Your Bookkeeping Matters

Have you considered coaching but have no idea where to start? Perhaps you’re not sure if it’s the right time, or you don’t know what you should look for in a coach.If you’re driven and passionate about your business but stuck in a place of unknown or overwhelm, this is the episode for you!My guest for this episode is Emma McQueen, a Melbourne-based Executive Leadership and Business Coach, who has worked in the realm of Human Resources for more than 20 years. Emma has worked with some of Australia’s leading organisations to develop their team and talent and has absolutely bucket loads of experience!Emma’s coaching has a core focus - supporting her clients to unlock their potential and achieve real results. Emma is an accredited coach and works brilliantly with people’s strengths to take meaningful actions to reach their goals.In our conversation, Emma explains what to look for (and what to avoid) when you’re wanting to take the next step and get a business coach on board.And if you’re not sure if you’re ready for a coach, or you think you don’t need one, Emma explains the when, why and how coaches are a great investment to help you move forward and uplevel your business faster.Emma explains what a coach can help with, from focus, prioritisation and revenue generation to avoiding burnout. Emma believes that you can and should find joy and play in your business and your life. As a coach, she genuinely cares for her clients, gets stuff done and sets her clients up for success.Business coaches help move you from chaos to clarity and from uncertainty to empowerment. This was such an inspiring conversation - I know you’re going to love this episode to learn how you can connect with the right business coach to grow your business.Links Mentioned:Institute of Executive Coaching and LeadershipMarco PoloConnect with Emma McQueen:Website:    https://www.emmamcqueen.com.au/Facebook:    https://www.facebook.com/emmarmcqueen/Instagram:    @emmarmcqueenLinkedIn:    https://www.linkedin.com/in/emmamcqueen/Podcast:    https://www.emmamcqueen.com.au/podcast/Other helpful links:Join us in the Accounted For You Numbers Club on Facebook hereJoin my Numbers List for small business news and fun, helpful tips hereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here!Connect with Lisa Turner:Instagram:    @accountedforyouWebsite:    https://accountedforyou.com.au/

You might have reached a point in your business where it’s time to think about a new business structure. If that’s you - amazing! What I run through today is what happens after you make this decision, so that you can avoid the common pitfalls that can come with this changeover. This knowledge will ensure you go through this big change the right way and can make a huge difference to your financial growth and profitability.First of all, I run through the all-important topic of withdrawing money. The ways you can do this are really different between sole trader and company. I explain what you need to be aware of, and how you access money from your business under a new structure like a company or trust.The next pitfall I take you through is software. What you really need to know is that it’s not as simple as just updating your new ABN in your Xero, MYOB or Quickbooks file. This can create a giant mess. I explain how to keep the split clean and tidy.Thirdly - new bank accounts. Even if you had separate bank accounts as a sole trader, you still need to set up a new suite of bank accounts. I run through the reasons why you need to do this, and why this step is non-negotiable.The next big admin job when changing structure is the client-facing end. Everything you do with your clients needs to be updated. This includes your website, invoices, legal documents and engagement documents or client agreements.My biggest tip to you is, if you haven’t already started your business, get advice on the best structure before you start out. Sometimes it’s a great idea to start out from the get-go as a company.If you are already a sole trader and have grown to the point where it’s time to make the switch, don’t be afraid of it. If you plan ahead, you’ll be organised and confident and you’ll know what to do.Lastly, you really need a tax agent’s help on this. Your business is unique so the best thing you can do is to surround yourself with the right professionals to guide you and grow your business.Links Mentioned:Blog post: Wages & Payroll Ain’t That EasyBlog post: Switching To A Company? Update Your Accounting Software!Previous episode mentioned:Ep 13 - Payroll Mistakes That Could Land You In Hot WaterOther helpful links:Join us in the Accounted For You Numbers Club on Facebook hereJoin my Numbers List for small business news and fun, helpful tips hereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here!Connect with Lisa Turner:Instagram:    @accountedforyouWebsite:    https://accountedforyou.com.au/

You are in for a real treat today - we are talking all things business legals, truly non-negotiable in business. While getting your legal documents sorted can be a big investment, ultimately they not only save you money in the long run but can help you make money in your business.Joining us on the podcast today to go over some key pieces of the legal puzzle is my dear friend and own solicitor Tracey Mylecharane from TM Solicitor. Tracey has a unique approach to supporting you legally and is all about doing law differently. She specialises in small business law and has an empowerment ethos - she’s all about empowering you and minimising risk so that you are confident, set up and legally protected for complete peace of mind.Tracey’s approach is that prevention is better than cure. And her legal expertise is incredible - she comes with 20 years of experience, the majority in litigation and dispute resolution. Her background in this area is why she’s so passionate about helping to set you up to avoid issues in the first place.In this episode, Tracey shares how to change the legal landscape of your business to be the best it can be and how to use your legals to help your business grow, all while being protected.So, what are business legals? They are the basic core trio of legal documents that all businesses need - your Client Agreement (also known as Terms and Conditions), your website terms and conditions and your privacy policy.Tracey explains that business legal documents form one of the three pillars of risk mitigation in your business (along with business structure and insurance). We also discuss legal templates and why they are not the right approach and all the reasons why (there are many!). If business legals are something you feel confused about or have been avoiding Tracey’s approach will have you on the right track in no time. There is loads of juicy information in this episode for you!Links Mentioned:Masterclass - Business Structure: What You Need To KnowTracey's Annual Legal ChecklistMasterclass series: The Legally Empowered EntrepreneurConnect with Tracey Mylecharane:Website:    https://tmsolicitor.com.au/Instagram:    @tmsolicitorPodcast:    https://tmsolicitor.com.au/rise-up-in-business-podcastOther helpful links:Join us in the Accounted For You Numbers Club on Facebook hereJoin my Numbers List for small business news and fun, helpful tips hereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here!Connect with Lisa Turner:Instagram:    @accountedforyouWebsite:    https://accountedforyou.com.au/

This episode is about an unknown for many small business owners - what do you do when you’ve made a mistake on your BAS (Business Activity Statement)?This episode is super short and snackable because it’s a very quick and straightforward ‘what to do’. Even though it sounds like it might be a sticky situation to navigate it’s very straightforward and simple. There is absolutely no need to stress out.There are a million different reasons you may have made a mistake but fear not. I provide some examples of what constitutes a small (immaterial) mistake, with some examples and the practical steps you need to take to reverse the incorrect entry.I also explain how simple it is, if you’re using the new BAS experience in Xero. I also explain what to do if it’s a big (material) mistake. Don’t worry - there is no drama if it’s a recent and honest mistake. I explain what to do in this situation and give you an example of how to revise a mistake like this through the ATO portal. All mistakes need to be revised in 12 months to four years depending on different time limits, scenarios and turnover thresholds.I summarise by providing a list of questions you need to consider:Is the amount material?Is the amount recent?What financial year is it in?Can I include it in the next BAS or am I required to lodge a revision?Finally, don’t hesitate to ask your friendly bookkeeper, BAS agent or tax agent for help. Asking for help is how we learn and grow. LINKS:ATO Revising activity statementsPreviously mentioned episode:Ep 6 - What is a BAS (and key areas to review)Join the waitlist for Power In Numbers hereJoin us in the Accounted For You Numbers Club on Facebook hereJoin my Numbers List for small business news and fun, helpful tips hereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here!Connect with Lisa Turner:Instagram:    @accountedforyouWebsite:    https://accountedforyou.com.au/

Welcome to a very special episode where I’m chatting with the wonderful Maddy Avery from Birdcage Marketing talking all things digital Marketing.I share how I’ve watched Maddy grow from a sole trader to an agency with more than ten employees so believe me when I say Maddy has done the hard yards. She has one of the biggest hearts I know and genuinely wants to help other small businesses use their marketing to grow their business that feels good and is aligned with their purpose.Why is Maddy in marketing and why does she do what she does? She is a self-confessed business-holic with a bundle of qualifications and more than ten years of experience in other agencies before she started her own business.Maddy shares with us some of the mistakes that most small business owners make so that you can avoid them and save yourself some money and we bust some marketing myths. We also talk about how marketing is key to your business's success and how to do that in a way that works for you.Maddy steps us through what a brand strategy is, how important it is to not skip this step and the key components including target audience, brand features and benefits, personality, vision and mission statements, key messages and aesthetics page. Maddy explains that it’s how your brand makes people feel that sells your business.Marketing is not static. Maddy reminds us that rejection is a redirection - it’s important to pivot according to what adjust to what your market is telling you.Maddy also shares her favourite marketing hacks, including a secret way to stay top of mind with your ideal clients through Facebook. She also steps us through the Birdcage Vault App which helps small businesses with marketing training at a super low cost.Maddy shares her one tip that makes her finances easier, how I’ve been able to help her and what she wishes she did differently with her numbers in the early days.LINKS:Join the waitlist for Power In Numbers hereJoin us in the Accounted For You Numbers Club on Facebook hereJoin my Numbers List for small business news and fun, helpful tips hereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here!Connect with Maddy Avery:Instagram:    @birdcagemarketingWebsite:    https://birdcagemarketing.com.au/App:        https://birdcagemarketing.com.au/birdcage-marketing-vault/Connect with Lisa Turner:Instagram:    @accountedforyouWebsite:    https://accountedforyou.com.au/

Woohoo! Welcome back to Season 2! In this season we’ll be talking all about matters relating to levelling up your business and finances in a way that works for you.Are you ready to outsource? We’ll be looking at so many ways and things you can outsource. Are you switching up your business structure? We’ll be covering that too.Not only will we talk next-level steps, but I also bring on my business friends and ask them some big questions to get you really thinking about things you could or should be doing, with their inside info to help you on your business journey. We can learn so many things from other business owners who have already been there, leveraging all of that to grow and skip some of the mistakes.To kick us off, in this episode I give you some strategies to level up FAST. There are ever so many, so I take you through my five favourites -  networking, mindset, automation (and/or outsourcing), money management and planning.We cover lots of great topics around these five strategies including what it feels like to have the right people in your corner, money mindset, my favourite tools and software that I use and love, pricing for profit and business coaches and strategists.These five strategies and steps will help you become unstuck and level up fast.LINKS:Join the waitlist for Power In Numbers hereJoin us in the Accounted For You Numbers Club on Facebook hereJoin my Numbers List for small business news and fun, helpful tips hereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here!Instagram:    @accountedforyouWebsite:    https://accountedforyou.com.au/

Welcome to the last episode of Season 1 - it’s been an amazing journey with so much learning and fun. This first season was all about basic bookkeeping matters, giving you the information you need to set yourself up for success and profit in a short and sweet format.As a small business owner, it is your responsibility to know and be on top of certain things always, and your finances are one of those. If you’re just starting out on your business journey, these first episodes have been some of the most important things I want to teach you.I take you through my most popular and downloaded episodes (including my personal favourite!), and why these are some great ones to listen to if you haven’t already.My why for doing this show is pretty simple - I love teaching and I love helping small businesses learn and grow. Giving you the knowledge and power to make your business financially compliant and profitable is why I started this podcast.Season 2 will build on Season 1’s knowledge base and take things up a notch, with some really excellent guests that will empower you with the information you need to learn and grow even more.If you’d like to follow along with me on Instagram, and see some sneak peeks, follow me on @accountedforyou. And if you’d like to nab a freebie tool or checklist, hit up my resources page.Thank you so much for coming along for the fun in Season 1. I absolutely can’t wait to jump into Season 2 with you very soon, after a short break.LINKS:Join the waitlist for Power In Numbers hereJoin us in the Accounted For You Numbers Club on Facebook hereJoin my Numbers List for small business news and fun, helpful tips hereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here!Instagram:    @accountedforyouWebsite:    https://accountedforyou.com.au/

This is a topic I love chatting about as it makes a huge difference to small businesses and their bank balances - profitability!Working with hundreds of clients across different industries and models over the years I have seen countless ways business owners work out their pricing, as well as the mistakes they’ve made along the way.I want to share my super simple pricing process with you, and some of the mistakes business owners commonly make, so you can avoid them.Pricing your products or services can actually be one of the hardest parts of running a small business because there is no exact science to it, and it is different for every single person. However - the foundations are the same.In this episode, you’ll learn about the importance of working out your costs first (as well as what those should include), how to ensure you don’t miss the GST and when you should be doing a pricing review. I also take you through the most common mistakes people make with pricing including not considering time and wages and discounting.You need profit to grow, for expenses, to build up savings and to invest in your business. If this is a topic you still feel unsure about, jump in - you’ll be on your way to a profitable business in no time after listening.LINKS:FREE Pricing Calculator hereJoin the waitlist for Power In Numbers hereJoin us in the Accounted For You Numbers Club on Facebook hereJoin my Numbers List for small business news and fun, helpful tips hereDownload the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here!Instagram:    @accountedforyouWebsite:    https://accountedforyou.com.au/

Today’s episode is a super short and snackable one all about eInvoicing. Even if it doesn’t yet apply to you, it will eventually because you’re running a business.But what on earth is eInvoicing? eInvoicing is a government initiative in Australia which enables businesses to send and receive their invoices digitally, straight into their accounting software. No PDFs, no emails. Pretty cool hey?I take you through what you need to know about eInvoices, the framework that makes it possible and the benefits. I also give you the basic framework so you know how to set yourself up for eInvoicing.Thankfully, it is a super simple process, but as with any big change, there will be a transition period. So jump into this episode so you can get yourself set up and ready to go!LINKS:Join us in the Accounted For You Numbers Club on Facebook here (including a mini training on eInvoicing)Join my Numbers List for small business news and fun, helpful tips hereJoin the waitlist for Power In Numbers here, for updates when my budgeting template drops, or check the resources section of my website.Download the New Biz Checklist hereDownload the FREE P&L Generator hereCheck out my blog here!Instagram:    @accountedforyouWebsite:    https://accountedforyou.com.au/

Today we’re chatting about automating your invoicing, something that matters way more than you would think. If you have clients you raise invoices for and you’re doing it manually then listen up - it’s time to get automated!If you are using Word, Canva, or something that is not an invoicing or accounting program, you’re doing it the long, hard manual way. Or, even if you’re using accounting software but not automating your process, it could be so much simpler!It is so crucial to your small business that you automate your invoicing as much as you can. I take you through the benefits of automation, and why it hurts your business if you’re not doing it.How exactly do you automate your invoicing? I clarify the options so you can work out which ones will work for your business and your processes. I also step you through how to map your invoicing process and the magic of repeating invoices.If you issue invoices you’re going to love this episode and get some real, actionable steps to speed things up and get paid faster, consistently.LINKS:Blog post: 4 Fast Tips To Invoice Using XeroJoin the waitlist for Power In Numbers here, for updates when my budgeting template drops, or check the resources section of my website.Download the New Biz Checklist hereDownload the FREE P&L Generator hereJoin us in the Accounted For You Numbers Club on Facebook here!Check out my blog here!Instagram:    @accountedforyouWebsite:    https://accountedforyou.com.au/

Small business isn’t for everyone but it might just be the perfect path for you. Although there are many perks of being your own boss, running a small business also comes with a variety of challenges that many people aren’t willing to take on. We all have different expectations for what we want out of life, which is why the decision to run a small business needs to be made with a lot of thought and care. If you’re an aspiring entrepreneur, or perhaps you have an existing business and you’ve been questioning whether this gig is really for you, keep listening my friend. In this episode, I’m taking you through some of the benefits and drawbacks of being a small business owner so you can make an informed decision about the best path for you moving forward. Embracing the Freedom and PassionOne of the most significant perks of running a small business is the freedom it offers. Being your own boss allows you to embrace your passion and make important decisions that align with your vision - but this freedom doesn't come without challenges. It requires self-discipline, the ability to wear multiple hats, and a constant drive to innovate. Navigating the Challenges of Financial IndependenceWhile financial independence is a significant benefit of small business ownership, there is also a flipside. Managing finances, navigating cash flow projections, and making strategic decisions require expertise and support. Whether you're adept at handling numbers or need to outsource this aspect, proper financial management is crucial for the success of your business.Cultivating Creativity and InnovationCreativity and innovation are at the heart of small business ownership. As the boss, you have the freedom to unleash your creativity, make decisions that set you apart, and adapt to market trends. While this offers exciting opportunities, it also places a significant responsibility on your shoulders. Balancing creativity with practicality and market demand is key to sustainable growth.Ultimately, the decision to run a small business is a personal one that should reflect your strengths, passions, and values and there’s no shame in deciding that running your own business isn’t for you. Whether you choose to pursue small business ownership or explore other avenues, remember that your decision is a reflection of your courage, resilience, and commitment to personal and professional growth.LINKS:Join the waitlist for The Bookkeeping Matters Blueprint hereConnect with Lisa Turner:Instagram:     @accountedforyouWebsite:         https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips hereGrab some FREE Resources hereCheck out my blog here

Today, we're going to dive into a fundamental aspect of running a small business in Australia – understanding business structures. The structure you choose will define how your business is organised, how it's managed, and of course, taxed.Choosing the wrong structure can cause headaches down the road so it’s important to be informed before making a decision. If you have made the wrong decision though, don’t panic! I’ve been there myself, and while it costs some time and money, you can definitely change structures. So whether you are starting a new business or reassessing your current structure, this episode will help you pick the perfect structure for you. Lets dive in to Australia’s three main types of small business structures:1. Sole TraderThe sole trader structure is the most common choice for small business owners in Australia. It is cost-effective and easy to set up, making it an attractive option for those starting out on their own. In this structure, you, as an individual, are the business. This means there is no separation between your personal and business entities.While being a sole trader offers simplicity and full control over decision-making, it also comes with unlimited liability. Without any separation, you are personally responsible for all aspects of the business including all its debts. Additionally, all the profits of the business will be taxed as your income. 2. CompanyThe company structure provides a separate legal entity for your business. This means the business enters into contracts, buys assets, and incurs liabilities in its own name, which offers some liability protection for the owners. This is a great choice for businesses with multiple owners, significant assets, or plans for substantial growth. However, setting up a company requires a formal structure, which comes with more administrative tasks and costs. Don’t get discouraged though! A good tax specialist will be able to step you through this process if it’s the right one for you.3. TrustA trust is a unique business structure that holds assets on behalf of beneficiaries. It is not a separate legal entity but a relationship wherein a trustee manages the assets for the beneficiaries. Trusts are known for their flexibility in income distribution and asset protection, making them a common choice for family businesses. Keep in mind that setting up a trust is typically more complex and costly than other structures, so you’ll definitely want professional guidance. LINKS:Join the waitlist for The Bookkeeping Matters Blueprint hereConnect with Lisa Turner:Instagram:     @accountedforyouWebsite:         https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips hereGrab some FREE Resources hereCheck out my blog here

If you've ever struggled with managing loans, ATO bills, superannuation, or credit card payments, then today’s episode is for you! I’m taking on the topic of debt and sharing strategies to empower you in managing and crushing your debt. Taking a proactive approach is crucial for setting yourself up for long-term success. Here are some techniques to consider:  1. Budgeting and Cash Flow Forecasting:Creating a budget for your business will help you stay on top of your debt obligations and allocate funds to the right places. Just remember that budgeting is not meant to restrict you, but rather guide you on how much money you have available for spending, repayments, and fixed costs. 2. Cash Flow Forecasting:Understanding your cash flow is essential in reducing debt. By forecasting your income and expenses, you can ensure that you have sufficient funds to pay off your debt and cover the current and future expenses of your business.3. Saving Ahead:Create a savings buffer to cover any overdue debts or amounts. Set up a dedicated savings account to accumulate funds for taxes, GST, income, and other expenses relevant to your business. Even if you're not required to pay these yet, forming the habit of saving early builds excellent money management skills.Challenges Along the Way:Navigating debt management comes with its fair share of challenges. When obstacles arise, refer back to your budget and planning to identify which debts require immediate attention, which ones incur penalties, and which carry the highest interest rates. Avoid the temptation to ignore these challenges or bury your head in the sand. Inaction will only exacerbate the problem and increase your stress levels. The Importance of Seeking Professional Support:If you find yourself struggling with debt, there are many places you can reach out to for support; starting with your trusty bookkeeper. Be honest with where you’re at and they’ll be able to provide guidance, resources, and connections to financial planners or counselors. Don’t ever be embarrassed to ask for help, your financial advisors are here to assist you in overcoming financial hurdles and setting your business on a path to success.Taking control of your debt is a crucial step towards securing a brighter financial future, and this episode will give you the tools you need. By implementing the strategies I shared, you’ll be well on your way to crushing your debt and regaining control over your finances.Previous episodes mentioned:Budgeting isn’t a dirty wordReviving Your Small Business Finances: Tips to Get out of the Red and into the BlackLINKS:Join the waitlist for The Bookkeeping Matters Blueprint hereConnect with Lisa Turner:Instagram:     @accountedforyouWebsite:         https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips hereGrab some FREE Resources hereCheck out my blog here

Are you facing late payments from clients, and getting that panicked feeling about having to chase them up? I get it - and I know so many other business owners do too. In an earlier episode, I took you through my exact process for timely payments. Today, I’m diving a little deeper to discuss the power of personalised reminders and guiding you through the process to get paid quicker. The first step in creating an effective reminder system is to turn on automated reminders in your accounting software. In this episode, we focus on Xero, but you can adapt these strategies to your own software. Once you've enabled the automated reminders, you need to determine how many reminders to send and how often.While automated email reminders are extremely effective, generic templates won't grab your clients' attention. Personalising your reminders is a much better way to get them noticed, and I share an example of my own personalised reminder to show how you can infuse your personality and tone.So, you’ve turned on automated reminders, and you’re feeling great about it. However, this is only half the battle. Often, we forget to actually receipt the payments that come through. This can result in unnecessary reminders being sent to clients and potentially awkward situations! To avoid this, stay on top of your receipting or take advantage of integrated payment options like Pinch or Paypal. Finally, if you still haven’t received a payment after two reminders, I encourage you to jump on a phone call and check in with your client or customer. Perhaps your emails never reached them, or they’re facing a personal issue that has prevented them from making payment. It’s likely they’re more stressed about the situation than you are about calling them. So, be calm, kind, and know that the more streamlined your invoice process is, the easier it will be to get to the bottom of any payment issue you may face. LINKSPrevious episode mentioned: My Exact Process for Timely PaymentsJoin the waitlist for The Bookkeeping Matters Blueprint hereConnect with Lisa Turner:Instagram:     @accountedforyouWebsite:         https://accountedforyou.com.au/Join my Numbers List for small business news and fun, helpful tips hereGrab some FREE Resources hereCheck out my blog here

Welcome to another short and snackable episode of Your Bookkeeping Matters. Today we're looking at some core practices that can take your business from good to bad. Whether you're a seasoned business owner or just starting, these actionable strategies will equip you with the tools and insights you need to elevate your business game.1. Mastering Your Numbers:Understanding your financial metrics can be transformative for your business. Start with your Profit and Loss Statement and Balance Sheet Reports, which provide crucial information about your revenue, expenses, and overall financial health. You also need to identify and understand the KPIs that matter most to your business's success. These metrics aren’t necessarily financial, it depends on what's important to you and your business goals. 2. Ensuring Legal Protection and Compliance:The importance of solid legal foundations cannot be overstated. DIYing your legals can lead to costly mistakes, such as removing crucial clauses in contracts that result in financial damage. Instead, seek the guidance of a solicitor who will create legal documents that perfectly suit your business needs.3. Standing Out Online:Having a strong online presence is a must for business success. To stand out from the competition and capture your target audience's attention, you need a great brand strategy. Define who you are, what you stand for, and the problem you solve. Then, get creative with your website design, social media content, and online advertising. 4. Nurturing Company Culture and Team:Your team is your greatest asset as a small business owner. Investing in their happiness, well-being, and professional development is crucial for both their growth and your business's success. Define your company values and culture, and create a positive work environment where everyone can thrive. 5. Prioritizing Work-Life Harmony:Striking a balance between personal and professional life isn’t always possible. Instead, prioritize work-life harmony by setting boundaries, taking regular breaks, and making time for hobbies and interests outside of work. This is essential to preventing burnout, improving your mental health, and enhancing your overall productivity.I work with so many businesses daily. Not only my clients, but my clients’ clients. These five practices are things I’ve seen work time and time again to help people become better business owners. So start implementing them today and watch your business thrive.LINKSFREE Pricing CalculatorJoin the waitlist for The Bookkeeping Matters Blueprint hereConnect with Lisa Turner:Instagram:     @accountedforyouWebsite:         https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips hereGrab some FREE Resources hereCheck out my blog here

Welcome to another short and snackable episode, where I’m diving into why value matters most in your small business. Today, we’ll explore the idea that while earning money and making a profit is crucial for your business, it shouldn't be the driver behind it. I believe profit should be the result of what you're doing in your business and why.As a small business owner myself, I understand the overwhelming nature of keeping things in the business running smoothly, and how easy it is to lose sight of its true purpose. However, there’s a secret to creating a thriving business that goes beyond making money. By prioritising value in what you bring to the table, you can make a meaningful difference in the lives of your customers, build stronger connections and ultimately, achieve long-term success.So, what exactly does "adding value" mean? I talk about it being more than just delivering a product or service and more about solving problems, meeting needs and enhancing the overall experience for your customers. Because let’s face it - business owners who lead with the one goal of making money can be a total turn-off! Changing your mindset from a profit-focused approach to a value-based one can be challenging, but don’t worry - there’s a simple way you can start to make this shift. It all begins by revisiting your purpose - why did you start your business in the first place?Remember, your business is not just about the numbers; it's about making a lasting impact. Let's embrace the value-driven approach together and build a thriving business that benefits not only us but the customers and communities we serve!LINKSFREE Pricing CalculatorJoin the waitlist for The Bookkeeping Matters Blueprint hereConnect with Lisa Turner:Instagram:     @accountedforyouWebsite:         https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips hereGrab some FREE Resources hereCheck out my blog here

Today, I want to talk about something that every business owner can relate to - cash flow. Specifically, I want to dive into the topic of getting clients to pay you on time. I'll be sharing my exact process, the lessons I've learnt from past mistakes and some practical tips that have helped me ensure timely payments from my clients. To help get you started, I share my top tips on optimising your invoice and payment processes:1. Online Payment Options Making it easy and fast for your clients to pay you should be a top priority. I discuss the importance of providing user-friendly online payment options and share my personal favourite, Pinch Payments. 2. Automated Recurring InvoicesSay goodbye to manual invoicing! I explain how automated recurring invoices have been a game changer for me. I walk you through the process of setting up repeating invoices in your accounting software to save time and ensure consistency in sending out invoices to your clients.3. Automated RemindersEven the best clients can sometimes forget to pay. That's why automated reminders are a valuable tool to have in your invoicing process. I take you through how they work, the benefits of using them and the importance of finding the right balance in sending reminders.Streamlining your invoicing process will not only save you time and energy, but it will also ensure your clients have the best experience possible.So, if you're tired of dealing with late payments and want to improve your cash flow, then this episode is for you!LINKSJoin the waitlist for The Bookkeeping Matters Blueprint hereConnect with Lisa Turner:Instagram:     @accountedforyouWebsite:         https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips hereGrab some FREE Resources hereCheck out my blog here

As a small business owner, it is crucial to wear many hats and outsource areas that require expertise. However, one aspect that often gets overlooked is paying yourself. Though it might not initially appear as a top priority, paying yourself serves as both a reward for your efforts and a means of securing a financial return from your business.So, How Much Should You Pay Yourself? Unfortunately, there is no one-size-fits-all answer to this question. The amount you pay yourself depends on various factors such as your sales, expenses, and upcoming financial obligations. I’ll guide you through the variables to consider and provide tips on how to determine the right amount to pay yourself.Once you have determined how much to pay yourself, it is crucial to understand the process of actually withdrawing the funds. I’ll walk you through the steps of withdrawing money from your business bank account and transferring it to your personal account. I also highlight the often-overlooked issue of superannuation and the need to address it as a sole trader. Tax implications are another critical consideration. We'll explore income taxes and emphasize the importance of setting aside funds for tax obligations. I'll clarify the distinction between owner drawings and wages, and dispel the misconception that sole traders can't hire team members. You definitely can employ others, you just cannot employ yourself.Paying yourself as a sole trader is an integral part of running a successful business. It not only rewards your hard work but also ensures the viability of your venture. While there's no magic formula, my goal is to leave you feeling confident in navigating the complexities of compensating yourself effectively as a sole trader.Connect with Lisa Turner: Join the waitlist for The Bookkeeping Matters Blueprint hereInstagram:     @accountedforyouWebsite:         https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips hereGrab some FREE Resources hereCheck out my blog here

We’ve all heard the phrase, “know your numbers” but what does it actually mean? Understanding your numbers can transform your business so today I’m sharing which numbers you need to know and how this knowledge can empower you to make strategic decisions and keep your business healthy.When I talk about knowing your numbers, I mean having a clear understanding of the financial aspects that matter to your specific business. It could be analysing your Facebook ad spend, monitoring your product levels, or examining your overall business financials. It really does depend on your unique business and the industry you’re in, but by knowing the numbers important to your business, you will gain valuable insights into your business's financial health and be able to make informed decisions. To truly grasp the health and profitability of your business, there are key financial metrics that you should be familiar with. Firstly, revenue or sales. While revenue alone doesn't indicate profitability, it is the lifeblood of any business. Understanding where your revenue comes from and the various revenue streams you have is crucial. Next, expenses, both fixed and variable. Fixed expenses remain consistent, while variable expenses fluctuate based on your sales. By understanding these expenses, you can identify trends and make adjustments to ensure financial stability.One of the most important numbers you have to be across is your taxes. The two big taxes in Australia are GST (goods and services tax) and income tax. Staying on top of these numbers will ensure you have enough money set aside when it comes time to pay your bill. While there are key financial metrics that apply to all businesses, it's important to tailor your focus to your industry and goals. Different industries have unique nuances, revenue streams, and expense structures. Therefore, it's crucial to identify the specific numbers that matter most to your business. You don't need to be a financial expert to grasp these concepts. Through the right tools, resources, and training, you can equip yourself with the knowledge to embrace and utilise these numbers effectively. So, start your journey towards unlocking the power of knowing your numbers today and watch your business flourish!LINKSPrevious episodes Mentioned:Understanding Your Fixed and Variable SpendingConnect with Lisa Turner:Join the waitlist for The Bookkeeping Matters Blueprint hereInstagram:     @accountedforyouWebsite:         https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips hereGrab some FREE Resources hereCheck out my blog here

Today, I want to talk about something that has been bothering me for a while – tax invoices. As someone who deals with business finances, I often come across cases where business owners fail to issue proper tax invoices, which wastes time, money and effort for everyone involved. So in this episode, I talk about the importance of tax invoices, the key elements they should include, and the common mistakes to avoid.Tax invoices are essential documents that facilitate business transactions in Australia. If you run a business, it's crucial to understand the fundamentals of a tax invoice. Today I share the eight simple items that a tax invoice should include and why they play a crucial role in business operations. As a business owner, it’s part of your responsibility to issue correct and compliant tax invoices. By adhering to the tax invoice requirements, you not only maintain a professional image but also ensure smooth relationships with your customers. Getting the invoicing right the first time saves you time and avoids the need for rework.I also talk about the consequences of incorrectly charging, or not charging, GST. This can lead to serious implications for both businesses and their customers so today I cover the basics of what you need to know.Something I see often is business owners trying to shift responsibility for incorrect tax invoices onto others, such as their accountants. In my book, however, it’s essential for business owners to take responsibility for issuing accurate and compliant tax invoices. Understanding the basics, such as your ABN and how to issue an invoice, is crucial for every business owner.Getting tax invoices right is not only a legal requirement in Australia but also a fundamental part of maintaining good business practices. Taking the time to understand and implement correct invoicing procedures will save you (and your bookkeeper) headaches in the long run and contribute to the smooth running of your business. LINKSPrevious episodes Mentioned:Do your (Tax) Invoices say the right thingsYou're GST Registered, Now What?Hiring a bookkeeper? Here's what you need to know.Connect with Lisa Turner: Join the waitlist for The Bookkeeping Matters Blueprint hereInstagram:     @accountedforyouWebsite:         https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips hereGrab some FREE Resources hereCheck out my blog here