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Do you understand the difference between profit and cash? Are you improving your profits but not seeing an improvement in your bank balance? We can help you increase both your profit and your cash! #CashIsKing #GetInTouch #FinancialAwareness

The value of real-time management reporting

It is important to reconcile your business bank accounts regularly. Reconciling your business accounts regularly avoids any documents being misplaced before reconciling and it also detects potentially fraudulent entries early. Whilst your bank account now reconciles to your statement ensuring you review the un-presented items on your bank reconciliation report and you can also investigate any long outstanding transactions or unusual items that you know have occurred. Keeping in mind that these transactions may be duplicates.

Trying to run your business using inefficient accounting software is like trying to build a brick wall with inefficient mortar; if there is not enough holding the wall together, bricks will start to loosen and soon, the whole wall will crumble.

Two-step authentication will soon be compulsory across Australia What you need to know2SA is already compulsory for all AU payroll administrators and subscribers on XeroAll remaining customers who are invited into an AU Xero organisation and have not yet enabled 2SA, that:From Tuesday 16 October 2018: they will see a screen that prompts them to set up 2SAOn a rolling basis, between Tuesday 30 October and Friday 23 November 2018: 2SA will become compulsory on their loginMost cyber attacks are easily avoidedNo one wants to think about cybersecurity, but the reality is that one in four small businesses experienced a cyber attack or hacking attempt in Australia and New Zealand in 2017*. Nearly all data breaches start with compromised passwords – and could be easily avoided.While the introduction of 2SA can feel like an unnecessary change for some, keeping up with best-practice security is a vital part of staying safe and responsible in business – and 2SA is a mandatory requirement from the ATO. To find the latest resources  – including setup guides, troubleshooting advice, frequently asked questions, and video instructions for iPhone, Android and desktop – head to the 2SA homepage.Permalink

The ATO stipulates that you should be able to ‘explain’ all transactions that go through your business. Your records should also be ‘in writing’ (paper or electronic) and kept for a minimum of 5 years (not 7 as previously).

The bookkeeping profession has hit back at recent messaging by software providers perpetuating that bookkeeping is “easy to do”, warning that clients might get caught out by increasing compliance requirements.Bookkeepers are saying they have seen recent marketing by software providers targeting clients by perpetuating that bookkeeping “can be done over a cup of coffee or on your smartphone”.Bookkeepers are seeing clients trying to reduce fees on bookkeeping support services and often that’s coming off the back of comments by software providers that it is easy, and you can do it yourself. There’s a perception out there or one that is starting to build among business owners that it is actually very easy to do their own bookkeeping, and yet... we’ve got the compliance environment which is becoming far more stringent — you’re increasing the industries now covered by TPAR, you’re looking at the STP regime, and it is becoming more and more complex for businesses.There is a real dichotomy there between the software providers saying it is easy, but the compliance drivers are saying it is actually getting more difficult.There is a real mixed message going out there at the moment between the compliance authorities and the ATO and the Fair Work Ombudsman, and the message that is being pushed out to the client base through the software providers.Businesses thinking it is very easy because the software providers tell them it is easy will be potentially caught out with those sort of compliance requirements.It’s like somebody going around saying, ‘Here’s a pair of scissors; it is really easy to use, and you can now go out and cut somebody’s hair now.Permalink

A short-term forecast can have such an impact on your business. Looking further ahead still will give you a great sense of security and will help you plan for the future.

Every business needs a bookkeeper. Big or small, your business needs accurate financials to understand how your business is going and where it can improve.