It's not uncommon for people to own more than one business, and a common mistake people make is to commingle multiple businesses in one Quickbooks file. .
Separate business entities require separate tax return filings. Rather than trying to sort through it all after the fact, why not keep those financial records separate to begin with? .
Using the classes feature within Quickbooks can be helpful to sort transactions by location, if for whatever reason you cannot obtain a separate Quickbooks file. Keep in mind this has it's own pitfalls, and should be done as a last resort. .
Small business makes up for a massive part of the Australian economy, so here at ABA Tax we 100% support #smallbizowners 🤓
As a small business ourselves, we to know the pressures of running day-to-day operations while staying on top of all the small things!
Our GO TO business accounting software @xero is pure magic!
Digital or 'cloud' bookkeeping is one of our areas of expertise and something we like to think we do pretty well...😜
The benefits of working with Xero?
⚡Real-time finance management
⚡Multi-user friendly, meaning its easy for numerous people to access e.g. your accountant, staff, consultants etc.
⚡Fully automated so cash flow, expenses, financial processes are readily refreshed and updated
⚡Reduced upfront costs - version upgrades, platform maintenance, system administration and server issues are all externally handled
Don't let the niceness full you, we're accounting ninjas 😉 Hit us up if you have any Q's or require any help!
1 516 August, 2019
We feel very lucky to have such awesome clients and today is no exception, with a very special gift arriving for Rory and the team - this is definitely going top shelf in the whisky room! 👌
1 1915 August, 2019
🚨 BUSINESS OWNERS 🚨Let's talk about 3 ways to take hold of your financial future today! 💱
1. Ensure that you are tracking your expenses versus your income. If you're not tracking your expenditure & income, how do you know whether or not your business is profitable? What account software are you using to track your expenses? Did you know that NSJ Financials has an accounting software that can help you keep on top of your spending habits? 💰💰💰
2. Prepare your financial statements- did you know that if you're applying for business a loan, trying to open a business bank account or even looking to get approved for an international Visa that your financial statements can come in handy? NSJ Financials can help you to organise and prepare all your financial statements on a monthly basis at an affordable cost! 📑✉📨
3. HIRE AN ACCOUNTANT!!! Yes I know you're thinking well WHY, do I need an accountant? Here's why - accountants can help you manage your cash flow & financial risks. They can often help you to avoid paying penalties in taxation and handle all your NIS employee payments so you can focus on making your clients happy! 🔥🔥🔥
Don't wait one more day! CONTACT NSJ FINANCIALS and let's get you started!!! ☎️☎️☎️
Calling all #tradies !
Whether you've lodged your 2018/19 tax returns or not, boy oh boy do we have some sneaky little #taxtips for you. 🤟
Visit 'News & Updates' on the website and take some value away!
A little throwback to when @richard_abandonship did our office mural. What do you guys think of our feature wall at AM HQ?
2 2813 August, 2019
Have you ever wondered where all your money goes at the end of the month? Do you ever feel like there's a ghost stealing your money? Are you overspending trying to compete with Instagram influencers or wasting money unecessarily in your business? ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Bad cashflow management can lead you to feel like there is never enough money. If you're spending large sums of money on things like eating out, new stationery every month or even monthly subscriptions that you no longer need, then there's NO GHOST - its YOUR ACCOUNTING! ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Poor processes and accounting are the bain of every individual and business' existence. If you're not managing your money then who will? ⠀⠀⠀⠀⠀⠀⠀⠀⠀
NSJ Financial Services is a one of kind accounting service that can help you with your cash flow management, your monthly accounting and we even have our very own accounting software!⠀⠀⠀⠀⠀⠀⠀⠀⠀
To book an appointment with us, click the link in bio and register for a free 15 minute consult.
Do you know what your tax requirements are? Do you know what taxes you need to pay or how to go about paying your taxes? 🤔🤔🤔
If you're a small business owner or a corporate company who needs your taxes organised, filed and paid then NSJ Financials can help you get started with a free 15 minute consultation. 🔥🔥🔥
Just click the link in our bio and we will set you up for a free consult 📲
2 812 August, 2019
Happy International Youth Day
The duty of the youth is to change corruption.
Cleanbooks Team Wishing Happy International Youth Day.
We had our first Xero training in Tauranga today and we’re thrilled with the turnout! Big thanks to everyone who came along!
It’s awesome to see so many business-people taking the time out to really understand Xero and everything it can do to help you and your business!
We host a Xero training in Tauranga every month. So if you, or someone you know, is struggling with Xero make sure you keep an eye our for our upcoming training's. Our next one is taking place Monday, 16th Sept and will be focused on Invoicing and Quotes. Get in touch to book your place!
As bookkeepers, we see it as our responsibility to stay in the loop. To be aware of the latest changes to governing policies and procedures, stay up to date on accounting software and ensure that when it comes to the latest in bookkeeping we are educated.
Now what does this mean for you? Well I'm glad you asked 🤭
By trusting that we're staying on top of our game, you're able to stay focused on being the top of your game. #outsource
1 812 August, 2019
Craig Ollington joined Maisey Harris & Co in 2017. He’s a great sparky, so good he started on his own and grew to a 6-man outfit. Craig was doing a great job on his own, but he knew he needed help.
Working a full day on the tools, coming home at night, often doing the bookwork in front of the telly until midnight, he was missing out on valuable family time.
Our first step with Craig was to transition him onto Xero. MHCO handled the setup, provided training and ongoing support. Xero saved Craig time, and gave him visibility as to what was happening in his business.
Next was a half-day business planning session where we identified his goals and the specific actions required to achieve these. Craig’s goal of having more family time involved systemizing his invoicing, quoting and timesheets (previously done manually), by implementing a trade specific software. We identified where Craig could charge better rates which enabled him to take on some additional admin help.
These simple steps have saved Craig 8 hours a week – time that he now spends with his kids. His profit has also increased by 30%. Craig now completes a business plan with MHCO every year. He comes in for quarterly accountability meetings to keep him on track and now has a financial forecast in place to help better decision making
Enabling Craig to spend 8 hours more per week with his young family is something MHCO are extremely proud of.
Are you struggling to juggle time between your business and personal life? Get in touch, we'd love to have a chat about how we can help you too! 🙌
2 2011 August, 2019
Meet Coco, the Tax Therapy Dog! 🐾
Coco is a sweet old rescued pup who loves to give snuggles to our clients who come into the office. Stop by and get your dose of #puppylove !
The next episode of The Never Settle Podcast is here! We sat down with Ed Molyneux, Founder and CEO of @freeagentapp. Despite FreeAgent’s success, Ed isn’t one to rest on his laurels. He’s determined to Never Settle, always looking for new and innovative ways to grow his business, which he shares with us on the show. We also chat about his journey, how to build a brand culture and the future of FreeAgent. You can listen via the link in our bio! 🎙️
#throwbackthursday to last week when Lori gave a presentation to fellow BNI members about our exciting new website and content!! 🙌🏻
1 98 August, 2019
It’s here!! We're proud to have collaborated with @mpa_qld to bring to life this fantastic tool. Are you charging the best price for your plumbing services? Click on the link in our bio to go to the MPAQ website and download the calculator.
Running a business is different from every other job on the planet. You have to do a lot of the things that fall outside your skill set and comfort zone every single day.
Accounting is one area than no small business owner should take for granted or ignore. It is important to have the right processes in place to avoid the stress that comes with leaving poor or non-existing accounting.
Wave HQ is 100% free, easy to use and generates documents with ease.
This is a great place place to start for any new business, as it helps to generate quotes, invoices, helps you manage your expenses and links to your bank account.
I had a meeting yesterday that really tapped into the opportunities available to Little Fish in the very near future and I’m super excited about what’s to come. After the meeting, I spent the day working at WeWork Apollo and LOVED it. I’d written off WeWork as a coworking option but yesterday reinvigorated me to want to try them out. The vibe was great, my creative juices were flowing, and being able to take private phone calls in dedicated spaces sealed the deal. What about you? Do you find coworking spaces to be a worthwhile investment for your business? #workingelsewhere
11 10119 July, 2018
Revenue and cash flow are not the same thing. Cash flow not only accounts for the amounts of money that are coming in and out but also the timing of when those funds are deposited into your account. For example, if you operate a business based on an invoicing system, you will have earned revenue when the invoice is sent, but not necessarily have received payment yet. If your invoices aren’t paid until after your bill or loan payments are due, you could end up with a cash flow problem.
It is important to budget and to prepare and analyze cash flow statements to make sure you’re staying on top of it, as well as reviewing your profit and loss reports to review revenue earned and expenses incurred. Cloud-based accounting software like QuickBooks can help you keep your cash flow in check.
I was invited by @capitalcitycooperative to participate in the most recent #TableFor10 event and I was at once honored and hesitant. See, I’ve been telling myself for quite some time that I’m not good at networking, that my introversion keeps me from making connections in groups. Boy was I wrong! This event was an amazing experience meeting women I might not have come in contact with otherwise, via a carefully curated selection of attendees. Definitely worth a trek in the winter cold to experience, and can’t to get in more time with these ladies!
11 13221 November, 2018
Have you hired contractors to assist in your business this year? If you have paid any contractor more than $600 for the year, you are required to file a 1099-MISC, providing copies to the IRS and the contractor who was paid. Make sure this task is completed by January 31 to avoid any penalties! #littlefishtips
6 11028 November, 2018
It's been a while since I've introduced myself, so let's start the week with a few things to know about me and Little Fish:
1. I tried to get out of accounting several times, but it kept calling me. I never thought this is what I'd be when I grew up. Thank goodness I'm good at it :)
2. I'm from Georgia but Little Fish is based in DC. We serve the community locally within the DMV area, but also have clients all over the country.
3. I volunteer during tax season to provide tax preparation for low-income residents in DC. Little Fish was set up to serve as a resource to people who might not otherwise know they could have access to an accountant, and this is an important pillar in furthering that mission.
4. Little Fish is a tiny business too! We have a bookkeeper and admin to assist in servicing your needs, and look forward to bringing on more help in the new year.
So that's a little bit about the owner and the operations :) Happy Monday!
4 15910 December, 2018
Last night I went to bed at 3:30a. This is not a brag.
Instead of sticking to a bedtime I imposed on myself to ensure I had gotten enough rest to face the next day, I worked through the night, creating templates, responding to emails, and preparing tax returns.
Needless to say, I’m exhausted.
Today is just a reminder that entrepreneurship is hard. That for every “you should quit and just work for yourself” mantra, there are a host of reasons why that’s not everyone’s path. This is also a reminder to all of us that if all-nighters still don’t check off everything on the to-do list, you might as well get some sleep.
Happy 14th, folks. Don’t forget to take care of you 💛
15 11714 February, 2019
Would it surprise you to learn that I don't believe in New Year's Resolutions? Because I don't. Partly because I'm one of those "every day is a new opportunity to do / be better", and partly because I think waiting on a new year to make a change allows us to delay decisions we should be making now. Want to start a business? Grow a business? Write a blog? Do it. Today. Trying isn't doing. Doing is doing. And when you're ready to start, we'll be here giving you tips on how to set yourself up financially from the beginning, to avoid the anxiety that comes with suddenly realizing in the middle that you didn't do what you should have. #littlefishtips
11 1131 January, 2019
A Florida State University study found that productivity and performance are at their peak during uninterrupted 90-minute intervals. What practices do you employ to preserve your headspace? #FishFoodFriday