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confusion
June 13, 2017
5 ways accounting software can help your business
  • Posted By : Pryority/
  • 0 comments /
  • Under : Blog

It is hard to imagine but only 20 years ago, small businesses relied on spreadsheets, pens, paper and the yearly visit to their accountant to see how their business was performing. It used to be about looking at the historical movements and (trying) to predict what will happen next – then waiting another 12 months to see if you were right!

These days it is unusual, for even the smallest or most remote businesses, to not utilize some form of software to aid their business functions.

We have clients in Kalgoorlie and Margaret River who we work with daily to ensure they are getting the best out of technology. Location is no longer an issue.
Here we explore 5 ways accounting software help your small business, even if you hate the thought of bookkeeping.

1. Collecting your money

It’s all about the money, right? Right!

All the major accounting software brands have great ways to manage your debtors from up to the minute reporting to automatic reminders that will help convert your debtor’s balances into cash. It is a well-known fact that most businesses that go “under” do so because they cannot seem to collect the money they are owed. Why not let a computer program help you with that? And, if that doesn’t work, you can use an add-on (complementary add-on program) which will do it for you!

2. Mobility

o you remember the days when someone would call you and you would have to wait until you go back to the office to get the information they needed? Well those days are gone. We live in a society which is off a “now” mentality. So, make it happen.

In this day and age, businesses do things out of the office, so find the software that drives functionality from the palm of your hand. MYOB, Xero and  QBO have great apps to get you away from the office and out doing what you love. You can quite literally keep on top of your finances when you’re out on the road.

If you need something more, then look at industry specific add-ons. ServiceM8 is a perfect example of where you can take your mobile service based business out on the road and operate perfectly well.

3. Advisors

There will always come a time when you might just get stuck. You know your accounting software can do the “thing” you need it to do, but it just won’t do it!

Don’t stress, you can be assured that your software has a certified, trained advisor program. These advisors are more than bookkeepers, they know your software inside and out and have gone through rigorous training relevant to the management of your small business using that application. They are passionate about the software that they use and are a great port of call to get more out of the it than just an invoice. Imagine uncovering even more than you thought was possible!

4. ATO Compliance

As long as your software has been set up correctly, it will know what you need to know as far as much of the ATO requires. If you handle payroll, software updates are done in conjunction with tax table updates, so ensuring you are up to date will be the first step in doing the right thing with the ATO.

You got into business to do what you love right? Not to keep up with compliance jargon and deadlines. In conjunction with a great system and a trusted advisor, you will never have to worry about it again. And, should you ever be subjected to an ATO audit, you may find that having it all organised and balanced will help you save a lot of time and money.

5. Presentation

It’s all about the look, isn’t it? Without sounding shallow accounting software now uses great graphics, so at the least your numbers look sexy! Sexy in a blog about accounting software – now you’ve seen everything!

The major players all have exciting built in graphs and charts that compel you to click in and see what’s going on in the business. As much as it may sometimes seem a drag, you should get excited about the numbers in your business – they are the back bone of everything you do. We know a thing or two about making numbers dance!
At the end of the day, a system is only as good as it’s user. It is all about the set up and the skills of the person at the keyboard (or smartphone).

The team at confusionPryority are all about empowering our clients to be better users. So, if that means you would like us to set up your MYOB, Xero or Intuit QBO to ensure you are getting the best out of its features – we will do so. Train you or your accounts staff on how to use it efficiently (which is going to save you time and money)? No worries. We can even do the bookkeeping for you all while empowering you further, through our Advisory Services.

Then the answer is very simple – give us a call or drop us an email and let today be the beginning of falling in love with ……. I’ll say it…. Your accounting software.


cash_strapped_business-627x295
March 31, 2017
Survival kit for cash-strapped businesses
  • Posted By : Pryority/
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  • Under : Blog

Being cash-strapped in your business can be soul destroying with all your hard work leading to what feels like nothing – but help is on the way.

Hopefully, you can follow a few of the steps below and put them in your game plan for surviving this challenging time and rising above the stress:

Get more business

I know, I know – easier said than done, right? Wrong.

Get on the phone, make those calls, drum up the business.

Make it about your clients and what you can offer them. What is it that’s going to add value to their lives and drive more profit into yours?

Think about other offerings. Is there another service, product or program you can offer that will leverage more income to you?

Think outside the box – perhaps a referral agreement with another vendor that can drive some interest to you and some fresh leads.

Look at your expenses – seriously

So you think you have looked at your expenses and you have cut as much as you can.

Again, have you really? Have you cut costs or just trimmed the fat? Is there still room to move?

I know it won’t make you popular at first but consider taking the coffee machine away and saving on those coffee pods.

I can hear your gasps, but I’m sure your staff would much rather have a company to work for than a coffee pod in the morning.

I did a calculation on how much this would cost on average, a business with six employees.

I worked out that the average coffee pod is 63c, and most staff would have about three coffees a day.

So 63c x 3 x 6 (staff) x 5 (working days) and you are looking at nearly $60 per week.

That means well over $3,000 per year can be saved with this one small change.

Meanwhile, have a chat to your insurance broker. Have you analysed your premiums recently? Can you put all your premiums with one company and get bigger discounts?

Can you premium fund your policies so the cost is spread over the year rather than bulk amounts?

You can also look at the space you have: is it a complete necessity to your business?

If it is, could you perhaps get the same productivity in a smaller space? Would your landlord be open to a reduction in your rent if you gave us some space?

Look at your invoices

There is technology out there, like MYOB PayDirect Mobile that allows you to take card payments on your smartphone.

You can even accept online payments directly from your invoices with MYOB PayDirect Online.

Think about the technology that exists to get paid faster and increase your cash flow.

Outsource smartly

Your hourly rate as the business owner is huge.

Its value is probably a lot more than you are even aware of. Are there things that you do that you can outsource so that you can concentrate on the tasks that bring in more customers?

Can a Virtual Assistant help with your newsletters, social media and mail organisation?

Can a professional bookkeeper chase up your debts and keep your books ticking along so you know your accurate cash position?

The key here is to use the time driving more business to you. Don’t get complacent otherwise you are just adding costs instead of driving profit.

Being a cash-strapped business owner will hopefully be a short-term ailment for your business.

By being in tune with your figures and considering the effects of decisions you make today and how they can affect you further down the track, you can keep ahead of the pack and be more empowered day by day.


how_to_be_cash_ready_when_starting_a_new_business-627x295
February 27, 2017
How to be cash flow ready when starting a business
  • Posted By : Pryority/
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  • Under : Blog

Cash flow is one of the biggest pain points for businesses today, if not the largest. So, doesn’t it make sense to have a plan to get cash flow down before you start a business?

Timing is critical in business, particularly when you start first start out. After all, a customer paying you late could be the difference between you being able to pay your bills or not.

How are you going to insure yourself against this happening?

Read More


improving_cash_flow_for_small_business-627x295
February 27, 2017
How to improve cash flow for small businesses
  • Posted By : Pryority/
  • 0 comments /
  • Under : Blog

Cash flow can be something that keeps you awake at night – we’ve all been there. However, with a few tips it doesn’t need to be crippling.

Trading terms

Are you offering too long for customers to pay you? It may be nice to offer 30 day terms to your customers; it sometimes just isn’t practical for small business.

Your customer may expect a quick result from you, so shouldn’t you expect prompt payment?

Read More


michael-crossland
September 26, 2016
Raise the Roof – Michael Crossland
  • Posted By : Pryority/
  • 1 comments /
  • Under : Blog

What happens when you mix a group of amazing bookkeepers, an Accounting Software and a man who can bring 250 people to tears in a matter of seconds?  Magic.

I was looking forward to my trip to the Gold Coast MYOB Partner Connect – to catch up with friends, up skill my knowledge and connect with others.  I got to do all the things I knew I would.  I met many add-on partners, I started new friendships and I further enriched existing ones. I even took out a National MYOB Award!

What else made this trip so special then you may ask?

Read More


Six Tips To Working Well With Your Bookkeeper
July 26, 2016
Six things to look for in a bookkeeper
  • Posted By : Pryority/
  • 0 comments /
  • Under : Blog

In every industry, there are the experts and there are the cowboys. Bookkeeping is no different.

The problem for business owners is that if your bookkeeper is a cowboy, you could end up in hot water.

I find that because the world that bookkeepers live in is full of deadlines, acronyms and confusing legislation, business owners just trust what they are told. They don’t question the things they are told by their bookkeeper as the alternative would be them diving into a world that they don’t want to be in or that they are not qualified to be in.

So what is it that you, the business owner, can do to make sure your bookkeeper is the expert that your business needs?

Here are a few pointers to show you what you need in a good bookkeeper . Make sure your bookkeeper makes the grade in each of these areas.

Read More


Payroll
July 20, 2016
10 questions to ask to make payroll less complicated
  • Posted By : Pryority/
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  • Under : Blog

The world of payroll can seem quite daunting. This can be an employer’s most complicated place to tread as it is filled with award conditions and compliance issues that can baffle even veteran bookkeepers. Here are 10 questions you need to ask to make your payroll less complicated:

Read More


Dale Beaumont
February 18, 2016
My take-a-ways from Dale Beaumont’s “New Rules of Business”
  • Posted By : Pryority/
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  • Under : Blog

I spent today in a room of entrepreneur’s.  Some were start-ups and some were established businesses who had been around for years.  Some have very little income, whilst others had businesses that were turning over figures I only dream about.

What was it that we all had in common?  We were all there to see what secrets Dale Beaumont could share in a single day.  Dale Beaumont is a well know systems expert.  I had followed his work for many years in my Real Estate Career and now, I was sitting before him learning again.

Like all great free, one day workshops, there was always an up-sell.  This was no different. The purpose of today was to get as many of us in the room to commit to his 12 month Business Blueprint program.  Although I didn’t sign on the dotted line today, I did take away some gold nuggets that will make impacts in my business.  Here are my biggest pieces of gold that I would like to share.

Read More


love-what-you-do-pryority
January 20, 2016
Why I love what I do and how you can too
  • Posted By : Pryority/
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  • Under : Blog

I spend much of my day talking. Talking to clients, colleagues, business owners. There are those who have a spring in their step and a glint in their eye. Who love what they do so much it oozes from them. There are those who go about the motions of running their business. The day to day routine until it’s time to go home and try and switch off. And there are those who struggle. They have no drive at all. No purpose. They feel defeated and almost trapped.

Read More


b1g1map-pryority1
January 15, 2016
The State of Belonging
  • Posted By : Pryority/
  • 1 comments /
  • Under : Blog

The state of ‘belonging’

All of us feel better when we’re clear that we ‘belong’ to something or when we’re connected to something great.

The opposite is not nice — as TEDx speaker Brené Brown puts it, ‘Connection is WHY we’re here; it gives us meaning and purpose.’

Read More


Recent Posts
  • 5 ways accounting software can help your business
  • Survival kit for cash-strapped businesses
  • How to be cash flow ready when starting a business
  • How to improve cash flow for small businesses
  • Raise the Roof – Michael Crossland
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    5 ways accounting software can help your business June 13, 2017
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    Survival kit for cash-strapped businesses March 31, 2017
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    How to be cash flow ready when starting a business February 27, 2017
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