Independent LawnMowing Contractors Of Australia Forum
Page 7 of 17 FirstFirst 1234567891011121314151617 LastLast
Results 91 to 105 of 250

Thread: David's bookkeeping corner.

  1. #91
    Senior Member glassngrass's Avatar
    Join Date
    Apr 2007
    Location
    Whittlesea, Vic
    Posts
    1,419

    Default Web-based accounting with Xero

    Xero, unlike most accounting programs, is not software at all.
    It is a Web-based service.

    This means no software to install, no updates, service packs, patches, bug fixes, or out-dated tax tables.
    All that is needed is a computer with a web browser and an internet connection.

    Xero makes coding and allocating of transactions fast and easy.

    Being off-site, in the event your PC is stolen, zapped by power surge, lost in fire/flood, etc.. your data is safe!

    Xero has GST support, invoicing (you can email straight from Xero), and great reporting.

    Xero business is multi-user - you, your bookkeeper (if you use one) and your accountant can all be working on your books at the same time! - no more exchanging data files!

    Xero speeds up bank reconciliation, as it can accept imported bank statements, but what is unique to Xero is it's ability to accept bank feeds.
    What's that? With ANZ, CBA and NAB, almost as soon as a transaction hits your bank account, it is visible in Xero.
    What about other banks? Commencing June/July this year, over 120 more will have feeds daily.
    I got a high volume transaction web-based client on Xero - 20,000 transactions a year, mostly thru PayPal, in USD, GBP, AUD and EURO. Xero holds these values in their respective currencies, not a converted to AUD value.
    Feeds are not available on the Xero Personal product (yet)

    What does Xero NOT do? - It does not have inventory (which you don't need) or payroll, which some of you may.
    There are a growing choice of third party developers that have services that integrate with Xero - including payroll. Some of these are FREE for your first employee.

    I love my QuickBooks - I've been 7 years on it.
    I believe in the Xero product so much, I switch on 1st July for my own business

    Xero for business starts at $29/month, up to premium product with multi-currency support at $64/month.
    You guys would need the mid-product at $49/month

    That's nearly $600/year - perhaps twice what you currently pay for your basic MYOB and QuickBooks.
    If Xero saved you just 15 minutes each week - you've more than got a return on investment.

    As an Approved Advisor (Certified Consultant/Professional Partner) with Xero I get better rates and I want to pass savings on to you. I offer INDI members the Managed Client $49/month product for $29/month (includes GST reporting)

    For what you get, at $348/year, Xero is outstanding!
    David
    Mr Sparkle Car Spa

  2. #92
    Translawner administrator's Avatar
    Join Date
    May 2004
    Location
    Australia
    Posts
    3,820

    Default Re: David's bookkeeping corner.

    2ND THAT MOTION

    Try out Xero or SAASU - for an online solution.

    Please Support The Sponsors www.lawnmowingdirectory.com.au

    As they support this forum




    Carrum downs Dandenong Doveton

  3. #93
    Senior Member glassngrass's Avatar
    Join Date
    Apr 2007
    Location
    Whittlesea, Vic
    Posts
    1,419

    Default Re: David's bookkeeping corner.

    Quote Originally Posted by administrator
    2ND THAT MOTION

    Try out Xero or SAASU - for an online solution.
    SAASU was my next review!

    This is another web-based solution that has most of the same advantages as Xero. It is not as powerful or advanced as Xero, but has the added advantages of supporting both Payroll and Inventory.

    Bank feeds is also coming to SAASU in June/July.

    A really neat feature unique to SAASU is the ability to attached an image (scanned jpg or pdf) of your source documents (eg. Bills) to individual transactions, negating the need to keep paper originals.
    So no more boxes cluttering the back room or shed, being a fire hazard, getting in the way, or breeding silverfish!

    The $25/month Pro product would suit most of you very well.

    Check out the free trial version - saasu.com
    David
    Mr Sparkle Car Spa

  4. #94
    Senior Member glassngrass's Avatar
    Join Date
    Apr 2007
    Location
    Whittlesea, Vic
    Posts
    1,419

    Default Password recovery service

    Forgot your software login password?

    I now offer a password recovery service. In the event your forget the password to your MYOB, QuickBooks, Winzip or most any other file, in all likelyhood I am able to remove the password for you without damaging the data held.

    The software to enable this was not cheap, however I can do at a lower cost that either QB or MYOB.

    Full refund if unsuccessful.
    David
    Mr Sparkle Car Spa

  5. #95
    Senior Member glassngrass's Avatar
    Join Date
    Apr 2007
    Location
    Whittlesea, Vic
    Posts
    1,419

    Default Re: What's required on an invoice?

    Quote Originally Posted by glassngrass
    By law, your Tax Invoices must include the following information:-
    • Date
    • The words “Tax Invoice”
    • The name of the business and ABN (does not apply to expenses less than $75 including GST).
    • Description and details of the item or service
    • GST amount
    • Total amount payable

    As a courtesy invoice should include
    • Name of the customer

    If over $1,000 then Tax Invoice must also include
    • Name and ABN of customer

    Best practice - always include
    • Due Date for payment
    • The terms for payment
    • Your bank details
    A common mistake I see with micro-businesses is the incorrect use of Tax Invoices.
    If a business is not registered for GST then they don't collect and forward GST. Yet many use invoice books from the newsagent or Safeway/Woolies that are pre-printed TAX INVOICE. This would mis-lead your customers into believing you were registered for GST, and your commercial clients would then claim a GST credit for the bills received by them when in fact no GST is included!
    It is an offense to have TAX INVOICE on your invoices if you are not registered.
    Thankfully this is easily remedied - just cross out the word TAX from TAX INVOICE and strike thru the location for tax amount. This will avoid any confusion and avoid any appearance of deliberate deception.
    David
    Mr Sparkle Car Spa

  6. #96
    Senior Member glassngrass's Avatar
    Join Date
    Apr 2007
    Location
    Whittlesea, Vic
    Posts
    1,419

    Default How much to pay an off-sider?

    For many of you (most???) the Personal and Other Services Industry Sector – Minimum Wage Order – Victoria 1997 may apply.
    (AW793092) (AT793092)
    (AP793092)-for companies
    Gardner - General Employee Level 2

    In Oct 08 after the annual wage review, the rates were $14.40 full/part-time, and $17.89 casual.

    Under this award, casual rates are 25% on top of full/part-time rates.

    $20/hour as a full or part-time rate is okay.
    However, a good rate is no guarantee of productivity, loyalty, honest, etc...
    David
    Mr Sparkle Car Spa

  7. #97
    Senior Member glassngrass's Avatar
    Join Date
    Apr 2007
    Location
    Whittlesea, Vic
    Posts
    1,419

    Default Your feedback.

    Quote Originally Posted by Andy B
    Golden, thank you.
    I thrive on your feedback and appreciation...

    I don't expect twenty "thank you" after each post, however lack of response may indicate this thread is of little interest to members.

    Is this thread of value to you? or shall I let it go until someone has a queery of their own?
    David
    Mr Sparkle Car Spa

  8. #98
    Senior Member glassngrass's Avatar
    Join Date
    Apr 2007
    Location
    Whittlesea, Vic
    Posts
    1,419

    Default Modern Awards - are you using the right one?

    To answer questions about employee entitlements, we may need to refer to the award the employee is covered by. Interestingly, many employers say that "our employees are not covered by awards". However, you may be surprised to learn that your employees may in fact be covered by an award.

    What is an award?

    "An award is a legal document that sets minimum terms and conditions of employment for employees in a particular industry or occupation."

    Many people think that just because they pay above award rates they are not covered by an award. This is incorrect. Even if you pay above award rates, there is still award coverage. For example, payroll professionals are covered by the Clerks Private Sector Award 2010.

    Modern Awards

    On 1 January 2010, a new award system started. They are called Modern Awards. These 123 modern awards replace the old federal and state awards.

    Looking for an award? Check the name!!

    A good starting point is to look at the name of the award. This will usually narrow the field to those awards which are more likely to apply to the relevant industry or occupation. Modern awards fall into two categories

    1) Industry based awards. That is, they apply to employees in a specific industry or sector. The Cemetery Industry Award 2010, and the Fast Food Industry Award 2010 are two examples of industry based modern awards.

    2) Occupation based awards. That is, they apply to a people employed in a particular occupation. The Clerks Private Sector Award 2010 is an example of an occupation based award.

    Once you have identified one or more awards that may apply to your employees, you need to check the coverage and classification clauses . Each award contains a description of the industry to which the award applies and a description of the employees.

    Determining the correct award is not always easy. You can't just assume that all clerical employees will be covered by the Clerks Private Sector Award. If you are a clerical person working in the aged care industry, then the clerical provisions provided by the Aged Care Award 2010 would be more appropriate.

    For help determining which awards apply in your business contact the Fair Work Infoline on 13 13 94
    David
    Mr Sparkle Car Spa

  9. #99
    Member Andy B's Avatar
    Join Date
    Jun 2009
    Location
    Mount Waverley, VIC
    Posts
    2,911

    Default Re: David's bookkeeping corner.

    I read them, keep them coming.

  10. #100
    Member Of Forum tizmee's Avatar
    Join Date
    Feb 2010
    Location
    Butler, WA
    Posts
    33

    Thumbs up Re: David's bookkeeping corner.

    Yes keep 'em coming. some of the info you post is very very helpful.
    Last edited by administrator; 15-04-2010 at 10:28 PM.

  11. #101
    Translawner administrator's Avatar
    Join Date
    May 2004
    Location
    Australia
    Posts
    3,820

    Default Re: David's bookkeeping corner.

    'hoo rah' 'hoo rah' 'hoo rah'

    Please Support The Sponsors www.lawnmowingdirectory.com.au

    As they support this forum




    Carrum downs Dandenong Doveton

  12. #102
    Senior Member glassngrass's Avatar
    Join Date
    Apr 2007
    Location
    Whittlesea, Vic
    Posts
    1,419

    Default An Eye-opening Report on Superannuation Risk!

    Article taken from Independant Contractors ofAustralia (ICA) website.

    Here’s something few Australians cannot afford, not to read. Particularly for people working as financial analysts and managers, a just-released report into the superannuation industry breaks new ground:

    http://www.ipa.org.au/publications/1...ing-super-safe

    The report looks at the disclosure levels of industry and retail superannuation funds and finds them to be unacceptably low. That is, it’s extremely difficult to find out what’s happening with $497 billion, yes billion, of Australian workers’ superannuation retirement money.

    We’ve summarised the report here:

    http://www.contractworld.com.au/camp...disclosure.php


    It comes on top of a survey that indicates that most Australians don’t trust their superannuation fund:

    http://www.theaustralian.com.au/busi...-1225844970438

    and reports that industry and retail super funds will be forced to offer simpler choices:

    http://www.theaustralian.com.au/busi...-1225853393014

    This further confirms why we see self managed super funds as superior to other funds. It’s simple! With a SMSF, you control your money.
    David
    Mr Sparkle Car Spa

  13. #103
    Senior Member glassngrass's Avatar
    Join Date
    Apr 2007
    Location
    Whittlesea, Vic
    Posts
    1,419

    Default Self Managed Super Funds

    Simple, huh?
    Starting a SMSF is not for the average...If considering this, I recommend speaking with your accountant or financial planner.
    This may change yoiur mind
    David
    Mr Sparkle Car Spa

  14. #104
    Senior Member glassngrass's Avatar
    Join Date
    Apr 2007
    Location
    Whittlesea, Vic
    Posts
    1,419

    Default New consumer laws now effective

    Wednesday 21 April 2010
    http://www.business.gov.au/Newsandfe...effective.aspx

    Businesses should familiarise themselves with the new Australian Consumer Law (ACL) reforms, with the first part of the reforms coming into effect on 15 April 2010.

    The laws give the Australian Competition and Consumer Commission (ACCC) new enforcement powers to protect consumers, including the ability to seek or issue:

    * civil monetary penalties
    * banning orders
    * substantiation notices
    * infringement notices
    * refunds for consumers
    * public warnings.

    Under the new laws, the ACCC can seek financial penalties of up to $1.1 million for corporations and $220,000 for individuals for unconscionable conduct, pyramid selling and sections of the law dealing with false or misleading conduct.

    The second part of the ACL reforms, dealing with unfair contract terms, will come into effect on 1 July 2010. Further amendments to the ACL are also expected later this year.

    For more information visit the Australian Competition & Consumer Commission website http://www.accc.gov.au/content/index.phtml/itemId/142 or contact the ACCC's Infocentre on 1300 302 502.

    ------------------------------------
    My take on this - don't let your PITA's understand this better than you, or they make take advantage of your ignorance and add further pain to the grief they already cause.
    Read up and become familiar with it.
    Knowledge is power....and the best way to protect yourself
    David
    Mr Sparkle Car Spa

  15. #105
    Senior Member glassngrass's Avatar
    Join Date
    Apr 2007
    Location
    Whittlesea, Vic
    Posts
    1,419

    Default Saving on tax can cost your dearly!

    An observation!
    Why is it that so many business owners and their accountants see “success” as basically paying little or no tax? This is a loser’s mentality!
    Surely one’s destiny and family future are far more important than saving a few $ on tax.
    Instead, aim to maximise profits by building successful businesses.
    David
    Mr Sparkle Car Spa

Page 7 of 17 FirstFirst 1234567891011121314151617 LastLast

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •