The other day I visited a client who told me about Load & Go Visa Cards. He was looking for a way to better handle giving petty cash to employees for minor business-related purchases. It wasn’t that he didn’t trust his employees with the cash, it was more that the physical handling and recording of cash purchases was becoming difficult to maintain and as a result, some purchases were not being recorded at all. My client wanted a more efficient system for petty cash purchases and after some research came across Load & Go Visa Cards from Australia Post. These are rechargeable pre-paid Visa cards to which you add your own funds up to the value of $999.00.
There’s a big push at the moment to outsource every task in your business that you don’t want to do. While this concept has merit, there is one business task that you probably shouldn’t outsource, your bookkeeping.
The end of the financial year (EOFY) is a busy time for business owners. There are many things to finalise and prepare. To ensure your business is ready for the EOFY, we have prepared answers to 9 questions small business owners may have about the EOFY. We cover things like small business expense deductions, record-keeping, documents you need to prepare for your accountant and much more.
Okay so you run a small business and things are super busy! You’ve got lots to organise – employees, clients, projects, supplies, website, marketing and dare I say it, yes, the bookkeeping and tax compliance tasks! Some business owners prepare their own books but many are outsourcing the task to professional bookkeepers instead. Some prefer to employ an onsite bookkeeper but others have chosen to use the services of virtual bookkeepers. They have done this for various reasons, the main ones being:
Done well, the virtual bookkeeping relationship can be very beneficial for both the bookkeeper and the business owner. Done poorly, the virtual relationship will fall over leaving all concerned a little worse for wear. So are there any pitfalls to virtual bookkeeping? Unfortunately yes, as with any system, things can go wrong. Here is our list of common pitfalls:
Many SME’s are outsourcing their bookkeeping and BAS tasks to professional bookkeepers. This frees them up to get on with running their businesses and gives them peace-of-mind that their bookkeeping is correct and compliant. It’s a great thing to do especially if you loathe bookkeeping! While some SME’s prefer to employ an on-site bookkeeper, many are turning to virtual bookkeepers for assistance. So just what is a virtual bookkeeper and how do you work with one?
In business cash flow is number one. Without it even the most successful business can slowly go under. Integral to maintaining good cash flow is ensuring that debtors pay their accounts in a timely manner. This can be easier said than done and sometimes things just don’t go to plan. Debtors don’t always pay their accounts on your terms for one reason or another.