End of the financial year is an important and busy time for small business owners, completing bookkeeping, tax returns and begin planning for the new financial year. Putting the hard work in each financial year can help you get your business organised and work smarter in the year ahead.

ACE 2016 will end after Thursday next week, but that is when the most important work starts.

Last week, I caught up with a successful Canberra-based sportswear retail entrepreneur. We were thrilled when we discovered that our businesses shared so many similarities—we both started our businesses from the ground up and had developed them to become multi-million-dollar enterprises within five years.

One of our clients recently asked us why we spend two to three hours to prepare one set of business activity statement (BAS) each time, when we can easily export BAS from MYOB. He believed that we should not be ‘doublehandling’ as this wasn’t cost-effective. 

By Russ Fujioka

Reprinted from Inc.

Resolutions are made to be broken, right? Not if you're a small business owner in today's competitive economy.

I started my business in 2009 with little to no capital, and have since gone through a number of roller coaster rides along my entrepreneurial journey. Six years may not be a substantial amount of time for start-up veterans, but it is enough to understand the nature of entrepreneurship.

The biggest festive season is coming into town. What should you, as a business owner, do to get all bookkeeping tasks lined up prior to the year-end festive season.

Following my article on the micromanagement of finances last month, I will provide more evidence on how micromanagement leads to better return on investment (ROI) for businesses.

To me, micromanagement is ineffective because one has to spend a lot of time and effort with little gains. This reminded me of my early days as a bookkeeper, when my manager would get us to enter every single information from the invoice to the accounting system (specifically, MYOB).

On 23rd of September, Tailored Accounts co-organised a breakfast seminar with Jigsaw Accounting and Taxation Services and Chamberlains Law Firm. The event was designed for business owners and covered three much needed topics including cash flow management, tax strategies round-up, and managing, securing and recovering debt. 

By Lisa Girard

Reprinted from Entrepreneur

Tax time isn't the only time business owners should review their accounting practices. Experts say small-business owners often make seemingly simple accounting mistakes that -- which at their most extreme -- could mean the difference between a good and bad fiscal year. Here are three common missteps entrepreneurs make and the lessons you can learn from them.

Many clients tell us they don’t have an accounting background so it’s difficult for them to check work done by their accountant/bookkeeper. This article provides business owners with a list of 10 things to tick off with their trusted advisor.

As business owners, you are required to provide all your employees a payment summary which shows payments to your employees in the 2014-15 financial year no later than 14th July 2015. In case you did not withhold any tax, you are still obligated to do this. And by 14th of August, a PAYG payment summary annual report must be lodged.

Dear valued clients,

We hope you have enjoyed the run towards the end of financial year 2015 (EOFY). As your accounting department, Tailored Accounts is confident to offer you great services for this tough time.

If you are a small business, it is highly likely that you need to do everything to manage your business, from administration, marketing to bookkeeping. It is running well and you believe you are able to manage it until the end of financial year approaches. One client shared with us that EOFY used to be her nightmare and she was always lost with massive paperwork. 

One day, I was watching the Discovery Channel with my four-year-old son Charlie when he asked, “Why does the big fish eat the small one?” Having gone through so many life experiences compared to my son, it seemed like a natural phenomenon because that’s just the way things are, in business too. Big companies are able to yield more power than smaller ones due to the availability of resources; it comes as no surprise then that 90% of small business failures are caused by poor cash flow.

By Kate Groom

Reprinted from MYOB Blog

The end of financial year is a good time to lift your head above the day-to-day and consider your financial housekeeping. It needn’t take long, and it can make a big difference.

With more than 1.2 million active business users globally, MYOB is proud to be the leading accounting software provider in New Zealand and Australia. Offering over 50 products and services ranging from desktop software to cloud-based solutions, MYOB is confident to fullfill small businesses’ needs. 

Being known as one of only three Xero Gold Partners in Canberra, Tailored Accounts are proud to offer professional Xero bookkeeping/ management accounting services to small and medium businesses in Canberra and regional states. Beside Xero, our bookkeepers are competent to provide services using other cloud accounting systems including but not limited to MYOB and Intuit (QuickBooks Online). 

From 1 July 2014, self-managed superannuation fund (SMSF) trustees are required to receive both electronic messages and payment when employers make contributions using the SuperStream data and payment standard.

By Nancy Zhang

How much mark-up margin shall I charge my customers? What sales terms shall I set for my invoices? Shall I take a small business loan? What should be my sales target for the next season? These are questions that small business owners are obsessed with. 

By Amy Vetter

Reprinted from The Business Journals

As a business owner, how do you know when to order products or hire your next employee?

By Miles Jennings

Reprinted from Entrepreneur

Now that December has arrived, it's time to make some smart moves to set up your company for an even better next year.

By Bonnie Lee

Reprinted from FoxBusiness

When you own a small business, it is imperative that you keep a good set of books that are consistently and contemporaneously updated. The tax man will not be satisfied with records that were thrown together at the end of a year.

We are excited to announce the release of our new Android mobile app. The release will be rolled out during October to all new and existing users.

Outsourced bookkeeping and back-office accounting have become our primary means of engagement with small-and-medium businesses. While there are advantages and disadvantages to outsourced bookkeeping, this article solely considers the financial benefits for firms which have shifted from hiring part-time bookkeepers to outsourcing their bookkeeping and accounting functions. After all, a firm’s bottom line is all about cost savings.

By Jesse Torres

Reprinted from Entrepreneur

Michael Lewis, a former business executive and financial blogger, does not sugar coat things when he says, “owners who cannot efficiently manage their cash flow are almost certain to fail.”

Reprinted from Forbes

By David Prosser

Want to run your business on the move, any time and anywhere? If so, an increasing number of apps aimed specifically at small businesses aim to make your life easier – and the lives of your staff. But while smartphones and apps could, in theory, boost output and save time, relatively few small businesses are making use of them, new research suggests.

Reprinted from B2B

By Harry Hoang

In the previous article, I mentioned Receipt Bank, an online tool that has revolutionised the bookkeeping/accounting industry. Now, I will take this opportunity to go into detail about its full features which can help you to reduce your bookkeeping costs and achieve a paperless office.

Reprinted from B2B Magazine

By Harry Hoang

Heraclitus, a Greek philosopher said “Change is the only constant in life.” As with people, businesses must embrace change. So, this financial year, consider making some changes in your business.

Reprinted from B2B Magazine

By Harry Hoang

End of financial year can be a stressful time. But think of it this way—you’re running a marathon, it’s not far from the finish line, you just need to push through to achieve your personal and business goals.

If you want your business to work smarter and faster, cloud accounting software is a wise investment. Working in the cloud will give you a better overview of your finances, and improve collaboration with your team.

Keeping good records for your business is an important part of being a small business owner.

If you look into your cash flow and realise there is a month where you only have few thousands left in the bank, what should you do?

At Tailored Accounts, we are experts in BAS lodgement. We are proud to note that we are one of the first BAS agents to be registered under the new law.

By Harry Hoang

I had a talk with an insolvency partner from one of the biggest accounting firms in Australia last week. We both agreed that small or large businesses should have their financial systems reviewed more regularly by an insolvency expert. This will ensure that the systems are in compliance with latest financial standard requirements and potential ATO audit.

Many small businesses are started from home. In some cases they migrate to premises of their own, while others continue operating from home occupying their own space. In this latter situation the expenses a business can claim will vary depending on tax office criteria.

10 tips to check if your bookkeeper/accountant has claimed all GST that you are entitled to.

Welcome to Files in Xero  - a new feature that helps you store any business document you want next to its relevant transaction in Xero. Just drag and drop.

By Mark J. Kohler

Reprinted from Entrepreneur

Savvy business owners simply know how to keep receipts because if they don't, their tax return could be in peril. The reality is: Receipts are audit protection and we have to take that seriously.

By Victor Hwang

Reprinted from Entrepreneur

How do entrepreneurs in Silicon Valley adapt? By staying flexible. That flexibility is maintained through a set of unwritten rules about how people interact with one another.

By Brian Hamilton

Reprinted from INC

If you’re bootstrapping or working on a budget, the expertise of a CFO may not be a luxury you can afford. Even if you’ve successfully scaled your business, knowing a few core financial principles is essential as you continue to grow. Below are four pieces of financial knowledge that, even if you know nothing else, can help you keep a pulse on your company’s financial health and make better, more informed business decisions.