HOME ABOUT US ARTICLES BLOG FAQ CONTACT US
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

Articles Blog

Business Tips – Some ways to avoid small business burnout

images/BusinessTips.JPGHere are some timely reminders from John Corias at Flying Solo that we business people can consider in order to avoid burnout – and as usual the obvious is often the solution, but DOING it is another thing!

Use tools and outsource

One thing that many micro business owners have in common is the realisation that running a business is harder and more involved than first thought. To make life easier, it’s important to use all the available tools at your disposal, as well as outsource wherever you can. Perhaps this means using Xero, (and MYOB Essentials or Reckon) to automate debtor chasing, pre-scheduling social media posts or using experts so you can focus on your own expertise. Outsourcing also has the added benefit of getting an outsider’s viewpoint on your business. New ideas can be invaluable. If you think you can’t afford to outsource, consider that outsourcing can help to grow your business.

Vacations

Too many business owners are afraid of taking leave in case their businesses fall apart. But that situation is extreme. Getting away from your business, clearing your head and coming back with a fresh perspective can reinvigorate your passion and inspire new ideas. Not only that, spending time with family, aside from the obvious benefits, can also have real tangible health benefits.

Systemise

Creating documented processes for as much of your business as possible gets your business out of your head.

A great tip for the newbie business owner is to start this process from the very outset, even if you think you don’t need it yet. Keep the unnecessary out of your head and in documented procedures. Creating documented processes also makes it easier for you to take holidays, because you know that your process will be followed when you’re away.

Partner/sounding board

For the soloist, burnout can come earlier than for small business owners who have partners and staff to bounce ideas off and share the load. Every solo business owner must have a sounding board, such as a business coach, mentor, accountant and business support group. Tip: It’s preferable to find someone who doesn’t have a financial interest in your business, as this may cloud their judgement in terms of making changes that only affect themselves.

Stick to what you know

Our final point is to not forget the primary reason you started your business. Don’t let yourself be bogged down in the administrative and non-core aspects, it’s a guaranteed path to burnout.

Leave the burnouts to the young guys in loud cars, and focus on working smarter in order to enjoy a healthier business and life.

What tips do you have to avoid burnout?

Need help? Not sure?

Call for FREE 30min advice / strategy session today! Aus +61 407 361 596

and also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

Call for FREE 30min advice 0407 361 596

or click for the list of our articles.

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Business Tax Tip – Starting a Business – ATO resources to help

images/Business Tax Tips.PNGThe Australian Tax Office (ATO) has plenty of information on starting your own small business. The focus is the less-exciting things – the tax and possible super responsibilities – if ignored they can close your business due to insolvency – inability to pay liabilities. So here are some tips they provide –

When you start a business, there are tax and super responsibilities you need to be aware of, including:

o    the tax implications of your business structure;

o    whether you're entitled to an ABN;

o    registering your business;

o    records you need to keep;

o    deductions you can claim.

We provide information about the key things you need to know and do when starting your own business.

Before you get started

As you get your business up and running, there are a few things you may need to consider, including:

o    when your tax and other obligations start - this will depend on whether you are in business yet;

o    the implications of the structure you choose – tax and legal;

o    the location of your business (such as working from home).

Find out about:

o    Are you in business?

o    Choosing your business structure.

Getting up and running

As soon as your business is running you’re going to face new obligations. Understanding what you need to do from an early stage will help you stay on top of things.

Registering your business

When you start your business there are a number of registrations you need to consider.

See also:

Record keeping

You need to set up a good record keeping system to track your income and expenses right from the start. This helps you know how your business is going, as well as meet your tax responsibilities and be able to claim all the deductions to which you are entitled.

See also:

Hiring workers

If you're thinking of taking on workers it's important to understand you will have extra responsibilities. For example, you may have to:

  • deduct tax from their pay and send it to the ATO;
  • pay super contributions to their nominated super fund; and
  • pay fringe benefits tax if you provide them with benefits in addition to their wages.

See also:

Reporting and paying tax

As soon as you start up your business, you need to plan for how you will pay the tax you will owe each year when you lodge your tax return.

Paying tax in your first year

In your first year of business, you can stay on top of your obligations by:

  • making tax pre-payments into your tax bill account;
  • putting money aside for your expected tax bill;
  • voluntarily entering into instalments.

See also:

Paying tax by instalments

Once you lodge your first income tax return and report a tax-payable amount above a certain threshold, you will automatically enter the pay-as-you-go (PAYG) instalment system.

If you voluntarily enter into instalments prior to lodgment of your first tax return, you will be able to make quarterly payments towards you tax bill.

See also:

Reporting

Once you’re up and running, you'll need to report your business income and other tax information. The key reports you should be aware of are:

  • Business Activity Statement (BAS)  -
    • the main taxes you will report on will be GST (if you’re registered for GST),
    • any tax you withhold from employees’ pay,
    • instalments towards your own tax once you are in the pay as you go instalments system.
  • Income tax return  -
    • to report your personal and business income and claim deductions.

Most of your business reporting can be done online.

Next steps:

Tax basics for small business video series

If you are starting a new business, or already running one, this series of short videos will help you understand your tax and superannuation obligations.

The series follows a landscaper operating as a sole trader (Jason); two web designers in a partnership (Fiona and Greg); and a café owner running her business through a company (Mary) as they take you through some of the tax issues they came across when they started their business.

Watch: the short videos at Tax Basics for Small Business, that explain what the series of videos are about and how they can help you.

Need help? Not sure? New or just Starting in Business?

Call for FREE30min advice / strategy session today!

Call 0407 361 596 Aust

Call for FREE 30min advice 0407 361 596

or click for the list of our articles.
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

More Articles...

  1. Bookkeeping – Using Dropbox for Company Datafiles – Does it work?
  2. Cashflow tip – How do you build teams that work in the workplace? A Productivity Boost is one benefit!
  3. MYOB – How do taxes calculate when pays were split, and using Pay Leave in Advance MYOB
  4. Business Tax Tip – Home Office Expenses allowable by the ATO for you to claim
  5. Business Financials – Financial Literacy Levels and 4 ways to send your business broke
  6. MYOB – Super stopped calculating when changed from hourly to salary in Account Right v19
  7. Business Financials – The Balance Sheet – Statement of Financial Position
  8. Reckon/Quickbooks – Wanted to know if GST had been added twice in invoice?
  9. MYOB - Error when trying to email Invoice - An Email session could not be started - Please check your MAPI installation
  10. Business Tips – 8 Productivity Tips to get more efficient!
  11. Reckon / Quickbooks – not accepting Tax File Number (TFN) on employee card
  12. Cashflow tip – Handy tool to see the effect small changes make to profit and cash
  13. MYOB – Missing super payments in past pays – How to correct it
  14. Business Tax Tip – GST Tax Credits overstated - Don’t rely on “I didn’t know” – Won’t hold as an excuse – So avoid fines by knowing your liabilities!
  15. Business Financials – The Profit and Loss Statement for Business and how it works
  16. MYOB – Classic Account Right – Invoice Logo not emailing - solution
  17. Business Tips – How customers can help run a better business – What Dyson learnt
  18. MYOB | Reckon | Quickbooks – Keep track of owing money to ATO easily in your books / accounts
  19. Business Tips – Ways to Manage Tax and Obligations for Small Business
  20. MYOB – Customise Invoices and Statements for a Professional Look
  21. Cashflow tip – Improve Cashflow - Simply Invoice Promptly!
  22. Business Tips – Content Marketing Strategy for Small Business
  23. MYOB-Reckon-Quickbooks – How to clear the print queue of invoices (and payslips)
  24. Cashflow tip – Is Profit same as Cash? - Managing cashflow small business
  25. Business Financials – Managing cash flow small business
  26. MYOB – How to adjust Holiday Leave Accrual and Sick Leave in MYOB
  27. Business Tips – How to stop giving away free advice to pretend clients/customers
  28. Cashflow tip – Managing Cashflow Small Business – Resource Link
  29. MYOB/Reckon/Xero – Customer paid invoice twice – how I do the bookkeeping when paid twice by accident?
  30. Reckon / Quickbooks – Wanted to know if GST had been added twice in invoice?
  31. Cashflow tip – Business Development KPIs – How just a few can have a big impact on business
  32. Reckon / Quickbooks – How to add % fees before the final total on an invoice in Quickbooks?
  33. MYOB/Reckon/Xero – Why do invoices go to Trade Debtors and what is Accounts Receivable?
  34. Business Financials – How to enter Motor Vehicle Purchase in MYOB or other software including trade-in
  35. MYOB – How to Reconcile Your Suppliers
  36. Business Tips – Growing your business – How Cherrie Blooms went global
  37. Cashflow tip – Pricing for Profit – Improving financial health
  38. Reckon / Quickbooks – Use templates from PC and copy to Online Hosted Version
  39. Business Tips – Privacy Laws and their Relation to Business
  40. Business Financials – What is Working Capital and how to calculate it
  41. Cashflow tip - Discounting Strategy Effectiveness – Or is it better to ADD VALUE? And 2 tips to do it better!
  42. Reckon / Quickbooks – Constructing General Journals – ensure you use the tax codes carefully
  43. Business Financials – 7 easy Steps to plan the Financial Year
  44. MYOB – How to have 3 company files open at once
  45. Business Tax Tips – ATO vision for less Red Tape for Small Business by 2020
  46. Business Financials – Current Ratio – What does this financial ratio tell us?
  47. Reckon / Quickbooks – How to Change the email message and sending format for sending invoices
  48. Business Tax Tips – GST Error Correction – How to put it right
  49. Business Financials – What is the tax on a Security Deposit paid on a Factory Lease
  50. Cashflow Tip – 3 key areas to keep on top of
  51. Reckon/Quickbooks – Combine multiple companies
  52. Cashflow tip – 5 ways to get sales and cash flowing into your business
  53. Business Financials – How does FBT – Fringe Benefits Tax work?
  54. Reckon/Quickbooks – How to enter the PayPal Fees that occur when a customer pays us
  55. Business Financials – What is equity?
  56. MYOB – Company file software has lost data when installed on new computer – can we export from a backup copy?
  57. Business Financials – How do you claim GST on Hire Purchases?
  58. Reckon/Quickbooks - How to Manage Receivables with the Payment Snapshot
  59. Business Financials – What is Cost of Goods Sold?
  60. Business Tips – Ideas to grow your sales
  61. MYOB – How to enter customer payments in advance – in credit
  62. Business Financials – Prepare now for End of Financial Year!
  63. Business Financials – Simplified Depreciation for Small Business (under $2 mill Sales Revenue)
  64. Business Financials - Know the difference between Debt and Liability
  65. Reckon/Quickbooks – Invoicing for staff time to clients
  66. Business Financials – Know the difference between Debt and Liability
  67. Reckon/Quickbooks/MYOB – Should I upgrade to a new version each year?
  68. Cashflow tip – 3 more tips to help your cashflow
  69. Reckon/Quickbooks – Customer Payments entered incorrectly
  70. Cashflow tip – 4 Tips to help cashflow
  71. MYOB – Can I have a copy on another PC or laptop to take away with me?
  72. Business Tips – Current Business structure – Time to review the way profits are handled?
  73. MYOB – In Account Right - How many Company Files can I set up?
  74. Business Tips – Consistent Marketing Strategy
  75. Reckon/Quickbooks – Paying several Suppliers and Staff in an easy ABA file method
  76. Business Financials
  77. MYOB & Reckon/Quickbooks – Personal expenses and negative loan account
  78. MYOB – M-Powered Services – What are they and should I consider them?
  79. Reckon / Quickbooks / MYOB – Claiming Union Fees in Building Industry
  80. MYOB & Reckon/Quickbooks – Opening Balance of Bank Reconciliation doesn’t match Bank Statement
  81. Business Cashflow tip – What is the difference between Cashflow and Budget?
  82. MYOB & Reckon / Quickbooks – Chiropractor – Claimable as tax deductible business expenses?
  83. Bookkeeping – Payroll – Employee or Contractor? Be careful and know what the ATO says!
  84. Reckon/Quickbooks – Adjusting Inventory when receiving stock - 2
  85. MYOB – How to record overseas purchases and the GST on Customs Invoices
  86. MYOB – Recording overseas product purchases and how to record GST on the Customs Invoice
  87. MYOB & Reckon/Quickbooks – Adding Credit Card Charges To Client Invoices
  88. Business Financials –Good Petty Cash Management for Business – What to set up & Record in the accounts
  89. Bookkeeping – Payroll – Parental Leave Pay – What is it and how do I set up your software to record it?
  90. Business Financials – What is the Accumulated Depreciation account and what is it doing in the assets?
  91. Reckon/Quickbooks – Adjusting inventory when receiving stock
  92. Business Financials – What are Non-Cash Expenses and where are they in Reports?
  93. Bookkeeping – Income Protection Insurance – Is it deductible and is GST involved?
  94. Business Financials – Directors liability for employee entitlements – Beware!
  95. Bookkeeping - Payroll – Super for self-employed – What is due?
  96. MYOB – How to change the date format in versions from 2011
  97. MYOB – How to Eliminate Zeros on the Invoice for lines with just Text/Description
  98. Business Financial Accounting – The Difference between Mark-ups and Margins?
  99. Bookkeeping - Payroll - Casuals and Super?
  100. Business Financial Accounting – Profit is NOT Cash!! How does that work?
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

CATEGORIES


CUSTOMER LOGIN





Forgot your password?
Forgot your username?
Create an account

YOUR CART

The cart is empty

Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
© Account Keeping Plus 2012   |   Website Design by Low Cost Web Site Design Melbourne    |   Admin