bookkeeping

If your laptop was stolen

Laptop sofa ipad working

So this is a subject that I feel strongly about. Something I’ve had the misfortune of experiencing recently.

I have a couple of questions worth thinking about.

If your laptop was stolen, what would be the impact on your clients? What would be the impact on you personally and your business?

Would you lose all your marketing materials, invoices, expensive promotional photos, business plans, written procedures, client testimonials, eBooks, training materials?

Would your client’s confidential information be released out into the big wide world? What would your client’s reaction be? Would your business even recover from that?

Would you lose personal photos that you never got around to printing?

If your laptop gets stolen you don’t, unfortunately, get to choose the day it’s going to happen.  You don’t get to say “well I think my laptop might disappear into the hands of strangers tomorrow so tonight I’ll run a backup”.

Backing-up data daily has been a part of my routine from day 1 of working for a hire company here in Adelaide many years ago. They ran a tight ship and I’m glad for that great foundation right from the beginning.

Things to do today:

  • Buy a couple of USB’s. Label them. Make a copy of everything on your laptop regularly. Put the USB’s somewhere safe (taking a copy off-site means you still have a copy if you get fire or water damage in your office).
  • Consider backing up to the cloud as well.
  • Run a search in File Explorer for “password”. Have you got documents that contain passwords for you or your clients? Change the word “password” to something else.
  • It goes without saying you shouldn’t have a document actually called “passwords’!
  • Log into all your websites that require a password. So emails, accounting software, online banking etc. Ensure that none of the passwords are stored. I know it’s a right pain having to remember every different password (but I still hope you’re not using one password for everything, right?).
  • Set up a password for initial access to your iPad and laptop, so that it’s difficult to even get past that first login screen.
  • Lock-up filing cabinets and paper shredders are a must if you have confidential client information in your office.

If you’re like me you may be security conscious when going away for the weekend and you probably also make sure you don’t leave technology in the car when you run into the shops, but what I didn’t realise was just how common home and office break-ins are during broad daylight. School pick-up time is a common one!  Not a nice experience for anyone.

Please back-up, lock-up and password protect.

Happy bookkeeping…

 

Sarina

 

P.S.  I often share small business tips on Facebook and Instagram – just search for Festival Bookkeeping. Look forward to seeing you there.

 

More free resources for small business owners:

 

 

 

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Cliniko + Xero

 

Bookkeeping desk laptop software

I’ve been having a good look around Cliniko lately, and have a client who is particularly happy with it.  She’s recently integrated it with Xero, so I thought I’d give a bit of an insight into the software.

Cliniko is a cloud based practice management software that can be integrated with Xero accounting software. It’s particularly suited to healthcare professionals – so counsellors, massage therapists, chiropractors and the like.  They have over 20,000 healthcare practitioners worldwide using their software.

Client bookings are managed in Cliniko and as invoices and invoice payments are entered this information feeds through to Xero daily. If set up correctly your reconciliations in Xero are quick and easy to do and you have access to accurate, more powerful financial reporting in Xero.  As your business grows you can take advantage of Xero’s payroll.

You can add treatment notes and client letters can also be prepared and printed or emailed directly from the software. Clients can book directly through your calendar and the email or SMS appointment reminder feature can help reduce appointment no-shows. Different methods of client payments are catered for, such as EFTPOS and cash. Basic financial reporting is available and you can get good insight into client bookings and missed appointments.

It’s important to note that information entered in Cliniko feeds through to Xero, but changes made in Xero don’t feed back to Cliniko. If there are problems during the integration stage and data has been linked to the wrong accounts in Xero then these will need to be identified early and the adjustments will need to be undertaken in Xero.  An understanding of your business Chart of Accounts and Xero reporting will help here. The date you choose as your integration date is also important.

You can try out Cliniko yourself by signing up for a 30 day free trial.  During this time you can integrate it with Xero and get a feel for how the two work together.

Some other alternatives for health practitioners, that currently integrate with Xero, include Timely, Mindbody and Coreplus. They’re at different price points and the features that are offered will vary. Many software providers charge per practitioner.  Tip:  if you’re in Australia the online prices are often quoted as GST exclusive, so don’t forget to factor the extra 10% into the cost.

Xero have over 500 apps that can be integrated with their software – be sure to research all the options available to find the one best suited to your particular business.  This can take some time.  Some things to consider are whether you are a solo practitioner or have a team, whether you have multiple practice locations and whether you need the ability to do online Medicare claiming.

Do you use scheduling software in your business? What do you love about it?

Happy bookkeeping….

Sarina

 

Some other posts you may like:

 

When’s the right time to hire a bookkeeper?

Working at desk with diary and calculator

This is a great question! The answer depends on your individual circumstances.

If you can relate to one or more of these scenarios it may be time to consider hiring a bookkeeper:

  • Your business is growing and you’re at the point where you simply can’t do it all yourself. Your health and/or personal relationships are starting to suffer.
  • You’re making mistakes with your figures (due to rushing, lack of training or simply getting numbers the wrong way around).  You’re finding that the stress and time taken to find mistakes and correct them is not worth it anymore.
  • You find it stressful keeping up with tax office obligations and deadlines
  • You want to focus on the income-producing activities of your business, such as producing your products or services and generating new leads
  • You don’t enjoy bookkeeping (that’s okay – it’s not everyone’s idea of a good time)
  • You’re happy to do the ongoing bookkeeping but need a hand getting started or when doing something new for the first time
  • You’re behind in your bookkeeping and need your books up to date for the end of financial year or BAS lodgement time

These are all common indicators that it may be time for you to find yourself a good bookkeeper.

Where should you look for a new bookkeeper? Either use someone that you have personally met and who you feel has your business’ best interests at heart, or you can talk to your accountant and other business owners for their recommendations.  Find out what education and experience they have.  In Australia, they must be a registered BAS Agent in order to charge you a fee for BAS related services.

The 3 main advantages to engaging the services of a professional contract bookkeeper as opposed to hiring an in-house bookkeeper are:

  • No need to pay superannuation, holiday pay, sick pay, holiday leave loading or WorkCover.
  • No need to provide extra desk space and equipment or to be tied to the office waiting for them to finish their work – many bookkeepers will do your bookkeeping off-site.
  • They are business owners like you – they know the ups and downs and how the small business world works.

 

Happy bookkeeping…

Sarina

 

My 3 favourite productivity tips

Handbag purse calculator phone

“You’re off to great places! Today is your day! Your mountain is waiting, so get on your way!” Dr Seuss

As a business owner, your productive days are the ones that keep you moving forward. They keep you one step ahead of the competition. Importantly, they mean that you can put your feet up at the end of the day with a smile on your face, feeling good about your day and what you’ve achieved.

Today I’d like to share my 3 favourite productivity tips to help you, in Dr Seuss’ words, get on your way!

Play music

Playing music whilst working BUT…only when doing easy tasks I don’t need to think too hard about. For me this includes scanning documents for filing & uploading receipts to my software. It’s surprising how much work you can power through when you have music to boost your mood and it’s almost like a reward for getting through your tougher work earlier on.

Use online invoicing software

Is this how you prepare Invoices? Open up a Word document, change the Invoice number (after checking it’s the next number), add the customer name and details, save it, attach it to an email, type up a professional-sounding email message, send. Oh and remember to back-up all your Word documents in case your laptop fails etc? Well you have probably already guessed what I’m going to say. Of course there are much more efficient, hassle-free ways to do your invoicing and this includes using online invoicing software. Using your mobile or iPad you can send an invoice to your customer whilst you are right there with them and you know they’ve received it. If you send the same invoices to customers every month, you can set up recurring invoices to go out in a fraction of the time than if you had to do it manually each month. For those in the UK, you can try Quickbooks’ online invoicing software free for 30 days.

Do the difficult tasks first

This is a gem of a tip that has really helped me in my business and in life overall actually. It sounds so simple, yet it can have huge productivity benefits. When the weight of a difficult task is lifted off of your shoulders you really do fly through the rest of your day feeling confident and able to tackle anything. I’ve come to believe that success comes to those willing to do the difficult things others put off doing. Pick up the phone and make those difficult phone calls first thing in the morning before you have too much time to think about it. Head out the door and introduce yourself to potential clients. Leave the fun stuff like updating social media until after the uncomfortable stuff is out the way. I tend to overthink things and before I know it part of my day is gone whilst I wait for myself to “feel like” doing the tough stuff. Since adopting the habit of doing the difficult tasks first I wouldn’t do things any other way.

So for me being productive is all about working smarter and not harder, embracing technology and remembering to reward myself. Not all of my days are productive ones, and that’s okay. As a bookkeeper sometimes I get weighed down with the numbers and just need a good break so I can come back and tackle my work another day with fresh eyes!

 
Let me know – how do you stay productive? Have you changed your habits and become more productive?

Similar posts you may like:

Happy bookkeeping…

Sarina

Are you an Uber driver?

 

delorean-uber

The sharing economy is such a hot topic right now.  Think Airbnb, Uber and Airtasker.

If you bring in income via the sharing economy you might be disappointed to learn that tax rules apply to the sharing economy just like they do to the rest of the economy.

The Federal Court of Australia has handed down its decision that ride-sourcing is taxi travel.  For GST purposes, the word taxi means a car (vehicle) made available for public hire that is used to transport passengers for fares.  Don’t be caught out thinking that you earn less than the current GST registration threshold of $75,000 – it doesn’t apply to ride-sourcing enterprises!

In Australia, if you operate a ride-sourcing enterprise you are required to:

  • keep records
  • have an Australian business number (ABN)
  • register for GST, regardless of how much you earn
  • pay GST on the full fare received from passengers for each trip you provide
  • lodge activity statements
  • include income from ride-sourcing in your income tax returns.

Not sure if what you are doing is considered running a ride-sourcing enterprise?  Australian Taxation Office website provides more information:

Providing taxi travel services

 

Happy bookkeeping…

 

Looking for more related tips?

 

 

 

 

 

 

BAS Tips for Aussie Small Business Owners

calculator-coffee-cup-pen

If you are registered for GST in Australia, then you would be familiar with a little old thing called the Business Activity Statement (BAS). No doubt you have also spent many an hour researching the ATO website trying to figure out one thing or another in order to get your BAS completed and lodged in time.  Unless, of course, you have a trusted BAS Agent to take this time-consuming task off your hands.

Here are a few tips for preparing and lodging your BAS that will hopefully save you a bit of time and stress.

  • If you are due a refund on your next Business Activity Statement, you must make sure any outstanding BAS have been lodged. Why? Because the ATO won’t pay your refund until they know the full story regarding your GST payable or refundable.
  • A lot of businesses sell gift vouchers. You may not be aware that you don’t claim GST collected at the time of selling the gift voucher unless the voucher is for a specific product or service. For example, if I run a hairdressing salon and sell gift vouchers than can be redeemed for anything in the salon then I don’t claim the GST on the sale until the recipient of the voucher comes in and uses the voucher. This is one of my favourite pieces of GST legislation I’ve come across. (Okay, don’t judge me).
  • Registered for GST and you sell food? It can be difficult to determine whether some types of food you can charge GST on. You can find out the GST status of more than 500 (yes 500) food items via ATO’s detailed food list. Who would have thought? They also have handy flow chart to help you decide.
  • You can’t claim the GST paid on purchases if your supplier isn’t registered for GST. It goes beyond receiving a Tax Invoice with an ABN and a GST charge included – this isn’t proof that they are in fact registered. Use the ABN lookup tool to find out whether individual suppliers are registered for GST here: ABN Lookup Tool
  • Disposing of a capital asset eg vehicle, factory equipment? This is still a taxable sale, even if you sell to an individual and not another business. The sale will need to be reported at G1 Total Sales on your BAS. Trading in a car is usually considered a taxable sale as well, and will need to be reported on your BAS. More specific information can be found on the ATO website here:     GST and Motor Vehicles

Don’t forget that if you outsource your BAS preparation and lodgement to a bookkeeper, they must be a registered BAS Agent.  GST is a tax and bookkeepers must have the necessary qualifications, substantial hands-on experience and be continually refreshing their knowledge of GST law.

Are you registered for GST? What do you like/dislike about having to complete your own IAS or BAS?

 

You might also like these other posts with bookkeeping tips:

 

 

 

 

5 great business blogs you should be following

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In the 4 years I’ve been writing about bookkeeping on my website The Savvy Bookkeeping Blog I’ve learned a lot from reading other people’s posts on small business.

Here are some of my favourites that I’d recommend having a look at if you’re needing inspiration or tips to run a successful business.

 

Insanely Clever Marketing

https://insanelyclevermarketing.com/

Penelope is a fellow Adelaidian whose blog covers not only marketing, but also office design and style, as well as office fashion.

One of my favourite posts: Where the heck is your branding? Get it recognised now

 

Cath Cox

https://cathcox.com/

Cath runs her own massage practice in the U.S and I love this blog because it’s such an honest insight into running a business and what has and hasn’t worked well for her. Cath’s blog has tips on such things as handling your small business taxes, getting new customers and much more.

One of my favourite posts: How to show clients you love them

 

Adventures of a QBO Bookkeeper

https://qboadventures.com/

Jennie is a Canadian bookkeeper and has a tonne of great stuff on her blog including articles, small business app reviews and videos.   Jennie manages to make bookkeeping fun (what??).

One of her short videos:  What is cloud accounting Jennie – I don’t get it.

 

Steve J Bicknell

https://stevejbicknell.com/

Steve Bicknell is an accountant based in the U.K. and is very generous in the free content he makes available for readers.  If you are a business owner based in the U.K. you are going to get a lot out of this blog.

One of my favourites posts: Do you want to work for yourself?

 

Colin Sander

https://colinsander.wordpress.com/

Colin is based in New Zealand and is the founder of Top Performers.  His focus is to “find ways for people and businesses to achieve more from less.” I particularly learn a lot from his sales-focused posts but there are lots of other areas he covers as well, including:  5 Tips to manage overload

 

All these bloggers regularly post content so you’ll always have something new to read – and in the true spirit of blogging they are extremely generous in the professional advice they give for free via their posts.

 

Happy reading…