Bookkeeping – The Balanced Advantage Way

At Balanced Advantage we believe in setting up good processes and then sticking to them. That is what keeps the wheels behind our client’s businesses turning so that they can concentrate on doing what they do. Our bookkeeping processes look like this: 1. We ask our clients to use the DEXT app to upload supplier invoices or receipts AS THEY COME IN. We don’t want piles of paper ( or…  Read more

10 ways to kickstart your business in 2024.

If you are like me, some time over the past week you have switched on your computer, stared at it and taken a deep breath as you launch into 2024. You might have had the chance over Christmas to dream about what you want your business to become and how you want to run it. Now is the perfect opportunity to make that happen.  Here are my top 10 suggestions…  Read more

How to Process a Christmas Bonus in Xero

 How to Process Christmas Bonuses in Xero Hi Friends, With Christmas only a few sleeps away, you might considering how you can show your appreciation to your hardworking teams. One option is to pay a Christmas bonus. Today, I’m going to walk you through the simple steps of handling Christmas bonuses in Xero – it’s easier than you might think! Step 1: Consider Your Company Policies regarding Bonuses First things…  Read more

Business owners act now! ATO Amnesty for Late Tax Payments is Ending Soon

Hi Friends!  if your business has overdue BAS, tax or FBT returns  we have important news for you.  The Australian Taxation Office (ATO) has extended a helping hand with their amnesty program for late tax payments, but the clock is ticking, and the opportunity is about to slip through your fingers! What’s the ATO Amnesty? In a nutshell, the ATO amnesty is a lifeline for businesses that have fallen behind…  Read more

Ever wonder why the ATO sneaks an extra amount to pay into your BAS?

PAYG income Tax instalments If the ATO thinks that your business will be profitable for the year, and therefore will need to pay income tax, they can require you to pay PAYG income tax instalments via your BAS.  This is the mysterious amount that ” Appears” on your BAS each quarter that has nothing at all to do with GST. The ATO make this assessment based on the last income…  Read more

BAS BASICS – Do I need to keep invoices to claim back the GST?

BAS Basics – Why do I need to keep my invoices? Isn’t it enough that the payment is on my bank / credit card statement? It is a very common belief that all you need, in order to claim back the GST on your expense, is to be able to show the payment in your bank or credit card statement. What does the ATO say about this? The ATO is…  Read more

When it comes to cash , we mean business

Business is tough at the moment so it is more important than every  to be on top of your cash collections. In our previous post, we talked about the various administrative issues that can prevent or delay payment of your invoices by customers. Once you have cleared up all of these administrative issues,  you are left with the tougher debts. The slow payers, the ones who are treating your business…  Read more

Dear customer why aren’t you paying my invoice?

Hi Friends , this week I will be focussing on CASH and how you can collect it more quickly from your customers. The first question to ask if you have not received payment is quite simply WHY? In my looong experience working with small business, I have found that it is only a small minority of customers who actually refuse to pay or who are in financial difficulty and can’t…  Read more

How to claim back the costs of working from home.

If you run your business from home or even partially from home ( after hours) listen up… The rules set by the ATO have changed today. From 1 March 2023, the ATO now requires you to keep a diary / calendar record of all hours worked from home if you want to claim working from home (WFH) deductions. Prior to this date, you could just estimate WFH hours. Note that…  Read more

Business tips for the end of the year

Are you feeling it yet – the race towards Christmas? This time of year tends to be a bit chaotic for business owners, but it’s actually a good time to get some extra housekeeping done for your business if you can find the time. Read on for some tips to help you finish the year neatly and feel prepared to face 2023. Review your goals A lot has likely happened…  Read more

Top 5 Christmas FAQs

Top 5 Christmas FAQ’s Christmas is coming and I hope you will have the chance to take a break and relax with your families. Small business never really stops though does it, so I thought I would share the top 5 questions that are frequently asked by our clients around this time of year. Hope that there is something in here helps you get through this crazy time of year.…  Read more

Have you got your Director ID ?

There’s a very important deadline coming up on 30th November. The ATO is urging those who haven’t yet applied for their director identification number (Director ID) to do so ASAP. The consequences for neglecting this task are severe. What is a director ID? The director ID is a mandatory 15-digit identification number given to a director who has verified their identity with the ATO. Once you have it, that is…  Read more

Business Advisory – Go, Whoa or No

It is often a misconception that accountants and business advisors like to say NO . That they like to suck the excitement from the room and block enthusiastic business owners by telling them all the reasons why an idea won’t work. Well, I’m an accountant and a business advisor and I’m here to tell you that isn’t true. It certainly isn’t how I operate. This was confirmed to me by…  Read more

Shout out to small businesses everywhere

The opening up of NSW relies on small businesses turning up and that’s what small businesses do best. Many small businesses have been crawling along during the lockdown but in 2 weeks, they will get back up, rally their employees and be ready to support and serve their community. Cafes, hairdressers, gyms, beauty providers, retail stores… the list goes on. What can you do? Support your local businesses – eat…  Read more

3 good reasons to get your bookkeeping sorted out …. Now.

We get it , bookkeeping is not your favourite part of running your business. It’s an annoying and frustrating chore that takes up a lot of time and is easy to put off until tomorrow, but avoiding your bookkeeping can be disastrous . Not having immediate access to your company’s current financial situation can result in a series of errors that could ultimately cost you your business. Here are three…  Read more

Can I claim the cost of my cup of coffee?

Can I claim the cost of my cup of coffee through my business? This is a question that we are commonly asked by our clients. The answer is, it depends on the amount of fun that you are having while you drink the coffee. If your having too much fun, then its likely to be considered by the ATO to be entertainment, and you can’t claim GST  or get a…  Read more

Can I claim the cost of Christmas gifts through my business?

Christmas is a time for giving and as a business owner you may wish to give back to the people who keep your business going. Here are some tips on how you should treat gifts to your staff and customers in your accounts: Gifts to staff are treated differently to gifts to suppliers or customers. Gifts to staff that are valued at less than $300 are NOT tax deductible so…  Read more

It’s month end so here are the questions that you need to ask…

It’s month end so here are my tips as to what questions you should be asking your bookkeeper / accounts team. 1. Are the accounts finalised ? You need to make sure that your accounts have been reconciled and everything entered before you start using the numbers to make decisions. Ideally your accounts should be finalised within the first week of the month so your information is current and relevant.…  Read more

Scenario Planning .. just a fancy way of saying ” what if”

Running a business in 2020 has been a little bit like taking a ride on one of those jet boats in the harbour, filled with sharp turns and sometime 360 spins. We have been hit with the unexpected challenges of lockdown periods and the resulting economic uncertainty.  The instruction to date has been to “ hold on tight “ until the end of the ride. The question now is what…  Read more

Job Maker – How does it work

Last night the Treasurer announced a number of initiatives in the Federal Budget aimed at kick starting the ecconomy towards growth. One of these initiatives was the Job Maker Scheme. Under the scheme, Job Maker hiring credits will be available for each new job created from today , 7th Oct 2020 to 6 October 2021. Credits, to a maximum of $10,400 per new position created will be paid over a…  Read more

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