If you only have one or two employees, it’s pretty simple to write them a check for the hours they’ve worked. But as your business grows, more checks to write and benefits to manage means more opportunities for mistakes. Unfortunately, accounting mistakes can cost you big time. Working with Bookkeeping for Wealth can help you avoid many of the most common mistakes and keep your business moving forward with as few snags as possible. Here are a few examples. Reports With Errors There are several types of payroll reports that you must generate and file. A bookkeeping service will know which ones you need and when you need them. Having these filed late or with errors can get you in trouble with the government. Missed or Inaccurate Payroll According to Employment Hero, Australian workers regularly encounter payroll errors. Unfortunately, many millions of households would suffer a devastating blow to their personal comfort if their money was late by just one week. For workers living paycheck… Read More »Financial Missteps A Bookkeeping Service Can Help You Avoid
Being a business owner allows you to be your own boss and get more flexibility while also sharing your great ideas with the world. It takes a lot of work to start a business, but the benefits make it all worth it in the end. If you’ve always wanted to run your own business, Bookkeeping for Wealth offers a variety of resources below that will make it possible. Developing Your Idea Lots of business owners fail because there’s no real need for their product or because they simply aren’t cut out for it. Make sure that doesn’t happen to you by taking these steps. First, check in with yourself to ensure you have what it takes to be a business owner. Spend some time writing a business plan to hone your idea even more. Keep in mind you’ll need a business plan if you apply for a loan or want to attract investors. Think about what you want to name your business, as well as… Read More »Essential Resources for Establishing a Successful Business
I feel like in the past weeks I’ve been disregarding the importance of having a winning mindset when you are in business. I wanted to stress the importance of strategy, mostly in response on what I saw happening around me: business owners paying astronomical sums to work with a coach that the only they recommended was to increase their prices in order to meet their income goal, and if they refused the coach blamed the business owner’s mindset not to be abundant or prosper enough or them not valuing themselves. Hence, my blogs about strategy. However, I do believe that mindset plays an important part in the business success equation. Mindset in the success equation Mindset + Strategy = Success Stepping into entrepreneurship taught me that in order to be successful I needed to develop a different mindset that the one that helped me climb up the corporate ladder. This week I became aware that my mindset still needs some fine-tuning and alignment to my… Read More »Mindset for Business Success
In this blog we discuss the importance of developing a marketing strategy and how to measure its impact on your profit. Marketing strategic planning is part of your overall business strategy; it sets the way you drive revenue in your business. A marketing plan focuses on customer acquisition and retention, and it includes online and offline marketing activities such as market research, selling, advertising, sales promotion, etc. Other components of your business strategy are financial, production, human resources and R&D. These are also part of a small business, in a smaller scale than larger companies if you like, but considering all these factors and having policies and procedures in place will ensure that your business runs smoothly, doesn’t require you to be repeating yourself and wasting your time and if something goes wrong you know exactly what to fix. Impact on Profit As a management accountant I’ve seen the impact of marketing, HR, production strategies in the financials. The relationship with the bottom line may… Read More »Are your marketing efforts working?
The true relationship between pricing, worth and strategy Week in and week out I have this conversation with someone, about pricing and worth. “You need to raise your prices and charge your worth” “You need an abundance mindset, you need to spend money to make money” this one is partially true. Make smart and informed investments. After all it’s your money, and as a responsible adult you have the right to make sure those investments will make a difference in your profit margin and positive impact in your life. Pricing is part of your strategy not a reflection of your worth One of your competitive advantages can be your pricing. You can offer low prices and still make good profit margins and charge your worth by introducing efficiencies in your processes. I was buying toothpaste yesterday, I saw a Colgate toothpaste at $1.99. Do you think Colgate-Palmolive board of directors don’t know their worth? Should they raise their price to reach their weekly sales quota? … Read More »Pricing, worth and strategy
If you are one of the Aussies that used Waveapps to record your business transactions or you are thinking of getting started with an accounting software, read on, we’ll cover: How to choose an accounting software My recommended option What are your next steps to take to move on from Waveapps. Waveapps will no longer support markets outside US & Canada. Waveapps was my go-to accounting software for startups, it did everything that needed to be done: record transactions, send customised invoices and receive payments through Stripe, a dashboard summarising important information and run reports. That’s to mention the basics, but it offered integrations with Google sheets and Woocommerce which made it a great option, on top that it was offered for free. Even though you couldn’t get automatic feeds from Australian banks, uploading transactions via CSV or QBO files was an easy enough task to do and you could scan receipts from your phone and add them to your expenses (for free!) You couldn’t… Read More »Choosing an accounting software for your business
This post started as journaling because I got triggered yesterday by a business coach using fear based marketing to attract clients. Fear based marketing uses a customer’s fears and insecurities to grab their attention and then offer the best solution to avoid said fears and insecurities. The message is “If you don’t buy my course/offer/coaching package you will never achieve success in your business”. Offering you the “blueprint” to make money. “If the path before you is clear, you‘re probably on someone else’s.” – Carl Jung I love this quote and in fact there’s no such blueprint. We all have our own skills and abilities and our businesses are unique. Business is not hard, nor a secret, nothing magical and as some people out there want you to think, especially those that Facebook thinks I am interested in and target their advertising towards me. Awareness > Consideration > Decisions > Purchase > Repeat I fell for fear based marketing.. A few weeks ago I fell for someone offering me the exact blueprint to… Read More »How to make six figures in your business
A business is a business no matter how big or small it is and the purpose of a business is to make money. Even though accounting for a sole proprietorship is not legally required I totally recommend it for management purposes, it will give you visibility on the financial health of your business and help you make informed decisions. Let’s Talk About Profit Surprise, surprise. The profit is not yours! Yes, profit = income – expenses but that profit not yours, it belongs to the business. You need to pay yourself, and that will part of the expense. I’ll show you how below. I see a lot of people getting this concept mixed up. Profit is not the leftover for you to take. One of the first rules of accounting is the Accounting Entity Convention. In simple, you and your business are separate entities. All transactions are recorded from the business point of view. You can open a bank account just for your business to… Read More »Simple Strategies to Achieve your Income Goals.
Do you struggle with time management? I know I did. At the beginning of the year I became aware that the lack of time management was creating unnecessary stress in my life. I thought if I limit myself to a schedule then I wouldn’t be able to stay in the flow and I’d feel less free and my creativity will be affected. I knew that my time management needed an upgrade but I didn’t know where to start. I didn’t want to limit myself but the lack of organisation was holding me back of doing all the things I wanted to do as well as I had the fear of burning out. While planning in advance and scheduling time doesn’t come naturally to me and it is an effort, it is a habit and as everything in life it probably will take a bit of conscious effort and willpower to do but then it will become easier. I actually didn’t lose any creativity or flow,… Read More »Hour Blocking: The Secret to Effective Time Management
HOW TO TALK ABOUT MONEY WITH YOUR PARTNER I remember years ago, my husband and I, created a chest for our wealth corner. We filled it in with coins, positive messages and a watch, we were clear that either negativism, time or money are relationship killers, so we made a commitment to be opened about money, to support each other and to make sure we always have time to spend as a couple and as a family. In regards money, we were clear that the terms “your money” or “my money” don’t exist, it’s our money and as long as we have the basics on our budget covered, and by basics I mean food, shelter, utilities and our son’s education we are pretty much free to do whatever we want with our self-care money, aka money we allocate to do something we enjoy. We are equal Something that is important for us is to feel equal. There’s no “I am the bread winner” statement in… Read More »Money & Relationships