REVIEW YOUR FINANICIAL REPORTS!

Posted by Robyn on October 16, 2010

Once you go through the process of entering all your expense and income into your accounting software.  Do you do anything with that it??

The great thing about using MYOB is that oyu can produce a draft Profit & Loss at any time.  What I mean by “draft” is that there may be adjustments to be made , for example depreciation or allocation of interest on loans, but it gives you the ball park figures so you can see if you are making a profit or act on an expense that has blown out!

Another great report to review regularly is your Aged Receivables Report.  If you enter the Customer Invoices and Receipts regularly you have an up to date listing of what your Customers owe you and you cn take action to follow up overdue accounts.

To your Business Success!!

Robyn

www.boostbookkeeping.com.au 

www.beyourownbookkeeper.com

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10 Questions to ask a Potential Bookkeeper.

Posted by Robyn on September 26, 2010

If you are a micro business owner and need some assistance with your bookkeeping, you may need to secure the services of a contract bookkeeper.  Use the questions below help you find a professional bookkeeping service:

1. What qualifications and professional memberships do you hold, and are you a registered BAS agent?

The Tax Agent Services Bill 2008 scheduled to take effect from 1st March 2010 means that anyone providing BAS services for a fee will need to be a registered BAS agent. If your bookkeeper is processing BAS work, then this is something they should be transitioning towards.  At a minimum, your bookkeeper should have qualifications such as Certificate IV Financial Services.  Look for someone who is a member of one of the various professional bookkeeping associations in Australia such as The Institute of Certified Bookkeepers (ICB) or the Australian Bookkeepers Network

2. What insurances do you have?

All bookkeepers should have professional indemnity insurance.

3. Who will undertake the data entry and BAS preparation?

Establish whether the work will be consistently undertaken by the same bookkeeper or by any member of the team and whether the work will be reviewed.

4. What experience / references do you have?

Speaking to current clients of the prospective bookkeeper will give a good indication of their abilities.  In reverse why not get a reference from someone already using a good bookkeeper or from your accountant.

5. If the work is done in an accounting package, who retains the ownership of the company file?

Many bookkeepers will process the work offsite on their own company file, which will save you the expense of purchasing the software upfront. If at a future date you wish to bring the bookkeeping in-house, the transfer of ownership will cost a nominal fee.

6. Where will the work be done?

Will the bookkeeper work onsite, offsite, or remotely?

7. Who will be responsible for rectification work?

Mistakes may date back years; corrections can be costly exercises, involving re-keying data, reworking BAS, and reviewing end-of-year financial statements. Will the bookkeeping work be redone free of charge or will the charges be reimbursed?

8. What does the bookkeeper require to process the work?

Establish what your bookkeeper will need from you on a regular basis. Do they want the receipts sorted? Are you required to write account codes or explanations on the receipts? How should you sort the paperwork so ease of data entry?

9. How will the bookkeeper communicate with your accountant?

It is a good idea to introduce your bookkeeper to your accountant as they need to work closely together.  Ask questions to see how the potential bookkeeper handles relationships with other accountants they work with.

10. What will it cost?

Most bookkeepers work on an hourly rate.  Once you settle into a routine you will find that the processing takes about the same amount of time each week, fortnight or month, depending on the amount of processing to be done.

For more assistance with your Micro Business bookkeeping see Be Your Own Bookkeeper

To your business success!

Warmly

Robyn

www.boostbookkeeping.com.au

www.beyourownbookkeeper.com

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Hidden Costs of OverDue accounts

Posted by Robyn on September 19, 2010

If you are like most people you think that chasing unpaid debts is a paid in the neck.  In light of this it is easy to put debt recovery in the too hard basket.   But, the process of chasing bad debts can suffocate your business:

The Hidden Costs of Overdue Accounts are:

  1. Cost of Communication
  2. Employee Costs
  3. Wasted Opportunity
  4. Stunted Growth
  5. Lost revenue

The quick and easy answer:

Put in place a debt recovery system and stick to it!

If you need assistance in putting this system in place contact Robyn at Boost Bookkeeping, robyn@boostbookkeeping.com.au

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Use the Elevator Pitch to Promote your Micro Small Business!

Posted by Robyn on August 29, 2010

The Elevator Pitch is one of the most important parts of a sales and marketing strategy for any business.  Sadly most people get it wrong, or don’t know what it is, or how important it is from a business development viewpoint, and this can severely limit the potential to obtain new business. However, get it right and you will see a serious increase in business opportunities.

The Elevator Pitch comes into play when you meet people for the first time. You’ve heard the saying “You don’t get a second chance to make a first impression” and this is particularly true when you first meet potential new business prospects. Have you ever wondered why other people always seem to get business referrals and you struggle to do so? It’s probably because they understand and use the ‘Elevator Pitch’ method.

An elevator pitch is a brief statement about who you are, what your business is, and why it is special. 

The idea is this: If you were in an elevator with a potential business investor and you had only 30 seconds to make a great impression, what is it that you could say to make an impact?

Here are some tips on how to create your own elevator pitch:

1.  Figure out what is unique about what you do The whole idea behind a great elevator pitch is to intrigue someone. It’s an ice-breaker and a marketing pitch — all rolled into one.

Let me give you an example. Example No. 1: “I own a flower shop downtown” compared to Example No. 2: “I’m a specialty florist who deals in rare, South American tropical flowers that bloom in the winter.”

2.  Make it exciting A superior elevator pitch increases your heart rate. It speaks to who you really are and what excites you about your business. It has integrity. What is it about your business that really motivates you?

3.  Keep it simple A good elevator pitch doesn’t try and be all things to all people. Rather, it conveys a clear idea in a short amount of time. It might be a few sentences, but no more than a paragraph or so.

4.  Practice, and the practice some more The first few times you try out your new elevator pitch you may feel a little bit uncomfortable, but it gets easier. After a while, it will become second nature to you, and when it does, you will be glad you practiced.

You never know what will come from having a great, natural, elevator pitch, but you can bet that you’ve just increased your chances of increasing your business opportunities.

To your Micro Business Success!

Robyn

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MicroBusiness – The Energy Equation!!

Posted by Robyn on July 18, 2010

It has long been claimed that you have to spend money to make money.

 Well the same is true with energy.

With all the demands of modern life, it’s hard to get enthusiastic at the idea of expending energy. But there are some things, which, on completion, leave you feeling more energised than before.

Here are four examples of things that give a good return on your energy investment.

Exercise

A workout is sure to put you in a good mood. Ironically, the less you feel like doing it, the better you’ll feel afterwards. Even a 30 minute walk is a crucial way to relax, refresh and re-focus, especially when you are busy. If you find exercise boring, try and find The Thing that you like to do. Whether it be Zumba, swimming, kickboxing or lifting weights, they are all a benefit to expending energy.

Spend time with stimulating people

Spend time with people whose engagement lifts you up.  Whether they are mentors, partners, friends etc, get chatting with whoever floats your boat. Even attending special networking events with other clubs can encourage you to meet more stimulating business people.

Perform a kind gesture for others

It could be something simple, like offering up your seat on the bus. Or it could be a more involved task like offering expertise to a community group. There are endless ways to lend a helping hand, most of which will leave you with a spring in your step.

Perform a kind gesture for yourself

Get a massage, play a few rounds of golf, head out for some retail therapy and enjoy some me time.

Overall, be happy and healthy and expend your energy.

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Improve Your Standard Business Procedures – Improve Your Business!

Posted by Robyn on July 7, 2010

The more you can create standard business procedures for your business the more efficient, productive and consistent you will be.

Here are six tips for increasing productivity by creating standard business procedures.

 1.      Before emailing clients, create a standard email signature which includes your greeting, signoff and company logo.  Use this for all your emails so all you need to do is add the relevant text in the middle. Make sure you phone number is included so that clients can contact you if required.

 2.      If you find yourself repeating the same information time and time again, create and save standard paragraphs that can be cut and pasted into your emails, proposals and communications. Terms and conditions, approach, services, proposal outlines and frequently asked questions are all examples of a copy that can be prepared in advance.

 3.      Establish a set of delivery standards so your customers have clear expectations about what they’ll get and when. Even if you give guidelines around likely timeframes for small, medium and large jobs, this is better than providing no information until later in the process.

 4.      Put consistency into your calendar. All businesses have recurring jobs, such as bookkeeping, writing and answering emails. Create a recurring schedule (quarterly, monthly or weekly) to get these things done, and stick to it.

 5.      Look at how you can automate your business. Automatic replies to    emails, enquiries and sales are easily managed through shopping carts and auto-responders. Speak to your IT person about ways you can set     this up and take you out of the process.

 6.      Give your business the “mystery shopper” treatment. Get a friend to email, call, enquire through your website, and basically contact your business in every possible way.  Then ask for their feedback.  Their feedback could provide you with valuable information to help to improve your business.

To your Micro Business Success!

Robyn

http://www.BeYourOwnBookkeeper.com

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Bookkeeping Solutions – Why do I need a SUSPENSE Account?

Posted by Robyn on June 27, 2010

“Suspense Account” is one of those accounting terms that you may have heard of but are not really clear on its purpose or value.

Using a Suspense Account can be a very useful tool for the Micro Business Owner, that saves time and money when processing the financial data for your business.

When you set up your chart of accounts (or accounts list) set up an account called “Suspense” as a balance sheet account.  Then, when you are entering your information into your accounting software program, you would use the “Suspense” account for any entries that you are not sure of.   This means that you can continue with your Bookkeeping processes and not be held up up with your Data Entry or Bank Reconciliation.

Some examples of items that Micro Business Owners find difficult to allocate ofter are:

  • An unidentified deposit into your Bank Account
  • Entries relating to a new Loan
  • Payments to the ATO for GST or other Taxes
  • Entries that are not business related or only partially business related
  • Funds that you have contributed to the business……..etc

At the year end you will need to review these entries and reallocate to the correct accounts, this can be done after consultation with your accountant or bookkeeper.  If you print off the “Suspense” account and systematically go through each entry with your accountant you will quickly have the answers to your queries. 

This is a lot more efficient than constantly contacting your accountant throughout the year each time you are unsure of an entry. 

Using a Suspense account is a standard bookkeeping practice that is much more effective than simply guessing which account to code items to and trying to fix it up later!

To your Micro Business Success!

Robyn

www.BeYourOwnBookkeeper.com  www.BoostBookkeeping.com.au

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Managing Rejection – Don’t Take it Personally!!

Posted by Robyn on June 20, 2010

We all get turned down from time to time, but while managing rejection can be hard, each time it occurs we have the opportunity to improve our business skills and learn more about ourselves.

So you’ve invested hours in uncovering and understanding your client’s needs, you get on well and the relationship seems solid.

You’ve poured your heart and soul into a sensational proposal, waited for a while, rung and left a message [no response] then waited some more [still no response] and then after some concern you call again only to find out that your valued client has gone with someone else.

As solo business owners, we need to develop strategies to cope with rejection. Here are some business skills showing you how you can swap livid, loathing and languishing into living, learning and moving on.

Become “emotionally intelligent”

At its very simplest, emotional intelligence is acknowledging and managing emotions within yourself. Usually, rejection hurts and we need to work with these often painful emotions to get past them. You can do this by allowing the emotion to flow, as it was designed to do and then let it go.

Ask for feedback

Feedback supports continuous improvement, learning and growth. Too often we accept a situation where we don’t know all the information because we don’t feel comfortable asking for feedback.

Call the prospect and ask them whether you could get some feedback on why they went with another supplier and not with you.

The very act of having the courage to call the client and ask for feedback shows you are client focused and this can strengthen your relationship for the next time.

Do something different

If you want to win the job next time, take everything you know PLUS what you have learned from the feedback and make your next proposal irresistible.

Learn more by reading a book on winning proposals, search the Internet, get a coach or mentor, work with another soloist, get suggestions from friends or think outside the box.

Making a commitment to move forward and not letting rejection affect you, can propel your business to great heights.

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Micro Small Business Australia – You are not Alone!

Posted by Robyn on June 3, 2010

If we are working as a soloist in our own business sometimes we can feel a bit lonely and isolated.

Here are 4 networking strategies we can use to keep us connected.

1. Build meaningful relationships

Take a look at what you’re doing to foster business relationships that have meaning and a strong sense of connection.

If you’ve got it right, a customer conversation will bring the same joy as speaking with a good friend. You will enjoy a feeling that lasts.

Too often we ignore the ‘relate’ aspect of relationships as the emphasis is on sales outcomes. Look instead at building a relationship as a means of furthering a sense of connection.

2. View your neighbourhood as a bustling office

Next, look at how you relate to those around you – the people with whom you regularly come into contact with.

Isolation rarely impacts those working in a busy, populated office. Why? Because all they need to do to maintain a sense of connection (without even realising it) is breeze through a workstation or two, collecting smiles and nods along the way.

So consider your acquaintances as your co-workers. Whether they are your suppliers, neighbours, corner shop owners, couriers, or the postie.

Relate more with everyone you meet and you cannot help but feel connected.

3. Start talking to people

While email has hugely expanded communication, it has also, sadly, diluted the essential element of voice dialogue.

Talking with others is pivotal to the demise of isolation. Before you whizz off another email, make sure you’re not missing an opportunity to connect with a fellow human being.

4. Join networking groups

Join a few networking groups e.g. BEC and attend their functions.  This way you can mix with people who also have soloist businesses who you can relate and share ideas with.  You never know who you are going to meet.

Robyn has a passion for bookkeeping and Micro Business, please go to http://www.BeYourOwnBookkeeper.com if you would like to learn how to be the bookkeeper for your Micro Business.

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Small Business Australia – Four tips for effective goal setting

Posted by Robyn on May 31, 2010

Whether you are starting a new Micro Business or have spent many years running your Micro Business, spending time focusing on setting goals can have a huge impact on your success.

Here are 4 tips for effective goal setting to help make you goals more lively, fun and effective!

The size of your success is determined by the size of your belief

Make sure you’re focusing on what you want, not on what you don’t want. As Sydney Smith said ”Obstacles are those frightful things you see when you take your eyes off your goals”.

And remember that any limiting beliefs you have about yourself or your abilities will only hinder your ability to reach your goals.

Link your goals to your past and your present

Before you set goals for your future, take some time to reflect on your past goals and what you have achieved.

Often we don’t recognize how far we’ve actually come. Track back even a year, and you may be surprised at how much you’ve achieved, and are achieving right now.

Discover the pictures, sounds and feelings of your goals

This is perhaps one of the most important steps to effective goal setting. Use your senses to make your goals become truly alive in your mind. When you decide the goal and write it down, take time to make it real in terms of its Visual (picture), Auditory (sound) and Kinaesthetic (feeling) elements.

Take yourself out there into the future and really see, hear and feel what it is like to have achieved that goal.

Write your goals down

The power behind writing down your goals is to give you a road map to follow. On your list, write down all the things you would like to accomplish. As the list remains in front of you, it is a constant reminder of what it is you wish to accomplish.

What are your goals and what are you doing to make sure they happen?

Robyn has a passion for bookkeeping and Micro Business, please go to http://www.BeYourOwnBookkeeper.com if you would like to learn how to be the bookkeeper for your Micro Business.

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