Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

Articles Blog

Business Tips – How to turn mistakes into opportunities for business

images/BusinessTips.JPGYou’ve botched up on a job or are following up a client who is now upset. So how to turn mistakes into opportunities? You don’t know whether to admit your mistake service or forgetfulness. Here is one way to turn mistakes into opportunities that can turn to profits – a tip – be honest!

Warren Harmer at Flying Solo writes -

First Incident - I’d been getting a lot of telemarketers calling the business line, trying to convince me to buy everything from shares to advertising, or to extract donations for a variety of causes. So when I received a call from, (I hate to admit), an Indian chap who kicked things off with “the reason for my call today” I went in automatic not-interested mode and immediately asked “are you trying to sell me something?”

His response caught me off guard: “no I’m looking for help with a business plan”, then our call was cut off.

Feeling embarrassed, I stewed for the next hour, trying to justify why I need not admit my ill-judgement and call back. The self-talk was quite convincing, but I overcame it, swallowed my pride, called back and apologised.

The customer was very appreciative that I had called back and the conversation quickly moved on to his project. At a project meeting a few days later, he said he had no intention of calling me back, but when I made that call and apologised he said to himself “I gotta go with this guy”.

The second incident in the ‘klutz files’ happened when I missed a call from a new enquiry. She left a message asking me to call back, but I got caught up in a super busy project and almost a week passed before I got to it.

Again, feeling like a doofus for such poor sales skills, I ummed and ahhed as to whether I should really return the call at such a late stage. I did do it however and I immediately opened with “Jayne I am going to start with an apology for taking so long” before sheepishly enquiring whether she had found the help she needed.

Luckily for me she was still looking and was appreciative of me following up and being honest. We went on to do a great project together for the next two months.

Even after 20 years in business, consulting to hundreds of businesses and writing on the subject I still occasionally make stupid mistakes with clients and new enquiries. We all do. What counts though, is how seriously you try to recover. It’s not always easy to ‘fess up and say your behaviour was not up to standard. But the reaction you get when you make yourself vulnerable is amazing. It endears you, even to strangers who are debating whether to place their professional confidence and money in you.

In short, being a real person who is able to speak honestly is a good foundation for ongoing business relationships.

So much about  how to achieve success in business, is over-complicated. Small events in my business life remind (and still surprise) me of the simplicity of great business relationships of all kinds: respect, honesty and vulnerability. The business world so often portrays itself as a dog-eat-dog world where honesty is a weakness, and only the fierce thrive. Those who want to be open and let their true personalities show really do stand out.

So the next time you’re faced with swallowing your pride, remember it’s a golden opportunity not just to get new business, but also to create loyal followers and raving fans.

Rather than making assumptions, focus on making the connection; even if you have to go cap in hand.

Need help? Not sure? Call for FREE30min advice / strategy session today!

Call 0407 361 596 Aust

Call for FREE 30min advice orclick for the list of our articles.

MYOB – Overpaid supplier in MYOB –Hhow to handle

images/Client phoned.jpgCaller questioned meI have an overpaid supplier via online banking for the total on their account in MYOB, but when I went to record it in MYOB Account Right, I realised I had not deleted a bill I entered twice and it was included in the allocation of the amount due – how do I handle it and correct this?

Answer You can correct it –

(a)   If you haven’t sent the ABA file to online banking, or Actually paid online - the payment has to be deleted first – so

  1. Find the payment in bank transactions – easiest way is to use Find Transactions (Ctrl+Y) or from the lower part of any Command Centre;
  2. Open the transaction (white arrow on left);
  3. In the TOP menu click Edit then Delete Payment;
  4. Then go back and delete the un-wanted bill – and check all those remaining bills match the statement (if you agree with the supplier).

(b)   If you ALREADY PAID – either sent the ABA file form MYOB, or Paid directly online, the amount on your bank needs to be allocated, so the extra invoice needs to stay there, so it all matches the total paid.

  1. Notify the supplier what has happened;
  2. Create a NEW purchase with note about what invoice was double paid (use a service purchase so you have room in the Description to make reference notes) BUT MAKE the AMOUNT NEGATIVE the amount overpaid, and save – this creates a credit purchase that can be applied to the next bill you owe the supplier, or you can receive the amount back if the supplier refunds you (do it in the Purchase Register).

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!

Search for info you need in the box towards the top right,

Call for FREE 30min advice 0407 361 596

or click for the list of our articles

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

More Articles...

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



Forgot your password?
Forgot your username?
Create an account


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