Category Archives: Bookkeeping

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Stay On Top Of Your Books In The Hospitality And Retail Sectors

Anybody who owns or manages a hospitality or retail business knows how hard it is to stay on top of things like staffing, stock and payment systems — you’re always so busy just keeping the business ticking over. In the following, we highlight the accounting software tools that are available to lighten your load, keeping your books up-to-date and transparent with very little effort on your part.

Accounting Software

The most common issue we encounter with hospitality and retail clients is that there is very little reporting on stock, staff, and profit and loss statements. Rather, business owners and managers in these sectors tend to look at their bank account, and that’s it. This means there is a lack of management of cash flow, which can lead to big issues at tax time, not to mention running out of stock or being under-staffed.

The solution to the above is as easy as investing in an accounting software system, such as Xero, MYOB or Quickbooks. Each system can generate reports on staffing, stock, and payments, and reconcile your books automatically. These systems allow small businesses to keep up-to-date with what’s coming in and going out in real time, giving owners and managers the ability to make informed decisions about staff, stock, and expenditure.

Payment Systems

On top of the above accounting software, there is a range of plugins available that provide specialised oversight and automation of separate aspects of the retail and hospitality sector.

One such plugin is Tyro, which we highly recommend for payments, due to its simplicity and competitive pricing and its ability to integrate with your payment system.

Tyro provides both hospitality and retail businesses with tailored and flexible solutions that recognise the specific needs and variations of each sector. For example, Tyro caters for everything from cafes to bars, to accommodation and retail liquor outlets within the hospitality industry. In terms of retail, Tyro is flexible enough to provide payment solutions to any kind of business, whether it’s a service such as hairdressing, a food store, or a fashion outlet.

Point of Sale

There are a number of other point of sale (POS) systems on the market, many of which target specific industries. Of these, there are three that we would recommend in particular, given their state-of-the-art features, flexibility and integration capabilities.

For retail businesses, we’d encourage you to take a look at Vend. This solution prides itself on being a comprehensive POS system that combines highly advanced technology with ease-of-use. To give you an idea of Vend’s capabilities, here are just two its standout features:

  • Sign in from anywhere at any time: Vend is based in the cloud, so you can sign in and work from anywhere on the globe, easily accessing your sales data, products and reports, even when you’re on your well-earned holiday!
  • Keep selling when the internet goes down: Vend continues to work even when it’s offline and re-syncs your data as soon as the internet comes back on, so you’re never faced with losing a sale or the uncomfortable situation of having to turn customers away.

For hospitality businesses, there are two POS systems that we think offer excellent features and flexibility for cafes, bars, restaurants, accommodation and all things in between. These are:

  • Kounta: A one-stop shop for everything POS for hospitality businesses, featuring the ability for you to customise the system to your exact needs, down to the most minute detail.
  • Square: Not only was Square one of the first POS systems to accept chip and cardless payments, it comes with the free Square POS App that gives you the tools to run every aspect of your hospitality business through your payment software.

If you have any questions about the software solutions mentioned above please get in touch with us at 360 Accounting. We have worked with small businesses in the hospitality and retail space for years and understand your unique challenges.

Book in for your free consultation today!

 

 

 


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4 Things Le Tour De France And Your Accountant Have in Common

You might not immediately think that the most famous cycling race in the world and your accountant have much in common, but we’re here to show you the similarities and how these can benefit your business.

Le Tour De France, Dinard, Brittany, France

  1. Like elite cyclists, accountants train every day
    Not only do accountants have to keep up with constant changes in small business tax and financial obligations, we are always on the look out for the best solutions for our clients. This means we are committed to training on a daily basis, including keeping up-to-date with the latest accounting apps and platforms and how they might improve our ability to provide the best financial advice and services to our clients. Add to this the yearly professional development requirements for CPAs, and you can be assured your accountant is not only fighting fit but also mentally prepared for the challenges ahead.
  2. Accountants are in it for the long haul
    No one takes on Le Tour De France unless they’re committed to seeing it through until the end. The same goes for accountants and our relationship with the businesses we work with. Once we’ve hit the road, we are there beside you through all the twists and turns of a small business, helping you adapt to changing circumstances, taking on the burden of your business bookkeeping, and providing sound financial advice for the long-term. We are committed to seeing that your business not only survives but thrives.
  3. All the best cyclists have a Plan B, and so do we
    Those who follow Le Tour De France know there’s always something that can go wrong that can’t be predicted – the infamous case in 1999, for example, when a photographer jumped out in front of Italian Giuseppe Guerini, who was leading the Alpine climb stage of the race. While the crash wasn’t the most horrific of all time, it does show how even the best can be derailed by the unpredictable. Business accountants are here to prevent the ‘crash’ and get your business back on the road with the minimum of fuss – we always have a Plan B to assist you in dealing with hiccups, such as late payments or cash flow issues. Like Giuseppe Guerini, who went on to win the stage following his encounter with the photographer, your accountant is here to get you back on track and feeling confident in your business again.
  4. Knowing when to leave it to the professionals
    How is this related to Le Tour De France, you might ask. Well, all professional cyclists start out as amateurs and have to learn the ropes from the professionals – a grueling lifestyle by all accounts, and one that only a handful make it through to compete at an international level. The parallel here is, you may be a small business owner, but that doesn’t make you an expert on small business tax or GST or bookkeeping. This is because you are the expert in your industry, which is what you should be focusing on – the day-to-day running of the business. Knowing when to hand over your financials to an accountant is key to a successful small business plan. It may be at the point you need to register for GST, or as your staff, locations and customers grow, or when you need to find ways to reduce your tax liabilities. Whatever stage it is that you find yourself feeling hemmed in by your financial obligations or the demands of growing your business is the time to hand it over to the professionals. After all, business accountants are the elite cyclists of the world of small business financial advice!

If you are at the beginning of your race or reaching your goals around a finish line now might be the right time to book in a free consultation. We are excited to help you on your race of a lifetime!


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Do You Owe Payroll Taxes On Your Contractors or Subcontractors?

Category : Accounting , Bookkeeping , Payoll

There are lots of things to consider as the end of the financial year gets closer. Especially for dynamic businesses where staffing can take a variety of forms.

Contractor or subcontractors are important during busy periods or to cover staff when they are away or ill. Sometimes the line between contract and full-time employment can get blurred.

There are different rules for each state around what constitutes permanent employment. There are some key questions to use as a guide to understanding when a contractor or subcontractor starts looking like a full-time staff member according to employment law.

This can become a grey area, take the quiz below to help you gain clarity!


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Single Touch Payroll (STP) – An ATO initiative to simplify your payroll system

What is Single Touch Payroll?

Single Touch Payroll is a Pivotal moment for both ATO and Employers. It is the biggest payroll reporting change in Australian history for all Employers. STP is a method of reporting Payroll data electronically to the ATO. It will enable employers to report payments such as wages and salaries, PAYG Withholding and Super Information directly to the ATO at the same time when employees are being paid.

Who is affected?

  • STP reporting framework will be mandatory from 1st July 2018 for Business with 20 or more employees. It is important to note that Employer needs to do a headcount by April 1st 2018 to determine if they have 20 or more employees.
  • STP is optional for employers with 19 or less employees as it is not required at this stage, but they can report voluntarily by using updated payroll software.
  • Employers with 19 or less employees have another year to prepare, however from 1st July 2019 employers will need to Start Reporting through STP. This will be subject to Legislation being passed in Parliament.

STP TIMELINE:

To know more about STP and how it may impact your business contact us on 1300 360 749 or click here for contacting a consultant.

 


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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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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.