tanda / Practice Protect

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

On the podcast today I am talking to the energetic and inspiring Taylor Rae. Taylor is a marketing expert, business coach and the founder of Sacred Funnels. She has her own podcast called Sacred Work, which I have been listening to for years.

Taylor is dedicated to helping female entrepreneurs see selling as sacred and understand how to set up their businesses to expand their impact while giving them their time back. Specifically, Taylor works with female entrepreneurs to help them implement what she calls the Divine Masculine side of business - strategy, systems and automation - that create more freedom, sales and impact.

In this interview Taylor explains what a funnel is, the funnels every business owner should have, why funnels are so powerful for business and why we sometimes resist creating them.

Taylor also shares her learnings from the last four years in her own business, where she has moved from a hustle-and-grind mentality to one of freedom and flow. We discuss why female entrepreneurs find selling so hard, and how Taylor mixes the woo with the work, with incredible results. Taylor also shares some exciting personal news as well!

LINKS:

Resources mentioned:

Calendly

Manifestation Babe

Abraham Hicks

Gabby Bernstein

Adam Grant - Think Again

Taylor Rae’s Coaching Programs and Free Resources

Check out my course Bookkeeping it Real here!

Where to find Taylor:

Website: https://taylorrae.com.au/
Instagram: @thisistayrae
Facebook: https://www.facebook.com/thisistayrae
LinkedIn: https://www.linkedin.com/in/tayraeofficial/
Podcast: https://taylorrae.com.au/podcast/

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

There are some common mistakes I see on a regular basis when it comes to bookkeeping for eCommerce businesses that use Shopify to sell their products. These mistakes are made by business owners and bookkeepers alike because, no matter how much knowledge or experience you might have, there is no instruction manual on how to do your Shopify bookkeeping in Xero.

In this episode, I want to cut through the noise to help you do better eCommerce bookkeeping. I’m sharing the 3 main things you should be aware of when it comes to Shopify Xero bookkeeping.

I go into detail about 2 ways to help keep your Xero sales simple - either recording payouts from payment platforms as sales or using sophisticated Xero integration software. I also discuss the importance of recording the merchant fees that Shopify charges and share 2 ways to do this manually.

I also flag the importance of checking that your GST is correct, especially if you are making overseas sales.

LINKS:

Register your interest in the Bookkeeping it Real Mentoring Program here.

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

If you're running a business, you may be wondering about the bookkeeping implications of Christmas parties and gift-giving. This episode runs through what you need to know to stay on the right side of the law.

Having a basic knowledge of entertainment expenses and fringe benefits tax will help you to make more informed business decisions that apply not just to Christmas parties and gifts but also to work lunches and gatherings.

I run over the key points to will help you make good decisions on spending your business cash on entertainment this holiday season.

I explore fringe benefits tax (FBT) - what it is, when you need to pay it and what expenses you need to pay it on. I also provide overall guidance on what constitutes entertainment under tax law, and what can and should be claimed under entertainment expenses.

Christmas parties and other forms of entertainment can be tax deductible, but there are some conditions that must be met. I run through what these are as well as the limits on spending before you need to pay FBT.

When it comes to giving gifts to employees or colleagues, there are a few things to keep in mind, including what kinds of gifts are acceptable in the eyes of the ATO, limits on what you can claim and tax implications.

By following these tips, you can ensure that your Christmas party and gift-giving are both compliant with tax laws and good for your business this holiday season.

LINKS:

Resources mentioned:

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Today I chat with the incredible tech entrepreneur Kiah Worling. Kiah’s business why is to better the lives of others through the smart use of technology. She believes our time is so much better spent on more fulfilling things like wowing our customers, being with our families or pursuing our hobbies.

I recently enlisted the help of Kiah to sort out the digital mess in my own business. I had lots of apps that were sort-of working, but not optimised to work together. Kiah’s work in my business has been game-changing.

In our conversation, I ask Kiah all the questions that I know will benefit other business owners including what the biggest time-wasting manual mistakes made in business are. Kiah also shares the top things that every entrepreneur should consider automating in their business, including payments, scheduling and content and marketing.

Kiah shares her favourite tech apps, including Google Workspace, Zapier and why a customer relationship management (CRM) app is essential for your business. We also explore when and why it’s important to do things yourself in your business, and when it can be helpful to outsource, including creative ways of doing this.

Kiah also reveals a clever tip around newsletter automation that could save you significant time and mental load if you send out a weekly newsletter.

And for mum business owners out there, she shares some great wisdom around career progression, flexibility, protecting time and her top scheduling hacks.

I know you’ll learn a lot from Kiah’s tech wisdom, as well as the knowledge she’s accrued from seven years in business. Kiah’s tips will crack open time in your week to be creative and lighten the BAU load.

LINKS:

Resources mentioned:

Zapier / LastPass / Acuity Scheduling

Kiah’s 52 Free Tech Tips

Check out my course Bookkeeping it Real here!

Where to find Kiah:

Website: https://kiahworling.com/
Instagram: https://www.instagram.com/kiahworling/
Facebook: https://www.facebook.com/kiahworling
LinkedIn: https://au.linkedin.com/in/kiahworling

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

This is Part Two of my key accounting terms every entrepreneur should know series. If you haven’t listened to last week’s episode, go back and do so to learn about the Profit and Loss (P&L) report and the items that sit on that report.

This episode covers more terms that reside on the P&L report and goes into detail regarding the balance sheet.

A balance sheet shows a business's financial position at a point in time. It’s often overlooked by business owners who prefer to focus on the P&L report, but it can be more important. Often, a business that looks profitable on a P&L report, can look more complex when a balance sheet is considered, so it’s an important one to understand so you can get the full picture of your business.

I run through the formula that sums up how the balance sheet works and explain each of the terms that make up that formula - assets, liabilities and equity.

The next term I run through is depreciation - one of those terms that is often hazy in entrepreneurs' minds, despite it being a simple concept. I explain depreciation, with a practical explanation of how it works in a business.

I finish up by explaining the term EBITDA, which stands for Earnings Before Interest, Taxes, Depreciation, and Amortisation.

The EBITDA metric is used to normalise a company’s results so that they can be more easily understood and compared to other businesses on a like-for-like basis. While it’s more common in the corporate world, it has come up recently for a few clients, and I think it’s a good term to have an understanding of.

I hope this episode inspires you to look at these reports in your business and check in with how your business is performing. Your business is only ever going to reach its full potential if you get across your numbers. To get across them you need to not be scared of them, look at them regularly and try to understand the terms.

LINKS:

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Today’s episode is all about key accounting terms that every entrepreneur needs to know. Some terms you might already know, others you may kind of know, but there are nuances that are helpful to understand, and others you might have avoided knowing like the plague! Understanding these terms means you no longer need to be scared of them.

I’m dedicating two episodes to this topic, so you don’t get too overwhelmed by all the accounting and number terms at once.

I break down a profit and loss statement and the common terms you see on it. I define and explain the nuances between sales, revenue, and income, as well as how Xero uses these terms. I also explain how you can split out operating income and non-operating income, and I run through how this is done and why this is helpful. I also define expenses and all the different types - direct costs and indirect costs, and the further ways these can be split to better understand your business performance.

I also explain a common mistake made with costs, which can affect understanding how profitable your business appears. Finally, I run through gross profit, net profit and gross margin (a really important figure metric, especially in a goods business).

Understanding these terms will superpower your business acumen - if you know how you are doing in business, you can take the right next steps.

Next episode (Part 2), I’m going to cover the balance sheet terms that are important for you to know, as well as explain what depreciation and EBITDA are. You’ll be a whiz at monitoring your business’s financial performance in no time!

LINKS:

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Do you charge by the hour in your business? Do you get nervous to send invoices to your clients because it’s a shock as to how much time you spend on their work? Do you shave time off your invoices before you send them off?

I used to do and feel all of these things until I stopped charging by the hour for my services.

If you’re curious about how and why you should stop charging by the hour, then this episode is for you.

My motivation for talking about this is because I've come across a fair few peers lately who are still charging by the hour. And it got me thinking how glad I am that I no longer do this.

I want to share my thoughts with you, and also provide an alternative way of pricing your services for consideration.

I explain three common ways of pricing your business in a service-based business - 1) hourly 2) value-based pricing and 3) package-based pricing.

I run through the issues I ran into charging hourly and the reasons that I moved to a package-based pricing model. I also reveal the mistakes I made when I first changed my pricing model and how I’ve addressed these. I also run through the pros and cons of package-based pricing with some real-life examples from my own business.

This move has been such a benefit for my business. This episode will help you work out if it’s time to move to a different pricing model, and scale to the next level.

LINKS:

Check out my course Bookkeeping it Real here!

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Today we are joined by Rachel Green, an SEO website copywriter who serves brands that are big on purpose.

In this conversation, Rachel shares how she ended up in such a specific niche and the ways niching is a powerful way to stand out. Rachel does business her own way - in a manner that is purpose-driven, sustainable and brings her joy.

Rachel explains what an SEO copywriter is and how powerful it can be to outsource (you don’t have to be an expert in everything).

We talk about how Rachel deals with comparisonitis, and her hard-won wisdom from seven years in business. Recently, Rachel’s really focused on stretching her safe space, and she reveals how invigorating this has been as she grows and evolves her business.

Whether you’re new to business or have been in the game for a while now, Rachel’s approach to life and business is inspiring.

LINKS:

Rachel’s resource: 10 DIY SEO wins you can make today

Where to find Rachel Green:

Website: https://www.shinecopy.com.au/
Instagram: https://www.instagram.com/shinecopy/
Facebook: https://www.facebook.com/shinecopyau
Podcast: https://www.shinecopy.com.au/podcast

Where to Find Bec:

Check out my course Bookkeeping it Real here!

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

If you find yourself comparing your life and business to others, take comfort that it’s normal and, to some extent, necessary. Looking at what others are doing helps you to learn what’s possible and can inspire you to reach for even more business success. But at some point, comparing yourself all the time stifles your progress and needs to be brought into check.

Over the years since starting my business, I’ve been at both the unhealthy and healthy end of the comparison spectrum. Now I’ve landed in a good place when it comes to dealing with this issue and in today’s episode, I share my tips for dealing with comparison.

I run through six practical steps to reduce the comparison time waster. I take you through ways to avoid the social media spiral, how to think rationally about your situation and how being grateful and self-aware can shift your perspective.

These tips will help you to be inspired by others' success without slipping into unhealthy comparisons. Remember that being different in a sea of sameness is your selling point. You need to find a way to stop comparing yourself to others and embrace your ‘youness’ instead.

Jot these steps down and refer to them whenever you feel comparisonitis creeping up.

LINKS:

Where to Find Bec:

Check out my course Bookkeeping it Real here!

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

An entrepreneur recently asked me whether I thought their business was healthy. This was an interesting question for me - didn’t they know? They work in their business every day and they know about their cash flow, profits, losses and loans. But it turns out that despite knowing the parts of their business, they didn’t understand the sum total of these parts.

In the episode today we run through the indicators that help me understand the health of the business, including the reports that help me piece together the sum total of the business' health.

Another tool for high-level assessment of health is cash flow forecasting. This one is absolutely essential. I explain the reasons why.

Resource mentioned:

Budgeting and cash flow forecasting mini course

Previous episode mentioned:

Ep 6 - Let's talk cash flow

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

On the podcast today I interview Elana Robertson. Elana is an award-winning performance and developmental coach and the founder and Director of foundher, dedicated to reformatting habits and behaviours that lead to sustainable success.

Elana launched foundher in 2018, in response to the emerging, urgent need to support founders, executives and leaders of change, who are using business as a force for good. Combining her corporate executive experience in strategy, innovation and leadership roles, with her empathy and thirst for knowledge, Elana has developed a coaching framework designed for change-makers that has sustainability at its heart.

Elana is seriously qualified. She holds an MBA in Strategy and Leadership, has completed executive grad studies in coaching and leadership and does ongoing research, study and work via Harvard University’s Institute of Coaching, the International Coaching Federation and the University of Cambridge Institute for Sustainable Leadership.

In our conversation, Elana does some myth-busting for us around productivity and performance. We discuss how sustainable pace is the new high performance and the distinction and power of distinguishing between being and doing. Elana shares three things you can do today to move into being overdoing.

I’m currently doing one of Elana’s courses, called Sustainable Pace, and it has benefited my business and my life in general so much.

I invited Elana onto the podcast to share her wisdom as I know there are many burning out, or burnt out business owners like me who need to hear her message. I hope her wisdom helps you find new ways of being and doing in the world as much as it’s helped me.

Resources Mentioned:

QANTAS Article

Where to find Elana Robertson:

Website: https://www.foundher.co/
Instagram: https://www.instagram.com/foundher.community/
Facebook: https://www.facebook.com/foundher.community/
LinkedIn: https://au.linkedin.com/in/elanarobertson
Sustainable Pace Course: https://www.foundher.co/learn-pace-7
SOMA Reset You Retreat: https://www.foundher.co/reset-you-retreat

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Do you feel held back in your business and life by perfectionism?

I know I certainly was.

I used to spend hours perfecting Instagram posts, only to delete them because I was too embarrassed to release them. My marketing emails often didn’t go out, because I couldn’t get them quite right and I would put off discovery calls because I wanted more time to prepare.

I am a recovering perfectionist. One of the most powerful habits I now use to address this has been imperfect action, or what I like to call scrappy action.

Apart from my excellent team, it’s the only reason I can get everything done.

Let me be clear, in my bookkeeping my team and I absolutely strive for perfection. Bookkeeping has to be right and we hold ourselves to the highest deliverables.

But for everything else in my business - social media, marketing, podcasting - imperfect action keeps me moving forward in life and business.

In this episode I give you some examples of what imperfect action looks like in my life and how taking action and doing the thing is the only way you’ll learn what needs to be done next.

I’m proud of my scrappy action and I truly credit it with taking me to new and big places in my business and life. I hope this helps you integrate more scrappy action into your life, so you can get those ideas out of your head and into the world.

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

I want to let you in on a secret. Savvy business owners are never taken aback by their tax returns or business activity statement. They understand what makes up these documents, and they put money aside in preparation for when their tax liabilities fall due.

In this episode I take you through the practical steps you can take to be a savvy business owner.

I explain to you why mindset is the biggest first step in being a savvy business owner. An abundance mindset is the foundation to this approach and I give some examples on how this can be a powerful position to approach your business from.

I share my top four steps to be tax time prepared, including the reports you can run to ensure you’re across everything. If you’re using accounting software (like my favourite - Xero) you can easily work out how much money you need to sweep aside for GST and PAYG tax withholding.

We also discuss how to be prepared for income tax and how this handy pay calculator can help.

No more freakouts about your transaction account being emptied out when you need to pay your activity statement, or your tax return.

If this still isn’t making sense, get a bookkeeper or accountant to help you.

I encourage you to be a savvy business owner and I hope I’ve helped paint a picture as to why this is a better place to do business from.

LINKS:

Pay Calculator

Where to Find Bec:

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Over my last three years in business I’ve really let my health fall to the wayside and I’m sure many of you might be in the same boat.

That’s why on the podcast today I interview Fran Dargaville, who is a functional nutritionist with a Masters degree in Human Nutrition. Fran’s zone of genius is gut health and I was super keen to learn and refresh my knowledge on this topic.

In this episode we run through the symptoms that might indicate your gut is out of balance, the main factors that impact gut health and why entrepreneurs are often the worst offenders when it comes to health.

Digestive symptoms, fatigue, brain fog, difficulty sleeping, hormonal imbalances, and autoimmune conditions are all messages from our body that something is out of balance.

Fran gives helpful, prescriptive steps we can take to help get our gut health back on track. We cover the importance of sleep and her tips around how to get your body clock back on track. She also covers the importance of protein, dietary changes and supplement recommendations, her recommendations around alternative milks and how much coffee is too much.

Fran also gives some helpful insight on how she works with clients and the kind of tests she runs for valuable insights into what is going on in our bodies.

Fran emphasises that having a good time, and living our lives is important - it’s all about doing the best you can, as much as you can. She also takes us through how she runs her business to have the lifestyle she wants and the boundaries she keeps in order to achieve long-term sustainability.

This episode is like a bite sized gut health boot camp. Get your notebook and pen out to capture all of her wisdom.

LINKS:

BLUblox Wayfarer Sleep glasses

Fran’s course - High Vibe & Gut Healthy

Where to find Fran Dargaville:

Website:https://frandargaville.com/
Instagram: https://www.instagram.com/frandargaville/
Facebook: https://www.facebook.com/frandargaville
Podcast:https://frandargaville.com/the-podcast

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping

LinkedIn: @straight-up-bookkeeping

View Details

My main advice for anyone in small business is that they should have a budget and keep a close eye on their finances.

So, it might surprise you to learn that I spend a whole lot of my business cash on all sorts of expenses - from the best-of-the-best systems, contractors, staff, insurance, and more.

However - I don’t spend any money that isn’t worth it to do so. In this episode, I’ll take you through the decision making process I run whenever I decide to invest in a new expense.

These are a series of checks that help me understand whether the expense will save us time, promote collaboration and elevate the experience for our customers. I also assess whether it’s the right time to invest in the expense and if the business can afford it. And at the end of each financial year, I run what I like to call our Marie Kondo joy test of expenses.

Having a budget doesn’t mean skimping on things. For us, having a budget means ensuring we are bringing in enough revenue to afford all the things that we need and want in our business, while still being really profitable.

This episode will help you understand how to ensure your expenses are aligned with your needs and how to review them each year to ensure you’re getting the most out of the money you’re spending on them.

LINKS:

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

This week I have a bit of a different episode for you - it’s based on an article I read in the paper last week outlining how the bookkeeper for the surfing legend family The Wrights is going to jail for extorting $1.5 million from them over ten years.

I initially didn’t want to talk about this story - I was scared that bringing this to people’s attention would scare people off getting a bookkeeper. But I realised that, given my platform and audience, I could do more good for the business world by sharing my view instead of pretending it didn’t happen. So I stand in my power as a trustworthy, highly experienced and ethical bookkeeper to share my wisdom around what makes a good bookkeeper and what questions you need to ask when hiring one.

Bookkeeping, like so many other services, is not something you should skimp on - iIt’s not something you want to entrust to just anyone.

Of course, while being expensive or at the upper end of the cost spectrum doesn’t automatically make someone a good bookkeeper, it can be a strong indication of experience and of the systems behind the bookkeeping business that make it safe and trustworthy.

I share the five things you need to look for when choosing a bookkeeper and the controls you need to have in place when you have a bookkeeper helping you with your business.

I also share my findings around what the right and acceptable price is to pay for bookkeeping, and the reasons behind this price.

So - go forth and hire a bookkeeper if you need this help in your business. Just hire the right one, and remember you have a role to play in the success of the relationship.

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

I have a treat for you this week, my very own legal guru, the amazing Riz McDonald from Foundd Legal, is on the show to share all of her expertise and experience.

Riz has been a lawyer for 20 years and an eCommerce entrepreneur for the past 10 years. Riz provides insight and legal knowledge to all of the obstacles and challenges you face as a business owner. Through her own experience as a creative entrepreneur, Riz has first hand knowledge of what creative business owners deal with on a daily basis so she began designing affordable industry-specific templates to help guide and protect clients through their legals.

I love Riz’s advice that our business may be small but you need to think big!

In this episode, Riz takes us through the legal side of running a business. There is so much to think about when you’re starting a business but with Riz’s help, we can do a health check and make sure that all of our current processes and documents are up to date.

Our conversation explores the legal steps that every business needs to take in the start-up phase, business structures, necessary legal documents, legal templates, employee contracts, copyright protection, trademarks and hiring a team.

One of the most important assets a business has is its intellectual property. All of the course content, copywriting, business name, course name, and slogans can be protected through trademarking and copyrighting. Riz takes us through how important it is to ensure our business is protected from others taking and copying all of our unique intellectual property with clear actionable steps.

Riz finishes off with her biggest lessons for businesses that aren’t yet at the 3 year mark. Tune in and write these down because they’re invaluable to growing and building a successful, legally protected and sustainable business.

**LINKS:

Where to find Riz McDonald:**

Website: www.founddlegal.com
Instagram: https://www.instagram.com/founddlegal/
LinkedIn: https://www.linkedin.com/company/founddlegal/
Facebook: https://www.facebook.com/founddlegal/

Check out Riz’s FREE Business Startup Checklist here**!

Where to Find Bec:**

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

How do you know when you’re ready to take on paid employees?

Depending on your business situation, you will be considering either an employee or a contractor, or even a mix of both within your team. There are several decisions you’ll need to make when choosing which path to take but don’t worry I’m here to help!

In this episode, I’ll cover the important questions surrounding hiring a contractor or an employee and how to decide the right time to bring someone on board.

When I became overwhelmed with my workload and realised that I would never be able to take any leave, I knew I needed to branch out and seek help from a team. Most business owners will come to this same situation if their business is growing and don’t want to work 24/7!

I’ll run you through how to learn if you can afford employees in your business with a cash flow forecast, the cash outflow the new resource will cost your business (contractor vs employee), the questions you need to consider, superannuation and tax, and 6 important points to think about when deciding whether to employ a contractor or employee.

This episode is perfect for you if you’re choosing between hiring a contractor or an employee for your business. It’s jam-packed with everything you need to consider when making your decision and I encourage you to come back again and again when you’re ready to grow your team.

**LINKS:

Where to Find Bec:**

Jump into my Budgeting and Cash Flow Forecasting Mini Course here!Check out my course Bookkeeping it Real here!

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Payroll is a hot topic at the moment. It’s the end of the financial year and of course, everyone wants their group certificates for tax purposes (even though they don’t exist anymore). We have until the 14th of July to get all of our client's payroll recognised and finalised with the ATO so there are only a few days left.

In this episode, I’m taking you through a high-level overview of what payroll is (including superannuation and PAYG information), important notes you need to think about, and, finally, I’ll walk you through 15 points you need to tick off to ensure you’ve got your payroll covered.

Payroll is one of the most complicated parts of my business. There are challenges for businesses that employ a mix of casual, part-time and full-time staff, include special contractual arrangements (such as allowances, deductions, and salary sacrifices), and must adhere to complex awards.

The average business owner doesn’t understand the complexity of payroll and often I’ve seen the average bookkeeper struggle. We often hear about payroll underpayments from big companies on the news that extend into the millions so I want to stop any of that happening to you down the road.

Write down each of these 15 checks to sit down and go through carefully to make sure you’re running your payroll correctly, efficiently and in compliance with the ATO.

**LINKS:

Where to Find Bec:
Check out my course Bookkeeping it Real here**!

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

It’s the start of a fresh financial year and today I’m going to be talking about why NOW is a good time to increase your prices if you haven’t already. I’ll be sharing from an objective, accounting perspective, not from a money mindset point of view, which many amazing business coaches talk about.

In this episode, I specifically talk about how inflation, superannuation and the state of our country right now all factor into why it’s time to raise your prices.

I talk about the current high inflation environment and how this impacts the cost of running your business. I also dive into recent changes to superannuation and go into detail about why I’ve increased my prices by 5% this financial year.

Inflation, superannuation and world events all factor into why it’s costing you more to do business than it did 6-12 months ago. I explain why your business profit might actually end up going backward this financial year if you don’t increase your prices.

Price increase conversations are never easy but I hope this episode helps you become clear on why your prices need to increase. Being profitable means knowing your numbers and knowing when to increase prices to cover your expenses.

LINKS:

Where to Find Bec:

Check out my course Bookkeeping it Real here!

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

How do I get clients in my service based business?

It can feel incredibly challenging at times to find clients. To help your business thrive, in this episode, I’m sharing the strategies, tools and tips that I’ve learned from beginning my business to help you start finding and signing up new clients today.

This approach is applicable across a range of service businesses and I can’t wait to share it with you. We’ll start by focusing on how to get the first five clients through a variety of methods like community groups, networking events, and free giveaways.

You can then ask your clients to recommend you and provide testimonials. If you provide an amazing service, they’ll always want to tell others about you so treat every single job with your best.

After you have a small pool of clients, you must work on your niche and marketing. I’ll run you through how to start narrowing down, work on your client avatar, identify your goals and dreams, partner with another business and dedicate time for creativity.

This episode is perfect for you if you’re struggling to get clients in your service based business. You can use all of these tips and tools to start showing up in your business, send your hopes and dreams out into the universe and, most importantly, start signing clients.

**LINKS:

Previous episode mentioned:**

This is what three years in business has taught me

Where to Find Bec:Check out my course Bookkeeping it Real here!

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

We’re fast approaching the end of the financial year! Do you feel ready?

In this episode, I’m going to run you through 5 things I’m doing in my business before 30 June 2022.

Your business profit or loss spans the 1st of July to the 30th of June with the tax being calculated on the final position your business is at on the 30th of June. If you’re trying to influence a tax outcome, you need to be acting on it before the 30th of June, otherwise, it will fall into the next financial year.

The 5 things I’ll run you through will give you an idea of what you can be doing to prepare for this busy time of year in your business.

Firstly, I would never go and buy things I don’t need just to reduce my tax. It doesn’t make business sense and should be avoided (despite all the wonderful advertising campaigns!).

I’ll start off by taking you through why it’s beneficial to pay for expenses (that you actually need or will incur) in June and reduce the taxable income this financial year. We’ll then explore bonuses, superannuation, age receivables, reflect on the past financial year, and set a financial budget for the next one.

Grab a pen and paper to write these down so you can breeze into tax time knowing you’ve got everything sorted.

**LINKS:

Previous episode mentioned:**

Straight Up Tax Talk with Diana Todd

Resources mentioned:

Notice of intent to claim or vary a deduction for personal super contributions | Australian Taxation Office (ato.gov.au)

Where to Find Bec:

Check out my course Bookkeeping it Real here!

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

This week I'm bringing you word-nerd, marketing expert and digital product mentor, Carinda Gosling. Carinda is the director of marketing company, This Is Co. Carinda has been helping small businesses for over 10 years get seen, loved and sell through copy, content and compelling marketing.

Since 2020, Carinda has been helping solopreneurs ignite and scale their business income, impact and enjoyment through digital products.

Carinda’s digital products have made over $1,000,000 in sales in under 2 years while she sleeps! The majority of these sales came from only two products and have a low price point.

In this episode, Carinda is here to explore how to build a digital product empire. Digital products set you up for a snowball effect in your business down the road where your clients will be searching for more ways to work with you.

Carinda shares where to begin when you have the desire to create a digital product and launch it to the world. Digital products aren’t get rich quick schemes - they’re designed to bottle your expertise and wisdom into a document that doesn’t need you there and helps people achieve outcomes.

Carinda provides us with problem and solution awareness for marketing, why she has a low price point, valuable and actionable social media tips, organic marketing and content, advertising wisdom, outsourcing bookkeeping and how to use Facebook ads to boost the visibility of your products and services.

Remember, ads can only boost a good business, they can’t fix a bad one.

Carinda takes us through how all we need is a head, heart and a laptop. Don’t let excuses hold you back. You’ll find so much value in our conversation today that you can apply to your own business to stand out online.

**LINKS:

Where to Find Carinda Gosling:**

Website: https://thisisco.com.au/
Instagram: https://www.instagram.com/this_is_co._/ and https://www.instagram.com/this_is_carinda/
LinkedIn: https://www.linkedin.com/in/carinda-gosling/

Where to Find Bec:Check out my course Bookkeeping it Real here!

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

In this episode I review the book Profit First by Mike Michalowicz. This is because I know how many entreprenuers love this book. But I believe there is information in this book that needs to be considered with a grain of salt.

The author proposes that businesses are cash eating monsters that need to be controlled by taking profit before all their business cash is spent on expenses, leaving no income for the owners of the business. The way this is done is by transferring cash to 12 different bank accounts under what's known as Bank Balance Accounting. Financial reports are to be ignored, because they are too confusing for entrepreneurs to understand anyway.

Whilst I agree with many of the profit-generating business improvements the author proposes throughout the book, I don't agree that financial reports are too complicated for entrepreneurs to grasp. And I think opening 12 different bank accounts is a lot more complicated than getting your bookkeeping and taxes up to date with accounting software like Xero.

I think that entrepreneurs are smarter than the author gives us credit for.

What do you think?

LINKS:Useful podcast episodes to help you understand your numbers:

Episode 1 Bookkeeping is key to business success

Episode 5 Why every business needs a budget

Episode 6 Let’s talk cash flow

Episode 12 Why is there no cash in your bank account when you’re making a profit

Useful tools to help you understand your numbers:

Budgeting and cash flow forecasting mini course here
Xero and bookkeeping course Bookkeeping it Real here
GST Cheat Sheet here
The Top 10 Bookkeeping Mistake Guide here

Where to Find Bec:Website:https://straightupbookkeeping.com.au/

Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

The end of the financial year is fast approaching!

My guest today is Diana Todd. Diana is a registered tax agent and the owner of Balance Tax Accountants. Balance Tax Accounts is a full-service online accounting firm that takes the stress out of tax for entrepreneurs and does it in a fun and engaging way.

If you’ve had your tax return completed by Diana and her team, you’ll know it’s the most enjoyable tax return you’ll ever get - complete with money flying everywhere on a Loom video.

In this episode, we’re talking about everything to do with small business tax to help you get ready for the 30th of June. Diana is sharing all of the things that you can do to show up for your taxes, get prepared and breeze through your tax return.

Diana talks about separating business and personal bank accounts, accounting software, tax planning, tax deductions, common areas where people make mistakes and organising your tax for sole traders, companies and trusts.

Dianna discusses how important it is to focus on your money and tax more than just once a year at tax time - make it a priority and honour your financials with regular and frequent check-ins with your figures.

There is so much value in this conversation for everyone organising their tax and financials at the end of the financial year. Come back to this episode again as you need to make sure you have covered everything and breathe a sigh of relief.

**LINKS:

Where to Find Diana Todd and Balance Tax Accountants:**

Website: https://balancetax.com.au/
Instagram: https://www.instagram.com/balancetax/ and https://www.instagram.com/itsdianatodd/
LinkedIn: https://www.linkedin.com/company/balancetax

Where to Find Bec:

Check out my course Bookkeeping it Real here!

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

I’m coming to you from Fiji! Can you hear the island vibes?

In this episode, I’m talking about merchant fees (bank fees) and whether you should pass these on to your customers or not. This is just my opinion and I want to bring you this episode to give you a chance to reflect.

Merchant fees are charges incurred by a business using credit cards to take payments, eg. Visa, Mastercard, Amex. Almost all of us have gone to a cafe and paid the credit card surcharge so you would've seen this method in practice.

I’ll explore how payment methods have changed over the years and the implications for businesses. All of the credit card taps and direct debit transactions cost the business money and many businesses then pass these fees on to their customers.

But should you?

I’ll discuss my 4 points not in favour of oncharging my customers for you to mull over. Don’t stress, I used to charge merchant fees too at the beginning of Straight Up Bookkeeping and it wasn’t until I read an article by Rebecca Mihalic (click here) that I was inspired to stop.

After all, it’s always good business to make it easy for customers to buy and pay on time, so why would we charge them for that?

**LINKS:

Resources mentioned:Kudos to this article by Rebecca Mihalic from Ignition that first inspired me not to oncharge the merchant fees in my business: https://www.ignitionapp.com/blog/merchant-fees-to-oncharge-or-not-to-oncharge Where to Find Bec:Check out my course Bookkeeping it Real here**!

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

I have a very special guest joining me today as I discuss building a sustainable business with my coach and friend, Kristy Robinson.

Kristy has helped me through so many business challenges over the last year and a half and I’m excited to share her insights and expertise with you today.

Having founded two businesses herself, Kristy knows firsthand the rollercoaster that is entrepreneurship. Through decades of experience in business ownership, operations, coaching, and leadership, Kristy helps her clients identify their version of success and grow a business their way without the hustle and burnout.

Kristy shares her pearls of wisdom and lessons learned from her first business where she reached a point of burnout and the main challenges she sees business owners facing as they work out how to scale and grow.

I outsource a lot in my business and in this episode, we dive into the fact that you can’t do it alone in business. We talk about how a business coach might be helpful for you, when is the right time to engage a coach, and the importance of finding someone who is the right energetic fit.

We talk about goal setting and why Kristy believes it is essential to running a successful business. This is where working with Kristy has been so powerful for me, creating space on a regular basis to discuss my business with her, set goals, and invite her to challenge me on my thoughts and plans.

LINKS:

Where to Find Kristy:

Website:https://www.kristyrobinson.com.au/
Instagram:https://www.instagram.com/kristyrobinson_consulting/
Podcast:Run Your Business Like A Boss

Where to Find Bec:

Check out my course Bookkeeping it Real here!

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

We’ve all seen or been tempted by contractors offering services at a discount for cash and while this may not impact you as the customer, if you operate your business this way you can get yourself in hot water.

In this episode, we’re exploring why you shouldn’t be paying for any business expenses with ‘cash in hand’ or paying staff with cash.

This doesn’t mean you can’t use cash in a recorded transaction - you can definitely pay for something in cash as legal tender. But ‘cash in hand’ refers to the situation where businesses deliberately use cash transactions to avoid meeting tax obligations and employee responsibilities.

This is due to there being no record of the transaction. Business owners will end up paying less income tax, less GST and avoid paying superannuation or potentially award rates.

I’ll take you through two examples to help illustrate the ‘cash in hand’ process. We’ll explore paying cash for business expenses and dodging your business responsibilities by paying your staff with cash.

I’ll finish off by giving you a list of reasons why ‘cash in hand’ is not ok in business and the reasons why you should record everything accurately. I hope by the end of this episode I have convinced you to track every transaction legitimately and give you peace of mind that your business is accurate and covered.

**LINKS:

Where to Find Bec:

Check out my course Bookkeeping it Real here**!

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Three years ago, I was working as a management accountant in a big 4 bank when the roles of my whole team were offshored to Singapore. I was offered another role in the bank but my gut told me it was time for a change so I took the redundancy and Straight Up Bookkeeping was born.

Over the last few years, I’ve learned so much from this roller coaster journey. In this episode, I'm sharing 11 lessons I’ve discovered from my time running my own business. I want my experience to give you insight or motivation to branch out on your own and do something you are truly passionate about.

My advice for anyone thinking about starting a business is to get out of your head and just start. When you jump in and throw yourself into something, everything will just start moving forward.

I'll cover everything from outsourcing jobs inside your business to dealing with the temptation to compare yourself to others. There is something inside this episode for everyone.

I would love for you to jot down these 11 lessons. You’ll find so much value in my experience and I encourage you to remember these lessons when things get tricky. Always have faith in yourself and what you will achieve.

**LINKS:

Where to Find Bec:

Check out my course Bookkeeping it Real here**!

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Today’s episode is dedicated to the 5 bookkeeping mistakes that I’ve seen happen again and again over the past few months.

As always, I’m keeping this episode practical and relevant to your business to help you understand how to avoid these common mistakes. Then I share the 5 things you should be doing instead.

One of the big mistakes I see is mixing business and personal transactions together. I talk about why it’s important to keep your transactions separate, the trouble of messy bookkeeping, and why you need to do your bookwork regularly.

You don’t know what you don’t know. This episode will help you understand some of the basics to make sure your books are balanced, your profit and loss reports are accurate and you’re not paying more tax than you need to.

LINKS:

Where to Find Bec:

Top 10 Bookkeeping Mistakes and what they could be costing you

Check out my course Bookkeeping it Real here!

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

*Why is there no cash in my bank account when I know I’m making a profit?

This is a very common question amongst entrepreneurs. If you avoid learning your numbers and what they mean for your business, you’ll always be confused about where your money is going.

It can all come down to knowing the difference between a balance sheet and a profit and loss report (P&L). Through experience, I’ve found business owners have been disinterested in their balance sheet and don’t thoroughly understand it. But cash resides in your balance sheet and profit resides in your P&L so it’s very important to understand them both comprehensively.

You can’t compare profit and cash. I’ll explain how this works, the difference between a balance sheet and a P&L, where to find the numbers, and how to interpret cash, profit, assets, and liabilities.

Grab a pen and write down these 5 reasons so you have a concrete understanding of why your cash will not equal your profit and it’ll no longer scare you every time you open your bank account.

**LINKS:

Where to Find Bec:**

Check out my course Bookkeeping it Real here!

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

I’m so excited to discuss my absolute favourite bookkeeping topic - GST.

It’s absolutely essential that you grasp the ins and outs of GST to ensure you pay the right amount to the Australian Tax Office. But, from experience, I’ve found many businesses don’t understand it fully and end up making mistakes, so I’m on a mission to help educate everyone.

GST, Goods and Services Tax, is a 10% consumption tax on goods and services that has been in operation since its introduction back in 2000. Businesses that are registered for GST need to charge it to their customers and remit it to the ATO.

I’ll run you through all of the basics for GST, when you need to register for GST, how to register, claiming GST on expenses, submitting tax invoices, how to pay GST, myths, and goods and services that don’t attract GST.

I’ll finish off with my top 3 tips for GST. These are the most important things to remember when collecting and calculating GST.

Check out my resources below to find out more or contact me and I’d love to discuss it with you.

**LINKS:

GST Cheat Sheet: https://learn.straightupbookkeeping.com.au/gstcheatsheet Where to Find Bec:Check out my course Bookkeeping it Real here**!

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Continuing on from last week’s episode talking about outsourcing, I’m speaking today with an amazing copywriter, Susan Reoch, about communicating value through copywriting.

Susan is a User Experience copywriting expert who’s spent the last 10 years writing razor-sharp web copy for everyone from bookkeepers to Booking.com. She helps other copywriters skill up on user experience inside her group coaching program UX to Profit. Her weekly newsletter is packed with copy, website, and UX tips told in an un-boring way.

Copywriting was one of the first things I outsourced when developing my website and I continue to outsource copywriting for email funnels, website updates, and ongoing sales copy.

In this episode, Susan breaks down what UX copywriting is and why good copywriting is key when it comes to sales. We discuss some of the mistakes she sees being made across the board, DIY copywriting and the biggest lessons she’s learned from running her own business.

We also talk about Susan’s respect for the numbers side of her business, despite being a creative at heart.

I hope you love this conversation as much as I did and enjoy learning more about the power of UX copywriting to communicate value to your customers.

Where to Find Susan:

Instagram: https://www.instagram.com/susanreoch_copywriter/

Website: https://susanreochcopywriter.com/

Where to Find Bec:

Check out my course Bookkeeping it Real here!

Website: https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

The decision to start outsourcing tasks in your business is a big one. Many business owners have fears and uncertainties around making this shift.

Will the money be worth it?

What if the people I outsource to don’t do a good enough job?

In this episode, I run through the specifics of what I outsource in my business and how I actually make more profit by doing so. The list includes branding, copywriting, my website, expanding my team and how I’ve worked at perfecting the art of delegating.

I share why I chose to outsource these particular aspects of my business, some of the lessons I’ve learned along the way and advice I’ve been given that has really helped me make the mindset shift to stay within my zone of genius.

You can’t run your business alone in the long run. Outsourcing requires a little letting go but if you do it in a way that’s best for you and your business, you’ll make more profit and enjoy your business so much more.

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Have you wondered what a bookkeeper actually does?

How can they actually help you in your business?

Can I just do it all myself?

In this episode, I’m taking you through exactly what it looks like behind the scenes of a bookkeeping business. I’ll be giving you clarity on what we do, when you should hire a bookkeeper, the benefits and misconceptions and much more.

If you’re going to pay someone to do bookkeeping for you, you have to ensure that they have the necessary qualifications. If your bookkeeper is providing a BAS service and being paid for it, then they must be a BAS agent. I’ll take you through examples of when it’s a great idea to hire a bookkeeper or a BAS agent to help you in your business and allow you to make strong financial decisions with confidence.

The peace of mind from hiring a bookkeeper, who takes care of your numbers, creates space in your business for you to stay in your zone of genius. Don’t wait - look into it today.

Where to Find Bec:

Check out my course Bookkeeping it Real here!

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Last week I was impacted by the devastating floods in Northern New South Wales. Whilst returning home, I became stuck on a flooded highway for the night sheltering in a tunnel with many other people. My anxiety over the work I was meant to be doing was making me feel sick.

Then our internet and phone services went down in my region for 5 days. It became impossible to conduct any work and I was constantly worried about not being able to get anything done in my business.

In this episode, I’m sharing 7 business lessons I learned from a natural disaster. This experience has led me to reflect on how I work in my business and how I can improve it so I don’t feel sick when I’m unable to do it myself.

There has to be a contingency system.

So I created a business continuity plan. This document is essential for your business as it outlines the specifics of how your business will continue to operate in an emergency situation. I encourage you to think about what will be relevant for your business and use the lessons I’ve learned to get you started.

We hope we’ll never need it but you’ll feel immensely reassured if you do. You can then place all of your focus on the emergency and not have to worry about what is (or isn’t) happening in your business.

**LINKS:

Resources mentioned:**

Create or update your business continuity plan | business.gov.au

Check out my Budgeting and Cash Flow Forecasting Mini Course here**!

Where to Find Bec:**

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Cash is king.

There are many reasons why revenue stops coming and having cash flow in your business becomes paramount to keep everything moving forward. I’m currently in a flood disaster area in Northern New South Wales and we have no phone or internet service so all businesses have stopped - nobody saw that coming.

In this episode, I’m talking about all things cash. We’ll explore how to better manage your cash, create a cash flow forecast, and my top tips for how to quickly increase cash in your business.

Every business needs a cash flow forecast. It doesn’t matter if your business is big or small with a large or small amount of cash. I’ll run you through exactly how to design one for your business and how to update it accordingly and consistently.

This episode is full of useful information you can use in your business to increase your cash flow and ensure your business is running smoothly.

**LINKS:

Previous episode mentioned:**

Why every business needs a budget on Apple Podcasts

Check out my Budgeting and Cash Flow Forecasting Mini Course here!

Where to Find Bec:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Do you have a budget in your business?

In this episode, I’m going to discuss everything you need to know about budgeting and why you need one in your business.When starting out, we’re often just fumbling our way through for a while but this isn’t an approach that will benefit your business in the long run.
I’ll explain how to create a budget, types of budgets, what you should include in your budget, timeframes, and how to measure your business. I’ll give you examples of all of the types of expenses you can incur so you can build a comprehensive picture of how your business is doing.

Once you’ve formally created a financial plan for your business, you’re much more likely to achieve your goals and succeed. **LINKS:

Check out my Budgeting and Cash Flow Forecasting Mini Course here****!

Where to Find Rebecca:**

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

We’re often sold the narrative that generating 7 figures will open up a whole new world. That life will be better somehow and we’ll finally feel like we’ve ‘made it’.

But guess what? Once you’ve reached 7 figures… you’ll want to reach multi-7 figures and so on. As business owners, we just set our sights on the next target and keep working. But will life really be that much better?

In today’s episode, I’m sharing with you why I’m NOT aspiring to have a 7 figure business - not now and not any time soon. A 7 figure business is one that generates one million dollars or more in revenue or sales per year. In my bookkeeping business, I would need to employ 8 staff and spend enormous amounts of time managing my team, reviewing work and running my business to reach that amount.

I don’t want that.

It can be mentally toxic to become obsessed with making 7 figures. You can lose sight of your ‘why’ - the reasons you started your own business in the first place. It’s my aim to grow my business in a sustainable way, have more fun and enjoy my family and life. **LINKS:

Where to Find Bec:**

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

In Australia, there are three different types of business structures: sole trader, partnership and company. I want you to understand the differences in the structures because I want you to have a thorough understanding of the different ways you can pay yourself, claim tax and set up your business.

In this episode, I’m discussing all aspects of choosing your business structure. I’ll explore the different types of structures, the benefits and risks of each, which one you should choose to fit your business, and why you may need to change in the future.

This is an important first decision for your business so I encourage you to take the time to research which option will suit you the best - now and in the future.

**LINKS:

Previous episode mentioned:**

Episode 2: Improve your business finances today with these 3 steps

Where to Find Rebecca:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

LINKS:

Where to Find Rebecca:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping

View Details

It’s my mission to help small business owners succeed by having a strong handle on their financials and numbers. Time and time again I have clients asking me how they can improve their finances and bring clarity to their accounting so I wanted to share some tips with you today.

In this episode, I’m sharing 3 steps that you can do straight away to improve your business finances. The consequences of not following these steps can cause significant struggles in the future and cause an enormous amount of wasted time and money.

These steps are so important you should be doing them from day 1 but if you haven’t - set them up today. They are simple and easy to implement and you’ll feel confident in your business and your finances.

LINKS:

Where to Find Rebecca:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping
LinkedIn: @straight-up-bookkeeping

View Details

Welcome to the Straight Up Small Business podcast. This podcast is for entrepreneurs who want to take their business to the next level of profit through a better understanding of their financials.

I’m your host, Rebecca Buchanan, the CEO of Straight Up Bookkeeping, one of Australia’s leading virtual bookkeeping businesses. The most important thing you can do to ensure business success is to have a thorough understanding of your numbers. In this podcast, I’ll be covering bookkeeping, finance and small business topics in bite-size actionable episodes to leave you confident in your business success and longevity.

LINKS:

Where to Find Rebecca:

Website:https://straightupbookkeeping.com.au/
Instagram: @straightup_bookkeeping
Facebook: @straightupbookkeeping

Straight Up Small Business: Recent Episodes

Bec Buchanan