All Systems Go Bookkeeping » Small Business Tips

Start thinking about your 2013 tax planning

Michelle — Tue, 05 Mar 2013 11:40:09 +0000

Can you believe it is March already? 2013 is definatley underway. Believe it or not, it is also getting very close to the end of the Financial Year. Take the next month to have a good look at the financial position of your business. Make sure your bookkeeper has your accounts completely up to date so you can have an accurate picture of how your business is performing so far. April will be the perfect time to get your MYOB file off to your accountant so they can have a think about your tax planning for the 2012/2013 Financial Year. If you leave it until tax time to touch base with your accountant, it may be too late for them to have a look at the best way for you to be planning your finances.

Take ACTION and be in controll of your own finances!!!

Use the BASlink function in MYOB to report correctly to the ATO!!

AllSystemsGo — Tue, 14 Feb 2012 13:03:43 +0000

The BASlink function in MYOB is a useful tool to help you prepare your Business Activity Statement. However, it can also be a hindrance if your BASlink is not setup correctly, and this often leads to incorrect information being reported to the ATO.

If you are familiar with using the BASlink function, ensure that all of the “Setup” fields in the GST worksheet do not include the N-T code. This code should only be used in the Asset, Liability and Equity sections of your MYOB.

If, however, you feel that I have just been speaking to you in another language, and you would like some help with your BASlink setup so that you can report correctly to the ATO, contact All Systems Go to arrange a time to meet and discuss further.

What business deductions can I claim?

AllSystemsGo — Tue, 14 Feb 2012 12:56:25 +0000

The Australian Tax Office (ATO) website has some great information and tools for working out what expenses you can claim as business deductions. Here is a list of some expenses that are applicable to many small business:

Motor vehicle expenses
Business travel expenses
Capital allowances – plant and equipment depreciation
Salaries, wages and super
Losses
Expenses related to your home work area
Keeping good records

Your bookkeeper can help you work out which ones apply to your business.

If you would like more information visit the ATO website.

Reconciling Your Supplier’s Statements with MYOB

AllSystemsGo — Tue, 14 Feb 2012 12:52:29 +0000

It is easy in business to find your suppliers chasing you for payments that you believe have already made. This often happens when your MYOB creditors aren’t reconciled with your suppliers statements. Invoices can easily be lost in the mail or ‘filed’ in the bin or wrong place accidentally.

Check all your invoices off to your statement so that it is only necessary to make one payment and you can be confident it is correct. This also makes your MYOB profit and loss reporting correct. If the invoice hasn’t been entered profits can be overstated, otherwise known as you think you have more money to spend than you really do! It could be very easy for this to land you in avoidable trouble.

For more information contact All Systems Go Bookkeeping.

Roadtrip!!

AllSystemsGo — Tue, 14 Feb 2012 12:02:30 +0000

Planning your business journey.

Having your own business is like going on a road trip. You need to have a destination and know how you are going to get there…. in other words a business plan.

If you have ever jumped in your car and gone on a road trip you probably did at least a little planning: making sure you had petrol, snacks, music to listen to and an idea of where you were headed. But it was also about the journey, giving yourself time to stop an enjoy the views.

Running a business is much the same, it is important to keep your goals, not just in mind but, written on paper! Even if it is a post-it on the wall! Also remember why you got into business and make sure your plan includes time for you to enjoy the ride.

Even if your plan starts as a loose collection of ideas scribbled on blank paper and slowly works its way towards a more formal document - it is a good start!

Financial goals are an important part of any business plan and your bookkeeper can help ensure you set realistic and appropriate goals, then arm with you with the help to achieve them.

Contact All Systems Go for more information.