Things Every Business Owner Should Know About Their Bookkeeping And Finances
As a business owner, it’s likely that there’s a lot on your plate besides your bookkeeping and business finances.
You’re busy managing customers, keeping up with your marketing and doing the day-to-day tasks involved in running your business. And, when you’re wearing all the hats, it can be tough to find the time to sort out your numbers and manage your cash flow (especially if numbers aren’t your thing).
However, the reality is that there are some core things you need to know about your bookkeeping and finances, to ensure your business is compliant and profitable.
To help you narrow down where to prioritise your precious time and headspace, we’ve put together some of the bookkeeping essentials you need to know.
1. Simplify your bookkeeping: keep business and personal accounts separate
Whilst it can be tempting to mix your personal and business finances together, it’s important to separate them from day one.
Why?
Firstly, for some business structures having separate business accounts is compulsory.
Secondly, as your business grows it will become increasingly difficult to accurately track your business income and expenses, leading to headaches and potentially costly mistakes at tax time.
Once you have separate accounts for your business finances, make sure to keep records of every transaction that happens within your business (including keeping records of all receipts and invoices).
2. Use a bookkeeping process to track your business expenses
In the early days of your business, it may feel difficult to predict exactly what your expenses will be. However, spending some time recording each expense you know (or can anticipate) will help you to understand your running costs, and keep track of your tax deductible expenses.
Many of the day-to-day costs involved in generating income and running your business are tax deductible. However, purchases that are just for you, or are only partially used by the business, can’t be claimed or claimed in full.
If you’re unsure about the expenses that are appropriate to claim, you can find out more information from the Australian Taxation Office, or an accounting or bookkeeping professional.
3. Structure your business finances to account for tax payments
As a business owner, you’re responsible for paying tax on your business earnings. It’s important to budget a portion of your income towards tax expenses to avoid expensive surprises at the end of the financial year.
Depending on what is right for your business situation and the tax bracket that you sit within, putting aside a percentage of each sale into a separate ‘tax payment’ account means you avoid the stress of trying to come up with the money when your tax bill is due.
4. Know the basics of bookkeeping and business finances
Even if you decide to use an automated accounting software or outsource your bookkeeping to a professional, it’s still helpful to understand the basics.
Whilst professional support can reduce your risk of running into tax problems, it’s always best if you also understand the basics of your tax obligations.
There’s plenty of resources online covering different business structures and their legal obligations. The information relevant to you and your business will depend on whether you’re registered for GST, paying corporation tax, and the structure of your business. For example, registered companies have different taxation rules to sole traders or partnership structures.
Having a basic understanding of the tax rules that relate to your business could save you from serious fines and penalties.
5. Regularly review your financial reports
Whether you keep manual records or use cloud-based accounting software, make sure you have a way to run reports that can give you a clear snapshot of your finances at any point in time.
Running bookkeeping reports monthly ensures all outstanding customer invoices are paid, and any gaps in your records are addressed.
You might also want to run in-depth reports at the end of each quarter to identify growth or loss trends in sales, follow up on outstanding money you’re owed, and gain valuable data that can inform your business plan and goals for the next quarter.
6. Outsource to a professional bookkeeping services professional
Managing your bookkeeping and business finances is crucial to the health and compliance of your business.
Yet, it’s also time intensive and there’s a lot of complex information to understand. That’s why many business owners choose to invest in experts to manage their business bookkeeping.
Bookkeeping professionals live and breathe everything business finances, and thanks to the help of automation tools their services are often more affordable than you might think.
Outsourcing to an experienced bookkeeper can offer several benefits, including:
- Freeing up your time and energy to focus on what you do best
- Ensuring your books are always up to date and organised
- Meeting all compliance requirements, including BAS and tax obligations
- Peace of mind knowing that your business finances are in experienced hands.
7. Get professional help
If you’re ready to streamline your bookkeeping and finances, finding the right fit in business bookkeeping services can be a game changer.
Maree’s Mobile Bookkeeping provides a complete Bookkeeping, BAS Lodgement and Payroll Service for small business owners. As we work virtually, we service business owners from anywhere in Australia. From bookkeeping services through to payroll services, we’re here to help you take control of your bookkeeping and compliance functions so that you can focus on growing your business.
To find out more about how a professional bookkeeping service can save you time and money, phone Maree today on 0429 363 047.
Why Payroll Is Critical To Get Right
Payroll, or the process of managing employee wage payments, is a critical task for all businesses to get right.
As a small business owner, it’s likely that you’re currently handling payroll yourself, but as your team grows, investing in professional payroll services will save you a lot of time and help you avoid the unexpected costs and hefty penalties that come with getting your payroll wrong.
In this article, we explain the essentials any business owner needs to know about payroll.
1. The critical role payroll plays in your business
If there’s one area of your business to get right, it’s payroll.
Not processing payroll correctly can affect the morale and trust of your employees, who are relying on reliable and timely access to their wages.
Payroll errors can also impact your compliance and have a negative impact on your business’ reputation and financial stability.
2. So, what does payroll compliance mean?
As outlined by government regulations, a business meets payroll compliance by:
- Making accurate payments and deductions to its employees
- Providing employees with a detailed payslip showing the minimum requirements as outlined by the Fair Work Australia laws
- File and pay withholding taxes on time to the Australian Tax Office (ATO)
- For larger businesses: file and pay payroll tax to the relevant state authorities on time
- File and report STP to the Tax Office on time
- Pay other deductions – such as superannuation contributions by the due dates
- Keep payroll records for at least seven years.
3. Common mistakes to avoid when processing your payroll
Doing payroll to the level required these days can be complicated and time consuming, especially if you’re not a trained payroll services professional.
With so many legal requirements to keep track of, we often see the same payroll mistakes happening, including:
Incorrect wage payments
As an employer, you’re responsible for ensuring that your employees receive the correct wage payments, including all relevant entitlements under their award or employment agreement. This includes any overtime, penalty rates and allowances.
You can find comprehensive information about pay rates and entitlements via the Fair Work Australia website, including their pay calculator.
Incorrect leave accruals
This often occurs when a new employee is set up in the system.
When setting up your employees, remember that leave accrual only applies to full time and part time employees and part time employees need to be set up with pro-rata leave entitlements.
One other step to prioritise is ticking the option for annual leave to be paid out upon employee termination – this will ensure the final payslip calculates the leave owed.
Incorrect or late superannuation payments
Including:
- Incorrectly calculating super or missing key situations where super is payable, such as for contractors, people under 18, and sometimes for shift loadings and leave loading
- Not setting up a default employer super fund (or sometimes setting one up but having the incorrect type)
- And, not paying superannuation by the quarterly due date.
Being clear on these steps, or investing in a payroll services professional, can help you avoid some of the most common payroll mistakes.
4. What happens when you make a payroll mistake?
Payroll is such a critical process for businesses to get right, and unfortunately the consequences for payroll mistakes can be both costly and have a negative impact on your business, including:
- Being audited by the ATO
- Receiving penalties and paying interest for superannuation underpayment
- Receiving penalties and paying interest for late superannuation payments
- Issues with cash flow due to incorrect employee wage payments and trying to catch up by paying them back pay
- Fines from Fair Work Inspectors.
5. How to reduce payroll errors and set yourself up for clear and efficient payroll processing
If you’re feeling a bit daunted by all there is to know and get right with your payroll, these simple tips can help to streamline the process for you.
Payroll processing tips:
- Before you start your payroll processing, it’s essential to make sure you have all the necessary documentation and details prepared and readily available. Taking some time to do this first can save on costly mistakes
- Setting up a system that tracks all the payroll hours worked will give you clarity and confidence that all employees are paid accurate and timely wages
- And last but not least, make sure you clearly communicate wage details with each of your employees so they know how much they will be paid and when to expect their paycheck.
6. How outsourcing payroll to a payroll services professional benefits businesses
With payroll playing such a critical role in the health of your business (and being a time-intensive activity), many business owners choose to invest in experts to manage their payroll.
Because payroll service providers live and breathe payroll (and thanks to the help of automation tools), their services are often more affordable than you might think.
This can be a great investment in healthy payroll, and can give you more time back to do what you do best and the peace of mind of knowing that your payroll is in experienced hands.
Depending on who you choose, many payroll professionals can support you with:
- Working out pay (including benefits and reimbursements)
- Deducting employee income taxes
- Sorting out other deductions such as retirement contributions
- Paying employees
- Maintaining your payroll records, and
- Filing taxes with the ATO.
7. Get professional help
So, if you’re ready to spend less time worrying about whether your payroll is accurate, finding the right fit payroll services support can be a game changer.
Maree’s Mobile Bookkeeping provides a complete Bookkeeping, BAS Lodgement and Payroll Service for small business owners. As we work virtually, we service business owners from anywhere in Australia. From bookkeeping services through to payroll services, we’re here to help you take control of your bookkeeping and compliance functions so that you can focus on growing your business.
To find out more about how a professional bookkeeping service can save you time and money, phone Maree today on 0429 363 047.
Why The New Financial Year Is Always The Best Time To Get Your Finances And Bookkeeping In Order
The new financial year is always the best time to get your finances and bookkeeping in order. In this article, we explain what bookkeeping things you need to consider for the new financial year.
1. Ditch The Spreadsheets And Get The Right Bookkeeping App
One of the main reasons some businesses fail is because they don’t have a good bookkeeping system. With the right bookkeeping, you’ll receive enough warning if it looks like your business might run out of cash.
Using the latest bookkeeping software is the most efficient choice. The most popular bookkeeping apps include Xero, MYOB and Quickbooks, which you can trial each one for free and see what works better for you.
The new financial year is the perfect time to switch to a bookkeeping app so by the time this financial year is over, you’ll have a full financial year worth of data.
2. Make Sure Your GST And Other Registrations Are In Order
The new financial year is a good time to assess if you need to register for GST.
You must register for GST if:
- Your business has a GST turnover of $75,000 or more
- You provide taxi or limousine travel (including ride-sourcing services like Uber, GoCatch, Didi or OLA) regardless of your GST turnover
- You want to claim fuel tax credits for your business, regardless of your GST turnover
Other registrations you may need include:
- Tax File Number (if you’re operating as a partnership, trust or company) – required
- Australian business number (ABN) – recommended
- Pay as you go (PAYG) withholding – required if you employ staff
- Payroll tax – required in certain circumstances
- Fringe benefits tax (FBT) – required in certain circumstances
3. Get Your Bookkeeping Processes In Order
Do your bookkeeping weekly no matter how busy you are. If you genuinely cannot keep up, you are far better off to outsource the bookkeeping to a professional to keep on top of.
Regular bookkeeping means that your BAS preparation and lodgment will be much easier to keep on top of too. Make note of the BAS lodgment and payment due dates and pop these into your calendar so you won’t forget to lodge on time: https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Due-dates-for-lodging-and-paying-your-BAS/
Your financial reports are only useful if your bookkeeping is up to date and accurate, so don’t let this get out of hand. Make sure your bookkeeping is done weekly (minimum) so you can see the financial state of your business at a glance.
4. Review Your Financial Reports Regularly
It’s important to keep a close eye on your business performance. Good accounting software will let you quickly generate useful reports, such as:
- Profit and Loss Reports – these show your company’s income, expenses and profits over time.
- Balance Sheet Reports – these show assets, liabilities and equity
- Accounts Payable and Accounts Receivable Reports – these show how much money is owed by, and to, your company.
5. Keep Your Business And Your Personal Finances Separate
This is essential if you want to understand your business cash flow and forecast how it might change. Mixing your business and personal finances can leave you uncertain about business performance. If you continue to combine your personal and business transactions, you’ll end up doing unnecessary bookkeeping for your personal transactions, as these still need to be processed in order to balance your bank account at month-end.
6. Get Your Cash Flow In Order And Build A Cash Reserve
Access to cash will make or break your business. The ultimate step to managing cash flow like a pro is to build a cash reserve. A cash reserve provides the cushion you need to manage unexpected events. It also gives you the confidence and finances you need to grow your business. It’s not always possible to build a large cash reserve. But if you do, it can insulate you from the economic cycle and the whims of banks and other lenders. It will also let you take advantage of opportunities when they present themselves.
7. Get Professional Help
Doing bookkeeping and payroll to the level required these days can be complicated and time-consuming. Plus there are a lot of legal requirements, which means there are serious risks to getting things wrong. For these reasons, many business owners prefer to leave it to the experts. It can free up their time and give them extra peace of mind.
In addition, professional bookkeeping services providers are often able to do your bookkeeping at a lower cost than you may realise, as they use software to automate many of the tasks involved.
Expert bookkeeping and payroll services are worth their weight in gold. When you find the right outsourced bookkeeping and payroll service, you’ll spend less time thinking about your bookkeeping and more time doing what you do best – running and growing your business!
Maree’s Mobile Bookkeeping provides a complete Bookkeeping, BAS Lodgement and Payroll Service for small business owners. As we work virtually, we service business owners from anywhere in Australia. From bookkeeping services through to payroll services, we’re here to help you take control of your bookkeeping and compliance functions so that you can focus on growing your business.
To find out more about how a professional bookkeeping service can save you time and money, phone Maree today on 0429 363 047.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
The Countdown to EOFY
Here are some Key Dates for June for the countdown of EOFY
June 30th is EOFY. All new transactions from 1st July will then go into your FY22 books. The next month of the EOFY will focus on closing out the Quarter 4 obligations.
Key dates in July 2022
With your Quarter 4 reports completed, your EOFY calendar now shifts focus to annual reporting. Which means getting things ready for your Bookkeeper/Tax Agent.
Key dates in August 2022
Make sure you have your Financial Year 2021 books showing every transaction. Make copies of all receipts and invoices ready to give to your Bookkeeper/Tax Agent.
Key dates in September 2022
Make sure you have scheduled time with your Bookkeeper/Tax Agent to work on your return. As end of EOFY could end up costly, if your documentation isn’t in order.
Remember the best thing to do is outsource your Bookkeeping to me, so everything is in order to the lead up of EOFY and also into the new financial year.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
EOFY checklist for businesses
We are getting to the pointy end of EOFY.
This is an opportune time to get everything organised, here are some handy tips
- Review recordkeeping processes
- Check your Business Activity Statement
- Prepare a Taxable Payments Annual Report (if relevant)
- Finalise payroll and superannuation obligations
- Taking stock: inventory, assets and liabilities
- Complete reconciliations for FY21/22
- Prepare for FY22/23
If this sounds all too much, give me a call direct today on 0429 363 047.
I can definitely help you with preparation of EOFY.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
Have you completed your TAX return or are you putting it off in the too hard basket?
Are you like many people out there thinking, oh I can leave it to next year to do my Tax Return, but you keep putting it off? I hear this all the time. I realise time is precious and it certainly is with the way the world has been in the last 18 months, but you should never put off doing your Tax Return.
You may have employees?
You may be behind in your BAS?
You may be behind in general with all your paperwork.
That’s where Maree can come in, she can pick up where you are, finish everything and do assist with your Tax to submit.
Doesn’t that sound pretty good?
If this is you, then give Maree a call today.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
EOFY is approaching – are you ready?
Mmmm that question has made many people a little nervous this year.
I am not sure why, I think with the turbulent year of COVID and businesses being in lockdown and reopening, many people haven’t kept an eye on the expenses or they have been so busy because COVID brought more work into their business, they are way behind in their books.
EOFY is an extremely important time of the year for any business. Not only that you must have everything up to date, but it’s a good time to reflect on the past 12 months and look at how your business faired.
Many people will be worried because COVID had an impact on many businesses, some failed and had to close or they had to stand down employees, other businesses had the oppositive effect and had to put on staff to cope with the increased amount of business.
Either way, EOFY is only a few months away and now more then ever is the time when you need to outsource your bookkeeping to a qualified bookkeeper. Someone that can take that pressure off you or even just to answer a question you may have.
Many regulations and changes are taking place and Jobkeeper will be finished at the end of March. Please don’t hesitate to give me a call now and let me get you organised and up to date for EOFY.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket and saves you time to work in/on your business this makes good financial sense!!
Have you accessed your Superannuation during this COVID-19 Crisis?
For many business owners, both large and small, during the COVID-19 Crisis, many have accessed their Superannuation during the COVID-19 Crisis.
It has actually been a necessity for many to help them keep their cashflow going and keep the business and their staff afloat so they can continue.
Even though on both sides of parliament, they were not happy for the Government to allow the access of $10,000 in the current Financial Year and another $10,000 in the New Financial year to be accessible, but it truly has been a bonus for many businesses who are trying to keep staff on, keep stock coming in to sell and for others, just to purely survive.
If you are one of those businesses out there, you are not alone.
Personally, I do hope businesses are using that superannuation to good use and they are able to obtain a ROI if and when they access and use this money.
In the large scheme of things, we normally are never allowed to touch this money until retirement, but in the current economic climate we are in, I can see why the Government has allowed this and tax free too for those that have funds available to access and use.
Not that I am a financial planner, but if you have any questions relating to access to your superannuation or want to know more how you can use this money effectively and efficiently when it comes to Bookkeeping, then please do not hesitate to contact me anytime.
Maree Punzet
Maree’s Mobile Bookkeeping | Over 20 years Bookkeeping experience | Qualified BAS Agent
M: 0429 363 047
www.mareesmobilebookkeeping.com.au
Don’t market yourself as a Bookkeeper, unless you are qualified
As a qualified Bookkeeper, with over 20 plus years’ experience and also a qualified BAS agent, it makes it difficult to see so many business people market themselves as a Bookkeeper, when they are not qualified.
Firstly, it’s false advertising and I see many Virtual Assistants and Consultants that advertise as another service they provide is bookkeeping. Bookkeeping isn’t just a side service offered to clients. Bookkeepers in this profession have spent years crafting their business, years of study, years of completing courses and updating their skills on a yearly basis, this is all part of the Bookkeeping Industry.
We cannot just advertise and never do anymore study on a yearly basis, because in this industry, you must keep up with the ever-changing rules and regulations and new software.
When I see people advertise they do bookkeeping, it’s not just data entry we do and that’s it, there is so much more and way more behind the scenes work we do.
So if you do outsource your work to someone that mentions they do Bookkeeping, make sure you actually see their qualifications because I would hate to see business owners learning down the track that an amateur, someone that hasn’t a clue about the ins and outs of the bookkeeping industry to be looking at your books, paying your staff, because as the old saying goes, ‘you pay peanuts, you get monkeys’.
If you are looking for a Bookkeeper that is highly experienced and easy to work with, then please give me a call, my details are below.
Maree Punzet
Maree’s Mobile Bookkeeping | Over 20 years Bookkeeping experience | Qualified BAS Agent
M: 0429 363 047
www.mareesmobilebookkeeping.com.au
It’s that time of year again, EOFY, let Maree take care of you and your business.
Let Maree take care of you and your business.
Ask her anything about EOFY, tax, Job keeper or Job seeker packages, anything, she is your go too lady.
Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047
Job keeper Package – have you enrolled/applied yet?
Many businesses have still not enrolled or yet applied for the Job Keeper package.
Some reasons why they haven’t:
a) They did not have a downturn in business in March/April 2020, but some of those businesses have not re-checked for May, or have just assumed that there earnings have not changed.
b) Don’t miss out on the Job keeper package, if you think it’s too late to apply, because it isn’t
Contact Maree and she will help you and check if you are eligible or not.
Maree’s Mobile Bookkeeping
0429 363 049
www.mareesmobilebookkeeping.com.au
Working in collaboration = All your EOFY needs under one roof
As a business owner myself and a qualified BAS agent and Bookkeeper of over 20 years, I work closely with Peter from Peter’s Tax and Accounting and we work hand in hand with Tax Returns and end to end year work between us both.
We have worked together now for many years and we have a great referral business between both of us. As some work is more bookkeeping and other work is more of Tax compliancy.
Working in collaboration with another experienced business owner not only helps me but helps Peter as well. Peter is a Chartered Accountant as I am a qualified Bookkeeper and BAS Agent, so we work on many clients returns, end of year work, BAS, reconciliation, STP, reporting, payroll.
We are both individual businesses and we both have separate clients to one another, but many times we have clients that we both look under, so you have basically two qualified businesses helping you under the one roof.
I must say it’s been a pleasure working in collaboration with Peter all these years and it’s always great to have someone else to speak to and ask questions too.
If you need any assistance with your TAX, EOFY, financials, please do not hesitate to give me a call.
Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047
www.mareesmobilebookkeeping.com.au
EOFY Preparation: Are your books up to date, it’s TAX TIME….
Are your books up to date?
I can see you there, shaking your head.
Was that a NO?
Well aren’t you glad you came across this post and found me.
I’ve been helping so many business owners and I know how hard it can be to keep on top of things when it comes to your books and tax time.
So if this is you, give me a call, there is no cost to you to just call me and have a quick chat and see where you are at. I offer hourly rates and packages to suit all budgets and client needs.
If you don’t want the hassle in getting your books up to date, then throw it over here and let me take care of it all.
Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047
www.mareesmobilebookkeeping.com.au
Single Touch Payroll became compulsory in July 2019, have you reported your wages through STP this year?
Have you been reporting your wages through STP this year?
If not it’s not too late to outsource your payroll to Maree.
Most people think this Single Touch Payroll is quite easy, but it really isn’t. Have a read from the ATO website below of the different options when it comes to STP.
There will be no group certificates/payment summaries this year, all payroll will need to have been reported to the ATO through single touch payroll.
If you need help with your Single touch payroll get in touch today
Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047
www.mareesmobilebookkeeping.com.au
Is Bookkeeping causing problems in your relationship?
I often chat to either a husband or wife, normally the husband who would prefer to outsource the bookkeeping instead of the wife/partner doing it, because it has caused some conflict or issues within the relationship.
It’s like the old adage, sometimes it is always better if an outside person, not related, not a friend takes care of things like bookkeeping, because as we all know, you should never mix business with pleasure.
Even though some of the best businesses in Australia are those of a husband and wife team, when it comes to bookkeeping, it’s a different story.
A lot of the time, whoever does the bookkeeping, would be better off utilizing that time better to work on the business instead of in it and if mistakes are made, there is nothing worse then blaming your wife or husband, girlfriend/boyfriend for something they may not know about or have done before.
I’ve worked in this industry for over 20 plus years and then some more and I can tell you the number of times I hear of a business needing to outsource because it’s actually affecting their relationship and causing arguments and stress. Just don’t do it, save your marriage, save your relationship and call me, Maree Punzet, from Maree’s Mobile Bookkeeping on 0429 363 047.
Maree Punzet
Maree’s Mobile Bookkeeping
www.mareesmobilebookkeeping.com.au
0429 363 047
Should You Put Your Prices on Your Bookkeeping Business Website?
Ok, I’ve seen this question come up heaps on social media platforms and personally for me, my answer is YES.
You know why….most clients when they initially speak to me ask me what do I do, how can I help them and how much?
How much is sometimes the first question they ask if they haven’t look at my website. So why wouldn’t you put your pricing on your website. It shows transparency, it gives the client the ability to see what your packages and pricing are and if it suits them and within budget, then they will call.
I am not sure why Bookkeepers wouldn’t put their pricing on their website. It doesn’t make sense to me.
I understand with other industries you sometimes can’t cost a job unless you go out and see it, but for bookkeeping, when I do BAS reporting or bank reconciliations or data entry etc, I have a fixed price.
If you want to check out my prices further, please visit my website, see link below www.mareesmobilebookkeeping.com.au or call me on 0429 363 047
Maree Punzet
Maree’s Mobile Bookkeeping
www.mareesmobilebookkeeping.com.au
0429 363 047
Did you know changes from 1st March 2020 changes take effect to those on Annualised Salary Arrangements?
As from March 1st 2020 there are now changes being made to the way employers form and monitor employee salary arrangements.
In a nutshell they will affect employers who set off their wage rates against modern award entitlements, this is a great link which shows which awards are being affected.
So if you have any questions about this, let me know.
Maree Punzet
Maree’s Mobile Bookkeeping
www.mareesmobilebookkeeping.com.au
0429 363 047
Have you heard about Australian Expats facing a tax slug?
Read more here: https://www.abc.net.au/news/2020-01-02/australian-expats-face-tax-slug-cgt-main-residence-exemption/11836094 but in a nutshell those living overseas have until the end of June 2020 to sell their homes if they want to avoid big capital gains tax bills.
With many Australian’s living abroad for work have in the past been able to claim capital gains tax (CGT) exemption on the family home as long as it was rented out for no more than six years at a time.
So is that you, are you someone that has been living abroad, or know of someone because this will affect them and we know tax time isn’t too far away.
If you want to know more, please contact me anytime on 0429 363 047.
Maree Punzet
Maree’s Mobile Bookkeeping
www.mareesmobilebookkeeping.com.au
Have you been making mistakes because you have been doing your own Bookkeeping?
What is the likelihood that you may have been doing your own bookkeeping, but on review, you have realized there are mistakes that you have made and have already lodged your return?
Boy oh Boy, I would be one rich lady with the amount of times I have heard a new client tell me they have been doing their own bookkeeping for years and have realized they may have been making many mistakes over that time, which probably has cost them a lot of money.
Then don’t do it.
Outsource today to Maree’s Mobile Bookkeeping.
If I was a plumber or electrician, I wouldn’t expect you to know how to do bookkeeping, no different I wouldn’t be able to fix my plumbing or electrics at home.
Only work on what you are good at.
I’m amazing at Bookkeeping and you are probably an amazing Plumber or Electrician.
So, throw over your bookkeeping to me today and let me sort it out and I’ll call you if I need an Electrician or Plumber!!!
Maree’s Mobile Bookkeeping.
www.mareesmobilebookkeeping.com.au | 0429 363 047
Can you claim your bookkeeping fees at tax
Ok, you might think this is a simple question, but yes you can definitely claim your bookkeeping fees at tax time.
It’s an expense which of course is related to your business.
Yes they can claim their bookkeeping fees 100% just like there accounting fees and for me for eg as GST registered if the client is to they can claim back the GST of their fees each quarter.
So why wouldn’t you outsource your bookkeeping to me, as a GST Registered BAS Agent, Bookkeeper these are all the little things I know, that many other business owners wouldn’t.
Bookkeeping isn’t simple, there is so much to learn and know and the regulations keep changing, so if you want to know what you can claim and cannot claim, then let me handle all your bookkeeping needs.
Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047
Only a few months away to EOFY, time to review your finances
How many of you have actually recently gone through your finances for the last few months? I’m not just talking how January 2020 was when it comes to profit/loss, but I’m talking about reviewing the last 6 months.
We are now in January, well February 2020, so we only theoretically have March/April/May and June, so really only another 4 months before the EOFY.
That’s right 4 months.
Have you been making a profit?
Have you paid your staff correctly?
Have you paid your suppliers?
Have you been paid?
That’s right, how many people owe you money, have you chased these businesses for your money?
That’s the thing, when we are in busy, we are wearing so many hats.
As a Bookkeeper and BAS agent, it’s my job to keep track of all this for you each month. Sometimes I do have to make that call and do debt collection on a businesses behalf.
So does this sound like you?
Are you behind in your books, do people owe you money,well if any of the above resonates with you, then give me a call on 0429 363 047.
Let me get you and your finances up to date so when EOFY comes, it’s all smooth sailing.
Maree Punzet
Maree’s Mobile Bookkeeping
www.mareesmobilebookkeeping.com.au
Maree’s Mobile Bookkeeping is a Virtual Bookkeeping business
Check out the link here.
https://www.youtube.com/watch?v=GFDD201HOxM&fbclid=IwAR2NoNqA-MEw8ixQNxiD4duy7xaLoO0xQFw8pVdJMWQ2OpE75Zlo85FQ6G4
So what does this all mean?
It means we can offer bookkeeping services to clients Australia-wide.
The internet, current technologies and cloud services all make this possible.
We maintain clientele in several Australian states even though we are NSW-based.
One of the main questions I am asked is:
How do I send you my Source Documents (for example Bank statements)?
We use various methods to receive bookkeeping documents. These include Dropbox, Google Drive, Email, MYOB Capture App and even snail mail.
What are the advantages of a virtual bookkeeper?
I save you time and money, allowing you to work on, not in, your business.
Business owners are very busy with employees to organise, orders to place, and projects to complete. The list is endless. Scheduling time to be in the office when the bookkeeper is coming is difficult.
Small business owners, operating a home-based business, may not want an employee in their home and family space.
An owner may work from a formal office which does not have space for another worker, desk and equipment.
Owners of a retail store, pub, or café may not have room for a physical office.
A mobile business is unlikely to have a physical office.
Many business owners feel it will be challenging to work with a virtual bookkeeper.
They think they need face to face contact so they can ask questions.
This is not true. Everyone works virtually (remotely) nowadays.
There are Skype and Zoom for face to face conference calls.
I am only a phone call or email away.
If this video / blog resonates with you and it’s something you have been thinking about for some time and wasn’t sure how it all works.
Call me to discuss how I can do your bookkeeping virtually.
Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047
Six crucial employee awards and legislative changes to look out for in 2020
This link is a great little article and worth reading.
‘From 1 January 2020, employers must pay super on an employee’s gross rate of pay – including on any salary they have sacrificed’
If you want to know more about this, please do not hesitate to contact me anytime on 0429 363 047.
Maree Punzet
Bookkeeper | Registered BAS Agent
www.mareesmobilebookkeeping.com.au
Only 6 months to EOFY
It might be only a few days short of Christmas, but we are actually mid-way throughout the Financial Year.
It’s only 6 months till EOFY, that’s right. Only 6 months!
I think people forget when June 30th comes around it’s the end of the Financial Year, not the 31st December.
Have you checked your paperwork recently, are you ready for EOFY, have you been entering data, coding correctly, keeping your BAS updated????
If not, then maybe it is time to outsource your bookkeeping.
Call today, Maree Punzet from Maree’s Mobile Booking
0429 363 047
Top 6 Bookkeeping Tips
