startups

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…

 

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Small business owners – Wages or Drawings?

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The issue of paying yourself money from your business can be confusing.

Technically, a Sole Trader cannot employ themselves. Money a sole trader takes out of the business for personal use is classified as “drawings” and is not considered wages for tax purposes. Drawings are not allowable deductions for the business.

Transactions that you record using the account Drawings are not reported in Activity Statements that are lodged with the Australian Taxation Office.

This is also the case for someone who has their business set up as a Partnership. At law, you cannot be an employee.

If your business is set up as a Company, you can be an employee of the company.  You can pay yourself wages and would therefore withhold PAYG withholding tax if your wages are above the tax free threshold.  Unlike drawings, wages are allowable deductions for the business.

Transactions that you record using your “Wages” accounts are also not reported in the “Goods & Services Tax” section of your Activity Statements – only the “PAYG tax withheld” section.

Because Drawings and Wages are both outside of the GST system the tax codes to use in your accounting software are as follows:

Xero = BAS Excluded

MYOB = N-T

Reckon Accounts = leave the tax code blank

 

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Happy bookkeeping…