360 Accounting Services

ATO Small Business Super Clearing House is Changing -What You Need To Know

Mon, 20 Apr 2026 04:08:10 GMT

The Australian Taxation Office (ATO) has announced a significant change affecting how small businesses process employee superannuation contributions through its Small Business Super Clearing House (SBSCH).

Effective 30 June 2026, the ATO will cease providing the Small Business Super Clearing House (SBSCH) service.

This change means that small businesses will need to transition to an alternative method for paying superannuation contributions to their employees' chosen funds before the deadline.

What is the SBSCH?

The Small Business Super Clearing House is a free, online service provided by the ATO that allows eligible small businesses (those with 19 or fewer employees, or with an annual aggregated turnover of less than $10 million) to make all their super guarantee contributions in a single transaction. The ATO then distributes the payments to the employees' respective super funds.

The service has been a convenient tool for simplifying compliance and reducing the administrative burden on smaller enterprises.

Why is the ATO making this change?

The move is part of the broader push towards streamlining business processes and encouraging the adoption of more integrated, commercial solutions. With the proliferation of payroll and accounting software that incorporates Single Touch Payroll (STP) and superannuation payments, the ATO is transitioning out of directly providing this service.

What are Your Alternative Options?

The good news is that the market offers numerous robust and integrated alternatives that can handle your superannuation obligations seamlessly. Businesses must select and implement a new system before the 30 June 2026 cut-off date to ensure continuous compliance.

Here are the most common alternative solutions:

1. Cloud-Based Accounting and Payroll Software

Most modern cloud-based accounting platforms include integrated payroll functionality that allows you to calculate, process, and pay super contributions directly. These systems are often pre-configured to meet STP requirements and simplify compliance.

Xero

Integrated payroll with key features of direct super contribution payment and STP compliance.

Suitable for Small to Medium Businesses (SMBs) seeking a comprehensive accounting and payroll solution.

QuickBooks Online

Payroll integration with key features of automated super calculation and payment (via partners like Employment Hero Payroll).

Suitable for SMBs already using the QuickBooks ecosystem or needing strong project tracking.

MYOB

Offers various payroll solutions (e.g., MYOB Business) with key features of integrated super and STP reporting.

Suitable for Businesses needing robust local reporting and compliance features.

2. Commercial Superannuation Clearing Houses

If your business prefers to keep payroll and superannuation separate from your accounting software, or if you use a system without integrated super payments, a dedicated commercial clearing house may be the answer. These services specialise in handling the distribution of super payments to multiple funds.

3. Employee Super Fund's Clearing House

Some large superannuation funds offer their own clearing house services, which may be available to employers who contribute to that fund. Check with your employees' primary super funds to see if this is an available, viable option for your business.

Action Plan: Next Steps for Your Business

To ensure a smooth transition, small businesses should begin planning immediately:

Assess Your Current System: Review your existing accounting or payroll software. Does it offer integrated super payment functionality?
Evaluate Alternatives: Research the options listed above (Xero, QuickBooks, MYOB, commercial clearing houses) and determine which best fits your business size, budget, and existing processes.
Plan the Transition: Allow ample time (well before June 2026) to select, set up, and test your new system. This includes migrating employee and fund details.
Seek Professional Advice: Consult with your accountant or bookkeeper to ensure your chosen solution is compliant and correctly implemented.

Navigating Volatility

Tue, 17 Mar 2026 10:06:19 GMT

Navigating Volatility: Budgeting and Forecasting in the Face of Geopolitical Uncertainty

The global economy is currently wrestling with complex challenges, and few are as immediate and impactful as the escalating fuel costs driven by geopolitical uncertainties in the Middle East. Recent events have led to the imposition of a fuel levy and a broad increase in operational costs across all industries. For Australian businesses, this volatility is a stark reminder of the need to move beyond static, annual planning and adopt a truly dynamic approach to budgeting and financial forecasting.

The Immediate Impact: Fuel Levy and Rising Costs

The instability in key oil-producing regions is filtering directly into our daily operational expenses. For any business relying on transport, logistics, or energy-intensive processes, the new fuel levy is an immediate margin pressure. This isn't just about the cost of filling up a vehicle; it’s about the ripple effect across the entire supply chain.

Logistics: Increased freight charges are being passed down by carriers.
Production: Energy costs for manufacturing are soaring.
Overheads: Even utility bills reflect the higher cost of global energy.

In this environment, a budget set six months ago based on old fuel price assumptions is now obsolete. Sticking rigidly to that outdated plan is a fast track to missed targets and strained cash flow.

The Imperative for Dynamic Budgeting

Dynamic budgeting, also known as rolling forecasts, is the necessary countermeasure to current market uncertainty. It replaces the traditional "set-it-and-forget-it" annual budget with a process of continuous revision and adaptation.

This involves:

1. Shifting to Rolling Forecasts

Instead of forecasting for the next calendar or financial year, we must maintain a continuous 12-month outlook. Every quarter, or even monthly, we should drop the month/quarter just passed and add a new one at the end.

Activity

Traditional Budgeting to Dynamic Forecasting

Frequency

Annually to Monthly or Quarterly

Duration

Fixed (e.g., FY 2026) to Rolling (e.g., next 12 months)

Basis

Past performance and static assumptions to Real-time market data and revised assumptions

2. Scenario Planning and Sensitivity Analysis

To effectively manage the risk of geopolitical events, organisations must formalise scenario planning. This means building financial models that can quickly simulate the effects of various external shocks:

Worst-Case Scenario: What if the fuel levy doubles and oil prices hit $150 per barrel? What cost reduction plans are immediately triggered?
Moderate Volatility Scenario: What if costs stabilise at the current elevated level? What pricing adjustments are needed?

This practice allows management to have pre-approved action plans for different eventualities, avoiding panic-driven decisions.

3. Integrating Real-Time Data

Successful dynamic budgeting requires breaking down data silos. Financial planning and analysis (FP&A) must integrate real-time operational data from logistics, procurement, and sales:

Fuel Consumption: Track actual consumption rates and costs weekly, not monthly.
Supply Chain Costs: Link supplier invoices directly to forecast models to instantly see the impact of new surcharges.
FX Exposure: For international trade, model the interaction between energy prices and currency fluctuations.

Our Call to Action

To manage the current climate, we recommend immediate action focused on flexibility and transparency:

Conduct an Immediate Review: Schedule a meeting to review Q2 forecasts based on the current fuel levy and updated geopolitical outlook.
Model Cost Pass-Through: Clearly determine which cost increases can be absorbed, and which must be passed onto customers, and at what timeline.
Invest in Agility: Ensure your budgeting software/platform supports frequent, driver-based forecasting rather than rigid spreadsheet models.
Assign Volatility Management: Appoint a person to head the new Geopolitical Risk Monitoring Group to provide monthly updates on external factors impacting your costs.

By embracing dynamic budgeting and forecasting, we transform uncertainty from a crippling threat into a manageable variable. This is not just a financial exercise; it is essential to maintaining competitive advantage and long-term resilience in a volatile world.

Navigating Payday Super and Cashflow

Wed, 25 Feb 2026 21:30:00 GMT

Navigating Payday Super and Cashflow: What You Need to Know

The recent shift towards 'Payday Super' in Australia marks a significant change for businesses and employees alike. Understanding this new obligation—which mandates the payment of superannuation guarantee contributions on the same day as wages—is crucial for maintaining compliance and healthy cash flow.

What is Payday Super?

Currently, employers are generally required to pay superannuation contributions for eligible employees at least quarterly. 'Payday Super' is the proposed change where the superannuation guarantee payment would be due at the same time as the employee's salary or wages are paid, whether that's weekly, fortnightly, or monthly. This change is scheduled to take effect from 1st July, 2026.

This is a fundamental shift designed to improve the retirement savings of Australians by ensuring superannuation is paid more frequently and reducing instances of unpaid super.

The Impact on Business Cash Flow

While the benefits for employees are clear, businesses must prepare for the implications this change will have on their cash flow management.

1. Increased Frequency of Payments

The most immediate change is the move from a quarterly superannuation lump sum to frequent, smaller payments. This requires:

Tighter Budgeting: Businesses will need to forecast their payroll and superannuation obligations with greater precision across shorter intervals.
Reduced Quarterly Buffer: The current system allows businesses to hold onto super funds for up to three months, acting as a small, temporary cash flow buffer. This buffer will disappear.

2. Enhanced Compliance Requirements

With superannuation payments tied directly to each pay run, the administrative burden and the risk of non-compliance increase. To manage this effectively, businesses should:

Review Payroll Systems: Ensure your current payroll software can automatically calculate and process super payments concurrently with wages.
Establish Clear Processes: Define a robust workflow that ensures superannuation is remitted to the fund on the same day the net pay is transferred to the employee.

Strategies for Managing the Change

Proactive planning is essential to smooth the transition to Payday Super. Consider the following strategies:

Cash Flow Forecasting

Develop detailed weekly or fortnightly cash flow projections that explicitly include the super obligation for that period.
Use historical data and future projections to identify potential shortfalls.

Separate Superannuation Funds

Immediately transfer the calculated super liability into a dedicated, separate account on pay day.
Isolate super funds from operating capital to avoid accidental spending.

Negotiate Payment Terms

Evaluate supplier payment terms to align cash outflows with increased payroll frequency.
Extend credit terms where possible to balance the new frequent super outflows.

Review Accounting Software

Leverage modern accounting and payroll solutions that automate and integrate wages, PAYG withholding, and super.
Consult with a financial advisor or bookkeeper, such as 360 Accounting Services, to confirm system readiness.

Next Steps and Resources

This new regulation will have a significant impact on financial operations. We recommend that all business owners and payroll managers review processes and seek guidance.

Useful Documentation

For detailed information on the new requirements, please refer to the following:

Official ATO Guidance: ato.gov.au/paydaysuper

The move to Payday Super is an inevitable change. By understanding the implications for cash flow and implementing strong financial management practices today, businesses can ensure a seamless transition and remain compliant when the new rules come into effect at Place.

Payday Super - What You Need to Know

Mon, 23 Feb 2026 09:53:37 GMT

The Shift to Payday Superannuation

The way employers pay superannuation contributions in Australia is changing. Historically, employers were required to pay the Superannuation Guarantee (SG) to their employees' funds quarterly. However, from 1 July 2026 , the system is shifting to 'Payday Super' , meaning employers will be required to pay super at the same time as they pay their employees' wages.

This major reform, announced as part of the 2023-24 Federal Budget, aims to improve compliance, boost retirement balances, and give employees greater visibility over their superannuation entitlements.

What is Payday Super?

Payday Super mandates that superannuation contributions must be remitted to the employee's chosen fund on the same day as their salary and wages are paid.

This change is designed to:

Reduce Unpaid Super: By aligning super payment with payroll, the government aims to crack down on employers who fail to meet their SG obligations.
Increase Retirement Savings: More frequent payments mean super contributions start earning investment returns earlier, leveraging the power of compounding interest over an employee's working life.
Improve Visibility: Employees will be able to see their super contributions reflected in their fund balance sooner, helping them track their retirement savings in real-time.

Key Changes for Employers

The transition to Payday Super requires significant adjustments to payroll and accounting systems for businesses across Australia.

Current System (Pre-July 2026)

Payment Frequency - Quarterly minimum

Due Date - 28 days after quarter end

System Change - Minimal integration needed

Compliance Focus - Quarterly review

Payday Super (From 1 July 2026)

Payment Frequency - Same day as wages are paid

Due Date - Same day as wages are paid

System Change - Requires updating payroll software and processes

Compliance Focus - Continuous, real-time monitoring

Employers should immediately begin reviewing their payroll systems and processes to ensure they can meet the new requirements well before the Date deadline. This includes:

Software Update: Ensuring payroll software is capable of processing and reporting super payments on a per-pay-cycle basis.
Cash Flow Management: Adjusting cash flow forecasting to account for super payments leaving the business bank account more frequently.
Staff Training: Educating payroll staff on the new compliance rules and required process changes.

If you are an employer and need assistance with the transition, contact your tax professional or book a consultation with 360 Account Services today - enquiries@360accountingservices.com.au

What Does This Mean for Employees?

For employees, Payday Super is overwhelmingly positive:

Higher Balances: The financial modelling suggests that employees will be better off at retirement due to the compounding effect of earlier payments.
Early Detection of Non-Payment: If an employer misses a super payment, the employee will know almost immediately, rather than waiting until the end of the quarter, allowing them to report non-compliance faster.
Improved Transparency: Super payments will feel more like a regular entitlement, similar to take-home pay.

If you are an employee, you can monitor your super contributions through your fund's online portal or app.

Resources for the Transition

To help businesses prepare, various resources and support materials are available. Keep an eye on the Australian Taxation Office (ATO) website for detailed guidance and fact sheets.

ATO Guidance - Official information from the ATO on the changes and compliance.
Payroll Provider Update - Check with your payroll software provider for their transition plan.
Check provider's website
Industry Webinar - Register for an educational session on how to implement Payday Super.

The move to Payday Super is a significant step towards securing the financial future of Australian workers. While it presents an administrative challenge for employers, the long-term benefits for employee retirement savings are substantial. Prepare now to ensure a smooth transition.

If you have specific questions about the legislation, we recommend reaching out to Parikshit at enquiries@360accoutingservices.com.au for professional advice.

Beyond spreadsheets. Why your business needs a dedicated expense tracking app

Tue, 27 Jan 2026 21:30:00 GMT

In the fast-paced Australian business environment, managing expenses is critical for financial health and compliance. For too long, the humble spreadsheet has been the go-to tool for tracking costs. While familiar, relying on manual data entry is a recipe for errors, inefficiency, and stress come tax time.

It's time for your business to look beyond the rows and columns and embrace the power of a dedicated expense tracking app. Here’s why making the switch isn't just an upgrade—it's essential for smart, modern financial management.

The Pitfalls of Spreadsheet-Based Expense Tracking

While spreadsheets offer flexibility, their limitations quickly become liabilities for a growing business:

Manual Errors: Every number typed is an opportunity for human error. These small mistakes can lead to major discrepancies in financial reports and tax returns.
Time Consumption: Staff spend valuable hours entering data, chasing receipts, and manually reconciling accounts, diverting time from core business activities.
Compliance Risk: Keeping track of Goods and Services Tax (GST) input tax credits and ensuring all expenses comply with Australian Taxation Office (ATO) requirements is difficult and error-prone when relying on scattered digital files and paper receipts.
Lack of Real-Time Visibility: Spreadsheets are often updated sporadically, meaning business owners lack an up-to-the-minute view of cash flow and spending patterns.

The Australian Advantage: Why a Dedicated App Wins

A modern expense tracking application addresses these issues head-on, offering specific benefits tailored to the Australian market.

1. Seamless Receipt Capture and Digital Storage

Forget the shoebox full of fading paper receipts. Dedicated apps allow staff to simply snap a picture of a receipt using their phone.

Optical Character Recognition (OCR): The app automatically reads key information—such as the supplier, date, and amount—and creates an instant digital expense entry.
ATO-Compliant Storage: Digital receipts are stored securely in the cloud, making them easily retrievable for audits. This eliminates the worry of losing physical documentation required by the ATO.

2. Automated GST Tracking and Categorisation

One of the biggest headaches for Australian businesses is correctly applying and claiming GST. An app automates this process:

Automatic Calculation: Apps can be configured to automatically calculate and split the GST component of an expense, ensuring accurate input tax credit claims.
Policy Enforcement: Business expense policies can be programmed into the app, flagging out-of-policy spending instantly, providing better financial control for Person.

3. Integration with Accounting Software

A key benefit is the ability to connect directly to major accounting platforms used across Australia, such as Xero, QuickBooks, and MYOB.

This integration means that once an expense is approved, it automatically posts to the correct ledger account, drastically reducing end-of-month reconciliation time for your bookkeeper or accountant, ensuring timely submission of your Business Activity Statement (BAS).

4. Simplified Reimbursements and Approvals

For employees incurring out-of-pocket expenses, the reimbursement process can be slow and frustrating. Apps streamline the entire workflow:

Mobile Submission: Employees submit expenses on the spot.
Digital Approval Flow: Managers receive instant notifications for approval, which they can action from their own device, speeding up payment.

Making the Transition

Switching from spreadsheets to an app is easier than you might think. Start by identifying a few key areas that are currently causing friction, such as travel expenses or project spending. Implement the app for a small team first, then scale across the company.

The move to a dedicated expense tracking application is an investment in efficiency, accuracy, and compliance. It frees your team from tedious data entry and gives you, the business owner, a clear, real-time picture of where your money is going, right down to the specific Place of the transaction. Stop tracking and start growing.

To learn more about implementing expense tracking technology, reach out to us on 1300 360 749

5 Signs It’s Time to Hire a Virtual Bookkeeper

Tue, 20 Jan 2026 21:30:06 GMT

Running a small business requires wearing many hats, and for a long time, you might have managed to handle the bookkeeping yourself. However, as your business grows, so does the complexity and volume of your financial records. Trying to keep up can lead to stress, errors, and missed opportunities.

If you are debating whether or not it’s time to bring in professional help, here are five clear signs that you should stop delaying and hire a virtual bookkeeper.

1. You’re Spending More Time on Books Than Business

Time is your most valuable resource. When you first started, a couple of hours a week might have been enough to manage your transactions. Now, if you find yourself regularly working late or dedicating entire weekends just to categorise expenses, reconcile accounts, and chase down receipts, it’s a red flag.

A virtual bookkeeper can take these essential but time-consuming tasks off your plate. This frees you up to focus on core business activities, strategy, and client service—the things that actually generate revenue and help your business grow.

2. You’re Constantly Missing Deadlines (or Filing Extensions)

Tax season always seems to sneak up, and if you’re consistently scrambling to prepare the necessary financial statements or missing key filing deadlines, you need help. A virtual bookkeeper keeps your books organised and up-to-date year-round, ensuring that all necessary documents are prepared well in advance of deadlines. If you are preparing for tax season, you can also ensure all your necessary files are ready by reviewing the File.

3. You Don't Truly Know Where Your Business Stands

Do you really know your profit margins? Are you unsure which services or products are your most profitable? If you have to guess the answers to crucial financial questions, your current bookkeeping method is failing you.

Good bookkeeping provides a clear, real-time picture of your company's financial health. A virtual bookkeeper provides consistent reporting and analysis, giving you the accurate data needed to make informed business decisions, such as when to expand, purchase new equipment, or increase pricing. Without this insight, you are effectively running your business blind.

4. You Are Afraid of an Audit

Fear and anxiety around financial records are clear indicators that your system is disorganised. If the thought of a tax audit makes you panic because your receipts are a mess, or your records are incomplete, it’s time to seek professional organisation.

A virtual bookkeeper implements a solid, cloud-based system that organises all your financial documents logically and securely. They ensure every transaction is recorded correctly, backed by documentation, and compliant with current regulations. This professional structure eliminates audit fear and provides peace of mind.

5. Your Business is Growing Rapidly

Business growth is exciting, but it almost always means increased financial complexity. More transactions, new employees, international sales, or taking on debt all complicate the bookkeeping process. What worked for your business when it was small won't work when it's scaling rapidly.

Don’t let growth become a burden. Bringing in a virtual bookkeeper allows you to sustain your expansion without sacrificing the accuracy of your financial data. They can seamlessly integrate with your existing processes and grow with you.

Next Steps

If any of these signs resonate with your current situation, it's time to explore the benefits of outsourcing your financial records.

Ready to see how a virtual bookkeeper can save you time and money? Schedule a consultation today! Phone us on 1300 360 749.

Bookkeeping Tips for Trades Industry

Fri, 16 Jan 2026 20:14:37 GMT

Running a successful trades business requires more than just skilled craftsmanship; it also demands meticulous bookkeeping. Effective financial management can mean the difference between thriving and merely surviving. This blog post offers essential bookkeeping tips tailored specifically for professionals in the trades.

1. Separate Business and Personal Finances

This is fundamental. Using a separate bank account and credit card for your business not only simplifies tracking income and expenses but also protects your personal assets in case of a business audit or liability.

2. Track Every Expense, No Matter How Small

Every dollar spent on your business is a potential tax deduction. Keep detailed records of all your expenses, including:

● Materials and supplies: Lu mber, pipes, wiring, paint, etc.

● Tools and equipment: Purchases, rentals, and repairs.

● Vehicle expenses: Fuel, maintenance, insurance, and registration for your work vehicles.

● Subcontractor costs: Payments to other professionals you hire.

● Marketing and advertising: Website fees and online ads.

● Insurance: General liability, professional indemnity, and workers' compensation.

● Training and certifications: Keeping your skills up-to-date.

● Office supplies: Software subscriptions, stationery, computers...e ven small items add up.

Consider using an expense tracking app to easily capture receipts on the go - dext, xero, etc.

3. Understand Your Revenue Streams

Do you charge per project, hourly, or have retainers? Clearly categorising your income helps you analyse profitability and identify your most lucrative services. This information can inform your pricing strategies and future business decisions.

4. Master Invoicing and Collections

Timely invoicing is crucial for cash flow. Ensure your invoices are clear, detailed, and include:

● Your business name, address, and contact information

● Client's name and contact information

● Invoice number and date: Date

● Description of services or materials provided

● Quantity and unit price

● Total amount due

● Payment terms and due date

● Accepted payment methods

Don't be afraid to follow up on overdue invoices promptly and professionally.

5. Reconcile Your Accounts Regularly

Reconciliation involves comparing your bank statements with your bookkeeping records. This process helps you:

● Catch errors or discrepancies.

● Identify missing transactions.

● Prevent fraud.

● Ensure your records are accurate for tax purposes.

Aim to reconcile your accounts at least monthly.

6. Utilise Bookkeeping Software

Gone are the days of manual ledgers. Modern bookkeeping software like QuickBooks, Xero, or MYOB can automate many tasks, including:

● Categorising transactions

● Generating invoices

● Tracking expenses

● Producing financial reports

● Integrating with your bank accounts

Investing in good software can save you significant time and reduce errors.

7. Plan for Taxes

As a business owner in the trades, you'll likely need to pay estimated taxes quarterly. Set aside a portion of your income specifically for taxes to avoid a large bill at the end of the financial year. Consult with a tax professional to understand your obligations and maximise deductions.

8. Monitor Your Cash Flow

Cash flow is the lifeblood of any business. Regularly review your cash inflow and outflow to ensure you have enough money to cover your operational costs. A healthy cash flow allows you to take on new projects, invest in equipment, and handle unexpected expenses.

9. Seek Professional Help

While these tips provide a solid foundation, don't hesitate to engage a professional bookkeeper or accountant. They can provide expert advice, ensure compliance with tax laws, and help you make informed financial decisions. Their expertise can free up your time to focus on what you do best – your trade. For a consultation, contact Person at File.

By implementing these bookkeeping tips, you can gain better control over your finances, make more informed business decisions, and ultimately build a more stable and profitable trades business.

Bookkeeping Tips for Professional Services

Tue, 09 Dec 2025 13:01:03 GMT

New Title

Effective bookkeeping is crucial for the financial health of any professional services business. It ensures accuracy, compliance, and provides valuable insights for strategic decision-making. Here are some essential bookkeeping tips to keep your firm on solid financial ground.

1. Segregate Business and Personal Finances

One of the most fundamental rules of bookkeeping is to keep your business and personal finances separate. This prevents confusion, simplifies tax preparation, and maintains a clear financial picture of your firm.

● Dedicated Accounts: Open separate bank accounts and credit cards exclusively for your business.

● Avoid Commingling: Never use personal funds for business expenses or vice-versa.

2. Implement a Robust System for Expense Tracking

Accurate expense tracking is vital for managing cash flow and maximising tax deductions. A consistent system will save you time and headaches later.

● Digital Tools: Utilize accounting software like QuickBooks, Xero, or FreshBooks to track expenses efficiently.

● Categorisation: Categoriase expenses meticulously (e.g., office supplies, travel, marketing, professional development).

● Receipt Management: Keep digital copies of all receipts. Cloud-based solutions can help store and organiase them.

3. Understand and Track Revenue Streams

For professional services, revenue typically comes from client services, projects, or retainers. Understanding where your income originates is key to growth.

● Client Invoicing: Ensure timely and accurate invoicing. Clearly outline services, rates, and payment terms.

● Payment Tracking: Monitor incoming payments and follow up on overdue invoices promptly.

● Revenue Recognition: Recognise revenue correctly, especially for long-term projects or retainers.

4. Reconcile Accounts Regularly

Bank reconciliation is the process of matching the balances in your accounting records with the balances in your bank statements. This helps identify discrepancies, errors, and fraudulent transactions.

● Monthly Reconciliation: Reconcile all bank accounts, credit card accounts, and loan accounts at least once a month.

● Investigate Discrepancies: Promptly investigate any unexplained differences.

5. Stay on Top of Payroll

If you have employees, payroll can be a complex area. Ensuring accuracy and compliance is paramount.

● Payroll Software: Consider using dedicated payroll software or services to handle calculations, deductions, and tax filings.

● Tax Compliance: Stay informed about payroll tax regulations and deadlines.

● Employee Records: Maintain accurate records for each employee, including their pay rates, hours worked, and deductions.

6. Monitor Accounts Receivable and Accounts Payable

Efficient management of money owed to you (accounts receivable) and money you owe to others (accounts payable) is critical for cash flow.

● Accounts Receivable: Regularly review outstanding invoices and follow up with clients to ensure timely payments.

● Accounts Payable: Pay your vendors and suppliers on time to maintain good relationships and avoid late fees.

7. Leverage Technology and Automation

Modern accounting software and tools can significantly streamline your bookkeeping processes.

● Cloud-Based Accounting: Access your financial data from anywhere and collaborate with your team or accountant.

● Automated Features: Utilise features for automated expense tracking, bank feeds, and recurring invoices.

8. Consult with a Professional Accountant

While these tips can help you manage day-to-day bookkeeping, a qualified accountant can provide invaluable expertise.

● Strategic Advice: An accountant can offer insights on tax planning, financial forecasting, and business growth strategies.

● Compliance: They can ensure your firm remains compliant with all relevant tax laws and regulations.

By implementing these bookkeeping tips, your professional services firm can achieve greater financial clarity, efficiency, and ultimately, sustained success. For personalised advice, consider scheduling a consultation with a financial expert or attending our upcoming webinar on "Advanced Bookkeeping for Service-Based Businesses" on Date. You can register for the webinar here: Calendar event.

Bookkeeping Tips for Digital Technology

Tue, 02 Dec 2025 22:15:00 GMT

In today's fast-paced digital world, managing your finances effectively is more crucial than ever. For businesses leveraging digital technology, streamlined bookkeeping is not just a good practice—it's essential for sustained growth and success. Here are some top bookkeeping tips tailored for the digital age.

Embrace Cloud-Based Accounting Software

One of the most significant advancements in bookkeeping is the rise of cloud-based accounting software. Platforms like Xero, QuickBooks Online, and MYOB offer numerous benefits:

● Accessibility: Access your financial data anytime, anywhere, from any device with an internet connection. This is perfect for remote teams or business owners on the go.

● Real-time Updates: Get a live view of your financial health, allowing for quick and informed decision-making.

● Automation: Automate routine tasks such as invoicing, expense tracking, and bank reconciliations, saving you time and reducing errors.

● Integration: Seamlessly integrate with other digital tools you use, such as CRM systems, e-commerce platforms, and payment gateways.

Digitise and Automate Expense Tracking

Say goodbye to shoeboxes full of receipts. Digital tools make expense tracking effortless:

● Receipt Scanning Apps: Use apps like Receipt Bank or Expensify to capture receipt images on the go. These apps can extract key information and categorise expenses automatically.

● Direct Bank Feeds: Link your business bank accounts and credit cards to your accounting software to automatically import transactions. This reduces manual data entry and ensures accuracy.

● Categorise Consistently: Establish clear expense categories and apply them consistently to gain accurate insights into your spending patterns.

Regular Bank Reconciliations

Even with automation, regular bank reconciliations are vital. This process involves comparing your accounting records with your bank statements to ensure everything matches up.

● Catch Errors Early: Identify discrepancies or errors promptly, preventing them from escalating into larger issues.

● Prevent Fraud: Regular checks can help detect unauthorised transactions.

● Maintain Accuracy: Ensure your financial statements are accurate and reliable for tax purposes and financial reporting.

Utilise Digital Invoicing and Payment Systems

Streamline your accounts receivable with digital solutions:

● Electronic Invoicing: Send professional invoices directly from your accounting software via email. This is faster and more eco-friendly than traditional paper invoices.

● Online Payment Gateways: Offer clients various online payment options (e.g., credit card, PayPal, Stripe) to facilitate quicker payments and improve cash flow.

● Automated Reminders: Set up automated reminders for overdue invoices to reduce the time spent chasing payments.

Implement Strong Cybersecurity Measures

With all your financial data stored digitally, cybersecurity is paramount:

● Strong Passwords and Two-Factor Authentication (2FA): Protect your accounting software and other financial platforms with robust security measures.

● Regular Backups: Ensure your data is regularly backed up to prevent loss in case of a system failure or cyberattack.

● Educate Your Team: Train your employees on best practices for data security and how to recognise phishing attempts.

Seek Professional Advice

While digital tools empower you to handle much of your bookkeeping, there are times when professional guidance is invaluable.

● Tax Planning: A qualified accountant can help you navigate complex tax laws and optimise your tax strategy.

● Financial Analysis: Gain deeper insights into your financial performance and identify areas for improvement.

● Compliance: Ensure your business remains compliant with all relevant financial regulations.

By integrating these bookkeeping tips into your digital technology framework, you'll not only save time and reduce stress but also gain a clearer, more accurate picture of your business's financial health, paving the way for sustained success.

For more information or assistance, feel free to contact us at 360 Accountinsg Services via email at enquiries@360accountingservices.com.au

When to Seek Professional Financial Advice

Wed, 26 Nov 2025 08:15:06 GMT

As a small business owner, managing your finances can be a complex task. While effective bookkeeping is essential for day-to-day operations, there are specific situations where seeking professional financial advice can provide significant benefits and help ensure your long-term success.

Key Indicators It's Time to Consult an Advisor

It's important to recognise when your financial situation warrants more than just accurate record-keeping. Here are some common scenarios that suggest it's time to reach out to a professional financial advisor:

● Significant Business Growth: When your business experiences rapid growth, your financial structure often needs to evolve to keep up. An advisor can help you navigate increased revenue, new investments, and scaling operations.

● Complex Tax Situations: If your business has diversified income streams, international operations, or other complex tax implications, a financial advisor specializing in tax planning can help you optimize your tax strategy and ensure compliance.

● Major Business Decisions: Contemplating a significant investment, expansion, acquisition, or sale of your business? These decisions have profound financial implications, and professional advice can help you assess risks and opportunities.

● Cash Flow Challenges: While bookkeeping tracks cash flow, an advisor can help identify underlying issues causing consistent cash flow problems and develop strategies to improve liquidity.

● Personal and Business Financial Blending: Small business owners often find their personal and business finances intertwined. An advisor can help separate these and create clear strategies for both.

● Retirement or Succession Planning: Planning for your eventual exit from the business, whether through retirement or selling, requires strategic financial foresight. An advisor can help create a robust succession plan.

● Unexpected Financial Changes: Market downturns, sudden operational changes, or unforeseen expenses can create financial uncertainty. A professional can help you navigate these challenges and adapt your financial strategy.

● Lack of Financial Knowledge: If you find yourself consistently unsure about financial terminology, investment strategies, or long-term financial planning, it's a clear sign that professional guidance would be beneficial.

What a Financial Advisor Can Offer

A financial advisor offers a range of services that go beyond the scope of traditional bookkeeping:

● Strategic Planning: Developing long-term financial goals and creating a roadmap to achieve them.

● Investment Guidance: Advising on suitable investment opportunities for your business's growth and stability.

● Risk Management: Identifying and mitigating financial risks that could impact your business.

● Tax Optimisation: Crafting strategies to minimize tax liabilities legally and effectively.

● Succession Planning: Preparing for the smooth transition of business ownership.

● Budgeting and Forecasting: Assisting with more advanced financial projections and budget development.

Next Steps

If you identify with any of the scenarios above, don't hesitate to seek professional financial advice. A consultation with a qualified advisor can provide clarity, peace of mind, and a stronger financial foundation for your business.

For a personalised consultation, contact us at enquiries@360accountingservices.com.au

The Importance of Regular Financial Reviews for Your Small Business

Wed, 19 Nov 2025 08:15:09 GMT

Running a small business in Australia is a journey filled with passion, hard work, and countless decisions. Amidst the daily operations, it’s easy to overlook one of the most critical aspects of long-term success: regular financial reviews. These aren't just about crunching numbers; they're about understanding the health of your business, identifying opportunities, and mitigating risks.

Why Regular Financial Reviews are Non-Negotiable

1. Informed Decision-Making

Without a clear picture of your finances, every business decision becomes a gamble. Regular reviews provide you with the data needed to make informed choices, whether it's about investing in new equipment, expanding your team, or adjusting your pricing strategy.

2. Identifying Trends and Opportunities

Financial data often tells a story. By regularly reviewing your income statements, balance sheets, and cash flow reports, you can spot trends in revenue, expenses, and profitability. This allows you to capitalise on growth opportunities and address potential issues before they escalate.

3. Cash Flow Management

Cash flow is the lifeblood of any business. Regular reviews help you monitor your cash inflows and outflows, ensuring you have enough liquidity to cover your operating costs and seize opportunities. It can also highlight potential cash flow shortages, giving you time to implement solutions.

4. Budgeting and Forecasting

A well-constructed budget is a roadmap for your financial future. Regular reviews allow you to compare your actual performance against your budget, identify deviations, and adjust your forecasts accordingly. This iterative process helps you stay on track and plan more effectively.

5. Tax Compliance and Optimisation

Australia's tax landscape can be complex for small businesses. Regular financial reviews, often in conjunction with a qualified bookkeeper or accountant, ensure you're meeting your tax obligations and taking advantage of all available deductions and incentives.

6. Measuring Performance Against Goals

Every business sets goals, whether they're related to revenue growth, profit margins, or cost reduction. Financial reviews provide the metrics you need to track your progress and assess how effectively you're achieving your objectives.

7. Early Problem Detection

Catching financial problems early can save your business from significant challenges down the line. Whether it's declining sales, increasing expenses, or unexpected liabilities, regular reviews act as an early warning system.

How Often Should You Review Your Finances?

The frequency of your financial reviews will depend on the size and complexity of your business. However, a good general guideline for most Australian small businesses includes:

● Weekly/Fortnightly: Quick check of cash flow and key performance indicators.

● Monthly: Detailed review of profit and loss, balance sheet, and cash flow statements.

● Quarterly: Comprehensive review, including budget vs. actual analysis, and planning for the next quarter.

● Annually: Year-end review, tax planning, and strategic financial planning for the coming year.

Getting Started with Your Financial Reviews

If the idea of regular financial reviews feels daunting, consider these steps:

Set aside dedicated time: Treat financial reviews as a critical business activity, not an afterthought.

Utilise accounting software: Tools like Xero, MYOB, or QuickBooks Online can automate much of the data collection and reporting.

Work with a professional: A qualified bookkeeper or accountant can provide invaluable expertise, helping you interpret your data and make sound financial decisions.

Regular financial reviews are not a burden; they are an investment in the stability and growth of your Australian small business. By making them a consistent part of your business routine, you empower yourself with the knowledge and insights needed to navigate challenges and seize opportunities, ensuring a healthier financial future.

For more information on how we can assist with your financial reviews and bookkeeping needs, please contact us at https://www.360accountingservices.com.au

Staying Organised: Financial Document Management Tips

Wed, 12 Nov 2025 08:15:03 GMT

Staying Organised: Financial Document Management Tips

In today's fast-paced world, keeping your financial documents in order can seem like a daunting task. However, proper financial document management is crucial for everything from tax season to personal financial planning. This blog post will provide you with practical tips to help you stay organised and on top of your finances.

Why is Financial Document Management Important?

Effective financial document management offers several benefits:

● Easier Tax Preparation: Having all your documents readily available makes tax season less stressful and reduces the chances of errors.

● Improved Financial Planning: A clear overview of your financial records allows for better budgeting and future planning.

● Protection Against Fraud: Organised documents can help you quickly identify and report suspicious activity.

● Access to Important Information: Whether it's for a loan application or an insurance claim, quick access to your documents is invaluable.

Essential Tips for Financial Document Management

1. Digitise Your Documents

One of the most effective ways to manage your financial documents is to go paperless where possible.

● Scan and Save: Use a scanner or a scanning app on your smartphone to convert physical documents into digital files. Save them in a secure, cloud-based storage system like Google Drive or Dropbox.

● E-Statements: Opt for electronic statements from your bank, credit card companies, and utility providers. This reduces paper clutter and often provides immediate access to your statements.

2. Create a Consistent Filing System

Whether you prefer physical or digital files, a consistent and logical filing system is key.

● Categories: Create clear categories for your documents, such as:

○ Bank Statements

○ Credit Card Statements

○ Loan Documents

○ Investment Records

○ Tax Documents

○ Insurance Policies

○ Utility Bills

● Sub-Categories: Within each category, consider sub-categories by year or type.

● Naming Convention (Digital): For digital files, use a consistent naming convention (e.g., "Bank_Statement_2025_October").

3. Implement Regular Review and Purge Cycles

Don't let documents pile up. Schedule regular times to review and purge unnecessary papers and files.

● Monthly Review: Dedicate an hour each month to sort through new documents, file them, and shred anything you no longer need.

● Annual Purge: Before the end of the year, do a comprehensive review of all your financial documents. Dispose of anything that has exceeded its retention period.

4. Secure Your Documents

Protecting your financial information is paramount.

● Physical Documents: Store important physical documents (e.g., property deeds, birth certificates) in a fireproof safe or safety deposit box.

● Digital Documents:

○ Use strong, unique passwords for your online accounts and cloud storage.

○ Enable two-factor authentication (2FA) wherever possible.

○ Back up your digital files regularly to an external hard drive or another secure cloud service.

5. Know What to Keep and For How Long

It's important to understand the retention periods for different types of financial documents.

Document Type

Tax Returns & Records

Bank Statements

Credit Card Statements

Loan Documents

Investment Statements

Insurance Policies

Utility Bills

Property Deeds

6. Utilise Financial Management Software

Consider using personal finance software or apps to help track expenses, manage budgets, and even link to your bank accounts for automated categorisation. This can significantly reduce the amount of manual organisation required.

Conclusion

Organising your financial documents doesn't have to be overwhelming. By implementing these tips – digitising, creating a consistent filing system, regular reviews, securing your information, and understanding retention periods – you can achieve a more streamlined and less stressful approach to financial management. Start today, and give yourself the peace of mind that comes with being financially organised.

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Simple Financial Habits for Business Owners

Wed, 05 Nov 2025 08:01:34 GMT

Simple Financial Habits for Business Owners

Running a business comes with a myriad of responsibilities, and sometimes, financial management can feel overwhelming. However, by adopting a few simple financial habits, business owners can maintain better control over their finances, ensure long-term stability, and reduce stress. This blog post will outline some essential practices that can make a significant difference.

1. Separate Business and Personal Finances

This is perhaps the most fundamental rule for any business owner. Commingling funds can lead to confusion, complicate tax filings, and make it difficult to accurately assess your business's financial health.

● Open Separate Accounts: Set up distinct bank accounts and credit cards for your business.

● Avoid Personal Expenses from Business Accounts: Even small, seemingly insignificant personal purchases from your business account can create headaches.

● Pay Yourself a Salary: Treat yourself as an employee of your business and pay yourself a regular salary.

2. Track All Income and Expenses

Accurate record-keeping is crucial for understanding where your money comes from and where it goes. This information is vital for budgeting, forecasting, and tax preparation.

● Use Bookkeeping Software: Invest in reliable accounting software like MYOB, Xero, or QuickBooks. These tools automate many tasks and provide clear financial reports.

● Categorise Transactions: Consistently categorise your income and expenses. This helps you identify spending patterns and areas for improvement.

● Keep Receipts: Digitise or keep physical copies of all business-related receipts. This is essential for auditing and expense verification.

3. Regular Review of Financial Statements

Don't just record transactions; understand what they mean. Regularly reviewing your financial statements will provide insights into your business's performance.

● Profit and Loss (P&L) Statement: Review your P&L monthly to see your revenues, costs, and profits.

● Balance Sheet: Check your balance sheet quarterly to understand your assets, liabilities, and equity.

● Cash Flow Statement: Analyse your cash flow regularly to ensure you have enough liquidity to meet your obligations.

4. Create and Stick to a Budget

A budget is your financial roadmap. It helps you allocate resources effectively, prevent overspending, and work towards your financial goals.

● Develop a Realistic Budget: Base your budget on historical data and realistic projections.

● Monitor and Adjust: Regularly compare your actual spending to your budget and make adjustments as needed.

● Allocate Funds for Taxes: Set aside a portion of your income for taxes, as estimated taxes can be a significant surprise if not planned for.

5. Build an Emergency Fund

Just like personal finances, businesses need an emergency fund to weather unexpected challenges, such as a sudden drop in sales, equipment breakdown, or economic downturns.

● Set a Target: Aim to have at least 3-6 months of operating expenses saved.

● Automate Savings: Set up automatic transfers from your operating account to your savings account.

6. Regularly Reconcile Bank Statements

Bank reconciliation ensures that your internal records match your bank statements. This helps catch errors, detect fraud, and verify the accuracy of your books.

● Monthly Reconciliation: Reconcile your bank accounts and credit card statements every month.

● Investigate Discrepancies: Promptly investigate any differences between your records and the bank's records.

7. Seek Professional Advice

While these habits provide a strong foundation, there will be times when you need expert guidance.

● Consult a Bookkeeper or Accountant: A professional bookkeeper or accountant can help set up your systems, ensure compliance, and provide strategic financial advice.

● Tax Planning: Work with a tax professional to optimise your tax strategy and ensure you're taking advantage of all eligible deductions.

By consistently practicing these simple financial habits, business owners can gain a clearer picture of their financial health, make informed decisions, and pave the way for sustainable growth. Start implementing these habits today, and watch your business thrive.

For more detailed guidance and personalised support, contact us at 360 Accounting Bookkeeping Services. We're here to help your business succeed.

Phone: Parikshit Kikla (PK)
Email: pkikla@360accountingservices.com.au
Website: https://www.360accountingservices.com.au/

Automating Your Bookkeeping Processes

Tue, 21 Oct 2025 13:00:50 GMT

How Automation Can Transform Your Business Finances

Bookkeeping is a cornerstone of every successful business, but for many small to medium enterprises across Australia, it can be a time-consuming, repetitive, and sometimes overwhelming task. Thankfully, the rise of automation has opened up new pathways to streamline financial management, reduce errors, and free up valuable hours for more strategic work. This blog delves into how automating your bookkeeping processes can transform your business and offers practical steps to get started.

Why Automate Your Bookkeeping?

Manual bookkeeping typically involves entering transactions, reconciling accounts, managing invoices, and preparing reports—often with a high risk of human error. Automation leverages software solutions that take over these repetitive tasks, offering several key benefits:

· Time Savings: Automation reduces the hours spent on data entry and reconciliation, freeing you up for more important work or a well-deserved arvo off.

· Improved Accuracy: Automated systems minimise errors caused by manual entry, helping your business stay compliant and audit-ready.

· Real-Time Insights: With automated tools, you can access up-to-date financial information at the click of a button, making cash flow management and forecasting easier.

· Cost Efficiency: By reducing the need for manual labour, you can cut operational costs and allocate resources more effectively.

· Scalability: As your business grows, automation can handle increased transaction volumes without the need for extra bookkeepers.

Key Processes You Can Automate

Not all bookkeeping tasks are created equal—some are particularly well-suited to automation. Here are the top candidates:

· Data Entry: Sync your bank feeds with your accounting software to automatically import and categorise transactions.

· Invoice Management: Use software that generates and sends invoices, tracks payment status, and automatically sends reminders to clients who are a bit slow on the uptake.

· Expense Tracking: Capture receipts and expenses via mobile apps that integrate directly with your accounting platform.

· Bank Reconciliation: Leverage automated matching of transactions to quickly identify discrepancies and reconcile accounts.

· Payroll Processing: Automate payslips, superannuation contributions, and ATO reporting—no more late nights before payday!

· Reporting: Generate BAS, P&L statements, and balance sheets with a few clicks, ready for your accountant or the ATO.

Choosing the Right Tools

The Australian market offers a range of bookkeeping automation tools tailored for local businesses, such as Xero, MYOB, and QuickBooks Online. When selecting a solution, consider:

· Integration: Will it connect seamlessly with your bank, payment systems, and other software?

· Compliance: Does it handle GST, PAYG, and Super in line with ATO requirements?

· Ease of Use: Is the user interface intuitive, or will you need a course to get started?

· Support: Is there local support available if you hit a snag?

· Scalability: Can the system grow as your business does?

Steps to Automate Your Bookkeeping

1. Assess Your Needs: Review current bookkeeping workflows and identify pain points. What takes the most time? Where do errors crop up?

2. Research Solutions: Compare features, pricing, and reviews of leading accounting software. Take advantage of free trials.

3. Integrate Systems: Set up connections between your chosen software, bank accounts, and other business tools.

4. Set Up Automation Rules: Define how transactions should be categorised, how invoices are generated, and when reminders are sent.

5. Train Your Team: Provide training and resources for staff to get comfortable with the new system.

6. Monitor and Optimise: Regularly review processes and reports to ensure everything is running smoothly, and make tweaks as needed.

Common Pitfalls and How to Avoid Them

· Over-Reliance on Automation: While automation is powerful, always review reports and reconcile accounts to catch anomalies.

· Neglecting Data Security: Choose reputable providers and enable two-factor authentication to safeguard sensitive financial data.

· Ignoring Updates: Keep your software up to date to ensure compliance with the latest regulations and security standards.

The Future of Bookkeeping

Automation is not about replacing bookkeepers—it’s about empowering them and business owners to focus on analysis and strategy rather than repetitive admin. As technology advances, even more aspects of bookkeeping will become automated, providing even greater efficiency and insights for Aussie businesses.

If you haven’t dipped your toes into automated bookkeeping yet, now’s the perfect time to explore your options. With the right tools and approach, you’ll spend less time crunching numbers and more time growing your business—or maybe even enjoying a few extra hours at the beach.

Cybersecurity Best Practices for Financial Data

Tue, 14 Oct 2025 13:00:37 GMT

How to Safeguard Sensitive Information in the Digital Age

In today’s connected world, financial data is a prime target for cybercriminals. Whether you’re managing your personal finances, running a small business, or working in a large corporation, keeping this information safe is not just a good idea—it’s essential. Here’s a practical guide to cybersecurity best practices for protecting financial data, tailored for Australian Businesses.

Why Financial Data Security Matters

Financial data—bank account details, credit card numbers, tax files, and other sensitive records—can be used to commit fraud, identity theft, and a range of other crimes. Once breached, the consequences can be severe, including financial loss, reputational damage, and regulatory penalties. That’s why a proactive approach to cybersecurity is crucial.

1. Use Strong, Unique Passwords

Every account tied to financial information should be protected by a strong and unique password. Avoid using the same password across multiple sites. Consider using a reputable password manager to generate and store complex passwords securely.

2. Enable Two-Factor Authentication (2FA)

Two-factor authentication adds an extra layer of security. Even if someone gets hold of your password, they’ll need that second form of identification—often a code sent to your mobile—to access your account. Most Australian banks and financial services now offer (or require) 2FA.

3. Keep Software and Devices Up to Date

Outdated software is a common entry point for hackers. Regularly update your operating systems, financial apps, and security software. Set devices to update automatically where possible to ensure you’re protected against the latest threats.

4. Be Wary of Phishing Attacks

Phishing emails and messages are designed to trick you into handing over sensitive information. Always double-check the sender’s address, look out for suspicious links, and never provide personal or financial information unless you’re certain of the recipient’s identity. If in doubt, contact the organisation directly using their official contact details—never through links provided in unsolicited messages.

5. Secure Your Network

Always use a secure, password-protected Wi-Fi connection—especially when accessing financial information. Avoid public Wi-Fi for sensitive transactions. Consider setting up a virtual private network (VPN) for an added layer of protection, particularly when working remotely or travelling.

6. Regularly Review Your Accounts

Check your bank statements and financial accounts regularly for unauthorised transactions. The sooner you spot suspicious activity, the faster you can respond and limit potential damage. Most Australian banks offer instant notification services for transactions—make use of these features.

7. Back Up Critical Data

Regularly back up your financial data to a secure, offline location or reputable cloud service. If your device is compromised by ransomware or malware, having a backup ensures you don’t lose access to crucial information.

8. Educate Yourself and Your Team

Cybersecurity threats are constantly evolving. Stay informed about the latest scams and educate your family or team members. Regular training or awareness sessions can help everyone spot potential threats and respond appropriately.

9. Use Reliable Security Software

Install trusted antivirus and anti-malware tools on all devices used to access financial information. These tools can detect and block many common threats before they cause harm.

10. Protect Physical Devices

It’s easy to focus on digital threats and forget the physical ones. Make sure devices are locked when not in use, use strong PINs or biometric security, and never leave laptops or smartphones unattended in public places like the café or in your car.

Final Thoughts

Safeguarding financial data is an ongoing responsibility. By taking these proactive steps, you can significantly reduce the risk of cyber incidents and keep your finances secure. If you suspect your data has been compromised, contact your financial institution and relevant authorities as soon as possible. Remember, in the world of cybersecurity, prevention is always better than cure.

Tips and Tricks for Using XERO

Tue, 07 Oct 2025 13:00:05 GMT

Boost Your Efficiency with Australia’s Favourite Accounting Software

XERO has become a go-to accounting solution for many Aussie businesses, from sole traders to large enterprises. Whether you’re new to XERO or a seasoned user, there are always new ways to make the most out of its powerful features. Here’s a collection of practical tips and tricks to help you work smarter with XERO, tailored for Australian users.

1. Automate Your Bank Feeds

One of XERO’s best time-saving features is the ability to connect directly with your bank account. By setting up automated bank feeds, transactions are imported into XERO daily, letting you reconcile accounts quickly and avoid manual data entry. Make sure you check with your bank or credit union for XERO compatibility – most major Aussie banks are supported.

2. Use Find & Recode for Bulk Changes

When you need to update multiple transactions at once (for example, if you’ve used the wrong account code), XERO’s “Find & Recode” tool is a lifesaver. It allows you to search for a batch of transactions and edit them in one go. This is a huge time-saver during EOFY prep or if you discover an error across several entries.

3. Take Advantage of Invoicing Features

· Customise Your Templates: Add your business logo, use Australian English, and include your ABN to ensure your invoices look professional and comply with local tax requirements.

· Set Up Automated Reminders: Chasing overdue invoices is never fun. XERO can send automatic email reminders to clients, so you get paid quicker—no awkward arvo phone calls required.

· Enable Online Payments: Integrate payment services like Stripe or PayPal, so clients can pay instantly with a click. This reduces delays and improves your cash flow.

4. Master Expense Claims and Receipts

Tracking receipts can be a hassle. With XERO’s mobile app, you can snap a photo of your receipt at the servo or cafe and upload it straight to your account. This is perfect for keeping your expense records up to scratch and makes GST reporting a breeze.

5. Use Shortcuts to Save Time

· Keyboard Shortcuts: XERO has a range of keyboard shortcuts to help you navigate faster. For example, pressing “/” brings up the global search bar, and “c” takes you straight to creating a new invoice.

· Dashboard Favourites: Pin your most-used reports or features to your dashboard for quick access. This is handy during BAS season or when you need to keep an eye on your cash flow.

6. Keep On Top of BAS and GST

XERO simplifies your Business Activity Statement (BAS) preparation. Make sure you set up your GST correctly based on your business structure and reporting frequency. Use the BAS report under the “Accounting” tab to track GST collected and paid, and use XERO’s direct lodgement feature to submit straight to the ATO.

7. Integrate with Other Apps

XERO plays nicely with hundreds of Aussie and global apps—from inventory management to payroll and CRM tools. Check out the XERO App Marketplace to find integrations that suit your business needs and streamline your workflow.

8. Collaborate with Your Accountant

Invite your accountant or bookkeeper to your XERO file for real-time advice and support. They can help you keep your books tidy, prepare for EOFY, and optimise your tax position. Best of all, you don’t have to send files back and forth—everything is in the cloud and up to date.

Final Thoughts

XERO is a powerful accounting tool packed with features designed to make running your business in Australia easier. By making use of these tips and tricks, you’ll save time, reduce errors, and have more confidence in your finances. Whether you’re working from the home office or on the road in your car, XERO helps keep your books sorted so you can focus on growing your business.

The Benefits of Cloud Accounting

Wed, 01 Oct 2025 10:28:54 GMT

How Cloud-Based Accounting Transforms Australian Businesses

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Managing Debt Effectively for Business Stability

Fri, 12 Sep 2025 11:11:46 GMT

Effective debt management is crucial for the long-term stability and growth of any business. While debt can be a valuable tool for expansion and investment, uncontrolled or poorly managed debt can lead to significant financial distress. This document outlines key strategies for businesses to manage their debt effectively, ensuring a healthy financial outlook.

Understanding Your Debt Landscape

Before implementing any debt management strategies, it's essential to have a clear understanding of your current debt obligations.

Categorise Debt: Differentiate between short-term debt (e.g., lines of credit, accounts payable) and long-term debt (e.g., mortgages, term loans).
Interest Rates and Terms: Be aware of the interest rates, repayment schedules, and any specific terms and conditions associated with each debt.
Debt-to-Equity Ratio: Regularly assess your debt-to-equity ratio to understand how much of your business is financed by debt versus equity. A high ratio can indicate financial risk.
Cash Flow Analysis: Understand how your debt repayments impact your cash flow. Ensure you have sufficient cash flow to cover your obligations without straining operations.

Strategies for Proactive Debt Management

Proactive measures can significantly mitigate the risks associated with business debt.

1. Develop a Clear Debt Repayment Plan

Create a detailed plan for repaying your debts. This should include:

Prioritisation: Determine which debts to prioritise. Often, high-interest debts or those with strict deadlines should be addressed first.
Budgeting: Integrate debt repayments into your overall business budget.
Contingency Fund: Establish a contingency fund to handle unexpected expenses or downturns, preventing the need for additional debt.

2. Optimise Cash Flow

Strong cash flow is the backbone of effective debt management.

Accelerate Receivables: Implement strategies to collect payments from customers more quickly.
Manage Payables: Negotiate favorable payment terms with suppliers, but avoid delaying payments to the point of damaging relationships.
Control Operating Expenses: Regularly review and reduce unnecessary operating expenses.
Revenue Growth: Focus on sustainable revenue growth through increased sales, new products, or market expansion.

3. Consider Debt Restructuring or Refinancing

If your current debt terms are unfavourable or unsustainable, explore options for restructuring or refinancing.

Lower Interest Rates: Refinancing can secure lower interest rates, reducing your overall cost of borrowing.
Extended Repayment Periods: Restructuring can extend the repayment period, lowering monthly instalments and improving cash flow.
Consolidation: Consolidating multiple debts into a single loan can simplify management and potentially reduce interest costs.

4. Diversify Funding Sources

Relying too heavily on a single type of debt or lender can increase vulnerability.

Equity Financing: Explore equity financing (selling ownership stakes) to reduce reliance on debt.
Government Grants and Programs: Investigate government grants, subsidies, or loan programs that may be available to businesses in your industry.
Strategic Partnerships: Form partnerships that can provide capital or reduce the need for debt financing.

Monitoring and Review

Debt management is an ongoing process that requires continuous monitoring and periodic review.

Regular Financial Reviews: Schedule regular reviews of your financial statements, including balance sheets, income statements, and cash flow statements.
Key Performance Indicators (KPIs): Monitor KPIs related to debt, such as debt-to-equity ratio, debt service coverage ratio, and interest coverage ratio.
Adjust Strategies: Be prepared to adjust your debt management strategies as market conditions, business performance, or interest rates change.

Conclusion

Effective debt management is not about avoiding debt entirely, but about using it strategically and responsibly to fuel business growth while maintaining financial stability. By understanding your debt, implementing proactive strategies, and continuously monitoring your financial health, businesses can navigate the complexities of debt and achieve sustainable success.

Raising Capital: Funding Options For Your Business

Fri, 12 Sep 2025 10:33:12 GMT

Raising Capital: Funding Options for Your Business

Raising capital is a crucial step for businesses looking to grow, innovate, or simply sustain operations. Understanding the diverse funding options available can significantly impact a business's trajectory. This document outlines various avenues for securing capital, providing insights into their characteristics and suitability for different business needs.

1. Equity Financing

Equity financing involves selling a portion of your company's ownership in exchange for cash. This method can provide substantial capital without the burden of debt repayment, but it means diluting ownership and sharing future profits.

Types of Equity Financing

Angel Investors: High-net-worth individuals who provide financial backing for small startups or entrepreneurs, usually in exchange for ownership equity. They often offer valuable mentorship and industry connections.
Venture Capital (VC): Funds managed by professional investors that invest in companies with high growth potential. VCs typically invest larger sums than angel investors and take a more active role in the company's strategic direction.
Crowdfunding: Raising small amounts of capital from a large number of individuals, typically through online platforms. This can be a good option for businesses with a strong consumer appeal and a compelling story.
Private Equity: Firms that invest in established companies that are not publicly traded. They often seek to improve the company's performance and then sell it for a profit.
Initial Public Offering (IPO): The first time a private company offers its shares to the public on a stock exchange. This allows for significant capital raising but comes with extensive regulatory requirements and public scrutiny.

2. Debt Financing

Debt financing involves borrowing money that must be repaid, typically with interest, over a specified period. This method allows businesses to retain full ownership but adds the responsibility of debt repayment.

Types of Debt Financing

Bank Loans: Traditional loans from commercial banks. These can include term loans, lines of credit, and asset-backed loans. Eligibility often depends on the business's creditworthiness, cash flow, and collateral.
Business Credit Cards: While convenient for short-term needs, business credit cards typically carry high interest rates and should be used cautiously for capital raising.
Mezzanine Financing: A hybrid of debt and equity financing, typically used for expansion or acquisitions. It often involves subordinated debt that can be converted into equity under certain conditions.
Bonds: Debt securities issued by companies to raise capital. Investors who buy bonds essentially lend money to the company in exchange for regular interest payments. This is usually an option for larger, more established companies.

3. Alternative Funding Options

Beyond traditional equity and debt, several alternative funding options cater to specific business needs and stages.

Grants: Non-repayable funds provided by government agencies, foundations, or corporations for specific purposes, such as research and development or community projects. Eligibility criteria are often strict.
Bootstrapping: Funding a business with personal savings, early sales revenue, and minimal external capital. This approach allows entrepreneurs to maintain full control but can limit the pace of growth.
Revenue-Based Financing: Investors provide capital in exchange for a percentage of the company's future revenue until a certain multiple of the investment is repaid. This is often suitable for businesses with predictable recurring revenue.
Crowdlending/P2P Lending: Similar to crowdfunding, but individuals lend money to businesses with the expectation of repayment and interest, often through online platforms.
Factoring/Invoice Financing: Selling accounts receivable (invoices) to a third party at a discount to get immediate cash. This is a short-term solution for managing cash flow.

Conclusion

Choosing the right funding option depends on various factors, including your business stage, growth potential, risk tolerance, and desired level of control. It is advisable to thoroughly research each option, consult with financial advisors, and create a comprehensive business plan to present to potential investors or lenders.

Analysing Financial Statements: What They Tell You About Your Business

Tue, 19 Aug 2025 10:19:39 GMT

Analysing Financial Statements: What They Tell You About Your Business

Financial statements are the bedrock of understanding a business's health and performance. They provide a quantitative view of a company's financial activities, enabling stakeholders to make informed decisions. This document explores the key financial statements and how to interpret them effectively.

The Three Core Financial Statements

There are three primary financial statements that every business produces:

1. Balance Sheet: A snapshot of a company's assets, liabilities, and owner's equity at a specific point in time. It adheres to the accounting equation: Assets = Liabilities + Owner's Equity.

2. Income Statement (Profit and Loss Statement): Shows a company's revenues, expenses, and profit or loss over a period. It demonstrates the profitability of a business.

3. Cash Flow Statement: Reports the cash generated and used by a company during a period. It categorises cash flows into operating, investing, and financing activities.

Analysing the Balance Sheet

The Balance Sheet provides insights into a company's financial position.

Assets - What the company owns (e.g., cash, accounts receivable, inventory, property, plant, and equipment). Current Ratio (Current Assets / Current Liabilities)

Liabilities - What the company owes to others (e.g., accounts payable, loans, deferred revenue). Debt-to-Equity Ratio (Total Debt / Shareholder's Equity)

Owner's Equity - The residual value of assets after liabilities are paid, representing the owners' stake in the company. Return on Equity (Net Income / Shareholder's Equity)

Understanding these components helps in assessing liquidity, solvency, and capital structure.

Interpreting the Income Statement (P&L)

The Income Statement reveals a company's financial performance over a period.

• Revenue: The total amount of money generated from sales of goods or services.

• Cost of Goods Sold (COGS): The direct costs attributable to the production of the goods sold by a company.

• Gross Profit: Revenue minus COGS.

• Operating Expenses: Costs not directly related to production (e.g., salaries, rent, marketing).

• Operating Income: Gross Profit minus Operating Expenses.

• Net Income: The company's profit after all expenses, including taxes and interest, have been deducted.

Analysing the P&L helps evaluate profitability trends and operational efficiency.

Understanding the Cash Flow Statement

The Cash Flow Statement is crucial for understanding how a company generates and uses cash.

Operating Activities Cash generated from normal business operations. Indicates the core business's ability to generate cash.

Investing Activities Cash flows from the purchase and sale of assets (e.g., property, equipment). Shows how a company invests in its future.

Financing Activities Cash flows related to debt, equity, and dividends. Reveals how a company raises capital and pays back investors.

A healthy cash flow from operating activities is often a sign of a strong business.

Key Financial Ratios

Financial ratios provide a standardised way to compare a company's performance over time or against competitors.

• Profitability Ratios: Gross Profit Margin, Net Profit Margin.

• Liquidity Ratios: Current Ratio, Quick Ratio.

• Solvency Ratios: Debt-to-Equity Ratio.

• Efficiency Ratios: Inventory Turnover, Accounts Receivable Turnover.

These ratios offer powerful insights when used in conjunction with a thorough understanding of the business context.

Budgeting Strategies for Small Business Growth

Thu, 07 Aug 2025 23:23:19 GMT

Budgeting Strategies for Small Business Growth

Effective budgeting is crucial for the sustainable growth of any small business. It allows businesses to manage their cash flow, make informed financial decisions, and allocate resources efficiently. This document outlines key budgeting strategies that can help small businesses achieve their growth objectives.

1. Understanding Your Current Financial Standing

Before implementing any budgeting strategies, it's essential to have a clear picture of your current financial health.

Analyse Historical Data: Review past financial statements, including income statements, balance sheets, and cash flow statements, to identify trends and patterns in revenue and expenses.
Identify Fixed and Variable Costs: Categorise your expenses into fixed costs (e.g., rent, salaries) and variable costs (e.g., raw materials, marketing spend). This distinction is vital for accurate forecasting.
Assess Revenue Streams: Understand where your revenue comes from and the stability of each source.

2. Developing a Comprehensive Budget

A well-structured budget serves as a roadmap for your financial journey.

Zero-Based Budgeting: This method requires justifying every expense for each new budget period, regardless of whether it was previously approved. It encourages efficiency and cost-cutting.
Incremental Budgeting: This approach uses the previous period's budget as a baseline and adjusts it based on anticipated changes in revenue and expenses. It's simpler but may not encourage thorough review of all costs.
Activity-Based Budgeting: Link expenses to specific activities or outputs. This helps in understanding the true cost of producing goods or services.
Rolling Budgets: Instead of a fixed annual budget, a rolling budget continuously updates for a set period (e.g., 12 months), adding a new month as each month passes. This offers more flexibility and responsiveness to market changes.

3. Implementing and Monitoring Your Budget

Creating a budget is only the first step; consistent implementation and monitoring are critical for success.

Regular Review Meetings: Schedule regular meetings to review budget performance against actuals. This can be weekly or monthly, depending on the business's needs.
Use Budgeting Software: Leverage accounting software or specialised budgeting tools to automate tracking and reporting, reducing manual errors and saving time.
Cash Flow Forecasting: Develop accurate cash flow forecasts to anticipate periods of surplus or deficit. This allows for proactive planning and management of working capital.
Variance Analysis: Investigate significant deviations between budgeted and actual figures. Understand the reasons for these variances and take corrective actions.
Contingency Planning: Always allocate a portion of your budget for unexpected expenses or emergencies. A contingency fund provides a buffer against unforeseen challenges.

4. Budgeting for Growth Initiatives

To fuel growth, your budget should strategically allocate funds to key areas.

Marketing and Sales: Invest in effective marketing campaigns and sales initiatives to expand your customer base and increase revenue.
Technology and Innovation: Allocate funds for upgrading technology, investing in new software, or exploring innovative solutions that can enhance efficiency and competitiveness.
Employee Development: Invest in training and development programs for your employees to improve productivity and foster a skilled workforce.
Research and Development (R&D): For businesses reliant on new products or services, budgeting for R&D is crucial to stay ahead of the competition.
Expansion Opportunities: If expansion is a goal, ensure your budget accounts for the costs associated with new premises, equipment, or market entry.

5. Key Performance Indicators (KPIs) for Budget Monitoring

Use KPIs to measure the effectiveness of your budgeting strategies and overall financial health. Eg:

Gross Profit Margin

(Revenue - Cost of Goods Sold) / Revenue. Indicates profitability of core operations.

Net Profit Margin

Net Income / Revenue. Shows overall profitability after all expenses.

Operating Expense Ratio

Operating Expenses / Revenue. Measures efficiency in managing operating costs.

Cash Conversion Cycle

Days Inventory Outstanding + Days Sales Outstanding - Days Payable Outstanding. Indicates efficiency in converting investments into cash.

Return on Investment (ROI)

(Gain from Investment - Cost of Investment) / Cost of Investment. Measures the profitability of investments.

Setting Up Your Bookkeeping System for Success

pkikla@360accountingservices.com.au (360Accounting Services) — Wed, 16 Jul 2025 11:30:40 GMT

Setting Up Your Bookkeeping System for Success

A well-organised bookkeeping system is the backbone of any successful business. It provides clarity on your financial health, streamlines tax preparation, and empowers informed decision-making. This guide outlines the key steps to establishing an effective bookkeeping system.

1. Choose Your Bookkeeping Method

Before you start, decide on the accounting method that best suits your business:

Cash-Basis Accounting: Revenue and expenses are recorded when cash is received or paid out. This method is simpler and often used by small businesses.
Accrual-Basis Accounting: Revenue and expenses are recorded when they are earned or incurred, regardless of when cash changes hands. This method provides a more accurate picture of financial performance over time and is required for businesses with inventory.

2. Select Your Bookkeeping Tools

The right tools can significantly enhance efficiency:

Accounting Software:
Cloud-based : Xero, QuickBooks Online, MYOB etc.
Spreadsheets: Google Sheets, Microsoft Excel (suitable for very small businesses or for tracking specific aspects).
Manual Ledgers: (Less common now, but still an option for very basic needs).

3. Set Up Your Chart of Accounts

The chart of accounts is a categorised list of all financial accounts in your business. It's crucial for organising your financial data.

Key Account Categories:

Assets: What your business owns (e.g., cash, accounts receivable, equipment).
Liabilities: What your business owes (e.g., accounts payable, loans).
Equity: The owner's stake in the business.
Revenue: Money earned from business activities.
Expenses: Costs incurred to generate revenue.

4. Implement a System for Recording Transactions

Consistency is key to accurate bookkeeping. Establish clear procedures for recording all financial transactions. Make a list of all possible transaction types and preferred recording action I.e., Sales Revenue - record date, customer, amount and payment method.

5. Reconcile Your Accounts Regularly

Bank reconciliation compares your business's bank statements with your accounting records. This process helps identify discrepancies and ensures accuracy.

Frequency: Weekly / Monthly reconciliation is highly recommended.
Process:

- Compare transactions in your accounting software to your bank statement.

- Investigate and correct any differences.

6. Understand Key Financial Reports

Regularly review financial reports to gain insights into your business's performance.

Income Statement (Profit & Loss): Shows your revenues, expenses, and net profit or loss over a period.
Balance Sheet: Provides a snapshot of your assets, liabilities, and equity at a specific point in time.
Cash Flow Statement: Tracks the movement of cash in and out of your business.

7. Maintain Organised Records

Keep all financial documents, such as receipts, invoices, bank statements, and payroll records, well-organised and easily accessible.

Digital Storage: Cloud storage (Google Drive, Dropbox,) or dedicated document management systems that feed into your accounting software (Dext etc).
Physical Storage: Clearly labeled folders or filing cabinets.

By following these steps, you can establish a robust bookkeeping system that supports the long-term success and growth of your business.

How to Reconcile Your Bank Accounts Properly

pkikla@360accountingservices.com.au (360Accounting Services) — Wed, 09 Jul 2025 00:42:35 GMT

How to Reconcile Your Bank Accounts Properly

Reconciling your bank accounts is a critical step in maintaining accurate financial records for your business. It ensures that your internal cash records match your bank statements, helping to identify discrepancies, prevent fraud, and maintain a clear financial picture. This guide will walk you through the process step-by-step.

Why Reconcile?

Regular bank reconciliation offers several benefits:

Accuracy: Confirms that your cash balance is correct.
Fraud Detection: Helps identify unauthorised transactions or errors.
Error Correction: Catches accounting errors in your books or by the bank.
Improved Cash Management: Provides a clearer understanding of your available funds.
Audit Readiness: Ensures your financial records are clean for audits.

What You'll Need

Before you begin, gather the following:

Your business's bank statement for the period you are reconciling – export this into excel for ease
Your internal cash ledger or accounting software's cash account summary for the same period.
Any outstanding items, deposits in transit or other relevant transaction records.

The Reconciliation Process

Follow these steps to reconcile your bank accounts:

Step 1: Compare Deposits

Bank Statement Deposits: Go through each deposit listed on your bank statement.
Internal Records: Match these deposits to the deposits recorded in your internal cash ledger or accounting software.
Check Off: As you find a match, check off the deposit on both your bank statement and your internal records.
Identify Discrepancies: Any deposit on your bank statement not found in your internal records, or vice versa, is a discrepancy that needs investigation. These are usually deposits in transit (recorded in your books but not yet by the bank) or bank errors.

Step 2: Compare Withdrawals and Payments

Bank Statement Withdrawals: Review all withdrawals and electronic payments (EFTs, debit card transactions) on your bank statement.
Internal Records: Match these transactions to the withdrawals and payments recorded in your internal cash ledger.
Check Off: Check off each matched transaction on both documents.
Identify Discrepancies: Note any transactions on your bank statement not in your records (e.g., bank service charges, automatic payments) or transactions in your records not on the statement (e.g., outstanding items)

Step 3: Adjust Your Cash Balance (Internal Records)

Once you've compared all transactions, your internal cash balance will likely need adjustments for items identified on the bank statement that you hadn't recorded yet.

Typical adjustments include:

Bank Service Charges: Deduct these from your cash balance.
Interest Earned: Add this to your cash balance.
NSF (Non-Sufficient Funds) Deduct the amount of any returned payments from your cash balance and record them as accounts receivable from the customer.
Errors: Correct any errors you've made in your internal records.

These adjustments should be recorded as journal entries in your accounting system.

Step 4: Adjust the Bank Statement Balance

The bank statement balance also needs to be adjusted for items your bank isn't aware of yet, but you have already recorded. These are:

Deposits in Transit: Add these to the bank statement balance. These are deposits you've made and recorded but the bank hasn't processed by the statement date.
Outstanding items: Deduct these from the bank statement balance. These are transactions you've issued and recorded but haven't yet cleared the bank.

Step 5: Verify Reconciliation

After making all adjustments, your adjusted cash balance (from your internal records) should equal your adjusted bank statement balance.

If the balances don't match, carefully re-examine your work from Steps 1 through 4. Look for:

Typographical errors.
Missed transactions.
Incorrect amounts.
Mathematical errors.

Tips for Effective Reconciliation

Reconcile Regularly: Monthly reconciliation is ideal.
Keep Good Records: Ensure all transactions are immediately recorded.
Segregate Duties: If possible, have one person handle cash receipts and another perform reconciliation.
Automate: Utilise accounting software to streamline the process (Xero, MYOB, QuickBooks etc)
Investigate Discrepancies Promptly: Don't ignore differences, as they can indicate serious issues.

By following these guidelines, you can ensure your bank accounts are accurately reconciled, providing a solid foundation for your business's financial health.

Further Resources

Contact your accountant or financial advisor for personalised advice.

The Benefits of Outsourcing Your Bookkeeping

pkikla@360accountingservices.com.au (360Accounting Services) — Fri, 04 Jul 2025 01:15:10 GMT

The Benefits of Outsourcing Your Bookkeeping

Outsourcing bookkeeping has become an increasingly popular strategy for businesses of all sizes, from startups to established enterprises. It involves delegating your financial record-keeping tasks to an external service provider rather than managing them in-house. This approach offers a multitude of advantages that can significantly impact a business's efficiency, financial health, and overall growth. Key Benefits include;

Cost Savings

One of the most compelling reasons to outsource bookkeeping is the potential for substantial cost savings. Businesses can avoid expenses associated with hiring a full-time employee, such as:

Salaries and Benefits: Eliminating the need for competitive salaries, alleviates payment and accrual of leave provisions.
Office Space and Equipment: Reducing overhead costs related to dedicated office space, computers, software licenses, and other necessary equipment for an in-house bookkeeper.
Training and Development: Avoiding the ongoing costs of training, professional development, and staying up-to-date with accounting software and regulations.

Outsourcing often allows businesses to pay only for the services they need, providing a flexible and scalable solution.

Access to Expertise

Outsourced bookkeeping firms typically employ a team of experienced professionals with diverse expertise in various industries and accounting software. This means businesses gain access to:

Specialised Knowledge: Professionals who are experts in current tax laws, financial regulations, and industry-specific accounting practices.
Latest Technology: Outsourced providers often utilise advanced accounting software and cloud-based solutions, ensuring efficiency and data security.
Reduced Error Rates: Experienced bookkeepers are less likely to make errors, leading to more accurate financial statements and reduced risk of penalties.

Increased Efficiency and Focus

Delegating bookkeeping tasks frees up valuable time and resources that can be redirected to core business activities. This allows business owners and their teams to:

Focus on Core Competencies: Concentrate on strategic initiatives, business development, and customer satisfaction.
Improve Productivity: Avoid the distractions and time consumption of managing internal accounting processes.
Streamlined Operations: Benefit from efficient and standardised bookkeeping processes implemented by external experts.

Scalability and Flexibility

As a business grows, its bookkeeping needs evolve. Outsourcing provides the flexibility to scale services up or down as required, without the complexities of hiring or laying off staff. This includes:

Handling Growth Spurts: Easily accommodate increased transaction volumes during periods of rapid expansion.
Adjusting to Seasonal Fluctuations: Scale back services during slower periods, optimising costs.
Support for Specific Projects: Engage specialised bookkeeping support for one-off projects or audits.

Enhanced Data Security and Compliance

Reputable outsourced bookkeeping firms prioritise data security and adherence to regulatory standards. They typically implement:

Robust Security Measures: Utilising encrypted systems, secure servers, and strict access controls to protect sensitive financial data.
Compliance Expertise: Ensuring that all financial records and reports comply with relevant accounting standards and tax regulations.
Reduced Fraud Risk: Implementing internal controls and segregation of duties that can help prevent internal fraud.

Outsourcing bookkeeping offers a strategic advantage for businesses seeking to optimise their financial management. From significant cost savings and access to expert knowledge to improved efficiency and enhanced security, the benefits are clear. By entrusting their financial records to external professionals, businesses can achieve greater peace of mind, make more informed decisions, and ultimately, drive sustainable growth.

Navigating the End of Financial Year Tax Obligations

pkikla@360accountingservices.com.au (360Accounting Services) — Mon, 23 Jun 2025 10:32:56 GMT

Navigating the End of Financial Year Tax Obligations

The end of the financial year (EOFY) can feel overwhelming, especially when it comes to tax obligations. This blog post will help you navigate the complexities and ensure you're prepared.

Understanding Key Dates

The Australian financial year runs from July 1 to June 30. Knowing the key dates is crucial for planning and avoiding penalties.

June 30: End of the financial year.
July 1: Start of the new financial year.
October 31: Deadline for most individual tax returns (unless lodged by a registered tax agent).

Gathering Your Documents

Before you start your tax return, gather all necessary documents. This will streamline the process and minimise errors.

Here are some essential documents:

Payment summaries from employers
Bank statements
Investment records
Receipts for work-related expenses
Health insurance details

Claiming Deductions

You can claim deductions for expenses related to earning your income. Keep detailed records and ensure the expenses are directly related to your work.

Common deductions include:

· Home office expenses

· Self-education costs

· Work-related travel

· Tools and equipment

Seeking Professional Advice

If your tax situation is complex or you feel overwhelmed, consider seeking advice from a registered tax agent. They can provide personalised guidance and ensure you meet all obligations

Understanding Tax Deductions for Small Businesses

pkikla@360accountingservices.com.au (360Accounting Services) — Mon, 23 Jun 2025 10:32:54 GMT

Understanding Tax Deductions for Small Businesses

What are Tax Deductions?

Tax deductions are expenses that you can subtract from your gross income to lower your taxable income. This means you pay taxes on a smaller amount, potentially saving you money.

Common Tax Deductions for Small Businesses

Several expenses may be deductible, but it's crucial to keep detailed records and consult a tax professional for personalised advice.

Business Expenses

These include costs directly related to running your business.

● Office Supplies: Pens, paper, printer ink, etc.

● Rent: Payment for office space or business property.

● Utilities: Electricity, water, internet, etc.

● Advertising and Marketing: Cost s associated with promoting your business.

Vehicle Expenses

If you use a vehicle for business purposes, you may be able to deduct expenses.

● Kilometres: Tracking business kilometres can result in a deduction.

● Vehicle Expenses: Fuel, maintenance, and insurance may be deductible.

Home Office Deduction

If you use part of your home exclusively for business, you might qualify.

● Square Footage: The portion of your home used for business is deductible.

● Direct Expenses: Expenses directly related to the home office space.

Travel Expenses

Business-related travel expenses are often deductible.

● Travel: Flights, trains, and car rentals for business trips.

● Accommodation: Hotel costs for business travel.

● Meals: Business meals with clients or colleagues.

Education and Training

Costs for courses or training that maintain or improve your business skills.

Record Keeping

Accurate records are essential for claiming deductions. Keep receipts, invoices, and other documentation to support your claims.

Disclaimer

This information is for general guidance only and does not constitute professional tax advice. Consult with a qualified tax advisor or accountant for specific guidance related to your business situation.

Important changes to the Australian cyber security landscape in 2022

Mon, 21 Nov 2022 00:44:45 GMT

Companies need to consider their cyber security more than ever due to the increased threat of hacking and cybercrime.

This threat has been highlighted by cyber security experts for years, but it wasn’t until May 2022 that the Australian Federal Court made a decision to place the responsibility of cyber security defence on companies that operate in financial services. The court ruled that an Australian financial services company failed to meet its obligations by not mitigating its cyber security risks thoroughly.

This has set a precedent for all other financial services companies in Australia, as the burden is now on them to ensure their cyber security standards are up to scratch. Unfortunately, this is the result of growing threats of cyber attacks in recent years. Failing to protect against things like brute force hacking could lead to serious leaks of personal information as well as financial problems for companies and clients alike.

As a result of this ruling, the Australian Securities and Investment Commission (ASIC) outlined that all financial entities adhere to the latest guidance from the Australian Cyber Security Centre. One of the main tenets of their guidance is adopting the Essential Eight framework which provides a good foundation for cyber security and compliance.

What is the Essential Eight?

The Essential Eight is a type of cybersecurity framework established by the Australian Signals Directorate. It’s an iterative piece of guidance that’s changed considerably over the past 5 years, bringing in additional strategies and components to their guidelines. The eight strategies outlined in this framework include:

• Application control

• Patch applications

• Configure MS Office macros

• User application hardening

• Restricting administrative privileges

• Patch operating systems

• Multi-factor authentication

• Daily backups

These eight strategies fall into one of three distinct categories: preventing attacks, limiting attack impacts and data availability.

What is the Essential Eight maturity scale?

If you’re adopting the Essential Eight framework, you can monitor and assess compliance levels using the Essential Eight maturity scale. This breaks progress into one of three different levels, including:

• Level one: Partially aligned with the strategy goals

• Level two: Mostly aligned with the strategy goals

• Level three: Fully aligned with the strategy goals

The maturity scale is particularly useful because it can be tailored to address the unique risks found in specific organisations. This level of customisation makes the scale more useful when addressing compliance, as it ensures everyone involved knows the specific actions and steps necessary to progress through the levels.

At the moment, guidelines from the Australian Signals Directorate suggest that all businesses in Australia reach level three of the maturity scale to ensure their protection against cyber threats. With that said, the Essential Eight is seen as the minimum level of protection that a company should strive for. These strategies are ideally used alongside more advanced and tailored solutions for businesses to prevent cyber attacks.

Is the Essential Eight a legal obligation?

Due to the increased threat of cyber criminality and our growing reliance on the internet for business, the Australian Federal Government is going to mandate the Essential Eight framework for all non-corporate Commonwealth entities. Prior to these changes, it was only expected that the top four controls found in the first objective in the Essential Eight were followed by all organisations. Now, all eight strategies are to be adhered to.

Part of this new mandate will involve assessing companies to ensure they’re maintaining compliance. As a result of this, all organisations expected to comply with the Essential Eight will also receive an in-depth audit every five years to assess their security measures, starting in June 2022.

Other approaches to reducing the risk of cyber attacks

As mentioned above, the best way to protect your business is by going beyond the minimum level outlined in the Essential Eight. There are many different tools and strategies you can bring in to help with this, but enlisting the expertise of an Accounting Service provider like 360 Accounting Services is one of the most effective approaches. Bringing in the experts can help with a number of things, such as:

• Establishing systems to provide you with greater control over your cloud-based applications and websites.

• Providing guidance around compliance with regulatory requirements and best practices for your industry.

• Experience high-quality support, training and other resources for the organisation to help with cyber security and protection.

As the need for stronger cyber security strategies continues to grow, having the right expertise on your side is becoming more important. Whether you’re an accounting firm or another type of financial services provider, it’s vital that you have the right infrastructure and intelligence in place to protect your business - and your clients - from the threat of cyber attacks.

360 Accounting Services is proud to be Accounting Data Security Standard Certified and we have implemented Practice Protect for added security. To learn more about how 360 Accounting Services can help you protect your business from the threat of cyber attacks, get in touch with our team today at 1300 360 749

Moving from Excel to Cloud Accounting

Wed, 09 Mar 2022 04:40:02 GMT

When starting, most businesses handle their accounting tasks using Excel. While efficient, it may not support the needs of your growing business.

Since 2000, it has been mandatory for all Australian businesses to add and report GST. As such, many business owners find it much more convenient to record their financial data digitally. However, some are still struggling. To help make the transition to online reporting, this blog outlines:

Why Excel is less effective for business accounting
The benefits of online accounting
Reasons to transfer to online accounting, and;
How to transition to online accounting

Downsides to using Excel for business accounting

As businesses grow, their taxation reporting requirements become more complex. In many cases, Excel is not designed to handle detailed taxation information. Here are six key reasons to move on to online tax reporting.

#1 Excel requires you to master programming language

As it’s so widely used, business owners often forget how complex Excel is. The program can be quite difficult to master and extremely time consuming. For the novice, it can seem like having to learn a new programming language.

#2 Developing an Excel spreadsheet to suit your financial requirements requires careful preparation

Setting up expense reports and invoice tracking is very time-consuming. Also, you may need to continually change information as you go.

#3 You need a strategy

Excel offers no flexibility to reconfigure data. So, before starting, you need to know exactly how you’ll use the information. You’ll need report names, the cells you want to print and ensure every report is correctly time stamped.

#4 Can’t integrate with other business software

Many Excel users find it incompatible with business needs. It’s extremely difficult to enter large data sets, combine various worksheets or incorporate scripts. Excel does not integrate with other programs you may need to run your business smoothly.

#5 There is no audit trail

This leaves Excel susceptible to fraud. The reason is, it’s very easy to change information and difficult to keep track of who has made the changes.

#6 Transactions are hard to track

Many business financial records contain double entries. Excel does not automatically recognise these. So, rather than helping your business run smoothly, it can make creating financial documents very difficult. This, in turn, can result in providing your accountant with inaccurate records.

Benefits of online accounting

Here are six key reasons to utilise an online accounting system.

#1 Ease of use

A convenient dashboard gives you ready access to all financial data. So, you don’t have to painstakingly enter data manually. With a clear view of your company’s finances, you’ll make well-informed business decisions. This will provide your customers with absolute confidence.

#2 Accurate data

Accounting software keeps your business’ pertinent financial data in the cloud. It automatically feeds bank statement lines into your software. This dramatically reduces data entry requirements and possible mistakes.

#3 Real-time reporting

Get detailed, accurate financial reports whenever you need them. So, you no longer have to wait until the end of the month, or end of the quarter. You can view and share real-time budgets and reports quickly and easily. This also enables you to complete tasks, like sales tax returns in minutes, not hours.

#4 Up-to-date information

Create any information your employees and customers need at a moment’s notice. Your business will be equipped to manage its finances efficiently and accurately. This is crucial during tax time when you need to share your financial information with your accountant. Your tax information will always be up-to-date and easy to share.

#5 A clean audit trail

All the historical information you or your investors require is right at their fingertips. Accounting software creates a clean audit trait that can’t be compromised. And, every business transaction (i.e. sales contracts, employee payments and more) is recorded. A complete audit trait reassures your employees and customers and satisfies the ATO’s requirements.

#6 Syncs with other business software

Using cloud-based software allows you to take advantage of apps to sync with your financial data. Invoicing, inventory management and so much more take the time and frustration out of business accounting.

#7 24/7 access to financial data

Every member of your team can access your data at any time. With cloud software, you can share financial information with your employees, accountant, bookkeeper or financial advisor.

Transitioning to online accounting

Are you ready to make the switch? To reap the above benefits and more, follow these simple tips.

Choose the right time

The end of the financial year may seem like the obvious time to integrate new accounting software. However, this is a very busy period for small business owners. You may not have enough time to integrate the new system and prepare data. So, we advise making the switch during your slower months. This can be the end of the month or quarter, for instance.

Either move your accounting history or enter open balances

Importing historical data or starting over with open balances can be a difficult choice. In most cases, however, moving your entire accounting history isn’t necessary. It’s generally recommended to export it to a backup file, and simply transfer the uncleared transactions.

Organise your data

Different software will support different file formats. The software you choose will specify things like: text limits, date formatting, column headings and more. Ensure your data is error-free, and is saved in the correct format. Test this by transferring a few rows of data, and ensure your formatting is correct before entering the remaining data.

Run both systems simultaneously

Transitioning to your new accounting software takes time. To ensure things go smoothly, run both systems together, until you can use the software confidently. Depending on your business size, you may need to run both systems for a few days or weeks.

Would you like more advice on how Xero accounting software can benefit your business? For specialised training and support in Xero Accounting packages , call or email 360 Accounting Services today.

References:
https://www.goforma.com/small-business-accounting/moving-from-excel-to-accounting-software

https://www.xero.com/au/resources/small-business-guides/accounting/move-from-excel/

https://www.accountingweb.co.uk/community/blogs/robnixon2808/making-tax-digital-from-down-under

Productive tips and tricks for Outlook users

Fri, 28 Jan 2022 00:13:15 GMT

If you’re looking to maximise efficiency in the workplace, you might not have considered Outlook as the first place to start.

Most of us consider Outlook as the industry standard for email, but it’s also an incredibly powerful business tool which encompasses contacts, calendars and all sorts of other organisational instruments. To increase productivity, save time and allow your day to become a little less cluttered, why not try incorporating some of these Outlook tips and tricks into your working regimen?

If you’re looking to maximise efficiency in the workplace, you might not have considered Outlook as the first place to start. Most of us consider Outlook as the industry standard for email, but it’s also an incredibly powerful business tool that encompasses contacts, calendars and all sorts of other organisational instruments. To increase productivity, save time and allow your day to become a little less cluttered, why not try incorporating some of these Outlook tips and tricks into your working regimen?

Put some colour in your calendar

Colour coding your Outlook calendar can help you to more effectively plan your day by highlighting different meeting types. Colours can be used to denote meeting locations, meeting subjects, or just about any other parameter you might want to use.

To change the colour of a particular set of meetings (in this example, we’ll highlight all meetings with your boss), simply follow these steps:

1) Click the ‘View’ tab within Outlook Calendar and select ‘View Settings’.

2) Select ‘Conditional Formatting.

3) Pick a colour.

4) Add a condition for colouration (choose the name of your boss as the meeting organiser).

5) Click ‘OK’.

6) Voila - all meetings with your boss will now be highlighted in the colour of your choice!

This process can be repeated for meetings of all different types - simply assign a different colour to each condition to create a perfectly organised calendar.

Automatically resize your images

If you find yourself regularly sending photos via Outlook, you’ll be aware that image sizes can vary wildly. It’s not uncommon to upload a photo from a smartphone or camera only to find that it’s far too big to be delivered via email. Even if the file size isn’t too big, the large dimensions of the photo could mess with the formatting of your email, resulting in an unprofessional, amateur-looking message. Thankfully, there’s an easy way to automatically resize images for email in Outlook.

1) Right-click on the picture you want to send in Windows Explorer and select ‘Send To -> Mail Recipient’.

2) A pop-up window should appear which allows you to change the picture to a standardised size.

3) This should reduce the dimensions and file size of your image.

If you’ve already attached the image within an email, you can still resize it. Simply click on ‘File’ and navigate to ‘Info’. From here, you can select ‘Resize large images when I send this message’, and from now on any images you attach will be automatically resized without you having to worry.

Change default meeting length

If your meetings tend to be longer or shorter than the default setting in Outlook (30 minutes), you may find it beneficial to change the default length within the software. This will allow you to keep control of a more accurate calendar, thereby creating opportunities to be more productive. Changing the default meeting length setting within Outlook is simple:

1) Click on ‘File’ and ‘Options’, and navigate to ‘Calendar’.

2) Under ‘Calendar’ options, you will find a checkbox marked ‘Shorten appointments and meetings’. Click in the checkbox.

3) A drop-down menu which was previously greyed out will appear, allowing you to choose the default length for appointments and meetings.

Display the total number of emails in an Outlook folder

By default, Outlook will display the number of unread emails in each folder, highlighted in blue to the right of the folder name. While this is perfect for certain folders, such as the ‘Inbox’, it might not be ideal for others, such as the ‘Action Required’ folder.

The ‘Action Required’ folder is useful for moving messages which require work. However, without knowing how many messages are in there, you could potentially lose track of your workload.

To switch from the number of unread items to total items, simply right-click on your folder of choice and select ‘Properties’. Instead of ‘show number of unread items’, select ‘show total number of items’ from the on-screen menu.

Clean up your conversations

If your inbox is full of emails that go back and forth with clients or colleagues (where email is used more like a messaging function), you might find yourself running out of storage space for other important messages. It’s therefore important to keep on top of your email conversations.

It’s often the case that you’ll find older emails in a conversation are included as part of the thread in the most recent replies. If you’ve got a copy of the full thread sitting in the latest email you’ve sent/received, it’s therefore fine to delete those older messages to free up some much-needed space.

The good news is that you won’t even have to do this manually. Outlook has its very own ‘Clean Up’ tool, which is situated next to the ‘Delete’ button. When you click ‘Clean Up’, you’ll be presented with three options:

- Clean Up Conversation (this reviews the currently-selected conversation).

- Clean Up Folder (this reviews all conversations within your selected folder).

- Clean Up Folder & Subfolders (this reviews all conversations within the selected folder and subfolders).

In this example, we’re going to choose ‘Clean Up Folder’ while in the ‘Inbox’. From here, Outlook will intelligently remove all redundant conversations within the ‘Inbox’ folder, leaving only pertinent conversations (including previous emails saved in the latest replies as part of a thread).

Schedule email delivery

If you want to compose a message right now but don’t intend on sending it until a specific time, Outlook allows you to create a schedule. Simply create an email, then click ‘Options’ and select ‘Delay Delivery’. From here, select ‘Do Not Deliver Before’, at which point you’ll be able to specify the date and time you wish your email to be sent. This tip is perfect for creating timely responses before you enter a busy afternoon full of meetings.

Create reminders with sticky notes

Digital sticky notes are great for jotting down small tasks which don’t warrant a manual entry into your calendar. Simply press the Ctrl + Shift + N keys on your keyboard from anywhere within the Outlook interface. This will create a new sticky note which can be positioned anywhere on your screen as a reminder of the small tasks you need to tackle. Once you’ve completed your tasks, you can close down the sticky note and move on to your next job.

Conclusion

Outlook is an incredibly powerful tool, yet far too many of us only use it for simple tasks. By taking these tips on board, you may find that your working day becomes far more productive than ever before. Why not impress your colleagues and begin saving time by implementing these simple tricks into your routine?

Why use Deputy? Benefits and a client profile

Wed, 15 Dec 2021 00:05:34 GMT

Deputy is a powerful piece of software renowned for making businesses smart, quick and simple. With more than 290,000 happy clients that continue to advocate for the software, Deputy is transforming the landscape of Australian business operations.

Overview

The purpose of Deputy is to streamline the way your business functions. As a comprehensive all-in-one platform, Deputy provides all of the core features you need to continue running your business on a day-to-day level - as well as planning ahead.

Key features of Deputy include employee onboarding, time tracking, rostering and more. Also available on mobile, Deputy is perfect for maintaining business operations whilst on the go.

Benefits of using Deputy

There are many benefits that come with using Deputy. We've outlined some of the main reasons why you should consider integrating Deputy into your business.

Versatility

Deputy was developed with the intention of providing everything your business needs at an administrative level. Because of this, it's the ideal tool for businesses that require versatility in their software. From tracking payroll to communicating with team members, Deputy is equipped with all of the features you need.

Accessibility

Another benefit of Deputy is just how simple and straightforward it is to use. With tours available, even the most technophobic of business owners can begin using Deputy right away. If you're familiar with business management software already, Deputy will feel like home. Our interface is clean, making navigation around the software a breeze.

Mobility

As mentioned previously, Deputy is available as an app. This means that you can keep track of much of your business's operations whilst out of office. This boosts your feeling of security that the business is only a few clicks away if urgent changes need to be made. New users can also be added on an as and when needed basis, perfect for onboarding new employees.

Flexibility

Deputy is able to be integrated with many existing HR software, as well as your current payroll and POS systems. This makes it an incredibly flexible piece of software that you can introduce to operations easily. Deputy is also flexible in that it's able to be used by various industries, including hospitality, retail, healthcare, call centres and more.

Security

Ultimately, Deputy was developed with the growth and continual health of your business in mind. This means that the software boasts fantastic data security, including meeting key industry standards such as being PCI compliant. Annual audits and frequent security assessments are also completed to ensure that our infrastructure remains safe.

How our client "Kinfolk" uses Deputy and Xero

How does Deputy increase staff efficiency?

Deputy's real-time performance review features allow employers to give feedback after every shift and increase employee morale by celebrating top performers and providing support to those who need more assistance. A performance record can also be maintained which can be used to identify trends in job performance and assist in the generation of reports. Employee satisfaction can also be tracked through the rating given by the staff member after completing their shift.

How does Deputy help with staff costing and budgeting?

Deputy shows staff costs while scheduling shifts based on the pay rates assigned to them. This helps in staff allocation based on the budgets for the week or month. Also, the "start shift" and "end shift" options along with 'start break' and 'end break' given to employees during their shifts allow for accurate wage payments based on the actual hours worked. The reports function in deputy helps in monitoring the sales v/s work schedule of employees for a particular week and gives a snapshot of the total costs incurred v/s revenue generated for the week. It also syncs revenue information from the POS system which helps with staff allocation.

How Deputy's award rate interpretation removes the guesswork?

Deputy has multiple award rates based on occupation and level of skills (for example, Chefs come under restaurant industry award (RIA) for level 1-2, and 3 and above). The system automatically calculates rates for weekends, public holidays, night shifts, etc which saves a lot of time.

How do Xero and Deputy sync and create efficiencies?

Deputy allows timesheets to be exported to Xero, and syncs the base pay rates and employee details from Xero. This simplifies the payroll process as updates can be done in one platform and can be synced to another in a short span of time.

Begin using Deputy today

Whether you're a small start-up firm, an SME or a global business chain, Deputy is the perfect software solution for your business needs. To get started, download today for a free trial. You can also contact a member of our friendly team to learn more about the services Deputy offers and how it can revolutionise the way your business works.

Best Apps for Small Business

Mon, 22 Nov 2021 01:56:29 GMT

Why wouldn't you want to make your life and job easier? As a small business, using all the resources and tools available to you is the best way to stay ahead. There are dozens of handy apps out there designed for various purposes, from taking payments and handling your accounts to keeping productivity high and communicating with your team.

Here are a few of our top picks for must-have apps that any small business should try:

Apps that up your productivity and organisation
Project management and organisation are key ways to boost your small business and get more done in the average day. Here are our top recommendations:

Trello
Trello may be a classic option for small businesses, but that doesn't mean it can't do good things. Utilising a card-based project management system, Trello allows multiple people to work together on a range of different tasks. Integration with Slack, Evernote and Xero projects makes this system even handier for day to day use.

Basecamp
If Trello is the streamlined way to work, Basecamp is the maximalist approach. Instead of one large workplace board, Basecamp features chatrooms, message boards, check-in systems and more to keep everyone on track. If you're spending half your time trying to keep everyone updated on projects, Basecamp may be a handy app to improve your productivity.

Apps to manage your inventory
If your business carries inventory, upping your organisation and digitising your processes is the ideal way to save time and costs. Here are our top picks:

Unleashed
Unleashed is the ideal solution for inventory management, whether you're a manufacturer, distributor, or wholesaler. With a focus on a unified inventory management system for all products, Unleashed allows you to see the state of your business at a glance, thanks to the innovative Business Intelligence Tool. It's also highly rated by some of the world's biggest names in business, from QuickBooks to Xero.

DEAR
If you like the idea of a smooth, user-friendly, slick interface for your inventory management, DEAR delivers on that promise. As a one-stop-shop with plenty of functionality built-in, DEAR puts everything in one place so you can focus on growth. Anything you need from real-time inventory management is covered in one easy-to-read dashboard, cutting down the time spent wrangling with data or deciphering spreadsheets in an instant.

One honourable mention worth noting is Xero's recent acquisition of Locate , a unique inventory management tool that's well worth investigating for future business needs.

Apps that make payment easier
Taking and making payments doesn't have to be a chore with the right app. Here are a few that you might want to check out:

Square
Square is the standard for many small businesses all over the world – and for a good reason. This POS provider is a giant in the payment world, providing a fast and easy way for businesses to allow debit and credit transactions at a low price point. If you're looking for flexibility and convenience, then Square is worth a second look.

Tyro
Tyro is an increasingly popular competitor to the big names in POS, providing quick and easy in-store and online payments in one handy location. More than 36,000 Australian businesses already utilise Tyro, with a wide range of payment types included to suit the varied needs of the average customer base. If you like the idea of putting ecommerce and in-store purchasing in one basket, Tyro might be what you need.

Apps for finance and accountancy
Money management is a key priority for small business owners. Here are some of the apps that can make your finances a bit easier:

QuickBooks
QuickBooks is the standard, whether you do finances yourself or work with an accountant. QuickBooks Online is specifically designed with small businesses in mind, allowing you to enter receipts quickly, create invoices and have all the information you need when tax season rolls around.

FreshBooks
If your business focus is invoice-heavy, then you might get along well with FreshBooks . With easy, quick invoicing built into the service and an overall practical interface, FreshBooks is a low-cost alternative to other options on the market. If you don't like the look of QuickBooks (or the price point), FreshBooks may be worth a look.

Apps for customer relationships
Creating great customer relationships is a crucial ingredient for long-term success. These tools might be just what you need:

Belly
If you want to give back to your customers, this app is an excellent place to start. You don't necessarily need a custom app and costly development process to create your own customer loyalty scheme. Belly makes the process easy, allowing you to quickly create and manage a points-based rewards system on your own terms.

Salesforce
If you're serious about investing in a better customer journey and improved sales and marketing, industry giant Salesforce isn't a bad place to start. This CRM can do whatever you need it to, whether it's tracking customer profiles, personalising marketing plans, or creating automated customer journeys.

Apps that keep you in touch with your team
Communication in small businesses is a must. Keep everything transparent and open with the help of these apps and services:

Slack
Slack is the cornerstone of communication in many small businesses worldwide. With workplace-friendly messaging and quick and easy methods of speaking to just about anyone you need to, Slack is a valuable productivity tool. Anything that reduces the volume of unnecessary meetings in the workplace is always a good thing.

GoToMeeting
Going remote? For small businesses that frequently use video conferencing, GoToMeeting may be the ideal addition to your app investment budget. Unlimited HD meetings, screen sharing, and a dial-in line are all included. You can even integrate Google Calendar of Office 365 to add even more functionality on top.

Apps that keep you on track
Where does the time go? If your small business services require accurate time tracking and scheduling, you might want to try these apps out:

TSheets
Created by the experts at QuickBooks, TSheets offers a way to track your time simply and effectively. Even better, you can integrate this app directly into the rest of your QuickBooks services as well as with Sage, Xero and more, making it effortless to invoice correctly every time.

Deputy
If you need a mobile-friendly solution for remote team management, Deputy provides an excellent solution. This streamlined scheduling app allows you to handle rotas easily and fill shifts with a single tap while also providing instant notification of upcoming shifts for your employees. If shift swapping is the standard in your business, Deputy can handle that too – preventing confusion and ensuring everyone is where they need to be.

Every business is different. While not every app on our list will work for you, it's worth exploring the different options available to your business. As a digital-first company, 360 Accounting Services is all about embracing technology in the small business accounting services we offer. Why not chat to us about it today?

Understand & reduce your operating costs

Mon, 18 Oct 2021 22:22:16 GMT

It can be daunting to look at balance sheets and income statements. After all, coming across terms you’re unfamiliar with when you’re already trying to juggle business accounting only adds to your stress. Luckily, most of the terms are fairly self-explanatory.

We already know that every penny counts in a business and it’s a good idea to keep an eye on any outgoings. By familiarising yourself with key terms, you’re already putting an effort towards making your business more cost-effective and profitable. By reducing certain outgoings, you can capitalise on profit and show your stakeholders just how profitable you are.

As we come out of lockdown, a lot of small and medium-sized businesses are struggling financially. Unfortunately, we saw a lot of businesses go under during the pandemic and now we’re just starting to creep out. Now is the time to educate yourself on the outgoings of your company and start putting cost-cutting measures in place to keep these outgoings low.

One of the outgoing terms that you will probably be coming across is “operating costs”.

What are operating costs?

These are the outgoings of payments to keep up with admin, maintenance and facilities. One of the most important parts of operating costs is the cost of goods sold (COGS) - the direct costs of producing your business’s goods or services.

But operating costs can also include:

Sales commissions
Maintenance costs (facilities, utilities, equipment)
Labour costs (staff, payroll)
Employee benefits, health insurance, tax, pensions
Depreciation
Amortisation

When you know how to measure and record your operating costs, you’re in a much better position to start reducing these outgoings.

How can I cut operating costs?

There’s no one answer for every business and often it takes using several of these ideas in tandem to experiment with what works best for your business. It depends on your industry, the nature of your business, your management team, and your business goals.

We’ve outlined some guidelines to reducing operating costs that should provide a sounding board.

1. Automate processes with new technology

It’s true that technology is often more efficient than human labour. Automated machines can work quicker and more accurately than human workers, improving supply chain models and processes, as well as increasing working times.

But more than using machinery for the manufacturing, packaging, or processing aspects of your business, you should look into digitising other elements, especially admin. If you haven’t already, take your accounting and organisational records onto digital spreadsheets on your computer. Use a cloud network and email to instantly share files with your employees and clients.

Technologically apt companies are swiftly becoming more appealing to clients and stakeholders.

2. Shop around for more affordable rates

You should always keep an eye on alternative vendors but a fantastic way to drive costs down is to ask three separate vendors for quotes and then pit them against each other.

Whenever going to a vendor for a quote, always make sure to supply all the possible information they could need. Gaps in information could affect the quoted rate and even drive the price way up.

3. Hire interns

Interns are paid less than standard workers but are usually interested in your industry and in bettering their employability. Give them opportunities to shadow or meet with management, so that in return, you can work closely with schools, colleges, and universities to organise placement and internship schemes.

4. Turn away from traditional marketing methods and embrace the digital

Gone are the days of flyers, posters and newspaper advertising. These costly physical materials are often big holes in the pockets of businesses that should be making more profit than they are.

The most effective form of marketing is online – on the internet and on social media. Focus on developing your business’s Instagram, Facebook, Twitter, and TikTok to attract customers and clients this way. If you still send letters, turn to companies that will send regular newsletters to all of your email addresses on file.

5. Focus On SEO

SEO stands for search engine optimisation and means that the text on your website or social media is written specifically to make sure that it appears at the top of any internet search by potential clients. This is one of the easiest and cheapest ways to market your company.

6. Buy supplies and try not to lease

If you’re planning to use equipment or supplies long-term, then the financially wise decision is to buy instead of leasing. Buying assets can also provide an immediate, large tax deduction.

For all of your accounting needs, get in touch with 360 Accounting Services today.

Accounting for Amazon Sellers – Inventory Management This Christmas

Sun, 19 Sep 2021 23:41:36 GMT

It may seem like a long way off, but Christmas is around the corner – and with many Australians no doubt planning to take to Amazon to get their Christmas shopping in, it's likely that Amazon e-commerce sellers, in particular, are already well into the swing of preparing for the festive rush.

But how can you best manage your inventory during this period of intense demand? This blog post will share some top tips from the team at 360 Accounting Services.

Budget and Forecast

Before the Christmas rush begins, it's essential to do some maths to ensure you know where you are with regard to your stock. There are a number of different calculations available, but one of the most important is your inventory turnover rate.

This calculation helps you see how fast you get through your stock. It's advisable to do this calculation earlier rather than later. Many people begin their Christmas shopping as early as October - so if you don't already have a handle on the figures, you need to do that soon.

Remember, though, that – depending on what you sell – you're likely to experience increased demand at Christmas. If you have previous years of data to use, it may be worth going through them to find out how much your inventory turnover rate surges during the Christmas season. If you don't have data, it could be wise to build in some buffer and perhaps earmark some additional inventory so that you don't sell out.

Explore drop shipping

Many Amazon sellers fulfil their orders directly by ordering the stock and storing it themselves before sending it out to the buyer. The dropshipping way, however, is different: this allows you to manage a storefront and process orders, but without actually handling the goods. Instead, the order is fulfilled directly by the warehouse to the customer – but with your branding on it.

One advantage of taking the dropshipping option during the Christmas rush is that you don't have to commit quite as deeply to your inventory purchases. If you can find a dropshipping inventory provider who is happy to be flexible, you can instead simply call on them as and when you get an order. There are some downsides, though. You may find that everyone else has the same idea, and you might not be able to bank on your dropshipping provider to fulfil orders if there is a rush of demand. Having your own stock circumvents that problem.

Launch some promotions – carefully

Promotions are a great way to get sales through the door – and at Christmas, it's even more likely that you'll want to get some promotions going. Why not consider something interactive, such as a Facebook giveaway?

However, it's important to not get too far ahead of yourself. If you launch a buy one get one free offer, for example, you need to be sure that you have double the level of stock required to cater to your expected demand. Again, calculations and advance planning is your friend here – so don't be afraid to get organised and arm yourself with knowledge about what stock you can access and when.

Use some Amazon integrations

Here at 360 Accounting Services, we're passionate about the role that Amazon integrations can play in helping sellers get organised with inventory management.

Integrations are an ideal way for your business to connect inventory and accountancy. The benefits are numerous: one of the main ones, however, is that it makes the communication of information between these two arms of your business pretty seamless. It means that you don't have to worry about getting it wrong, as you might have to do if you don't have an integration tool and you're going for a manual system. It's all automated, and the tracking is done entirely for you.

We've got a few preferred tools here at 360 Accounting Services. The Xero integration is one tool: this comes with a handy dashboard that allows you to see your position at a glance. Sellerlegend tool is also a good bet: it comes with amazing visualisation options.

The Christmas rush is just around the corner, so switching right now might not be advisable. But if you do want to make a change, why not speak to our friendly team and ask for an assessment of what the options are.

Do you need some assistance when it comes to accounting for your Amazon store? Here at 360 Accounting Services, we've helped loads of e-commerce merchants over the years – and we're happy to help you too. Get in touch today.

Sources:

https://osome.com/hk/blog/how-to-manage-inventory-for-amazon-sellers/

https://www.xero.com/au/why-xero/your-business/amazon-seller-accounting/

https://sellerlegend.com/about-us/

What does the increase in national minimum wage mean for your business?

Fri, 20 Aug 2021 00:02:01 GMT

Following the release of the Annual Wage Review in 2021, it has been announced that the Fair Work Commission, also known as the FWC, will be increasing the national minimum wage in Australia by a total of 2.5%.

All award wages will also be adjusted in line with this increased percentage. These changes are happening gradually over phases between the 1st of July and the 1st of November.

As an employer, it's your responsibility to keep up on changes relating to the national minimum wage and award wages, especially if they apply to your employees. We've covered in detail all you need to know about the changes and who is included as a part of this increase:

What is the national minimum wage increase, and who does it apply to?

The national minimum wage increase is a result of the Annual Wage Review in 2021. Alongside a few other changes concerning the spread of hours, part-time retail hours and health services, a 2.5% increase in the national minimum wage was the most significant change in the 2021 review.

For any employee not covered by an award, the national minimum wage in Australia is now $20.33 per hour or $772.60 per week.

This increase applies to any employee who is either paid the national minimum wage in their job or the minimum award wage in professions covered by an award.

What do employers need to do to meet the new wage requirements?

Employers will need to review the current pay of their employees to see whether they meet these new national standards. It's essential you look up the correct information in line with the specific award your profession falls under. Regardless of what current employment contracts say, employees' wages should be raised to meet this new minimum amount if they fall beneath it.

All wage adjustments should have been carried out before the deadline of the 1st of July 2021. The exception to this rule is if the award for the business is part of the later dates detailed below. Employers should also note that employees' super guarantee rate has risen from 9.5% to 10% as of the 1st of July 2021.

The three stages of the wage increase

Most wage increase deadlines, including the generic national minimum wage deadline, were due on the 1st of July. However, certain professions will not need to switch their award rates over until the second or third stages listed below. The full list of awards covered are as follows:

July 1st 2021

[MA000018] Aged Care Award

[MA000118] Animal Care and Veterinary Services Award

[MA000153] Australian Government Industry Award

[MA000020] Building and Construction General On-site Award

[MA000095] Car Parking Award

[MA000120] Children's Services Award

[MA000022] Cleaning Services Award

[MA000002] Clerks – Private Sector Award

[MA000083] Commercial Sales Award

[MA000023] Contract Call Centres Award

[MA000075] Educational Services (Post-Secondary Education) Award

[MA000077] Education Services (Teachers) Award

[MA000025] Electrical, Electronic and Communications Contracting Award

[MA000003] Fast Food Industry Award

[MA000073] Food, Beverage and Tobacco Manufacturing Award

[MA000101] Gardening and Landscaping Services Award

[MA000027] Health Professionals and Support Services Award

[MA000008] Horse and Greyhound Training Award

[MA000028] Horticulture Award

[MA000010] Manufacturing & Associated Industries & Occupations Award

[MA000059] Meat Industry Award

[MA000104] Miscellaneous Award

[MA000034] Nurses Award

[MA000063] Passenger Vehicle Transportation Award

[MA000012] Pharmacy Industry Award

[MA000051] Port Authorities Award

[MA000074] Poultry Processing Award

[MA000065] Professional Employees Award

[MA000015] Rail Industry Award

[MA000038] Road Transport and Distribution Award

[MA000016] Security Services Industry Award

[MA000100] Social, Community, Home Care & Disability Services Ind. Award

[MA000084] Storage Services and Wholesale Award

[MA000103] Supported Employment Services Award

[MA000041] Telecommunications Services Award

[MA000043] Waste Management Award

September 1st 2021

[MA000004] General Retail Industry Award

November 1st 2021

[MA000049] Airport Employees Award

[MA000092] Alpine Resorts Award

[MA000080] Amusement, Events & Recreation Award

[MA000096] Dry Cleaning and Laundry Industry Award

[MA000094] Fitness Industry Award

[MA000005] Hair and Beauty Industry Award

[MA000009] Hospitality Industry (General) Award

[MA000081] Live Performance Award

[MA000033] Nursery Award

[MA000013] Racing Clubs Events Award

[MA000058] Registered & Licensed Clubs Award

[MA000119] Restaurant Industry Award

[MA000082] Sporting Organisations Award

[MA000102] Travelling Shows Award

[MA000090] Wine Industry Award

Need support in checking award rates?

There are resources available to support employers in meeting their obligations for the national minimum page and award minimum wage. You can access the following to support you in updating your employees' wages accurately:

Using the Fair Work online pay calculator

The Fair Work online pay calculator has been updated to reflect these new minimum wages, allowing employers to find the direct pay rates quickly and easily for their employees. The Fair Work calculator is free to use and easily accessible online.

Hire a qualified accountant to support you in changing over wages

If you need additional support for a professional to decipher your award category or update wages correctly, a professional accountant can help. Our team at 360 Accounting Services can provide the help you need to update the national minimum wage in Melbourne. Get in touch today to find out more.

Are you a small business? Here's what you need to know about the latest STP changes

Thu, 08 Jul 2021 03:25:59 GMT

Over the last two and a half years, the Australian Taxation Office has been pushing for Single Touch Payroll compliance for small businesses.

With initiatives supporting Australia’s small business owners in handling digital rollouts for payroll, from PAYG to wages, the ATO has been slowly but steadily moving towards a new set of compliance requirements. As of the 1st July 2021, STP is no longer optional, and the majority of small businesses will be required to meet specified STP compliance rules.

Want to know what this means for your small business? We've covered all you need to know to ensure you comply and are on track for your payroll this year:

What is STP?

STP is Single Touch Payroll, a reporting system required by the Australian Taxation Office for all employers. It is an initiative created by the Australian Government to reduce the necessary amount of reporting to Government agencies. STP-enabled software directly reports all the required information automatically, including salaries and wages, PAYG withholding and superannuation.

What does STP compliance entail?

To comply with Single Touch Payroll, small businesses must digitise their payroll using suitable software. Unless a deferral or exemption covers your business, all employers of all sizes are required to meet these Government requirements. While there were further exemptions, from the 1st of July, the vast majority of small businesses will need to follow the ATO's requirements for compliance with STP reporting.

What are the changes under the new compliance requirements?

As of the 1st July 2021, most small businesses will be required to use STP compliant software, even if they were exempt previously. This may mean you have to opt into the initiative for the first time, or it could mean that previously unreported employees must now be included within your STP digital payroll process.

The two most significant changes are:

• Closely held payees will not need to be reported through STP on a monthly, quarterly or per-payday basis.

• Micro and seasonal businesses will now need to report on a routine basis, instead of quarterly, unless they have a specific exemption pre-defined by the ATO.

What is a closely held payee?

The most significant and relevant change to many small businesses is reporting closely held payees through the STP digital process. The ATO defines a closely held payee or employee as someone related to the source of payment. An example of this would be a trust fund beneficiary or a relative within a small family business. The reason for past exemption was because irregular and infrequent payments were more common with closely held payees.

How will I need to change my processes for closely held payees?

From the 1st of July, absolutely everyone paid through your business will need to be accurately conveyed to the ATO via the STP digital reporting process. However, to acknowledge the variability of closely held payees, the ATO allows reporting on a payday basis or a quarterly basis. It's also possible to submit a reasonable quarterly estimate in the case of highly variable pay.

What do the changes for micro and seasonal businesses mean?

For extremely small or seasonal businesses, there is no longer any exemption in place for payday reporting. While previously, micro-businesses or specific industries could report quarterly, this is no longer the default. Reporting on a payday basis is a requirement, no matter how small the business is.

Affected industries include:

• Fishing, forestry & farming

• Clubs and associations run as not-for-profits

• Intermittent and seasonal employers

Certain businesses may be eligible for specific concessions or special circumstance exemptions, so it's essential to check with your advisor or look at the ATO website to see where your business lies.

Can an advisor help with managing STP changes?

Working with a trained and qualified advisor is always a good idea when it comes to ATO compliances. 360 Accounting Services can provide an expert eye and insight into the new changes and requirements under the STP. With the end of the financial year just on the horizon, it’s better to get in touch with us sooner rather than later to ensure everything is organised in time. Our professional team are on hand to ensure you meet your compliance requirements.

Getting started with your new STP compliance requirements

Do you need extra guidance on STP or have to comply for the first time? Getting started is easy with the proper support. Our expert team can advise on the best software and provide insight into how best to comply with ATO requirements. We know that STP can be confusing for small businesses, so we go the extra mile to deliver a clear-cut, straightforward approach to your compliance responsibilities.

Get in touch today to find out more and chat with our friendly team, or check out our other posts for up-to-date news and information on the latest in Australian finances.

Everything you need to know about the Victoria Circuit Breaker Business Support Package

Wed, 09 Jun 2021 22:09:47 GMT

On the 27th of May, 2021, Victoria's government announced a $250.7 million Circuit Breaker Business Support Package.

Designed to support small and medium businesses, this specific package assists 90,000 sole traders and business owners over three separate initiatives. With lockdowns now extending across Australia again, the Victorian Government announced an additional $209.3 million worth of grant funding, taking the total to $460 million.

Want to know more about what the Circuit Breaker Business Support Package means and whether your business may be eligible to receive help from the second round of funding? We've covered all the basics below to keep you informed, in the loop, and ready to apply.

What was the Circuit Breaker Business Support Package?

A program designed specifically by the Victorian Government, the initial Circuit Breaker Business Support Package was created to help businesses across the hospitality sector. By providing funding for those hardest hit by lockdowns and the pandemic, Victoria's goal was to provide the funds needed to keep businesses afloat and ready for re-opening at a later date.

This package includes three specific programs and funds:

• Business Costs Assistance Program

An initial $190.1 million in funding was allocated to the Business Costs Assistance Program, available in $2,500 single grants for eligible employers and sole traders in the qualified businesses listed below. These grants are designed to support companies that have been forced to close during the circuit-breaker lockdown without the ability to move to remote work.

• Licensed Hospitality Venue Fund

Much like eligible businesses, the hospitality industry has been hit hard by circuit-breaker lockdowns due to forced closure. As a result, $40.7 million in funding was set aside for $3,500 grants for all businesses holding a liquor licence and food certificate within Victoria. This is a continuation of past funds carried out throughout lockdown and provides an additional opportunity for businesses to access necessary funding.

• Targeted events support

$20 million has been earmarked as part of the package to support the events industry, which also remains closed during lockdown. This support is specifically for businesses that have incurred losses due to the circuit-breaker, and details are not yet released on the full extent of this support.

What businesses are eligible?

A select number of businesses that COVID-19 lockdowns have directly impacted will be eligible for the Circuit Breaker Business Support Package. Eligibility is determined by whether the business had been required to close, and remote work is not possible during circuit-breakers.

Companies that are eligible include:

Event suppliers
Accommodation providers, including hotels
Retailers that are considered non-essential
Restaurants, cafes and food-serving bars

What are the changes to the Circuit Breaker Business Support
Package from the 2nd of June?

Several changes and updates were announced on the 2nd of June 2021, following the confirmation of a longer circuit-break lockdown. These updates include an additional $209.3 million to support businesses, with the same grant application process in place as with the previous round. In addition, the application for all grants listed below has been extended to the 24th of June at 11.59 pm.

• Business Costs Assistance Program Round Two

The extension of the assistance program offers grants of $2,500 or $5,000 for eligible businesses, as listed above. Metropolitan companies in Melbourne will be eligible for the full $5,000 funding in practically every case. To apply, all you have to do is follow the same process as you did in round one.

• Licensed Hospitality Venue Fund increased grants

The Licensed Hospitality Venue Fund's renewed program increases grants to $7,000 per premises for metropolitan Melbourne businesses. As one of the most affected business areas, all hospitality businesses with liquor licences in place with the Victorian government will be contacted about the grant directly.

Are there any differences in eligibility?

A few minor changes in eligibility apply for the second round of support. First, regional businesses that have been directly impacted, such as theme parks and nightclubs, will now be eligible to claim for the extended payment. However, metropolitan businesses with eased restrictions from the 3rd of June 2021 will not qualify for this extended payment program.

How do I apply for support from the Victorian Government?

You can apply for any support and grants you're eligible for directly via the Business Victoria website . All the details you need are available online. For example, if you own a hospitality business with an eligible liquor licence, the Victoria Government may have already been in touch with you to provide you with an application for the Licensed Hospitality Venue Fund grant.

How do I keep up to date on grants and funds?

If you want to know the latest information and financial news for businesses in Melbourne and Victoria, 360 Accounting Services is the place to start. We're here to support businesses with our expert services to help them weather lockdowns, apply for relevant grants and more. Or you can visit the Business Victoria website directly for information on the latest changes to plans and programs.

Why This EOFY Is Like No Other

Tue, 04 May 2021 00:11:17 GMT

Get ready for the end of financial year now!

The last financial year was unlike any other in recent times and this end of financial year will also be unique. This year will require extra care and consultation from experts to ensure that businesses are not only compliant but understand their best options for growth in the new year. It is important to speak to your bookkeeper to ensure your reporting and liabilities are up to date.

The following are changes businesses need to be aware of as we say goodbye to a complicated year!

JobKeeper Reporting

Many businesses were enrolled with JobKeeper before it ended this year in March. It is important to note that this was taxable income, and it must be reported as such for EOFY.

However, as the JobKeeper payment will be equal to or less than the amount actually paid to the employee, it will be offset by the allowable deduction created by the payment to the employee. This means that the amounts paid to employees will be deductible for a business and they can claim a tax deduction for salaries and wages paid to employees. It is also important to know that the JobKeeper payment is not subject to GST.

Improve Business Processes

Last year many businesses adopted online tools to help streamline and support online business activity. And now that many businesses have made the move and seen the benefits, they are wondering how to make their businesses more efficient in FY22.

The path to better business processes is with technology. There are so many tools on the market to assist with anything from time sheets, stock, contracts, and project management. And better yet many of them integrate with popular accounting systems. For example, Xero App Marketplace is full of platforms that work seamlessly with that accounting system. It is often a good idea to seek guidance from a trusted accountant or bookkeeper to choose which is the best option for you.

Single Touch Payroll Changes

Single Touch Payroll begins for closely held payees in businesses on July 1rst 2021. The definition of a closely held employee working in a business is someone directly related to the entity. Closely held payees include family members, directors or shareholders of a company, or beneficiaries of a trust.

For many this would be family member working within a family business. It is a good idea to enroll any family member who were previously exempt from Single Touch Payroll in time for June 30th. If you have questions notify your accountant or bookkeeper.

Increased Small Business Income Tax Offset

The government has created more assistance for small businesses to help them recover from last financial year. It is now possible to claim the small business income tax offset if you are a small business, sole trader or have a share of net small business income from a partnership or trust. For the 2020–21 income year, the small business income tax offset increases to 13% in 2020–21 and to 16% from the 2021–22 income year.

Talk To Your Accountant or Bookkeeper Now

With all the changes and challenges of running a business last year, the time to start talking to your bookkeeping and accounting professional is now. Do not wait or it may be too late to create the best possible outcomes for your business. Be sure to book a chat with us , we love supporting businesses at EOFY!

Important Small Business Pivots For 2021

Tue, 13 Apr 2021 04:43:52 GMT

How To Keep Pivoting in 2021

There were many words that dominated in 2020 and in the world of work and business, the most popular was – pivot.

As far as 2021 is concerned, pivoting is still the most important thing a small business can do. We have outlined four of the most important pivots that small business should be focusing on this year.

1. Keep Improving Online Presences

Last year many businesses quickly moved their products and services online. And while there were a few bumps in the road to a fully functioning digital presence most are new able to conduct business in this space seamlessly.

However, it is important to remember that your customer’s expectations about a quality online experience have also grown since last year. And your competitors have been investing in creating an improved experience for their customers. It is important to review and upgrade any systems that are not working optimally.

There are many different ways to update your customer's experience online. This can be anything from updating websites, using customer service chat platforms or upgrading shipping processes. The demand for online products or services is not going to change or decrease in the next year. In fact, all of it is expected to continue to grow. So don’t miss out on any opportunities by staying where you are or not investigating ways to improve.

2. Business Continuity Plan

Business continuity and disaster planning have become more important than ever. Traditionally, it meant planning ahead for network outages that could leave employees unable to access their work or investing in security systems to prevent cyberattacks.

Since the pandemic hit, it has also been about minimising business disruption. Business continuity used to be about preventing delays, and now it is about keeping a business running long term in uncertain times.

Every business should have a continuity plan in case of fire, flood, death and yes even an outbreak of covid. Having a solid plan means that no matter what you are covered and can continue to operate. Download this free template from Xero and get started on your process for continuing to operate now.

3. Get Flexible With Payments

Last year according to Xero’s Small Business Index in 2020, small businesses had to wait an extra 7 days longer to be paid. The businesses in these transactions had very little options other than extending payment terms, accepting instalments, and offering new ways to pay.

Many small businesses started accepting credit card payments for the first time. In fact, credit card processing services became one of the biggest business features people added to their invoices during the pandemic.

While the economy is in a state of recovery, be sure to give your customers the options they have become accustom to. Continue to look into ways to extend payment terms, accept instalments, and offer new ways to pay with Credit Cards and pay now functions on invoices.

4. Provide Versatile Working Hours

Remote work is here to stay and so is flexible working hours. This means offering flexible work to staff is a good idea for your business to attract top talent and be competitive in the employment marketplace.

Even for physical locations, extending or opening at new hours when people might be available due to flexible work arrangements is a great way to keep your staff and customers happy. The 9 to 5 is no longer the standard. It is important to ask yourself, how should your business respond to this shift?

Have Questions?

The new world of living and working is emerging and will continue to evolve in 2021. It is important to continuously assess the changes that have happened with your business and understand what needs to continue to evolve in the future. Get in touch with any questions about creating the right financial conditions to grow in 2021.

How To Grow With JobMaker

Wed, 10 Mar 2021 00:30:27 GMT

JobMaker information for 2021!

2021 is shaping up to be an interesting year for businesses in Australia. With faster than expected growth and changes to restrictions confidence is returning to the community. To encourage this growth the federal government has introduced a new scheme for businesses to employ additional young job seekers aged 16–35 years. Eligible employers can access the JobMaker Hiring Credit for each eligible additional employee they hire between 7 October 2020 and 6 October 2021.

JobMaker Explained

The scheme will be backdated to commence on 7 October 2020 and provide eligible employers with the following payments for up to 12 months for new jobs created where they hire the following young workers:

$200 a week for hiring a worker aged 16 to 29 on at least 20 hours a week
$100 a week for those aged 30 to 35

It is important to note that the scheme will run for 12 months and that is the hiring period – not the payment period. The payment period could extend into 2022, depending on the hiring date of the eligible employee. Employers who hire an eligible employee on the last day of the scheme (6 October 2021), may be eligible for hiring credits for the subsequent 12 months until 6 October 2022.

Who is eligible?

The criteria is very broad for this scheme. Any business with an ABN, is registered for PAYG withholding, is up to date with lodgment obligations and is currently reporting through STP is eligible.

The excluded employers are as follows:

employers who are claiming JobKeeper
entities in liquidation or who have entered bankruptcy
federal, state, and local government agencies (and entities wholly owned by these agencies)
employers subject to the major bank levy
sovereign entities (except those who are residents)
Australian entities owned by a sovereign entity

JobMaker Dates

The JobMaker Hiring Credit scheme starts on 7 October 2020. It may be possible to claim payments relating to employees hired up until 6 October 2021. Employees hired on or after 7 October 2021 are not eligible employees.

6 December 2020 – registrations open

1 February 2021 – first claim period opens

Claim JobMaker Hiring Credit payments from 1 February 2021 as long as registered businesses have met the other eligibility requirements (including reporting through Single Touch Payroll).

30 April 2021 – first claim period closes

Claim JobMaker Hiring Credit for the first JobMaker period until the end of 30 April 2021. Claim by the end of the claim period to receive JobMaker Hiring Credit for that period.

6 October 2022 – scheme ends

The JobMaker Hiring Credit scheme will end on 6 October 2022.

Claim period dates for later JobMaker periods are set out below:

Period 1: 7 October 2020 to 6 January 2021
Period 2: 7 January 2021 to 6 April 2021
Period 3: 7 April 2021 to 6 July 2021
Period 4: 7 July 2021 to 6 October 2021
Period 5: 7 October 2021 to 6 January 2022;
Period 6: 7 January 2022 to 6 April 2022
Period 7: 7 April 2022 to 6 July 2022
Period 8: 7 July 2022 to 6 October 2022

How to grow with JobMaker

JobMaker is a great option for businesses that are not only planning to recover but to grow in the next 12 months. For businesses that are currently experiencing growth this lowers the cost of employing new people, particularly in the e-commerce space.

For businesses who may be currently pre-growth but are anticipating and planning for growth after the return off office workers or lifting of restrictions, such as retail and hospitality, now is the time to start planning new hires in the coming quarter who are eligible for this scheme.

Other businesses specifically in the service industry may be planning to move their delivery into new physical or online locations this year. The time is now to start thinking about the right support staff for these changes who are eligible for the scheme.

Any questions about how to plan your growth and how this scheme could work for you? Please get in touch we are always happy to help!

How To Dominate E-commerce Trends In 2021

Thu, 28 Jan 2021 04:39:22 GMT

Trends to watch in 2021!

Clarity has begun to emerge in the world of retail, in particular in the e-commerce space. In fact, over the last 12 months some trends have started to emerge on what is beginning to define this growing space in 2021.

When making plans for growth, marketing or sales plans for 2021 here are five interesting trends to utilise for e-commerce businesses:

1. Shoppertainment

As more people choose to shop online, more businesses have either started or ramped up online sales. Which means there is more competition for each online dollar. To combat this retailers are looking for more innovative ways to create an exciting shopping experience. This is where "shoppertainment" helps to pull new shoppers in. The concept of ‘shoppertainment’ is nothing new. Think Easter Bunnies or Santa’s at shopping centers or department stores for example.

However, in the past few years innovative brands are using entertainment to sell online. Many businesses have embraced ways to entertain shoppers through interactive live streaming events on YouTube or Facebook. For example, using a brand ambassador to do a show and tell with products while answering questions during a live streamed conversation.

2. Social Media Selling

Businesses have been able to sell products on Facebook and Instagram for years. There are many options such as customer-to-customer Facebook Marketplace and online stores attached to Facebook Pages and Instagram Business accounts.

Recently Facebook has changed its e-commerce infrastructure into an online shopping experience that is more streamlined and purpose-built for online retailers. These new features are a game changer for retail and ecommerce sites, allowing brands to build their own self-contained Facebook Shop and Instagram Shop .

While these features are still rolling out globally, in Australia it is available on Facebook and Instagram. Facebook and Instagram Shop is a free digital storefront recommended for businesses selling products online. It is simple to set up and it includes both the ability to convert from any old Facebook Store pages and the ability to integrate with existing ecommerce platforms like Shopify, BigCommerce and more.

The true power of these in-app stores is that a customer does not need to leave Facebook or Instagram to make a purchase. This is important because giving a shopper less steps to complete a purchase increases the likelihood of a sale as well as a higher purchase amount.

3. Conscious Consumerism

No doubt that the effects of COVID-19 have changed not only the way we work and shop, but it has also changed the way we see the world. With the pandemic highlighting systemic inequalities around the world more and more consumers want to use their dollars to start solving those problems.

This means that retailers need to think beyond merely selling a product in this new landscape. The trend of purposeful consumerism has become a leading factor when people decide to shop with a brand, and it is expected to expand over the next decade. According to Dr Abas Mirzaei from Macquarie University, there are two key ingredients to developing a brand purpose in 2021: authenticity and inclusivity.

Creating a larger purpose for a brand is not as simple as nominating a charity to partner with or using sustainable packaging. It is about being part of larger worldwide movements. This is where focusing on authenticity is important. What makes sense for your brand to authentically support and how can you best achieve that?

Kristy Chong, the Founder and CEO of feminine hygiene underwear Modibodi , works to promote healthy body images with its customers, an open discussion about hygiene and women’s health, and provides a transparent view on sustainability.

Chong explains how their purpose works for her business, “When I started Modibodi I knew how important it was to have a social impact side to the business, therefore, a percentage of our profits go to women in need who often can’t afford feminine hygiene products – we want to celebrate our success as a business but ensure we’re a business with real heart that gives back – it’s not just about having a feel-good marketing campaign.”

Inclusivity is also important; this means looking at ways to include disadvantaged and diverse ranges of people into the purpose or into the business itself.

Defining a purpose is a big project and understanding the positive impact it can have on the world and a business is huge. Take time to develop and refine this message over time.

4. Personalisation is King

Even though people are shopping more online doesn’t mean they don’t want the human touch. Customers are craving personal relationships with the businesses they support. Luckily there are lots of opportunities to achieve this from data powered platforms to good old fashioned thank you notes included in their packages.

One way data can help create personal experiences for shoppers is through artificial intelligence. At one time cost would have been prohibitive for a service like this, but in 2021 times are changing. Now there are many e-commerce personalisation software platforms to help cater to specific customers.

This can take the form of anything from personalised emails, coupons, or product recommendations. The goal is to increase sales by enticing customers with a personalised experience so they will buy more in a single transaction and become a returning customer. This is where the artificial intelligence comes in. It takes a customer's browsing and purchase history and curates personalised recommendations from them. Most platforms are also able to measure the success of the recommendations and can refine them in the future.

While there are many options on the market both Attract and Bloomreach are both great places to start. Be sure to do plenty of research and find the best options for your business and budgets.

5. Engage With Customers

Buying online means getting feedback or insights into what your customers want has never been easier. Sending follow up emails for feedback, reviews or surveys should become part of your service workflow.

Google reviews are very important to getting and attracting new business through their search engine. Be sure to send follow up emails with links to your review site. For some businesses it may work better to send links to Facebook or Product Hunt to encourage people to leave reviews.

Do not overlook the importance of surveys. Customers are usually happy to provide feedback as long as it is short and simple. This feedback can help you refine your service as you grow and learn how to attract more of your ideal customers.

Many customer management systems offer email templates and surveys as part of the platform. Be sure to check this out before signing up for a new service. Getting good feedback and suggestions from your customer base makes future purchasing decisions easier and faster so get started as soon as possible.

Any Questions?

The trends of 2021 are here and most Australian e-commerce businesses are in a great position to take advantage of them. Of course, if you have any questions or would like to schedule a review of your processes please get in touch . We are always happy to help.

E-commerce Growth Strategy for January 2021

Mon, 11 Jan 2021 00:57:26 GMT

Plan for e-commerce in 2021.

January has arrived and the entire e-commerce industry of Australia is breathing a collective sigh of relief. After a bumper 2020 and a Christmas season dominated by online shopping, January is offering the chance for rest and most important reflection.

While e-commerce shopping in 2020 became necessary due to lockdowns and restrictions across the country, 2021 will show continued growth in this space. This year will be defined by changing consumer preferences as we negotiate an economic recovery locally and abroad. This month we focus on the lessons of the last year and to create a strategy for e-commerce businesses moving forward.

Follow these steps in January to make the rest of 2021 profitable:

Manage Cash Flow

January delivers a slowdown in sales and paying accounts with Australia Post or couriers. This means it is extremely important to focus on cash flow once the busy December season is over. Due to the decrease in sales in January do not rely on new revenue to pay outstanding accounts. Settle it from the sales from the previous quarter. An outstanding balance at the beginning of the year can easily snowball as the year goes on.

One area of focus should be settling all final accounts. For e-commerce it is no surprise that postage will be one of the biggest invoices due in January. One important thing to keep in mind is that Australia Post invoices can be very large due to increased sales and returns and exchanges. It is critical to ensure the correct amount is set aside to cover these expenses.

Stock Management

The less busy time in January is a perfect time to do a stock take. This can help e-commerce brands achieve two goals. One is to keep on top of inventory and the other is train staff in any new stock or changes.

While January can and should be a time to relax after the mad rush of Christmas, it can also be used effectively to touch base with staff and planning for stock management.

Managing Refunds and Returns

E-commerce return rates can go up by almost 50% above normal after the holidays. Returned holiday gifts is the biggest problem for e-commerce retailers. In addition, clothing and shoes are returned at the highest rate year-round, especially because customers often buy multiple sizes with the intention of returning items that don’t fit. It is important to manage returns properly and hang onto profits.

Review the data from past returns and calculate the average e-commerce return rate for your business. If it’s below 30%, that is really healthy. If it’s higher, it might be time to implement strategies to reduce your return rate. Of course, clothing always has a higher e-commerce return rate, so start thinking about pricing that includes this as part of the cost of doing business.

If tracking e-commerce return rates hasn’t been done before in your business, it’s time to add that metric to the key performance indicators (KPIs) for your business. A clear understanding of how e-commerce returns affect profit margin helps to establish both pricing and paid return label costs that keep your business profitable in the long term.

Review Sales

The slower summer months is also a good time to review the sales of the last quarter. This can easily be achieved when completing your stock take, no need to schedule extra tasks.

When restocking review what has been selling and what is not. If you need less or should discontinue products now is a perfect time to make that call. It is also important to review margins on sales. Do you need to put your prices up? Or are your margins good enough to lower prices and become more competitive. These are great pieces of information to have early in the year. And finally, review which channels are making most sales. For example, are most sales coming through your own site or third-party sites such as eBay, Kogan or Amazon. Understanding where to focus and what to let go is a great way to build more value into your sales strategy.

Review Marketing and Advertising Budgets

Now that the busiest quarter of the year is over it is a perfect time to reflect on marketing and advertising budgets. While there is no perfect mix, budgets for marketing in 2021 should grow to maintain and increase business in an environment where online spending is only set to increase.

Consider which platforms worked best for you. If email marketing in newsletters or social media platforms provided results plan on increasing spends in those areas. Often a good guide is to increase spending budgets by at least 10%. However, this is only a guide, each business should review their spends to decide on their increases.

On the other hand, if certain platforms or types of content where underperforming now is the perfect time to revise spending in this area. Marketing is a complex mix of content, platforms and ad spends, however, looking at the busiest time of the year provides the most clarity on what is working and why.

Read Catch of the Decade

Gabby Leibovich and Hezi Leibovich, two of Australia’s most successful online entrepreneurs wrote a book, Catch of the Decade . This book explains how they built, launched, merged, and sold some of the most disruptive businesses in Australia: Catch, Scoopon, Menulog and Luxury Escapes. We at 360 Accounting believe this is foundational reading for any business owner in the e-commerce space. This book contains secrets and strategies to shorten a new or seasoned business owner’s learning curve, lists mistakes to avoid, and helps your business thrive in these uncertain times.

Any Questions?

While the silly season is over, we cannot stress enough the importance of learning, taking stock and building for the future in January. Of course, if you have any questions or would like to schedule a review of your books please get in touch . We are always happy to help.

Maximise Your E-commerce Business For Christmas

megan@spendloveandlamb.com (Megan Davis) — Mon, 23 Nov 2020 00:55:48 GMT

E-commerce brands know that this Christmas will be vastly different to last year.

During the lockdowns and restrictions imposed in Australia, e-commerce has become a preferred way to purchase everything from household staples, to homewares and electronics. The Christmas buying season has begun and while this year will have an increase in online shopping, the question is how much more?

Research released on Finder.com.au provides insights into Australian spending online over the last 8 months. The numbers confirm that the average Aussie is spending 5.3 hours a week online shopping, at a cost of $188.

So how do e-commerce and retailers prepare for shopping in December? We have created our top tips to help businesses navigate the weeks ahead.

Ensure customers have a good buying experience, update your website now

Be sure to fix potential issues to your website to ensure it can cope with increased holiday traffic. Peaks in online traffic can cause websites or apps to slow down and ultimately crash. It is important to note that a slowdown is as bad as a crash. A 2017 study found as little as a 100-millisecond delay decreased conversion rates by 7 percent. Mobile shoppers are especially impatient. According to research by Google , 53% of mobile users entirely abandon websites that take longer than 3 seconds to load.

For most e-commerce sites payment plugins, shopping carts and photos of items can put stress on the infrastructure of a site. Any delays have a huge impact on your bottom line. It is so important that hiring someone to review your site for faults or to resize and upload images is money well spent. There are tests you can run on your site to check the loading speed. If you receive a low score be sure to act quickly and fix the issues now. One free tool to check out is HubSpot Website Grader .

Automate selling, shipping and fulfilment

All e-commerce websites should have plugins installed for payments, shipping and fulfilment. A seamless and automated system keeps staff members from doing the data entry and reduces the possibilities for mistakes.

Most e-commerce websites use automated selling plugins such as Shopify or WooCommerce. For shipping in Australia, WooCommerce is now working with ShipStation for automatic generation and printing of shipping labels. It is also critical to manage is stock in an automated way. There are platforms that ensure the proper tracking of stock such as Dear Systems . Dear Systems can also assist with automating fulfillment and integrates with all major e-commerce platforms.

Create strategic holiday marketing and promotions

A solid approach to marketing your e-commerce business is based on three key things, re-engaging your existing customers, creating paid promotions on social media and partnering with complimentary brands to expand your reach.

The key to success with any business is turning customers into repeat customers. This is best achieved by building an email list and sending them offers and updates on new products on a consistent basis. Remember that during the lead up to Christmas most brands will be sending emails, so ensure yours stand out with compelling offers in the headlines. Don’t make your customer’s guess, keep it clear and simple.

It is also important to put aside some budget for promotions on your social media channels or Google Ads. A small budget for social media is about 30 – 50 dollars per day. It is important to understand what budget you have available and then committing to getting the ads right through testing and adjustments. If possible, hire a digital marketing expert to assist with setting the ads up.

And finally, if you have relationships with complementary brands consider any opportunities for cross promotion. This can help to expand your reach and add more value to your respective customer bases. These types of collaborations can often be achieved for less than a marketing campaign and create similar results in sales.

Ramp up customer service and support for holiday traffic

With the increase in traffic and purchases on your site, there will also be an increase in questions, returns and shipping problems. It is important to hire more casual staff or increasing the hours of staff who already know the systems. While it is important to maximise profits at this time of year, it is equally important to ensure customer service does not fall to the wayside. With online consumer spending increasing in Australia, if they have a good experience with you, they will remain a loyal customer for years. The goal is to turn first time online shoppers into committed converts who will shop with you for years to come.

How to measure the success of your holiday period

With the very recent increase in online shopping in Australia it can feel difficult when forecasting potential profits and budgeting for operation costs. There are some standard approaches to creating forecast based on the previous quarter instead of from this time last year.

Use your sales data from last quarter to map out the trajectory of your sales over the holiday period. The rate of increase from each month should help you to understand the possible rate of increase for the next four weeks. Of course, the forecast should act merely as target. If you surpass the projected rate of increase in the first week of December, assume that the next week will grow by the same increase.

Remember that this year is the beginning of a new trend for online shopping in Australia. While there will be some adjustments as restrictions are lifted, the appetite for online shopping is here. We are always available for a chat about your unique challenges, be sure to book in a free assessment in our calendar . We are always happy to help.

How To Maximise Revenue As You Reopen

Thu, 29 Oct 2020 00:58:57 GMT

The next few months are critical!

Melbourne is back! The whole city is buzzing as retail and hospitality open their doors and welcome back customers. Of course, nothing is as simple as just flipping a switch. Many businesses are now making adjustments to open in the next week, especially hospitality. For example, planning new menus, organising liquor licenses for footpath dining or buying new tables suitable for outdoor dining takes time.

For a full list of the requirements and restrictions please visit the Vic.gov.au roadmap here . While the instructions are straight forward the best way to go about reopening from a revenue perspective isn’t as clear. We have compiled a list of our best practices to re-open and maximise your profits.

Recommendations for Hospitality

The hospitality sector has been reinventing itself over the course of the pandemic. And now as we slowly ease back into COVID normal life businesses will need to change their seating and layouts. Take into account that your current chairs and tables may not be suitable for carrying in and out. And it is important to ensure that the tables fit into the space well to ensure the distancing requirements are met. It is important to decide if now is the best time to invest in new furniture. With reduced revenue conditions it is important to consider the benefits of having tables that will maximise profits now and into an uncertain future. While restrictions will be lifting more in November, true COVID normal life will not return until there have been no new cases for 28 days and no outbreaks of concern in other states and 14 days with no active cases. Keeping this in mind it could be more cost effective to plan for new purchases in bulk to keep costs lower. It is wise to plan ahead to acquire seating that maximises the space and reduces potential lost revenue.

There are also menu planning changes to consider. The prices and portion sizes should be adjusted to suit the new dine in rules. New menus should feature less options at price points for optimised revenue. For example, if people can stay for a maximum of 90 minutes on a Saturday night do a break-even analysis to ensure you understand how much each person must spend to make a profit. Redesign the menu to produce a combination of meals and starters that will achieve the minimum spend in a simple way for customers. To understand what the minimum spend should be please use the following formula for pricing each dish:

Break even quantity = Fixed costs / (Sales price per unit – Variable cost per unit)

The final aspect of retaining profit margins is calculating how many staff to schedule. While there are less people dining in and will need potentially less staff it is important to remember there are extra duties. For example, gathering names for contact tracing and extra cleaning duties. Use software such as Deputy and ENTO to create rosters and set budgets for staff shifts. The software also allows for the creation of budgets to ensure your break-even numbers stay intact.

Remember there is plenty support from local council so do not try to go it alone. Reach out for information or support for all liquor license extensions and foot path regulations. All councils have dedicated staff and information available at this time to help hospitality open quickly and within all regulations.

Recommendations For Retail -

Retail stores will have built up email lists from web-based sales. Now is the time to maximise sales by investing in an email list manager. There are lots of options available from free to paid options. For example, Mailchimp or Tiny Letter is free for lists under 2,000 subscribers. There are paid options for larger lists on Mailchimp or more specialised ecommerce options such as Drip. All paid versions will help you understand the buying behaviour of your list. This makes it easier to send special offers to your best customers or to keep them up to date on the trading terms and hours of your business.

Use your newsletter and social media to publish clear rules for shopping in store. It is very important to keep customer expectations managed before their arrival. Social media posts explaining how to enter the premise safely, how many people are allowed inside at any time and the locations of hand sanitisers will help people to plan their visits. You can also offer phone numbers for customers to call ahead first to check before heading in at busy times. Do not wait to explain any changes to the business, be proactive and reach out first.

Retail is required to keep track of contact details of people who enter the store. This can be done at check-out with systems such as Square that can capture this information at the time of purchase. Or simply use a pad and pen. The government may release of a universal bar code later this year, but until then it will need to be managed by the business owners.

It is critical to remember that any systems set up now could involve some initial costs. Long-term profitability will involve the use of increased digital communication and management tools. If you have any questions on what options are best for your business, please do not hesitate to get in touch .

What Businesses Need To Know As We Move To COVID Normal

Wed, 30 Sep 2020 00:43:41 GMT

What businesses should know about the road ahead.

There is a light at the end of the long tunnel of restrictions for Melbourne and regional Victoria. And while the path forward is slowly coming into our collective vision, it is important to prepare for the many pivots and bumps that will line the road until we achieve COVID normal.

The following are details of what to keep in mind as we make adjustments to our businesses moving forward:

JobKeeper Payment Reductions

As of Monday the 28th of September, the rates and eligibility for JobKeeper has changed in the following ways –

Rate cut from 1500 per fortnight to 1200 per fortnight:

The Government has previously paid a flat $1,500 each fortnight to everyone eligible for JobKeeper. For those working the equivalent of 20 hours a week or more during the reference periods of either February or June, then you are required to receive the full-time JobKeeper rate. This will be cut to $1,200 each fortnight.

Rate cuts for 20 hours and under:

If you worked less than 20 hours a week in both reference periods then you will move to the new part-time rate of $750 each fortnight — half what you would have been getting up to this point.

Nothing will change about how you receive the payments — you'll still receive them through your employer or will be paid by the government to pass onto your employees
If you have questions or concerns about your continuing edibility businesses must demonstrate a 30% reduction in revenue for the quarter ending in September. If you have Xero please login to your dashboard and use the inbuilt JobKeeper tools to assess your income or contact your accountant for assistance

Retail and Hospitality Step 3 Restrictions

The Andrews government has indicated that a review of the current lockdown will occur on or around the 19th of October. If Melbourne continues to move it’s 14-day average in a downward trend retail and food industries will move to Step 3 on the road map . According the Vic.gov site this step is a restricted opening with density quotients and cleaning requirements for retail. And for hospitality it includes density quotients and predominantly outdoor dining.

While we are all looking forward to being with our staff and customers again it is more critical than ever to ensure your online systems are operating well. Density quotas for retail means that you should still encourage online transactions as the first port of call and walk-ins only when necessary. The same is true with hospitality. Ensure that your online booking systems are functioning well. Ensure that your clients understand how to book and if a deposit is required to hold the table. The next stage will be tricky to navigate with lots of limitations. All communication and processes should be clear to help everyone to do the right thing and keep businesses profitable.

New Insolvency Rules

The federal government is creating a new two-tiered system, with large companies required to work under existing insolvency rules and business with liabilities of less than $1 million moving towards a simpler system.

The new system for small businesses will include:

Small business owners remain in control of their company and assets, rather than immediately being placed in the hands of an administrator or creditors.
An insolvent small business would have 20 days to come up with a restructuring plan, and creditors would have to vote on whether to accept it within 15 days after that.
For small businesses that can't return to operation, liquidation would be changed, in an effort to make it quicker and easier.
The Federal Government wants to cut liquidators' investigative processes, mandatory meetings and reporting requirements which are costly lessen the likely hood a business can recover

While it might not feel good to consider these possibilities, it is not a bad idea to start running scenarios now based on current trading. Being placed into administration was once so costly it could use up all of a business’s remaining assets. Now with good planning and forecasting there are more possibilities for recovery and deals with creditors. Please contact your accountant or financial advisor to start looking at options for the future.

This is a time that has been hard on many businesses. And while things still look uncertain, there are always options. Please get in touch for a chat or to ask questions any time. We always welcome the change to connect and assist during this difficult time.

The Uncertain Is Certain – Plan Now For The Rest Of The Year

Tue, 08 Sep 2020 01:42:32 GMT

Start Planning for December Now

If you are in Victoria, you are well aware of the uncertain times ahead. Stage 4 lockdown has been extended, with no hard deadlines for lifting it. If you are reading this from elsewhere in the country rest assured that there still maybe some bumpy times ahead.

We are a long way off from getting back to any kind of Covid Normal so start thinking in terms of pivots and plan as if stage 4 will continue indefinitely, do not wait for further news to get started on digital transformation in your retail, product or service business.

We have compiled a list of what to consider now to ensure you are ready for whatever comes next:

Reach Out To Keep Your Audience Engaged

With the population in various stages of lockdown, people are bored and spending more time online than ever before! Internet usage is up 40% and everyone is streaming content, shopping online and finding new ways to learn.

This provides retailers with a unique opportunity to engage with customers. If you have emails of your past and current customers now is the time to start a newsletter. It doesn’t have to frequent, nor does it have to be big news. Sometimes simple updates on your business or reaching out to check in is all that is needed to stay front of mind.

If you are not yet on social media, start your accounts now. Facebook and Instagram offer lots of ways to have fun with your customers. Use the live streaming functions, if you’re in apparel, film a video with styling tips for different body shapes, how to update your work from home wardrobe, or tips for measuring yourself to find the right fit online. Create some educational webinars teaching people how to learn new skills or how to use your new products or services. There has never been a better or a more inventive time to communicate your unique value!

Move Inventory Selling In On-line Marketplaces

Now is the time to focus on converting stock into cash. Due to lower spending and consumer confidence it’s ok to focus less on margin and more on cash. Leverage online marketplaces that resonate with your core customer group and offer free shipping and free returns to sell stock quickly.

There are ways for businesses to sell on Ebay and Facebook marketplace by listing stock. It is also possible to start your own website with built in ecommerce functionality. Check out Woocommerce and Squarespace as great low cost, easy places to start.

Plan Your Supply Chain For 2021

Supply chains pose a huge challenge for most retailers and product businesses. Globally production and distribution center activity has slowed down significantly due to shutdowns, higher shipping costs and slower freight and mail services. Think about where you either can find new stock or discover items that are more accessible locally.

The good news here is that many businesses are focusing less on export and more on how they can service their local markets. Take advantage of these new opportunities and leverage some previously export only quality stock for your business.

Ask Your Landlord For Rent Relief

With stores in lockdown, retailers should be seeking to reduce lease costs. Most tenants will have access to support as the government has extended the moratorium on evictions. But be sure to start talking to your landlord now about your options once this support expires at the end of the year. Do not wait until December when the current scheme is set to expire, we do not know what further issues or setbacks may occur. So, plan for the future with today's reality in mind

Local Council Support

It is well known the federal and state government is supplying support to businesses during this unprecedented time of business disruption. However, many local councils are also offering grants and support packages. Be sure to visit your local council’s website and social media pages for information on what packages and grant offers may be available during this time.

A Year Like No Other

This year is and will continue to be unprecedented. But there is an upside to all of this. Any changes you make now within your business will only make it stronger. Having a clear plan for an increased presence online and alternative sources for stock will ensure you can pivot or refocus your efforts for whatever lies ahead.

Be sure to reach out with any questions , we are always happy to help review or recommend solutions and platforms that help make your business transformation easier.

Stage 4 Information, Links and Updates

Tue, 11 Aug 2020 04:13:21 GMT

Stage 4 Is Here!

We are one week into Stage 4 and businesses all over Victoria and Melbourne have been scrambling to adjust to the changes and understand what they need to do to be compliant. We understand that there is still some confusion in a few key areas such as leave and what government support has been updated or extended.

The following is a list with links for more information in the key areas where we are receiving the most questions:

Pandemic Leave

For staff who need to self-isolate due to COVID 19 the federal government has announced that it will introduce a pandemic leave disaster payment of $1,500 a fortnight for workers who do not have sick leave. This payment will be jointly funded by state governments as it has been declared a state of “disaster”. The new $1,500 payment is intended to supplement and support Victoria’s existing payment system by covering the fortnight of self-isolation after a positive result. The fastest way to claim is to call Services Australia on 180 22 66 or visit their site for more details here .

Working Permit Requirement-

From 11.59pm Wednesday 5 August 2020, Victorian employers that require their staff to attend a place of work must issue each staff member with a worker permit. Visit the Business Victoria site for more information.

All workplaces in Melbourne must be closed unless:

the workplace is part of a permitted activity, or
all employees are working from home.

Employers that require their staff to attend a work site must issue a worker permit to their employees – this is the employer’s responsibility. If you have new or additional employees that still need paperwork, download the Permitted worker permit (Word) and fill it out .

Issuing a Worker Permit

Each employee required to be on site must receive an individual worker permit with the required details. Sign the worker permit. You can print and sign or sign it electronically.

Businesses must get an authorised person to sign the worker permit. This person might be the CEO, a HR manager, an operations manager or anyone else that is suitable.

They must be accountable for the details they provide.
They may be contacted by Victoria Police or other enforcement agencies to confirm the details.

Ask the employee to sign the worker permit. They can print and sign or sign electronically.

You can email or text the worker permit to your employee.
An employee may travel to work without a worker permit once to get their first permit.

Businesses Must Have a COVID Safe Plan

Under Victoria’s Stage 4 restrictions, there are new requirements for businesses. Permitted workplaces have until 11:59pm on Friday 7 August to implement their COVID Safe Plan. Every employer must complete this plan by 11.59pm 7 August 2020. If you have yet to create your plan or have questions about what is needed visit the Business Victoria site for more information .

Commercial Tenancy Relief Scheme-

Through Business Victoria, the Commercial tenancy relief scheme will provide the following support:

Six-month moratorium on commercial tenancy evictions from 29 March 2020 for the non-payment of rent for small to medium enterprises with an annual turnover under $50 million that have experienced a minimum 30 percent reduction in turnover due to coronavirus (COVID-19)
Freeze on rent increases during the moratorium for commercial tenants
Rental payment waiver or deferral proportionate to commercial tenants’ income reduction due to coronavirus (COVID-19), to be negotiated between tenant and landlord
Mediation service for commercial tenants and landlords to support fair tenancy negotiations.

More information here visit the Business Victoria Commercial Tenancy Relief Scheme page .

Tax relief – Landlords and Businesses

The Victorian Government has announced a range of tax relief measures – land tax relief , payroll tax relief , liquor licence fee relief and motor vehicle duty relief – in response to the lockdown measures due to COVID-19. In addition to these measures, the State Revenue Office is assisting people affected by the pandemic by remitting penalties and interest charged on some assessments and providing interest-free instalment plans .

We recognise that this is a difficult time for businesses of all sizes in Victoria. If you require assistance accessing support measures or to go over next steps for business continuity, please get in touch. We are always happy to help with a phone chat or a free consultation . Things have changed quickly over the past week and we know many of you are still working through all of the new requirements.

Grow Your Revenue: Any Business Can Sell Online

Mon, 06 Jul 2020 04:16:42 GMT

When we think of selling online, we tend to think of services like eBay or Amazon, which are options for product-based businesses. However, if there is anything the pandemic has taught us, it is that most businesses can sell effectively online. It isn’t just for retail or product-based businesses anymore.

Selling products and services online means finding a digital way to supply a product or deliver a service. Many businesses who thought that they would not or could not sell online are discovering that not only they can do it, they are making a profit while doing so.

Write Off New Purchases

When planning to go online evaluate your hardware needs. Many businesses are limiting their spending at the moment, but the good news is upgrading technology is covered under the government’s 150,000 instant tax write off.

Under the instant asset write-off , eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use.

Instant asset write-off can be used for:

multiple assets as long as the cost of each individual asset is less than the threshold
new and second-hand assets.

There are many things to consider when making purchases such as new computers, web-cameras, video conferencing microphones, headsets or even lighting. For example, a home studio to take photos of new products to post online. Each business will have its own needs, and as the current situation changes the business needs will too. The most important thing is to understand is that any equipment’s ultimate goal is to make the offerings really stand out to new customers. Be sure to spend the necessary amount of time and money to figure out what is critical and invest in that. Be sure to reevaluate periodically over time and make new purchases when needed.

Get Creative with Your Offerings

When offering new or adapted services online it is important to open your mind to what is possible and get creative. There is innovation happening in the world right now with online services. Bars are selling tickets online for limited seating on Friday nights. Gyms are streaming live classes on Zoom. Business training is taking place through online learning platforms. Most things that took place in the physical world can and are being done online. Think about what current services can be structured so they can be conducted online. Some things will need to change, but it is easier to start with something that currently exists rather than having to start completely new.

For product-based businesses most of the work comes with creating listings online. It is important to note that online competition in ecommerce is only going to grow. Ensure all websites are up to date with current integrated payment systems, customer service chat options and more.

Update Your Website

It is critical that websites are SEO compliant. They should be structured with the appropriate searchable tags and a site structure that leads a shopper to the exact item they are looking for. If a website hasn’t been upgraded or had an SEO audit recently this is highly recommended before spending time and energy in listing items or investing in plugins or templates that may not work for the business. While most businesses are conscious of costs, this is definitely not the place to reduce spending. A well-constructed website is critical to ensure all further efforts of time and money are not wasted.

Online Promotion Is Key

Once all equipment has been purchased and the website is up to date, it is time to get selling! This can be done with social media or with paid digital ads. This can feel very daunting if this is a new type of activity. The most important thing to consider when posting online is to be very clear about the value of the offering. For example, for an online cooking class, explain what the person will learn, how they can apply their new skills in the kitchen and show why your class is the best one to attend. If you are able to explain your value clearly, it takes the guess work out of it for your clients.

A study of 25,000 consumers across 30 markets showed engagement increasing 61% over normal usage rates. If you are wondering if your clients or customers are online, the answer is yes.

Taking the leap online is not a nice to have any more. It is critical for business continuity, to ensure all businesses have a future. If you would like more information on how to budget or structure costings for online sales and services please get in touch . We are always happy to help.

How To Get Back To Work Safely

Mon, 08 Jun 2020 23:31:51 GMT

With the Australian economy slowly reopening, many businesses will be welcoming their employees back after several months of shut down. This is a critical juncture where we need to ensure we can operate efficiently to grow our businesses and keep everyone safe.

This return to trading will not be business as usual and extra care and precautions to ensure the safety of staff, clients and service providers is necessary.

We have put together a list of recommendations that will help businesses navigate these complex times. Businesses must stay profitable while managing sick leave, structuring offerings to reduce wastage and keeping their staff safe.

Sick Leave Entitlements

It is important to understand how to use and apply sick leave during this phase of reopening. We have provided answers for some of the most common questions we receive at 360 Accounting:

In addition to 10 days paid sick leave how do I process additional sick leave or unpaid leave for isolation?- If the employee is sick, they can use their sick leave balance
If the employee is not sick but needs to self-isolate, they cannot use sick leave, since technically they are not sick, The Fair Work Commission has introduced 2 weeks’ unpaid pandemic leave in 99 awards. An eligible employee taking unpaid pandemic leave must receive at least the amount of the JobKeeper payment from their qualifying employer if they meet the eligibility conditions for the JobKeeper scheme
Do you have any recommendations for casual staff who may have been exposed to the virus and can't work? What arrangements can be made for them?
- Casuals are not entitled to any additional payment of sick leave for any shifts they do not work as they have already been paid an additional loading in lieu of other entitlements including sick leave

Increasing Retail And Hospitality Profit Margins

This is a critical time for retail and hospitality businesses that have been either shut, operating at a break even or a loss for months. During this reopening phase businesses should focus on only the services that produce the highest amount of profit. We have some recommendations for menus and distancing rules to improve profits with a reduced amount of clientele:

Keep the menu simple and utilise the same ingredients across multiple dishes, to guarantee a greater profit margin with less food wastage
Encourage bookings for two seatings per night, for example 6 and 8 pm
Promote online, via an email database, and on social media. There are best practice hashtags and keywords businesses can use to increase their visibility. It is important to reinforce through your messaging your ongoing commitment to reducing contamination via cleaning changes and social distancing protocols within your business.

Safety Checklists For Staff

As employees return to work, it will be important to communicate with them about their health and wellbeing on a regular basis. Being proactive with staff to understand if someone is ill before reporting to work or beginning a shift is a step that could suppress an outbreak at your location. Here are some ways to ensure you and your team members are safe.

Deputy, an online rostering system, has recently launched Clock In Questions, a pre-shift health check, which will help protect your business and limit the risk of sick employees and staff being exposed to COVID-19 in your workplace. If you are not already using Deputy sign up for a free trial account here .
Prior to each shift you can have your employees record a response to whether they are experiencing COVID-19 symptoms, this will protect you from any liability of exposing any of your employees to the virus
Schedule meetings with staff to discuss their concerns and any recommendations they may have to reduce exposure. Your staff may see areas where they can make improvements and feel safer in the process

Questions?

We know that many of you have been feeling overwhelmed with the changes. If you have questions, please get in touch . Many businesses have a current accountant in place, but with the end of the financial year around the bend, it is always a good time to schedule a review of your current systems or providers.

We understand that now is a pivotal moment as we reopen our economy, and profits must be maximised. We are not here to merely reconcile accounts. We are a strategic growth partner for your business.

Run Your JobKeeper Payments Payroll Using Xero

Thu, 21 May 2020 00:56:50 GMT

The times we are living in are complicated.

As such we are always looking for workflows we can recommend to make small business owner's lives easier. Xero has introduced some time saving new features to make processing JobKeeper payrolls easier.

Xero has been very proactive in supporting Australian businesses during the Covid-19 lockdown with additional functions and supports to make complex situations as easy as possible. Xero has imbedded tools to automatically help business owners and bookkeepers assess their businesses' edibility for Jobkeeper and other financial support.

In our work with businesses many have questions related to setting up and using JobKeeper payments in payrolls. We have outlined some simple steps to ensure this process is seamless and easy.

Step One – Register For Single Touch Payroll

Most businesses would have heard or implemented Single Touch Payroll by now. This process was made mandatory last year for all businesses with one or more employees. If you have not registered for STP now is the time to do it. It will make processing and claiming JobKeeper faster and easier. Visit the ATO site for more information on STP. Processing payroll is done online through an accounting platform. We will be referencing Xero in this article.

If you are registered for STP the ATO will pre-populate the eligible JobKeeper employees in your accounting system. Without STP you will have to manually enter the eligible employees.

Step Two – Setting UP Payments In Xero

Many small business owners have been confused about how to set up payments using JobKeeper when running payroll. As this is a payment from the government it must be recorded into the payment system with a special item code within Xero’s platform.

Xero Payroll helps to process JobKeeper payments made to workers, including those made before JobKeeper was passed by Parliament. The software creates a pay item so that you can accurately report these payments to the ATO. You just need to add the item to your employee’s payslip when creating your pay run. We have created a short video on how this is done here .

Xero has also provided a way to process the JobKeeper payment and report it to the ATO. Most of this happens seamlessly in the background while you are filing the payments, you don’t have to do anything in addition to your normal process.

Recording JobKeeper payments with STP will do more than help you get support and pay your employees faster. It will ensure that your record keeping during this confusing time is well-documented for any changes that are set to come in the next few months and years.

Visit the Xero blog for more information or resources. If you have any questions or need help setting up your payroll system please reach out, we are always happy to have a chat about your needs.

Protect Your Small Business During Covid-19

Tue, 17 Mar 2020 00:03:11 GMT

The time to prepare is now.

This is a period of change with many different rules coming into effect due to the threat of the spread of the COVID-19 virus. We know that things will be slowing down for some businesses who rely on serving the community such as hospitality and events-based businesses. If you are feeling the effects of cancellations and less customers, we have compiled some information and tips for making the best of this time as we work to stay safe together.

ATO Support Options

The federal government has announced a tax stimulus package to help small and medium businesses effective immediately. The ATO is increasing the instant asset write-off from $30,000 to $150,000 from 12 March 2020 until 30 June 2020. And have added an accelerated depreciation deduction to 50% on eligible assets from 12 March 2020 until 30 June 2021. This means small business can use this instant write-off to invest in equipment or renovations.

This instant write off applies from 12 March 2020 until 30 June 2020, for new or second hand assets first used or installed ready for use in during the dates listed above. There is also a tax-free payment equal to 50% of the PAYG withholding on the employee’s salary and wages paid. The minimum payment is $2,000 and the maximum payment is $25,000. There is also a subsidy available of up to 50% of an apprentice or trainee wage.

Use Extra Time To Cross Train Staff

Cross-training employees during slower periods is a great way to improve your team's skill set and capabilities. This is the right time to create a more active and engaged work force. Plan to use some of your slower times to develop staff skills and abilities and build a stronger workforce while also making employees feel valued.

This is great way to upskill your work force and make them adaptable. Look where different staff members can learn more about how the business works as a whole. This will ensure coverage of duties and tasks when someone is absent, sick or must remain under quarantine.

Virtual Meetings

In the near future we may find that we have to self-quarantine or certain areas will be in lock down due to hot spots of the virus. Set up your systems now so that you can check in and meet virtually with your clients and team. There are plenty of great meeting solutions such as Zoom or GoToMeeting . Look into which options suit your needs and sign up for a trial subscription you can test now before you need it.

Cloud Based Systems

If you haven’t already made the move, now is the time to set up cloud-based systems so you can access your accounting, business records and files from anywhere. If you have specific questions about using cloud based bookkeeping software, please do not hesitate to give us a call. We are always happy to help.

Stay Safe

During this complicated time for businesses of all size we hope you are able to stay well. We have been working with our team and clients virtually for years. If you would like any specific advice on what has worked well for us please get in touch . We are always happy to help via phone or via a virtual meeting. Stay safe everyone!

How To Donate Stock or Cash For Bush Fire Fundraisers

Thu, 30 Jan 2020 00:11:20 GMT

Many businesses have been doing what they can to help those in need during this terrible bush fire season. Retail and hospitality businesses are raising money from the sale of stock to the bush fire appeals. Others are donating stock directly to areas in need. This is a wonderful idea and if you are thinking of running your own fundraiser, we encourage you to do so.

Many businesses have been doing what they can to help those in need during this terrible bush fire season. Retail and hospitality businesses are raising money from the sale of stock to the bush fire appeals. Others are donating stock directly to areas in need. This is a wonderful idea and if you are thinking of running your own fundraiser, we encourage you to do so.

First, make sure your donations are going to make an impact and be compliant with the ATO and your accounting system.

Fundraising For Organisations

The Rural Fire Services and other organisations have stated what they need most is money. Create an easy way for your customers to purchase goods as a fundraiser through your business.

Be sure to check out the websites of the RFS , CFA or any other organisation you want to raise money for to ensure you meet their requirements for fundraisers. If you have any questions it is best to contact them directly or download a fundraising kit from their site.

When you decide which organisation you would like to support state that clearly where your customers are making their purchases during the fundraising. For example, if you are a café and you are donating all coffee sales on a particular day to the Red Cross make sure it is well posted near the register so people know where their money is going.

Donating Stock

If you are going to donate stock directly to the people in need or who are fighting the fires be sure it is eligible as a donation first.

You can do this by checking with an accountant or by looking at the information provided on the ATO website .

It is important to note that donations for fundraisers need to be recorded and reported differently in Xero or any other accounting system you use.

Check With Your Accountant

We highly recommend your check with an accountant to ensure you set up your accounting system correctly to track your goods sold for fundraisers. It is important that this is accounted for in your stock tracking system, so you know the true cost of your donation.

If you use Xero our principal Accountant Parikshit Kikla has recorded the step by step process for reporting the donated stock, watch the short video here .

Happy Giving

We would like to encourage everyone to do what they can during this very sad time. If you have any questions about the information in this article please schedule a chat , we are always happy to help.

Why Manual Staff Rostering Is Costing You Time and Money

Mon, 09 Dec 2019 07:31:00 GMT

The hospitality industry has been reeling from issues such as underpaying staff and complying with industry regulations for employment contracts.

While many of the businesses that have been featured in the news are larger businesses and chains, this is an issue that affects all levels of the industry. At 360 Accounting we advise our clients on how to use cloud-based wages and staffing software to reduce time and stress in these important areas. Busy managers need to ensure that they are paying the correct wages as well as scheduling enough staff to make sure the business can be run properly. Many businesses use Excel spreadsheets to create a well-staffed roster and calculate that the correct wages are being paid. This leaves many businesses open to errors with not enough staff for a shift if the spreadsheet hasn’t been updated properly. It is also a problem when the wrong award wage has been applied to an employee on certain dates or times. This is a problem for many reasons, not to mention the time it takes a manager to fill out a spreadsheet.

With cloud-based systems that integrate with accounting software, it is a huge game-changer. This gives a business access to real-time data that doesn’t rely on manual input such as an excel spreadsheet, it creates greater efficacy and less room for error because the system updates all information automatically.

Jarrod Briffa from Kinfolk Café worked with 360 Accounting to integrate Xero with his staffing and payroll management on Deputy . The changes to the business have provided a big impact in a very short amount of time.

“A lot of the previous rostering system was done through Excel spreadsheets, it was very manual and it required people to be constantly updating the spreadsheets. From time to time you would get mistakes, which would result in staff not turning up. The benefit of the Deputy integration is we have all of the information in real-time. We have about 40 staff across the organisation including our casuals, and now we can all have real-time access to the rosters. It means that we can reduce the number of errors, but also make sure our managers and staff have access to real-time information,” Jarrod explains.

This system simplifies the rostering and eliminates human error as well as ensuring that all staff is properly compensated with the award requirements.

“The reasons why we wanted to move towards Deputy was that the award rate can be built into the software”, said Jarrod. “This is something that a lot of hospitality businesses are challenged with, ensuring staff working varied hours across different times of the day and different days of the week are paid properly. With our previous manual system, it took a lot of time to manually record that information. The big benefit with Deputy is that the award is inbuilt into the system.”

In our work with clients, we have assisted many businesses to navigate the complex awards system. Many of the issues we see are mainly due to mistakes because the manual recording system takes a lot of time to update, and there is too much room for errors. We know that integrating with systems like Xero and Deputy gives back valuable time to the businesses to focus on important things like keeping their customers happy and spending time with staff to create an effective work culture.

“You can be confident that the award is applied to each staff member on a weekly basis regardless of the hours they work. It takes away a lot of the issues created by manual implementation and gives a lot of confidence to us that we were complying with the award,” Jarrod says.

The goal for hospitality businesses this time of year is to stay focused, productive and profitable the busy lead up to Christmas. We understand that most of the errors we see in underpayments are due to mistakes in manual systems. If you would like to learn more about how Deputy can work for you please get in touch . We are always happy to help and discuss options that would work for you.

Increase Profits With Reduced Food Waste

Thu, 14 Nov 2019 22:38:00 GMT

For a food production business wastage can be a huge make or break factor for your business.

You must be sure to have enough stock to produce the expected demand that your customers require. And if you run out due to not making enough or having to throw out food because it has expired, the cost to the business can really add up.

So how do you manage to avoid this situation? By having a well-designed food inventory management system. Food inventory management is your system for tracking stock coming into your business, what leaves and what’s leftover. A good food inventory management system is also the most useful tool for gaining insight into the ways you may be losing money.

Reducing wastage is key to growing profits. The following are a few tips to get started on the right foot.

Perform Regular Stocktakes

Having a consistent stocktake system in place is one of the most important parts of a food inventory management system. Create a stocktaking schedule and stick with it. How often is up to you, but keep in mind the more often you take inventory, the better. The important thing is to have a system that takes into account the different types of stock you have and the different ways you use or sell it.

Set A Reorder Point

Knowing the minimum limit you have on stock before you reorder will help you determine exactly when you need to place an order. A “par level” is the minimum amount of any item you can afford to have on hand to satisfy customer demand before ordering more. Once you hit that level, it’s time to place a purchase order. Knowing your reorder point or par level is essential for avoiding stockouts.

Efficient Product and Menu Design

It’s more economical to use one ingredient for multiple products or menu items than using one product for one item. For example, ordering strawberries for only one dish can become expensive if that dish isn’t a top seller. Instead, you could use strawberries to make a sauce, to garnish a dessert, and to flavor a cocktail.

Menu design goes hand in hand with effective food inventory management. The more you can reuse your products the lower your cost of operation.

Use Food Inventory Management Software

Instead of calculating everything by hand or complex excel based spreadsheets, you can invest in a food inventory management software that tracks it for you automatically.

A good software can automate purchase orders when you reach your reorder point, can report on stock expiry dates, can implement batch to reduce spoilage, and can optimise your stock for long-term business growth.

Watch this recording from our founder PK as he introduces the use of Dear Systems for food-based businesses.

If you have any questions about this video and would like to know more about this system for your business book a chat with PK here .

How To Grow A Small Business With Management Accounting

Mon, 14 Oct 2019 03:20:00 GMT

When most people think of management accounting they think of a ‘big’ or corporate business. However, management consulting is not just for the big end of town, it is important for all businesses.

At its core management accounting is a way to look strategically at all of a business’s financial decisions. Applying planning and analysis to your incomings and outgoings will transform your business from one operating in a reactive space, to a proactive one by setting up goals for the future.

Cost And Profit Analysis

One of the most valuable things that a management accountant does for their clients is understanding the relationship between your costs and how much profit you take away from them. While we all know you need to spend money to make money, if you are spending too much, your profit margins are only going to decrease over time.

Our founder PK shares some insights into this process in this short video . He looks at a fictional café to understand their profit for the month and where the money has come from.

Budgeting Analysis

A budget is key to understanding how much to spend and where. A management consultant helps you understand not only where to spend your money, but where it can work best for you. For example, if a café has a budget for cakes supplied externally and at the end of the week there is too much unsold cake, then a management account would look at decreasing the spend on the cake. They would look at moving that budget spend to other areas such as staffing or more profitable menu items to grow the business.

Inventory and Pricing Decisions

Your overheads and stock must be a sustainable level for growth. A management accountant understands the importance of inventory control and will help you apply inventory management techniques. It is important to establish and apply the appropriate approach for long-term pricing decisions. Your prices must be in line with what the market can sustain and also create enough profit to allow your business to grow.

Short-term and Long-term Decision Making

The decisions we make today help build our tomorrow. If we don’t know the future goals we are working towards, it is very difficult to make the decisions today that lead to that future.

This is where the management accountant truly provides value. They can help you set your business goals and vision for the future. And then outline the financial decisions that need to be made today to make that future come true.

Get In Touch

If you have any questions on how a management accountant can help your business, please do not hesitate to get in touch. We are always happy to help.

Book in a time here for a free chat!

20 And Under Employees? New Payroll Laws Apply To You!

Thu, 05 Sep 2019 01:27:00 GMT

“It has made everything smoother and easier and more transparent. And let’s face it, if you’re doing the right thing as most of us are, it is not an issue at all.”
Stuart Armstrong , Velo Cycles, Carlton North

On July 1 2019, payroll reporting to the ATO became completely digital, for every business that employs at least one worker. The change has caused confusion for some, but more troubling many employers who must comply with the new law don’t even know about it.

According to News.com.au research by Intuit Australia found that half of businesses with 4 or fewer employees had not heard of STP.

Xero conducted its own survey and found that one in five small business owners don’t think STP applies to them.

Xero Australia national partner director Rob Stone said ATO figures suggested about 90,000 microbusinesses used no software at all when paying their staff.

STP affects around 700,000 small businesses, and they have until September 30 to start reporting using STP. With all of the new changes, small business owners should not worry. The one-touch payroll makes things simpler for employers to pay the proper amount of wages and super to their staff through digital systems.

Stuart Armstrong shared his thoughts, “It was all set up for me, it all just goes through Xero. With my daily job, it hasn’t affected me at all because of the support I received from 360 Accounting. What I would say to other business owners, it’s really not a big deal. Don’t worry.”

The ATO has published a list of no-cost and low-cost STP options for micro employers and would provide exemptions for some business owners.

Or it can be set up through an existing system like Xero or MYOB. If you haven’t been using a digital reporting system previously now would be the perfect time to set one up.

While it may seem like more government regulations hoops to jump through it will ultimately make sure that businesses are on top of their payroll, super and other tax obligations. This makes accessing the financial health of a business easier for the business owner, the ATO, and accountants.

If you have any questions on how these changes may affect you and your business, please do not hesitate to get in touch. We are always happy to help.

Book in a time here for a free chat!

Secrets Revealed: How Your Accountant Prepares Their Own Business For EOFY

Wed, 29 May 2019 04:59:00 GMT

Your accountant is there to support your business and help it grow. But how does your accountant prepare their own business for the end of financial year?

We will take you behind the curtain and reveal the tips and tricks that accountants use to get their business EOFY ready!

Plan For The Future

Accountants are not just interested in the bottom line; they strive to make business owners goals and dreams come true. They believe that with the right planning anything is possible. They plan for the future and then set plans in motion to make them happen. And this means setting clear goals and plans to make those dreams come true.

Here are a few things to consider when setting your goals:

Make Sure Their Clients are Better off

An accountant will review not only their P & L’s (Profit and Loss Statements) but their clients as well to ensure that their businesses are growing and going in the right direction. When a business is growing it is more important than ever to understand where and how to invest their profits. Growth is expensive and it can make or break a business.

Some things to consider when planning for growth:

Ensure They Are Compliant

All accountants ensure that they are compliant at the end of the year. This means that all tax obligations have been met and they know what the owe to the ATO. This is something that is imperative when creating financial plans for the next year. This allows you to start off the new year knowing your true financial position.

If you owe money you can make a plan to clear the debt. Or if you have money coming back make new investments to continue to grow.

If you have any questions on your end of year planning, please get in touch. We offer free consultations, book in here .

Be Prepared EOFY Is Almost Here

Thu, 02 May 2019 03:50:00 GMT

The end of financial year is June 30 ^th , less than two months away. In the dynamic small business and hospitality space your end of year position can change right up until the last minute.

That doesn’t mean that there is no way to prepare in the coming weeks. With planning you know where you stand, what you owe and more importantly how to invest in new services or equipment.

Profit And Loss

Prepare a summary of income and expenses in a profit and loss statement. The profit and loss (P&L) statement is a financial statement that summarises revenue, costs and expenses incurred during a fiscal quarter or year. These records provide information about a company’s ability or inability to generate profit by increasing revenue, reducing costs or both. It is important to know how much you are spending and generating in terms of income prior to the end of the year.

Stocktake

If your business buys or sells stock, a stocktake will establish the value of your stock at the end of the financial year. You will need to do one if:

If a stocktake is required, do it as close to June 30th as you can and keep the following records:

Based on this information you may decide to do a stocktake sale to boost sales or to create an offer to boost sales the final week of trading.

Record Of Debtors And Creditors

To ensure your records are correct at the end of financial year is it important to reconcile your accounts. Be sure that your debtor accounts are reconciled to your general ledger account. Ideally the total of your outstanding invoices equals the balance of your trade debtors account.

Like your debtors, your creditors also need to be reviewed and balanced to your general ledger account. Confirm that purchase orders are fulfilled. If the goods have been supplied, the order should be closed or turned into a bill for payment before the end of year.

Expense Claims

Now is the time to find your records for purchases of new assets. Remember there is a $30,000 to $20,000, depending on the date of purchase, instant write off for small businesses. Also bear in mind expenditure on improvements to a business location can also be claimed so be sure to find those receipts as well.

Compliance For Tax and Reporting Requirements

Be sure to complete your personal income tax returns. Ensure that all lodgings for

PAYG withholding, fringe benefits tax (FBT), Goods and Services Tax (GST), and the taxable payments reporting is up to date. Of course, there are also superannuation considerations. Be sure that all of the year’s tax obligations are lodged and complete. This will make the end of year reporting much easier on you and your accountant.

2019 Here We Come!

It can be a bit stressful for business owners at this time of year. However, with online systems and cloud-based accounting it does make things easier. And if you are feeling really overwhelmed please get in touch with us for a quick end of financial year health check . There is no need to go it alone!

How To Set Up STP For Your Hospitality Business

Wed, 10 Apr 2019 00:31:00 GMT

Have you heard about STP and wondered what it is? Or maybe this is the first time you have heard of it. What you need to know is as of July 1, all businesses will need to comply with new legislation for Single Touch Payroll.

The intention is to make reporting easier by sending tax and super information from your payroll or accounting software to the ATO as you run your payroll.

How To Ensure Your Small Cafes And Hospitality Businesses Is Ready

When you run your payroll and pay your employees your pay cycle does not need to change. You can continue to pay your employees weekly, fortnightly or monthly as per normal. What will change is that your STP-enabled payroll software will send a report to the ATO which includes the information, such as salaries and wages, pay as you go (PAYG) withholding and super information. If you have questions you can check out the employer reporting guidelines for a full list of payments that must be reported through STP.

How To Ensure Your Bookkeeper Or Accountant Is Ready

For many small businesses in the hospitality industry you will already by using an accountant or bookkeeper. If you are not currently, this may be the right time to start thinking about the benefits of outsourcing your payroll and BAS reporting. If you are here are a few things to think about to ask prospective tax agents.

STP has been in effect for businesses with 20 more staff since July 2018, be sure to ask a prospective bookkeeper if they have set up a system for a client previously. There is also specialized training for accountants offered by many of the larger accounting systems such as MYOB or Xero. Ensure you ask if they have been accredited as STP ready.

We know that you are busy, and you don’t need another thing to worry about. Working with an accountant or bookkeeper does not have to time consuming or expensive. In fact, in the long run it can save you money by ensuring you are compliant and on top of your tax obligations.

How to Maximise Your Payroll For Greater Savings

It is important to start thinking now about your ongoing bookkeeping needs. Now might be the time to think about outsourcing your payroll.

Contact a registered tax or BAS agent to talk to them about your options. They will be able to report through STP for you, or outsource your payroll to a payroll service provider. It is your obligation as an employer to make sure that all reporting is through STP.

Payroll service providers must be registered as a tax or BAS agent when providing a tax agent service or BAS service for a fee. This would include Single Touch Payroll.

For a list of accounting systems that are STP compliant visits the ATO website here.

360 Is STP Ready

At 360 Accounting we are a STP ready supplier, and with over 10 years in managing payroll for clients. We know the best options for any business. We are a registered BAS agent, able to assist with accounting, payroll and BAS needs. With our full-service knowledge, we are always ready to assist. Book in now for a free consultation to explore your needs. We are always happy to help.

How Outsourcing Payroll Saves Money

Thu, 28 Feb 2019 04:17:00 GMT

For businesses with more than a 150 employees’ payroll can take up a lot of internal time and resources for the accounts department. Making the decision to outsourcing payroll saves your business time, it’s most valuable asset. This extra time translates into more capacity to devote resources to high value business activities.

Save Time

Most businesses with an internal accounting team allocate some of their time to staff payroll. Estimating the amount of time it takes to process payroll for 150 staff members, it can take up to one full day of work minimum per week.

This is on top of the other duties of the accounts team focus on such as managing budgets, reporting and accounts payable/receivable. Outsourcing payroll makes sense as it is very competitively priced and can be less than a full day’s wage for a staff member. The decision to outsource clears potentially 52 days a year to create reports and other financial management tasks.

Security Controls

One of the concerns with outsourcing is ensuring tight data security with payroll records. All payroll services ensure industry standard are met with data security. Outsourcing of payroll also allows for separation of duty for the internal accounting staff, and for the confidentiality of employees’ salaries and employment benefits.

Grows With Your Business

Outsourced payroll services are very streamlined and flexible. This means if you hire lots of temporary staff or are in a high growth period you can rest easy while your records and compliance is maintained by a payroll service provider. It grows with your business. This flexibility allows for expansion or if needed contraction of your business.

Regulatory Compliance

There are hundreds of laws regulating payroll. Just keeping up with payroll compliance is time-consuming and requires regular education to ensure your business payroll is legally compliant. Payroll providers have access to the ATO and Fair Work systems, to keep on top of new amendments and changes to ensure your business is complaint.

Need Help?

We handle payroll accounts for businesses of many sizes. If you are wondering if this is a good option for you please get in touch by booking your free consultation here .

Why We Love Accounting (And You Should Too)

Tue, 05 Feb 2019 01:58:00 GMT

We know what you are thinking. The last thing most of us want to do is spend hours pouring over our finances. We are busy people, running our businesses and our lives. Can’t our finances just take care of themselves? The answer is no! Small business owners often dread the tedium of bookkeeping and accounting. But the reality is your bookkeeping and accounting is one of the most valuable management tools you have available to you.

Business Management thinker Peter Drucker is often quoted as saying that “you can’t manage what you can’t measure.” What he means is that is impossible to know whether you are successful unless your business goals and finances are well defined and tracked.

And that in a nutshell is what bookkeeping and accounting is all about. It is managing and measuring, so you can run a better business.

It helps you build and grow your business

If you don’t know what money is coming into and out of your business, it is very difficult to grow your business. Tracking and managing reports such as profit and loss statements can help you see exactly how much money you are making and spending every month. Without a firm understanding of where your money is going it is impossible to plan your budgets or control your spending when you need to. The key to growth and profit is spending less than you earn, and if you don’t know what you earn, budgeting is very difficult.

You learn to plan for the future

Good financial planning equates to a solid business plan and if you have a concrete business plan, you have financial planning in place. These two processes go together, you can’t have one without the other.

Feeling confused? Think it about it this way. If you have a goal to double your revenue this financial year you must understand where you are getting the most value with your clients. Understanding which clients generate the most revenue and then acquiring more like them is key to your growth. You must focus on the highest value clients to bring in more money. Your business plan should reflect goals such as were to find them, what to charge and providing high value services to these clients. Plans like this ensure you are working with the right types of clients to grow your business.

Know your value

When you aren’t charging enough for your services it becomes obvious right away if you are paying attention to your books. Keeping track of things like wages, taxes, expenditures or overhead ensures you are aware at all times what you need to charge to cover your basic operating costs. If there are any changes in your outgoings you will know when it is time to increase your prices or look for places to reduce costs. This will never come as a surprise if you are keeping track of your in’s and out’s every month.

Pay for help

Always be sure to get the right advice at the right time. A good accountant is worth their weight in gold! Many people think of accounting as an expense, but a good accountant doesn’t save you money, they make you money. If you don’t have the time or interest to examine your books on a regular basis, now is the time to take that leap and start working with someone who will make that commitment for you.

While loving bookkeeping isn’t for everyone, there are many accountants who do love it and will happily help you. No great business is built in insolation. The appropriate help at the right time will take you from goal to goal!

Get in touch

If you have any questions about how we work with clients please get in touch. We offer free consultations to help you and your business grow! Book in today!

4 Tips for Business Owners To Plan Your Down Time

Tue, 22 Jan 2019 22:13:00 GMT

Summer is here! It is a time to slow down after the busy holiday season. Take valuable time off for yourself and plan for the year ahead. While revenue can be affected by these slower months it is important to not get scared by the slow down. Use your time effectively and be sensible with your planning and budgeting. We recommend the following four tips to get you through the slow season:

Give Your Staff The Option to Take Unpaid Leave During Slow Times

Don’t assume that your staff have all of the time off they desire. Many full and part-time staff members would treasure a few extra days with family and friends this time of year. Be sure to ask in the slower summer months if they have plans and not enough leave. Let them know you are happy to provide additional unpaid days.

Send Invoices Promptly To Avoid Getting Paid Late

No matter how busy you get during the lead up to summer, be sure to keep on top of your invoicing. Many businesses and their bookkeepers are on skeleton staff and this may result in late payments over the summer months. To ensure late payments don’t negatively affect your cash flow be sure send invoices on time or even a bit early if you know your clients will be on leave.

Plan Your Outgoings

If you need to delay ordering new stock to ensure your cash flow is strong it is better to wait than to push through an order you can’t pay. If your invoices or cash flow is tight it is better to wait until you can confirm you have the cash coming in before you spend it. It is always better to stagger your outgoings rather than committee to a large spend all at once.

Review Your Data

Have a look at your profit and loss statements over the years to understand your business’s patterns. This will help you to budget in the coming months, so you can plan accordingly. If you don’t have an online accounting system that does this, we recommend taking advantage of these quiet times to put a new system in place. We recommend cloud-based software such as Xero or MYOB for most small businesses.

Questions?

We are always happy to provide a free consultation if you would like more information on how to use the summer months to plan and get your finances on track. You can book a time with us by emailing enquires@360accountingservices.com.au or call us on 1300 360 749.

Do You Owe Fringe Benefit Tax For Your Staff Christmas Party and Gifts?

Mon, 03 Dec 2018 01:24:00 GMT

Perhaps one of the most famous accountants in literature is Bob Crachitt of Charles Dicken’s ‘A Christmas Carol’. Ebenezer Scrooge is his boss, a miserly moneylender. He underpays Bob who can’t afford proper health care for the lovable little scamp Tiny Tim, let alone a wonderful Christmas feast.

No one wants to follow in the footsteps of Scrooge at this giving time of year. Because A) getting visited by three Christmas ghosts is scary and B) poor Tiny Tim! As a business owner now is the time to say thank you to your staff for all of the hard work they do throughout the year.

Before you start planning your Christmas party and/or gifts there are a few things you need to consider, such as Fringe Benefits Tax.

What Is Fringe Benefits Tax?

Fringe Benefits Tax (FBT) is tax employers pay on certain benefits they provide to their employees – including their employees’ family or other associates. The benefit may be in addition to, or part of, your employee’s salary or wages package.

Only certain businesses are required to pay FBT, so it is best to speak to a trusted accountant or financial advisor to check if it applies to you.

Planning Your Party

If the amount you spend per employee for your party is less than $300 per head it does not attract FBT. So without being an Ebenezer it is important to consider the total cost per person. FBT is an extra tax and most small businesses will avoid paying it.

Planning Your Christmas Gifts

When you provide Christmas gifts, you’ll need to consider a few different components. One is the amount you spend, the type of gift and who the gift is for. Then consider the type of gift. Items such as wine or hampers are treated differently to gifts like tickets to a movie or sporting event. It is also important to consider who your gift is for, there are different rules for employees and clients/suppliers.

The Things Money Can’t Buy

There is an extra benefit of not being a Scrooge. It is important to have a fun time during the holiday season. A kind gesture of a party of gift helps to keep employee morale and loyalty high, resulting in low turnover of staff.

If you have questions about your choice of gift or party for the holiday season, you can have a look at the ATO site or book a free consultation to learn the best option for your business.

4 Gifts Every Business Owner Wants For Christmas

Fri, 16 Nov 2018 01:55:00 GMT

The days until Christmas are rapidly counting down. Have you thought about what to get for the busy entrepreneur or business owner in your life?

So what does a time poor, driven person need? They need something that will make their life easier. Or, maybe it’s you! Are you are dreaming of presents from Santa that will take all of your cares away? Feel free to share a link to this post with your friends and family. (Hint, hint) Go on, treat yourself!

This may seem like an impossible fantasy, but with modern cloud-based accounting tools, this is more achievable than ever. Every business owner knows that the ‘silly season’ can quickly become the ‘stressful season’ without careful planning with their staffing. It is important that extra work equates to making more money. One way to achieve this is by keeping on top of accurate accounting for payroll.

We recommend going paperless with employee onboarding for new and casual staff during the holiday period. Ento is a cloudless employee fostering and onboarding system.

Each new hire has the ability to join the team with a digital onboarding experience. It is optimised for mobile so employees can get themselves sorted on a smartphone or tablet. This allows each staff member to become part of your workforce in a way that suits them. This is a gift that any business owner would love to see under their tree at Christmas.

Another way to put a smile on a business owner’s face is getting rid of clunky spreadsheets when scheduling staff. This means less employee phone calls to check the roster or miscommunications in between updates on the document.

Tanda is a rostering and time management app that allows for all of this and more! Tanda is cloud-based, real-time and connects to your point of sale system to capture all your staff’s logged hours. Any registered staff member can clock on and off from any POS terminal. This creates consistency in reporting and all staff are accountable for their hours.

During the holiday rush predicting how many staff to roster per shift can be difficult. In this respect, Tanda is the gift that keeps on giving. Much like Santa, Tanda is always watching! It uses algorithms to predict schedules. This software also has seamless payroll integration, so when it comes time to pay staff, this is one more step a business owner doesn’t have to worry about.

If the business owner you are buying for has been extra good, a subscription to an online accounting system such as Xero , Myob or Quickbooks is the icing on the Christmas cake. Using a cloud-based accounting system that allows for quick reporting, seamless payroll, and budgeting information.

The accounting solutions mentioned above are all great options. If you have questions, it is best to speak with one of Santa’s little helpers, a trusted accountant. If you have any questions we are always happy to help.

A point of sale system is a seamless combination of software and hardware that gives businesses the ability to make transactions and simplify key day-to-day business operations. ‘Simplify’ is the key word in that statement. All business owners smile when they know exactly how much they are selling of particular products or service when they are being sold and what their margins are.

A good point of sale system can help them do that and more! Square is a popular solution on many Christmas lists this year. The free Square Point of Sale app has tools to help good little boys and girls manage sales reports, send receipts via email or text message, integrate with Quickbooks or Xero and manage inventory in real time.

Vend is a homegrown POS solution that is also popular under the tree this year. This app works on iPad, Mac or PC, works offline, can easily add a discount or notes for staff use and provide history on laybys and account sales. Stay off Santa’s naughty list and this could be under your tree this year.

Every business owner knows that passion is what drives them and gets them through the ups and downs of business. And the, when passion wears thin, next in line, is coffee. Because Santa loves people who love the environment we recommend getting your favourite business owner a KeepCup or Frank Green reusable cup to keep them fuelled and the environment clean.

And if you or your business owner has been exceptionally good this year you might consider signing them up for a coffee delivery service to ensure they never run out of that dark brown elixir of life.

Start Next Year In The Black

We wish you a Christmas that puts your business in the black. If you or your favourite entrepreneur want to make the most of the holiday season it might be best to invest now. Christmas can come early.

3 Ways For Hospitality and Retail Businesses To Maximise Profits During The Holiday Season

Mon, 15 Oct 2018 05:04:00 GMT

The holiday season is a fantastic time of the year. For most of us, this means food, family and holidays. For those of us in the retail and hospitality sector, it means all this and more. It is a busy time and staffing, wages and stocking can put extra stress on business owners and managers.

We know that problems with increased competition, food waste and changes in food trends are things to be aware of when maximising profits. This makes the busy holiday season critical to ensure that your business stays in the black. We know that your industry is competitive and profit margins can be tight.

We recommend three ways to maximise your profits and keep your sanity.

1. Use A Staff Rostering System

Do not rely on a spreadsheet that relies on people putting in information. Tanda is an integrated rostering and time management app with a few twists to keep things fresh. Tanda is cloud-based, real-time and connects to your point of sale system to capture all your staff’s logged hours.

Tanda’s can sync to your POS to capture all your staff’s logged hours. Staff can clock on and off from any POS terminal, ensuring your staff is accountable and you can track who’s working when.

If you need help with predicting how much staff you will need per shift, Tanda can help there too. The software uses algorithms to predict schedules. This software also has seamless payroll integration, easy employee onboarding and automated award calculators for hospitality Award rates set by Fair Work Australia.

2. Paperless Employee Onboarding

You might need to hire extra temporary staff to cover the workload. Another great option is Ento , a paperless employee rostering and onboarding system. This system has easy ways to onboard casual hires for the busy holiday season.

Your new hires have the ability to join your team with a digital onboarding experience. It is optimised for mobile devices allowing staff to manage every step of their onboarding from a smartphone or tablet. Another bonus is Ento’s digital contracts. Going paperless saves time, reduces errors and eliminates lost documents. Digital signatures allow your new hires to quickly sign all contracts and policies.

3. Start Your Financial Planning Now

October is the time to start planning your December. Speak to a trusted accountant to plan the financial targets you need to hit to maximise your profits during the busy season. Looking at your sales from last year can help project what your upcoming holiday period may look like. Problem areas such as extra staff costs or food waste can be reduced if you start early.

Interested in maximising your profits this December? Now is the time to book in for a free consultation with us.

We look forward to making this season your best quarter yet!

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

Mon, 13 Aug 2018 00:47:00 GMT

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:

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:

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!

360 Accounting Services

ATO Small Business Super Clearing House is Changing -What You Need To Know

What is the SBSCH?

Why is the ATO making this change?

What are Your Alternative Options?

1. Cloud-Based Accounting and Payroll Software

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2. Commercial Superannuation Clearing Houses

3. Employee Super Fund's Clearing House

Action Plan: Next Steps for Your Business

Navigating Volatility

Navigating Volatility: Budgeting and Forecasting in the Face of Geopolitical Uncertainty

Navigating Payday Super and Cashflow

What is Payday Super?

The Impact on Business Cash Flow

1. Increased Frequency of Payments

2. Enhanced Compliance Requirements

Strategies for Managing the Change

Next Steps and Resources

Useful Documentation

Payday Super - What You Need to Know

The Shift to Payday Superannuation

What is Payday Super?

Key Changes for Employers

What Does This Mean for Employees?

Resources for the Transition

Beyond spreadsheets. Why your business needs a dedicated expense tracking app

5 Signs It’s Time to Hire a Virtual Bookkeeper

1. You’re Spending More Time on Books Than Business

Bookkeeping Tips for Trades Industry

1. Separate Business and Personal Finances

2. Track Every Expense, No Matter How Small

3. Understand Your Revenue Streams

4. Master Invoicing and Collections

5. Reconcile Your Accounts Regularly

6. Utilise Bookkeeping Software

7. Plan for Taxes

8. Monitor Your Cash Flow

9. Seek Professional Help

Bookkeeping Tips for Professional Services

New Title

1. Segregate Business and Personal Finances

2. Implement a Robust System for Expense Tracking

3. Understand and Track Revenue Streams

4. Reconcile Accounts Regularly

5. Stay on Top of Payroll

6. Monitor Accounts Receivable and Accounts Payable

7. Leverage Technology and Automation

8. Consult with a Professional Accountant

Bookkeeping Tips for Digital Technology

Embrace Cloud-Based Accounting Software

Digitise and Automate Expense Tracking

Regular Bank Reconciliations

Utilise Digital Invoicing and Payment Systems

Implement Strong Cybersecurity Measures

Seek Professional Advice

When to Seek Professional Financial Advice

Key Indicators It's Time to Consult an Advisor

What a Financial Advisor Can Offer

Next Steps

The Importance of Regular Financial Reviews for Your Small Business

Why Regular Financial Reviews are Non-Negotiable

2. Identifying Trends and Opportunities

3. Cash Flow Management

4. Budgeting and Forecasting

5. Tax Compliance and Optimisation

6. Measuring Performance Against Goals

7. Early Problem Detection

How Often Should You Review Your Finances?

Getting Started with Your Financial Reviews

Staying Organised: Financial Document Management Tips

Staying Organised: Financial Document Management Tips

Why is Financial Document Management Important?

Essential Tips for Financial Document Management

2. Create a Consistent Filing System

3. Implement Regular Review and Purge Cycles

4. Secure Your Documents

5. Know What to Keep and For How Long

6. Utilise Financial Management Software

Conclusion