Attending the first Australian QBO Connect Conference in Sydney was definitely an exciting event.
Rove McManus always the character was missing his socks! He found them later but I got this great shot of him without them……
The technology available today that will be integrated in the future into QBO is quite simply amazing. In just a few minutes by voice recognition into your mobile app you will have added a new customer, created an invoice, organised the delivery schedule, checked how much Gross Profit you are making on the sale and be able to search other suppliers to see if you can make more profit, if you cannot fund the monies for the upfront payment you will be able to check for finance, speak to your trusted advisor and have this all organised in the matter of say 5-10 mins. This is absolutely revolutionary and I cannot wait for this technology.
I met the Frazer sisters from the Block and their message was that you will get knockbacks but your drive will keep you going. I totally agree with this point and that was that you need to be passionate about what you do and you need to question yourself about whether you will be happy in 5 years doing this. You need to have good staff.
Melody Shiue from mPort said that the 3 Cs were important: Cost, Consumers, Communication.
Also if you have staff, you should take the ‘boss’ out of the title and be part of the team (That is what I definitely believe with my team). It is also important to keep up to date and read lots of info to stay ahead in your industry. Ultimately to drive your business you need Passion and Perseverance…………….
Mick Spencer from OntheGo Sports explained that there were lots of challenges in growing a business. He explained about the 4Ps Purpose, People, Planet and Profit. Try and find suppliers and partners that are the right fit with you. His brand is focused on delivery in full, trust, dependability and to do what they say.
Steve Baxter from Shark Tank was interviewed by Rove McManus on stage and they were hilarious. Steve made a valuable suggestion that was to that never listen to an opinion unless it is from a customer.
Michelle Bridges even managed to have everyone in the room doing squats. I thought that was quite an achievement Her philosophy of JUST DO IT is so true. As Michelle said sometimes we do need to just do it and then plan for it, you need to work out what is holding you back and then overcome it. This is not only in exercising this is across all facets of our lives.
Overall it was a great day. It totally reinforced my ideals and beliefs that I have for business and that the future is a very exciting place!!
The new year has started and it’s time to start working ON your business!!
For me January always brings a fresh start and I think about new ideas to implement.
In my business I always set aside a day with my team (on a regular basis) to spend working ON the business.
Business owners spend so much time working IN it they don’t realise the importance of what a planning day can have to the entire year.
Here are 10 tips that you can follow:
- Always set an Agenda – as it is easy to forget important items that you want to address.
- Set goals!! – What do you want to achieve this year?
- List items that worked well last year- Ask why these ideas succeeded? What did you do right? Was it pricing? Was it because it was something no-one else did? Or was it because you had so much passion behind it that you found it easy to implement?
- List items that didn’t work so well- You need to look at why these ideas failed and whether or not they can be improved on and kept on the plan for this year.
- Start listing ideas that are in line with your goals and what you want to achieve next? These new ideas need to have a time frame applied next to them.- How long would it take to implement Idea A versus Idea B- Time frame can be 1 week, 6 months etc dependant on how much research or development time it took?
- When you think about the business does anything require attention? It is important to address issues that you may have not had the time to think about during the year. This could be you current premises that you rent. Are you at the end of the lease? Does this premise still tick the boxes or have you outgrown it? Do you need to downsize? Are you a retail business and location is everything
- Are you holding back? What and why are you holding back
- Are you running the business at full potential? It is so easy to get side tracked and avoid the questions.
- Cash flow- Are you getting paid on time? Do you have money to pay your bills?
- Any ideas or problems you have do you need further advice and training? Remember as your business grows it is very difficult to do everything well and that means you may require more staff or outsource?
These 10 items will help you set up a great planning day. Bring in your trusted team and enjoy yourselves brainstorming and make this year your best year yet!!
Need any help… AboveBAS is able to provide you with the support you need in your back office and to you as a business! Just contact us to organise your free check up!
AboveBAS also offers Business Guidance (a helping hand for your business journey). As well as Bookkeeping & BAS Agent services.
#planning #agenda #bookkeeping #consulting #business #businessguide #mentor #2017
Every year businesses want to reward employees and celebrate the end of another year, but how do you celebrate?
There are many factors that come into play in the consideration of treatment of various expenses.
For some early birds they may have held their Christmas party at the Spring Racing Carnival in a function room or marquee. Was this expense under the $300 GST Inclusive threshold per employee and their partner? If it was then it would be considered a minor benefit. A minor benefit is an exemption that applies for the Fringe Benefits Tax which is known as FBT, but it is common practice for this type of entertainment to not have the GST claimed and to not be a deductible expense.
Another common Christmas breakup is a BBQ, this is often held on the business premises, in this scenario all the food and soft drink expenses are considered a claimable deduction.
Some important aspects that you need to consider when planning a business christmas party are:
- Are you having a party with alcohol at a restaurant?
- Are you having food and alcohol at your premises?
- How much are you going to spend per employee?
- Are there going to be suppliers and contractors at the party?
These questions will help determine if an expense and GST is claimable or not.
Giving gifts to staff under $300 GST inclusive is a great option as the GST is claimable and the expense can be claimed. It is considered as a minor benefit and FBT is not applicable.
If you give tickets to the theatre, movies or a sporting event it is considered entertainment. It is also considered a minor benefit for FBT if under the threshold. The GST is not claimable and the expense cannot be claimed. On the other hand if the entertainment expense is over $300 GST inclusive per employee then the expense is subject to FBT, the GST can be claimed and it is considered a tax deduction.
Client gifts are fully claimable as an expense as well as GST claimable, but remember if the expense is considered an entertainment expense (eg. theatre tickets) it is not claimable.
Typical gifts that would not be considered an entertainment expense are a bottle of wine, hampers, flowers, perfumes and gift vouchers. A frequent error made by many is that they try to claim the GST on gift vouchers when there is no GST to claim.
The best thing you can do is give as much detail as you can when entering the expense in your accounting package so then your BAS Agent or accountant can help you.
At the end of the day if you are unsure about how to treat these expenses contact your advisor who can help you.
If you do not have an advisor and require some assistance please contact us to arrange a consultation.
*Please Note: The information contained in this blog is of a generic nature for small businesses in Australia and should not be used as a sole source of information. If you require specific advice please contact your advisor.