Author Archives: pkikla

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Get Organised This Spring

 

 

Spring is here; time to get everything in order, including your books. Spring cleaning is not just about the garage, basement, or bedroom, but also about your business especially the record-keeping process. It does not matter what kind of business you run, bookkeeping can be a tedious messy task. It takes time and effort to make sure records are always up to date. Bookkeeping is not a one-time job – you must put yourself into it every single day to avoid discrepancies, variance, and other potential mistakes. Take this year’s spring cleaning occasion to also address possible issues with your bookkeeping process. Here are some things you can do as a start.

 

  1. Review the recent tax year: it is never too late to tie up some loose ends. Make time to record income and expenditure for the previous tax year; you can do this by finding all business receipts and invoices. If you have not done so, make this a priority. Look for the records everywhere around your desk: drawers, purses, bags, and even your pockets. Record everything you can find on an accounting software or spreadsheet. 
  1. Review your expenses: spring cleaning your books also involves the elimination process of ineffective expenditures. Take a second look at your bank statements as well as all services, subscriptions, or memberships that cost you money. In the event you find one or two services which give no benefits whatsoever, cancel them at once. 
  1. Set up separate bank accounts: using a single bank account for personal and business can make things go wayward pretty easily. It may not be a problem if your personal transactions are limited, but that would not be the case in most situations. Separate business bank account, allows you to keep a check on business-related transactions.

We at 360 Accounting Services are here to help you get organised; get in touch with us by phone 1300 360 749 or by completing the enquiry form here 


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4 Important Tips to Improve Restaurant Business

Category : Accounting , Bookkeeping , Xero

A busy restaurant is hard to manage financially. A restaurant can face a lot of problems in sales, employees and customers. It is important to have bookkeeping of the financial records and manage all the things. With bad financial management your restaurant can go in a loss, even if you are getting a lot of customers in your restaurant or a café.
Here are Important 4 tips that can be useful to manage your restaurant.

1: Manage Cash flow

Cash flow has been always a big problem for restaurants and café businesses.  Poor cash flow can result in the failing of a business. Around 80% of the new restaurants and cafés loses their business because of poor cash flow. The key rule is to have money readily available to cover the urgent expenses. It is important to keep track of the cash flow throughout the year. After keeping track of the cash flow then you need to forecast the budget for your next month expenses and revenues. The previous records can also help in forecasting the cash flow. This forecast will give you an estimate on how to manage the expenses.

2: Organize Payroll

Payroll fluctuations is one of the biggest problems for restaurant business. Employees can join and leave a restaurant which can cause fluctuation in the payroll. Other things such as increase or decrease in food items can also affect the payroll. Just like how you manage a cash flow, you can organize a payroll by using a budget system. Always set a budget before the start of a month or a year for your restaurants. Then record the financial data and analyze it. This will give you an idea on how a system is working and what items are more or less expensive. This will also give you an idea on how many people you can hire next year. You can also analyze the turnover in food costs and wages of the employees. It is important to keep an eye on the essential things in the restaurant, such as maintenance.

3: Have Cloud Accounting

It is a hectic job for small business owner to manage bookkeeping and accounting. Nobody wants to spend hours on bookkeeping. With technology improving day by day, moving your business to cloud is the best solution to manage the financial records. Cloud accounting offers services that can reduce the time of managing bills, invoices, salaries etc. This can be a good way to have a paperless office as everything works online. Cloud accounting offers an efficient and accurate business analysis.

4: Use Accounting Software

Accounting software’s can be one of the best solution for your business. Manual system is inefficient for a growing business. Accounting software can provide many services. It can manage financial records by automating repetitive tasks, which can help in payroll and reporting of the records. The software can efficiently perform tasks to of computing sales, salaries, profits and expenses. It can also perform other services depending on your requirements.

Call us on 1300 360 749 for all your bookkeeping needs


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EOFY Checklist for Small Businesses

Category : Accounting , Bookkeeping

 

With the financial year end approaching, your focus as business owner will have to be divided into two things: to keep the business running as usual, and preparing all documentations for tax time. EOFY accounting requires a lot of paperwork, below is overall checklist for EOFY accounting;

  • Payroll: in simple words, having your payroll documentation ready means you have it checked, reviewed, and updated. By the end of June, all payments for staff and employees should be recorded. As a business owner, you must understand that all employees’ PAYG summaries have to be lodged by July 14; the summary lists all the payments you have made and the amounts you withheld, so the employees can file their own tax returns accordingly.

  • Income: knowing your income for the current financial year allows you to see whether your sales have (or have not) met the targets/budget. Balance sheet must be reconciled so you understand your current position in the business. Comparing sales from previous years will help you understand the trends in your business.

  • COGS: Cost of Goods Sold, or more commonly referred to as COGS, is the cost attributable to production of goods sold by your business. If you are a manufacturer, this is basically the production cost which may include the cost of materials, labour, and even distribution. In general, COGS is the amount of money you spend to get the product in the first place until you sell it; therefore, it also covers indirect expenses for sales force as well. COGS data appears on income statement for you to calculate gross margin.

  • GST (Goods and Services Tax): for most goods and services, GST is at 10%. This regulation applies to most (not all) Australian businesses. If you are small business owner, chances are your company is subject to GST. The rule of thumb is that you need to collect GST from your customers (normally calculated as one-eleventh of actual sale price) and give it to ATO (Australian Taxation Office) every time you lodge BAS. Every business that has GST turnover of at least $75,000 or non-profit organization with at least $150,000 turn over must register for GST.

  • Stock or Inventory: assets and investments are considered inventory. Proper inventory check involves physical verification of quantities and conditions of all the assets and investments you have. The main purpose is to have accurate valuation and audit. It allows you to see what you need for the coming year and establish the stock turnover.

While EOFY can be daunting, it is an essential process that every business needs to undergo. It is all necessary to understand your current position in the market, financial strength you have, and make sure that you comply with the law. To better understand the EOFY accounting, contact 360 Accounting services on 1300 360 749 or fill in our Enquiry form.

 


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The Importance of Inventory Management for Small Retailers

Category : Uncategorized

Retail industry is one of the fastest growing segments of the economy, not only in developed countries but all over the world. The emergence of online stores has made it easier for anyone to get into the venture as well. Thanks to the Internet, it no longer takes as much money as it used to do for marketing and initial introductions of your brands. Despite all those seemingly easy starting steps, retail business remains a complex process that involves a whole bunch of meticulous management systems including inventory control. Here are 3 (among many) of the most important things to consider when starting a retailer business.

 

  • Social Media Campaign: the only way that you can do business is when people know about your company as well as the goods you sell. In the old days, it would take considerable amount of money to build a strong consumer base, but now it gets easier with social media. Almost all channels are available free of charge for examples Facebook, Twitter, YouTube, Instagram, and what have you. Every time you post information about your products, chances are your followers/subscribers/friends will get notified; it opens the doors for free marketing at a large scope especially if you’ve been active in social channels for a while. You can even attach a link that directs people to an official company page.

 

  • Proper Website Design: it does not matter if you run the retail business on your own, with a small team, or with hundreds of employees, keeping an active reputable online presence is crucial. A small retailer business may not have a lot of full-time employees to handle every aspect of the company, but at least a properly-designed website filled with quality product images and relevant contents demonstrate your professionalism in taking care of company and consumers. Well-designed website that allows visitors to browse or navigate easily through product categories also improves consumers’ satisfaction.

 

  • Inventory Management: one of the biggest challenges in retail business is keeping good inventory control. Stock management system helps you maintain steady flow of supply to fulfill market demands. Lack of items means your potential customers are forced to look for the products elsewhere, hence bolstering the competitors. Inventory managements basically tells you the exact number of items currently in stock, have been sold, and in delivery. In rare cases, it also allows you to track mysteriously missing items due to misplacement or even theft.

 

Inventory management is only one part of the entire accounting system in a retail business; it is as important as bookkeeping. Assuming you plan to start a retail business soon or have already been in the business for a while but need an improvement, please feel free to contact 360 Accounting Services on 1300 360 749 or fill the enquiry form on the website for free consultation.


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Your Accounting New Year’s Resolution

Category : Accounting , Bookkeeping , Services , Xero

Let us start by saying that everybody can be an entrepreneur. Starting a small business or even an online business is now getting easier thanks to the seemingly endless information and marketplace updates on the Internet. A lot of websites also offer free advises on how to get everything started regardless of your niche. The problem is that not everybody can be an accountant; some people are very good at building network, designing products, and marketing brands, but accounting is a whole different world. There is no flexibility in numbers, and every digit is fixed. Accounting has zero margin of error, and this is where online accounting comes to the rescue. The beginning of the year is always the perfect time to start implementing efficient accurate reliable online accounting service to your business, so Happy New Year and here are some resolution ideas.

1. Get organized: organizational system is one of very few things that always have room for improvement. No matter how organized your business is at current date, chances are you will still find a thing or two to tidy up. In terms of accounting, getting organized includes a lot of things including but not limited to bookkeeping and other financial records. Make sure they are up to date and properly categorized.

2. Embrace cloud-accounting: accounting software is like a saviour for businesses of all scales. However, software always has rooms for improvement regardless of how sophisticated they are. Frequent regular updates are necessary to keep up with new tax regulations and payroll. Late updates will make the financial records into a mess, and this is where cloud-accounting comes to the rescue. Cloud accounting reduces the hassles to a great extent. Certain application, such as Xero, offers cloud accounting with cross-platform integrations that allow you to access financial records in real-time on the go. You can even use smartphones to create invoice or integrate accounting package with POS/Rostering. All are digitized, continuously updated, processed, and stored in the cloud. You don’t even need to worry about accidental deletion as well since cloud backup always has you covered.

3. Proper financial report: business accounting helps you make better/more informed financial decisions regarding your company. It makes no sense to compile reports that are difficult to understand. The purpose of financial report is to give you a health check of the business and help you recognise the strength and weaknesses of the business. If it does need improvement, you also have to understand the right methods to achieve it.

Reliable Online Accounting Service

There are hundreds (if not thousands) of companies offering online accounting services in Australia.It can be headache to choose the right one to do the job. One thing to consider is their reputations and how long they’ve been in the business; that’s how you can see track records and whether the people working in the company are knowledgeable. To better understand of how proper online accounting services are done for business, contact us on 1300 360 749 or fill in our enquiry form


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Do You Know How to Use Online Accounting Software?

Category : Accounting , Bookkeeping , Services , Xero

Mann sucht Fehler am Computer

 

The accounting part of a small business may not be too overwhelming at first. As the business grows, however, it is unfortunately too easy to lose control of how much money your customers owe you and when to collect. Other business metrics such as payments, revenues, and salaries also play their roles to determine whether or not your business is scalable for future development. When everything is too complex to handle on your own, you may want to consider hiring an accountant. If you understand how to operate online accounting software, such as Xero and the alternatives, you will want to utilise those tools as well.

 

Accountants have always done the same things, but they do things quite differently these days. Instead of relying on pile after pile of receipts and other paperwork, modern accountants use online software to do their analysis on stock management, cash flow, prices, taxation, bank reconciliation, invoicing, and more. Good accounting software can also generate charts and tables, allowing you to understand your company’s financial situation more easily. The software basically compiles and generates detailed comprehensive reports concerning your company. Based on the reports, an accountant will be able to give their professional advices on how to develop your company in a financially-healthy way. One of the most recommended online accounting software for all those purposes is Xero. Similar to most software, Xero is only good when you know how to use it.

 

Let us put it this way: Photoshop is excellent software to manipulate images and photos with tons of options to alter almost every data contained in a file. It can also open and modify RAW files for more flexible editing. Photoshop is at its full potential when used by someone who understands how it works. The same thing applies to Xero.

 

You get deep accounting management tools from Xero. It can handle basic tasks flawlessly including but not limited to inventory management, payroll, purchase orders, bills payment, online quotes, financial reports, fixed assets, and even workplace pensions. For the vast majority of users, an exceptionally deep management tools also mean time consuming set-ups. You can always find every data eventually, but it can be time consuming if you are not familiar with how to navigate inside the software. Added with more than 160 currency options and different tax rates, Xero’s interface can be overwhelming for general users, but you can always ask for help from professionals.

 

If there is anyone you want to help utilise Xero for your business, it is going to be a Xero Certified Advisor. While Xero is designed to provide complete assistants for all your accounting needs, you do not want to mess around with your financial reports including tax and assets. At 360 Accounting Services, founded by a Xero Certified Advisor and Partner, you can focus on developing your business, knowing that your accounting department is in good hands. Call us on 1300 360 749 or contact us to book an appointment.


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Bookkeeper or An Accountant

Comparison.

 

Bookkeeping and accounting are inevitable practices in all business, even in small startups where the amount of financial transaction is still quite low. In fact, accountants and bookkeepers are the backbones of business development, ensuring that all incomes and expenses are manageable enough to allow for profitable ventures. With today’s modern technologies, particularly cloud computing and internet banking, small businesses have easy access to on-demand online bookkeeping and accounting services. For startups, such technologies eliminate the needs for hiring full-time accounting staffs without losing the benefits from professional financial supervisions. Bookkeeper and accountant handle different tasks; although their jobs can overlap each other’s, it is important for small business owners to understand what they need for efficient hiring.

 

Bookkeeping vs. Accounting

 

Although an accountant is actually qualified to do a bookkeeper’s jobs, both are stand-alone professions because they handle different tasks. A proper bookkeeping is essential for accountants to do their jobs; an accurate accounting is necessary so business owners can make informed business decisions.

 

As the name suggests, bookkeeping focuses mainly on keeping good records of all transactional activities by writing them down in a book/journal/ledger. A bookkeeper has the obligation to generate understandable financial data from all business transactions for examples purchases, incomes, debts, profits, and loss. Bookkeeper also handles invoices (submitting them and following up on them), making sure all employees file the right paperwork for payroll, and paying company’s bills.

 

Accounting covers much broader view. An accountant can analyze financial report to look for discrepancies and predict sales trends. An accountant can also handle tax-filing and end-of-year financial statement. Based on bookkeeping data, an accountant can act as Chief Financial Officer (CFO) and give invaluable advices that will impact long-term business strategies. For example, an accountant can offer professional analysis for potential business growth based on market trends and current financial conditions. In case your business needs to apply for a loan, an accountant is able to assist with documentations.

 

Good combination between accounting and bookkeeping opens the door for long-term financial success. They work together to make your business more accountable and scalable to achieve steady growth. At 360 Accounting Services, we offer not only professional bookkeeping services but also qualified accountants and Virtual CFO to help you oversee your current business and financial situations. Trends in the market and financial conditions are dynamic factors that affect your chance of success; 360 Accounting Services are dedicated to provide thorough review of your company so you can make well-informed educated business decisions.

 

To get the right help for your Bookkeeping/Accounting needs contact 360 Accounting services on 1300 360 749 or click here to book an appointment.


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No More Shoebox Accounting

Category : Services , Xero

Heap of paper sales receipts in a mound isolated on white background.

As the name suggests, shoebox accounting means the practice of keeping all receipts, both incomes and expenses, in a shoebox; in relation to bookkeeping, business owners or individuals expect to address everything at later date when the needs come. They think that by keeping all records in a shoebox, bookkeeping process will be much easier and quicker to complete. Such mentality is what keeps the business from growing at optimum rate; proper bookkeeping makes sure that every record of purchase is well accounted. In case something goes wrong, business owners will be able to address all issues accordingly in time.

 

It is understandable that not all business owners are good at bookkeeping. However, it does not mean that they should neglect the importance of financial accountability, regardless of how small or young their companies are. If you are a business owner and you don’t currently have the financial power to hire full-time bookkeeper, there is an online solution for that. Some providers offer affordable bookkeeping/accounting services so you can keep the cost low without reducing efficiency. Benefits of hiring online bookkeeper are as follows.

 

  • Efficient Accounting Cost: unlike full-time bookkeepers which come with monthly payroll, online bookkeeping is basically an on-demand service. You can ask for help anytime necessary depending on your needs. Some business owners hire such service when approaching the end of financial year for tax reporting purpose, but you are allowed to ask for assistance at any other time.

 

  • An expert behind your financial power: even if the bookkeeper is not always present at your office, you know that there is an expert to help you manage cash flow. For constant monitoring, of course you need to hire the service regularly; handling and reviewing fewer transactions will be easier and quicker.

 

  • Keep control of financial data: another advantage of online bookkeeping is that your data is saved on the cloud for future references. You can consider this a data backup. In case your computer is damaged beyond repair, your financial data remains intact.

 

  • Do what you do best: as the bookkeeping is handled by professional bookkeeper, you can focus on developing your companies and improving brand awareness. You have one less thing to worry about and more time to do what you do best.

 

Not all online bookkeeping services are created equal. With 360 Accounting Services, you have a complete set of bookkeeping and accounting supports in 5 major areas including General Bookkeeping & Financial Accounting, Payroll Management, Regulatory Lodgement & Compliance, Virtual CFO, and Training & Technical Support. Call us on 1300 360 749 or click here to send us a quick message.


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How a Remote Bookkeeper Benefits Your Business

Category : Services , Xero

Remote_Management

A bookkeeper is an essential part of any business. In large corporations with more than enough financial resources to hire a team of professionals, bookkeeping is handled by experienced highly-educated employees. In small to mid-sized companies, however, money can be scarce and all existing funds are used mainly for improving brand recognition and other marketing campaign. Remote bookkeepers are viable solutions in such circumstance; they focus on providing services online via cloud computing. Everything is still very efficient, but without full-time employment salary. Here is how a remote bookkeeper can help improve your business.

More Productivity at Lower Cost

 According to a study published by Harvard Business Review, home-workers actually showed better performance rate and faster job completion time. In a follow-up psychological survey, they also indicated substantially higher work satisfaction and less work exhaustion compared to their in-office counterparts.

A remote bookkeeper is not your full-time employee, and therefore you don’t need to spend on full-time salary and employee benefits; they even pay their own taxes. Most home-based bookkeepers charge by hourly-rate. They are not expensive because you can hire them only when you need additional workforce for examples during financial year-end when taxation and reports require tons of paperwork to complete. Since remote bookkeepers use their own computers, electricity, Internet connections, and all the necessary resources, you save money on furniture pieces and spaces as well.

Expertise and Flexibility

 Not all remote bookkeepers have the expertise and experience in handling complex financial reporting. This is why it is important to work only with established professionals. A well-known professional has worked with many different clients to earn his/her good reputation. In many cases, remote bookkeeping service is provided by a team rather than an individual. They don’t have specific work hours, meaning they can work anytime any day; because a team handles all the works, there is almost no vacation or call-in-sick days.

Data Backup

 The most overlooked benefit is data backup. When working with remote bookkeepers, all data are accessed online. You must upload all data to cloud storage for the bookkeepers to open and analyze. Whether or not you realize it, uploading data is mandatory. You backup all the important financial records in the cloud.

 

Last but not least, remote bookkeepers help you stay focus on what you do best. Many small business owners handle all tasks from marketing to accounting, but everything becomes more difficult as the business grows. You will get overwhelmed by daily bookkeeping tasks eventually, and leave the marketing aspect slightly abandoned. Hiring remote bookkeepers allows you to focus on developing your brands and business without the burdens of adding full-time employees.

 

To help you with your bookkeeping needs contact 360 Accounting services on 1300 360 749 or click here


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Online Accounting Software in Australia

Category : Services , Xero

Man Working in the Office Regarding Accounting

Every business, regardless of the goods and services offered, needs good bookkeeper professionals to make sure that all financial activities are properly recorded and organised. Compiling financial report is a major part of company activities in relation to revenues, loss, tax, and planning. Start-ups probably cannot afford to hire professional accountant, but there are always some reliable applications or online accounting software to help them manage. These are some of the best online accounting software or services that work seamlessly in accordance to Australian legislation.

 

  1. Xero

 

Xero is the giant in online accounting industry, not only in Australia but also many other countries. Mobile and desktop applications are available and compatible with all major operating systems including Mac, Windows, Android, and iOS. The real benefit is that you can access, process, and analyse data on-the-go as long as you have Internet connections. Advanced reconciliation process also allows for importing and categorising bank transactions at ease. All business financial activities including but not limited to recent banking, PayPal payment, and credit card expense can be imported and categorised too. Xero also offers comprehensive payroll management. Basic Xero package is available from $25 AUD per month.

 

  1. QuickBooks Online

 

All the basics of bookkeeping are covered very well by QuickBooks Online. Business owners can track and manage income, expenses, and profits with no hassle. The service also allows for processing of unlimited amount of invoices. All data are stored online and accessible from both mobile devices and desktop computers. Its cloud computing platform offers an excellent security protocol in the same level you get from modern banks. Apart from the comprehensive set of features, QuickBooks is also popular for its competitive price starting at $13.50 AUD per month.

 

  1. Saasu

 

The only reason that Saasu is not currently a mainstream accounting cloud accounting platform in Australia is that the company has not invested heavily on marketing. In terms of features, however, Saasu stands in the same level (if not higher) than any competitor in Australia. The service even provides international transactions management with over 50 foreign currencies. All transactions using foreign currency accounts will be automatically converted to local currency. There is an automatic scheduling for recurrent expense and sales, minimizing the possibility of human error in reporting. Smart bank fees are provided to perform reconciliation in more time-efficient manner. Invoices are customizable. You can set Saasu to prompt customers for payments and automatically enquire overdue accounts. Pricing starts at $15 per month.

 

  1. JCurve

 

The product of a home-grown Australian project, JCurve comes in two different packages: standard and advanced. For small to mid-sized business, the standard package is likely to cover all the basics of accounting related to invoices, statements, purchase orders, sales, accounts payable/receivable, and automatic reminders. Bank feeds are included in the standard package as well, and you can set it to download the statements on regular basis such as daily, weekly, etc. Credit card authorisation for both online and offline sales are available, too. The advanced package stretches the functionality to enterprise level with CRM, e-commerce, marketing, inventory, order managements, and more. Price starts at $49 AUD per month.