1. Deal with the paper immediately:

If it is a Tax invoice and/or statement that has been paid – action the paperwork and file it straight away
If the tax invoice and/or statement is due for payment – set it aside for payment on the due date

2. Set aside a specific day for paying accounts.

There are 3 classifications of hiring employees:

Casual
Permanent part-time
Full time

1. Casual employees

These employees are usually employed on a day by day basis – a casual employee
is usually advised at the end of their shift if they are required for work the next day.
All employees must complete a tax declaration with the following information:

Name
Address
TFN
DOB
Tax free threshold or non tax-free threshold
Higher education debt
Your trading name and ABN details

1. Keep your invoicing up to date and current

If you have completed the work – have a workable system that allows your invoicing to go out either that day or the next day.

Invoicing needs to look professional – have your bookkeeper produce a professional looking invoice from the accounting package you are using. For example MYOB (if customised properly) produces a professional invoice – with company logos etc. You may be a small business but it is important to look and act professional.

2. Reconcile on a weekly basis

3 EASY STEPS TO REMAIN POSITIVE CASH FLOW IN BUSINESS

1. Keep your invoicing up to date and current – if you have completed the work – have a workable system that allows your invoicing to go out either that day or the next day.
Invoicing needs to look professional – have your bookkeeper produce a professional looking invoice from the accounting package you are using. For example MYOB (if customised properly) produces a professional invoice – with company logos etc. You may be a small
business but it is important to look and act professional.

New casual loadings for modern awards containing transitional provisions will be phased in after 1 July 2010.

The transitional provisions could be in the form of a model phasing schedule or specific transitional arrangements which are unique to that modern award.

Where there is a model phasing schedule, the modern award will generally have a section with instructions on phasing in the increase or decrease to casual loadings.

If the modern award introduces a new casual loading, the new entitlement will generally need to be progressively phased in.

A competent bookkeeping service can be a valuable asset to a small to medium business.

Businesses with a turnover between $100,000 to $3 mil are usually too small to have an office person fulltime looking after accounts payable and receivable. A bookkeeper would maintain these functions as well as providing accurate bookkeeping and providing accurate financial statements.

Bookkeeping provided in this manner by book keepers is invaluable to business. It provides an opportunity for a business to remain government compliant as well as keeping employee costs down.

Bookkeeping defines accounts receivable as credit extended to a customer for goods or services provided. This is an asset to the business owner. A common error by small business is offering extended credit. Cashflow or lack of cashflow is a major issue for small businesses. Businesses often use payment terms of 30 days – which means payment is due in the amount of the invoice 30 days from the date of the invoice, and other payment terms of 45 to 60 days.

Accounts payable is a file or account that contains money that a company owes to its suppliers and has not paid yet.

Accounts payable is a form of credit that the supplier has offered to their purchasers, by allowing the purchaser to pay for the product or service after it has already been received.

Bookkeeping is defined as correctly recording the day to day business transactions.

At Business Bookkeepers we record business transactions on a regular and systematic manner so as to know the business results with a minimum of trouble. Bookkeeping is a statistical process of collecting, classifying and summarizing financial information.

If you are serious about having a successful business do not fall into the trap of trying to be an expert at everything. Do what you do well and outsource what you do not do well.

An experienced bookkeeper who is up to date with government regulations is an asset to your business because they will keep your business government compliant.

The tax office does not accept ignorance as a reason for not complying.