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Advances in Care
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1 Advancing Cardiology and Heart Surgery Through a History of Collaboration 20:13
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On this episode of Advances in Care , host Erin Welsh and Dr. Craig Smith, Chair of the Department of Surgery and Surgeon-in-Chief at NewYork-Presbyterian and Columbia discuss the highlights of Dr. Smith’s 40+ year career as a cardiac surgeon and how the culture of Columbia has been a catalyst for innovation in cardiac care. Dr. Smith describes the excitement of helping to pioneer the institution’s heart transplant program in the 1980s, when it was just one of only three hospitals in the country practicing heart transplantation. Dr. Smith also explains how a unique collaboration with Columbia’s cardiology team led to the first of several groundbreaking trials, called PARTNER (Placement of AoRTic TraNscatheteR Valve), which paved the way for a monumental treatment for aortic stenosis — the most common heart valve disease that is lethal if left untreated. During the trial, Dr. Smith worked closely with Dr. Martin B. Leon, Professor of Medicine at Columbia University Irving Medical Center and Chief Innovation Officer and the Director of the Cardiovascular Data Science Center for the Division of Cardiology. Their findings elevated TAVR, or transcatheter aortic valve replacement, to eventually become the gold-standard for aortic stenosis patients at all levels of illness severity and surgical risk. Today, an experienced team of specialists at Columbia treat TAVR patients with a combination of advancements including advanced replacement valve materials, three-dimensional and ECG imaging, and a personalized approach to cardiac care. Finally, Dr. Smith shares his thoughts on new frontiers of cardiac surgery, like the challenge of repairing the mitral and tricuspid valves, and the promising application of robotic surgery for complex, high-risk operations. He reflects on life after he retires from operating, and shares his observations of how NewYork-Presbyterian and Columbia have evolved in the decades since he began his residency. For more information visit nyp.org/Advances…
Your Bookkeeping Matters
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Content provided by Lisa Turner. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Lisa Turner or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ro.player.fm/legal.
Your Bookkeeping Matters is a no fluff, short and sweet podcast with weekly snackable tips about all matters bookkeeping and your business to guide you to do things the right way.
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88 episoade
Marcați toate (ne)redate ...
Manage series 3351301
Content provided by Lisa Turner. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Lisa Turner or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ro.player.fm/legal.
Your Bookkeeping Matters is a no fluff, short and sweet podcast with weekly snackable tips about all matters bookkeeping and your business to guide you to do things the right way.
…
continue reading
88 episoade
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Your Bookkeeping Matters
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1 Why Is Running a Small Business Right for You? 16:26
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Small business isn’t for everyone but it might just be the perfect path for you. Although there are many perks of being your own boss, running a small business also comes with a variety of challenges that many people aren’t willing to take on. We all have different expectations for what we want out of life, which is why the decision to run a small business needs to be made with a lot of thought and care. If you’re an aspiring entrepreneur, or perhaps you have an existing business and you’ve been questioning whether this gig is really for you, keep listening my friend. In this episode, I’m taking you through some of the benefits and drawbacks of being a small business owner so you can make an informed decision about the best path for you moving forward. Embracing the Freedom and Passion One of the most significant perks of running a small business is the freedom it offers. Being your own boss allows you to embrace your passion and make important decisions that align with your vision - but this freedom doesn't come without challenges. It requires self-discipline, the ability to wear multiple hats, and a constant drive to innovate. Navigating the Challenges of Financial Independence While financial independence is a significant benefit of small business ownership, there is also a flipside. Managing finances, navigating cash flow projections, and making strategic decisions require expertise and support. Whether you're adept at handling numbers or need to outsource this aspect, proper financial management is crucial for the success of your business. Cultivating Creativity and Innovation Creativity and innovation are at the heart of small business ownership. As the boss, you have the freedom to unleash your creativity, make decisions that set you apart, and adapt to market trends. While this offers exciting opportunities, it also places a significant responsibility on your shoulders. Balancing creativity with practicality and market demand is key to sustainable growth. Ultimately, the decision to run a small business is a personal one that should reflect your strengths, passions, and values and there’s no shame in deciding that running your own business isn’t for you. Whether you choose to pursue small business ownership or explore other avenues, remember that your decision is a reflection of your courage, resilience, and commitment to personal and professional growth. LINKS: Join the waitlist for The Bookkeeping Matters Blueprint here Connect with Lisa Turner: Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…
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Your Bookkeeping Matters
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1 Understanding the Basics of Small Business Structures 16:07
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Today, we're going to dive into a fundamental aspect of running a small business in Australia – understanding business structures. The structure you choose will define how your business is organised, how it's managed, and of course, taxed. Choosing the wrong structure can cause headaches down the road so it’s important to be informed before making a decision. If you have made the wrong decision though, don’t panic! I’ve been there myself, and while it costs some time and money, you can definitely change structures. So whether you are starting a new business or reassessing your current structure, this episode will help you pick the perfect structure for you. Lets dive in to Australia’s three main types of small business structures: 1. Sole Trader The sole trader structure is the most common choice for small business owners in Australia. It is cost-effective and easy to set up, making it an attractive option for those starting out on their own. In this structure, you, as an individual, are the business. This means there is no separation between your personal and business entities. While being a sole trader offers simplicity and full control over decision-making, it also comes with unlimited liability. Without any separation, you are personally responsible for all aspects of the business including all its debts. Additionally, all the profits of the business will be taxed as your income. 2. Company The company structure provides a separate legal entity for your business. This means the business enters into contracts, buys assets, and incurs liabilities in its own name, which offers some liability protection for the owners. This is a great choice for businesses with multiple owners, significant assets, or plans for substantial growth. However, setting up a company requires a formal structure, which comes with more administrative tasks and costs. Don’t get discouraged though! A good tax specialist will be able to step you through this process if it’s the right one for you. 3. Trust A trust is a unique business structure that holds assets on behalf of beneficiaries. It is not a separate legal entity but a relationship wherein a trustee manages the assets for the beneficiaries. Trusts are known for their flexibility in income distribution and asset protection, making them a common choice for family businesses. Keep in mind that setting up a trust is typically more complex and costly than other structures, so you’ll definitely want professional guidance. LINKS: Join the waitlist for The Bookkeeping Matters Blueprint here Connect with Lisa Turner: Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…
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Your Bookkeeping Matters
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1 Effective Strategies to Crush Debt 17:48
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If you've ever struggled with managing loans, ATO bills, superannuation, or credit card payments, then today’s episode is for you! I’m taking on the topic of debt and sharing strategies to empower you in managing and crushing your debt. Taking a proactive approach is crucial for setting yourself up for long-term success. Here are some techniques to consider: 1. Budgeting and Cash Flow Forecasting: Creating a budget for your business will help you stay on top of your debt obligations and allocate funds to the right places. Just remember that budgeting is not meant to restrict you, but rather guide you on how much money you have available for spending, repayments, and fixed costs. 2. Cash Flow Forecasting: Understanding your cash flow is essential in reducing debt. By forecasting your income and expenses, you can ensure that you have sufficient funds to pay off your debt and cover the current and future expenses of your business. 3. Saving Ahead: Create a savings buffer to cover any overdue debts or amounts. Set up a dedicated savings account to accumulate funds for taxes, GST, income, and other expenses relevant to your business. Even if you're not required to pay these yet, forming the habit of saving early builds excellent money management skills. Challenges Along the Way: Navigating debt management comes with its fair share of challenges. When obstacles arise, refer back to your budget and planning to identify which debts require immediate attention, which ones incur penalties, and which carry the highest interest rates. Avoid the temptation to ignore these challenges or bury your head in the sand. Inaction will only exacerbate the problem and increase your stress levels. The Importance of Seeking Professional Support: If you find yourself struggling with debt, there are many places you can reach out to for support; starting with your trusty bookkeeper. Be honest with where you’re at and they’ll be able to provide guidance, resources, and connections to financial planners or counselors. Don’t ever be embarrassed to ask for help, your financial advisors are here to assist you in overcoming financial hurdles and setting your business on a path to success. Taking control of your debt is a crucial step towards securing a brighter financial future, and this episode will give you the tools you need. By implementing the strategies I shared, you’ll be well on your way to crushing your debt and regaining control over your finances. Previous episodes mentioned: Budgeting isn’t a dirty word Reviving Your Small Business Finances: Tips to Get out of the Red and into the Black LINKS: Join the waitlist for The Bookkeeping Matters Blueprint here Connect with Lisa Turner: Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…
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Your Bookkeeping Matters
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1 The Power of Personalised Reminders to Get Paid Quicker 15:17
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Are you facing late payments from clients, and getting that panicked feeling about having to chase them up? I get it - and I know so many other business owners do too. In an earlier episode , I took you through my exact process for timely payments. Today, I’m diving a little deeper to discuss the power of personalised reminders and guiding you through the process to get paid quicker. The first step in creating an effective reminder system is to turn on automated reminders in your accounting software. In this episode, we focus on Xero, but you can adapt these strategies to your own software. Once you've enabled the automated reminders, you need to determine how many reminders to send and how often. While automated email reminders are extremely effective, generic templates won't grab your clients' attention. Personalising your reminders is a much better way to get them noticed, and I share an example of my own personalised reminder to show how you can infuse your personality and tone. So, you’ve turned on automated reminders, and you’re feeling great about it. However, this is only half the battle. Often, we forget to actually receipt the payments that come through. This can result in unnecessary reminders being sent to clients and potentially awkward situations! To avoid this, stay on top of your receipting or take advantage of integrated payment options like Pinch or Paypal. Finally, if you still haven’t received a payment after two reminders, I encourage you to jump on a phone call and check in with your client or customer. Perhaps your emails never reached them, or they’re facing a personal issue that has prevented them from making payment. It’s likely they’re more stressed about the situation than you are about calling them. So, be calm, kind, and know that the more streamlined your invoice process is, the easier it will be to get to the bottom of any payment issue you may face. LINKS Previous episode mentioned: My Exact Process for Timely Payments Join the waitlist for The Bookkeeping Matters Blueprint here Connect with Lisa Turner: Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…
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Your Bookkeeping Matters
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1 5 Ways to be a Better Business Owner 17:37
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Welcome to another short and snackable episode of Your Bookkeeping Matters. Today we're looking at some core practices that can take your business from good to bad. Whether you're a seasoned business owner or just starting, these actionable strategies will equip you with the tools and insights you need to elevate your business game. 1. Mastering Your Numbers: Understanding your financial metrics can be transformative for your business. Start with your Profit and Loss Statement and Balance Sheet Reports, which provide crucial information about your revenue, expenses, and overall financial health. You also need to identify and understand the KPIs that matter most to your business's success. These metrics aren’t necessarily financial, it depends on what's important to you and your business goals. 2. Ensuring Legal Protection and Compliance: The importance of solid legal foundations cannot be overstated. DIYing your legals can lead to costly mistakes, such as removing crucial clauses in contracts that result in financial damage. Instead, seek the guidance of a solicitor who will create legal documents that perfectly suit your business needs. 3. Standing Out Online: Having a strong online presence is a must for business success. To stand out from the competition and capture your target audience's attention, you need a great brand strategy. Define who you are, what you stand for, and the problem you solve. Then, get creative with your website design, social media content, and online advertising. 4. Nurturing Company Culture and Team: Your team is your greatest asset as a small business owner. Investing in their happiness, well-being, and professional development is crucial for both their growth and your business's success. Define your company values and culture, and create a positive work environment where everyone can thrive. 5. Prioritizing Work-Life Harmony: Striking a balance between personal and professional life isn’t always possible. Instead, prioritize work-life harmony by setting boundaries, taking regular breaks, and making time for hobbies and interests outside of work. This is essential to preventing burnout, improving your mental health, and enhancing your overall productivity. I work with so many businesses daily. Not only my clients, but my clients’ clients. These five practices are things I’ve seen work time and time again to help people become better business owners. So start implementing them today and watch your business thrive. LINKS FREE Pricing Calculator Join the waitlist for The Bookkeeping Matters Blueprint here Connect with Lisa Turner: Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…
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Your Bookkeeping Matters
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1 Beyond Profit: Why Adding Value Matters Most 13:23
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Welcome to another short and snackable episode, where I’m diving into why value matters most in your small business. Today, we’ll explore the idea that while earning money and making a profit is crucial for your business, it shouldn't be the driver behind it. I believe profit should be the result of what you're doing in your business and why. As a small business owner myself, I understand the overwhelming nature of keeping things in the business running smoothly, and how easy it is to lose sight of its true purpose. However, there’s a secret to creating a thriving business that goes beyond making money. By prioritising value in what you bring to the table, you can make a meaningful difference in the lives of your customers, build stronger connections and ultimately, achieve long-term success. So, what exactly does "adding value" mean? I talk about it being more than just delivering a product or service and more about solving problems, meeting needs and enhancing the overall experience for your customers. Because let’s face it - business owners who lead with the one goal of making money can be a total turn-off! Changing your mindset from a profit-focused approach to a value-based one can be challenging, but don’t worry - there’s a simple way you can start to make this shift. It all begins by revisiting your purpose - why did you start your business in the first place? Remember, your business is not just about the numbers; it's about making a lasting impact. Let's embrace the value-driven approach together and build a thriving business that benefits not only us but the customers and communities we serve! LINKS FREE Pricing Calculator Join the waitlist for The Bookkeeping Matters Blueprint here Connect with Lisa Turner: Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…
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Your Bookkeeping Matters
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1 My Exact Process for Timely Payments 20:39
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Today, I want to talk about something that every business owner can relate to - cash flow. Specifically, I want to dive into the topic of getting clients to pay you on time. I'll be sharing my exact process, the lessons I've learnt from past mistakes and some practical tips that have helped me ensure timely payments from my clients. To help get you started, I share my top tips on optimising your invoice and payment processes: 1. Online Payment Options Making it easy and fast for your clients to pay you should be a top priority. I discuss the importance of providing user-friendly online payment options and share my personal favourite, Pinch Payments. 2. Automated Recurring Invoices Say goodbye to manual invoicing! I explain how automated recurring invoices have been a game changer for me. I walk you through the process of setting up repeating invoices in your accounting software to save time and ensure consistency in sending out invoices to your clients. 3. Automated Reminders Even the best clients can sometimes forget to pay. That's why automated reminders are a valuable tool to have in your invoicing process. I take you through how they work, the benefits of using them and the importance of finding the right balance in sending reminders. Streamlining your invoicing process will not only save you time and energy, but it will also ensure your clients have the best experience possible. So, if you're tired of dealing with late payments and want to improve your cash flow, then this episode is for you! LINKS Join the waitlist for The Bookkeeping Matters Blueprint here Connect with Lisa Turner: Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…
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Your Bookkeeping Matters
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1 Paying Yourself as a Sole Trader 15:11
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As a small business owner, it is crucial to wear many hats and outsource areas that require expertise. However, one aspect that often gets overlooked is paying yourself. Though it might not initially appear as a top priority, paying yourself serves as both a reward for your efforts and a means of securing a financial return from your business. So, How Much Should You Pay Yourself? Unfortunately, there is no one-size-fits-all answer to this question. The amount you pay yourself depends on various factors such as your sales, expenses, and upcoming financial obligations. I’ll guide you through the variables to consider and provide tips on how to determine the right amount to pay yourself. Once you have determined how much to pay yourself, it is crucial to understand the process of actually withdrawing the funds. I’ll walk you through the steps of withdrawing money from your business bank account and transferring it to your personal account. I also highlight the often-overlooked issue of superannuation and the need to address it as a sole trader. Tax implications are another critical consideration. We'll explore income taxes and emphasize the importance of setting aside funds for tax obligations. I'll clarify the distinction between owner drawings and wages, and dispel the misconception that sole traders can't hire team members. You definitely can employ others, you just cannot employ yourself. Paying yourself as a sole trader is an integral part of running a successful business. It not only rewards your hard work but also ensures the viability of your venture. While there's no magic formula, my goal is to leave you feeling confident in navigating the complexities of compensating yourself effectively as a sole trader. Connect with Lisa Turner: Join the waitlist for The Bookkeeping Matters Blueprint here Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…
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Your Bookkeeping Matters
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1 What Does Know Your Numbers Mean 16:35
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We’ve all heard the phrase, “know your numbers” but what does it actually mean? Understanding your numbers can transform your business so today I’m sharing which numbers you need to know and how this knowledge can empower you to make strategic decisions and keep your business healthy. When I talk about knowing your numbers, I mean having a clear understanding of the financial aspects that matter to your specific business. It could be analysing your Facebook ad spend, monitoring your product levels, or examining your overall business financials. It really does depend on your unique business and the industry you’re in, but by knowing the numbers important to your business, you will gain valuable insights into your business's financial health and be able to make informed decisions. To truly grasp the health and profitability of your business, there are key financial metrics that you should be familiar with. Firstly, revenue or sales. While revenue alone doesn't indicate profitability, it is the lifeblood of any business. Understanding where your revenue comes from and the various revenue streams you have is crucial. Next, expenses, both fixed and variable. Fixed expenses remain consistent, while variable expenses fluctuate based on your sales. By understanding these expenses, you can identify trends and make adjustments to ensure financial stability. One of the most important numbers you have to be across is your taxes. The two big taxes in Australia are GST (goods and services tax) and income tax. Staying on top of these numbers will ensure you have enough money set aside when it comes time to pay your bill. While there are key financial metrics that apply to all businesses, it's important to tailor your focus to your industry and goals. Different industries have unique nuances, revenue streams, and expense structures. Therefore, it's crucial to identify the specific numbers that matter most to your business. You don't need to be a financial expert to grasp these concepts. Through the right tools, resources, and training, you can equip yourself with the knowledge to embrace and utilise these numbers effectively. So, start your journey towards unlocking the power of knowing your numbers today and watch your business flourish! LINKS Previous episodes Mentioned: Understanding Your Fixed and Variable Spending Connect with Lisa Turner: Join the waitlist for The Bookkeeping Matters Blueprint here Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…
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Your Bookkeeping Matters
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1 Is Your Tax Invoice Giving me a Headache 13:14
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Today, I want to talk about something that has been bothering me for a while – tax invoices. As someone who deals with business finances, I often come across cases where business owners fail to issue proper tax invoices, which wastes time, money and effort for everyone involved. So in this episode, I talk about the importance of tax invoices, the key elements they should include, and the common mistakes to avoid. Tax invoices are essential documents that facilitate business transactions in Australia. If you run a business, it's crucial to understand the fundamentals of a tax invoice. Today I share the eight simple items that a tax invoice should include and why they play a crucial role in business operations. As a business owner, it’s part of your responsibility to issue correct and compliant tax invoices. By adhering to the tax invoice requirements, you not only maintain a professional image but also ensure smooth relationships with your customers. Getting the invoicing right the first time saves you time and avoids the need for rework. I also talk about the consequences of incorrectly charging, or not charging, GST. This can lead to serious implications for both businesses and their customers so today I cover the basics of what you need to know. Something I see often is business owners trying to shift responsibility for incorrect tax invoices onto others, such as their accountants. In my book, however, it’s essential for business owners to take responsibility for issuing accurate and compliant tax invoices. Understanding the basics, such as your ABN and how to issue an invoice, is crucial for every business owner. Getting tax invoices right is not only a legal requirement in Australia but also a fundamental part of maintaining good business practices. Taking the time to understand and implement correct invoicing procedures will save you (and your bookkeeper) headaches in the long run and contribute to the smooth running of your business. LINKS Previous episodes Mentioned: Do your (Tax) Invoices say the right things You're GST Registered, Now What? Hiring a bookkeeper? Here's what you need to know. Connect with Lisa Turner: Join the waitlist for The Bookkeeping Matters Blueprint here Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…
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Your Bookkeeping Matters
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1 Adapting to Change: Flexible Strategies for Small Businesses 13:27
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As we all know, change is constant. Whether it's a sudden market shift, technological advancements, or unexpected curveballs life throws at us, being adaptable is a key superpower every business owner needs. Today, I'll be diving deep into the concept of flexibility and sharing some practical strategies that will not only help you weather the storm of change but also thrive in it. I've personally experienced the power of these strategies in my own bookkeeping practice, and I want to share them with you so that you too can embrace change and keep your business ahead of the game. Remember, what works for one business may not work for another. Trust your instincts, do what works best for you, and always prioritise your customers. With these strategies, you'll be well-equipped to thrive in the dynamic world of small business. LINKS Previous episodes Mentioned: Creating a customer-centric journey for growth Connect with Lisa Turner: Join the waitlist for The Bookkeeping Matters Blueprint here Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…
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Your Bookkeeping Matters
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1 New Year Small Business Financial Growth Checklist 17:01
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Whether your business has been on a short break or you're raring to go, it's essential to start the year by setting goals and envisioning your journey. To help you navigate the financial aspects, I've compiled a handy New Year Small Business Financial Growth Checklist that will help you start the year feeling organised and ready to go. I hope you find this checklist helpful in framing your year ahead and reaching your financial goals. It’s important to start a new year feeling ready to tackle it head-on, and this checklist will help put the steps in place for you. LINKS Previous episodes Mentioned: Strategic spending boosts your business not your bills Is cashflow the reason you're not growing Budgeting is not a dirty word Connect with Lisa Turner: Join the waitlist for The Bookkeeping Matters Blueprint here Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…
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Your Bookkeeping Matters
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1 Recast: Ecommerce Accounting Challenges 15:46
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This week, the show is taking a brief break, gearing up for the exciting new year ahead and crafting super fun episodes for your bookkeeping and business matters. With that in mind, let's take a stroll down memory lane to a classic episode, number seven, Where we delved into the unique challenges of e commerce accounting. In this episode, I’m sharing the eCommerce accounting challenges that you’ll come across as a business owner running your business online. I share the common mistakes I see when eCommerce small businesses are DIYing their books to help you avoid wasting time and energy fixing everything. So, what do you do with all of the different fees you pay? There are so many payment methods that keep their cut before passing you the net amount into your bank, including AfterPay, LayBuy, and Shopify. Most of these fees can’t be automated or integrated in any way so you need to find out exactly what the fees were and manually add them in followed by increasing your sales by the same amount. I’ll run you through the two main reasons you need to ensure you’re including all of the fees you’re paying. We’ll go on to explore your payment providers (including PayPal), what GST you can claim (if any) on fees and how it impacts your BAS, tracking inventory with systems and processes, and if you should integrate your sales platform with your accounting software. Tune in and find out how to handle all of the eCommerce accounting challenges you’re facing to make sure you’ve got it all covered and avoid increasing your workload with unnecessary effort and cost! Enjoy this blast from the past, gain valuable insights and stay one step ahead. Then get ready for a wave of fresh new episodes hitting your ears from next week or next year, if you're tuning in on its release day. LINKS: Previous episode mentioned: My Top Tips for a smooth EOFY What the heck is GST and when should I register Instagram: @accountedforyou Website: https://accountedforyou.com.au/…
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Your Bookkeeping Matters
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1 Recast: That's a Write Off! Isn't It? 10:47
10:47
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Plăcut10:47![icon](https://imagehost.player.fm/icons/general/red-pin.svg)
I'm taking a little breather over the new year, still in the background prepping some fun new episodes for you. So this week I'm bringing you not only a fan fave from a little earlier this year, but one of my own favorites. That's a write off. Isn't it? This one I step you through some of the nitty-gritty of business tax deductions, with a fun spin from our favourite Schitt’s Creek character, David Rose. If you need some help demystifying business expenses and tax deductions (particularly in the Australian context), then you're in the right place. So, what exactly is this thing called a write-off? Well, friends, it’s merely another name for a business expense or a tax deduction. Simply put, it’s anything you purchase to cut down your profit or taxable income, giving you lower taxes. You could see it as a secret goodie bag for your business - but remember, it comes with some strings attached! The Australian Tax Office isn’t playing around when it comes to write-offs. They've got three golden rules which I explain today: 1. The purchase must be for your business, not personal use. 2. If the purchase is for both business and personal use, you can only claim the business portion. 3. You need records as proof, and no, bank statements don’t make the cut. You need tax invoices! Knowing the what and the how of deductions and business expenses is great, but it’s pointless if you don’t keep your tax invoices. Keeping those ATO-required records is your secret weapon. Without them, you could be shelling out more tax than you need to. Tax deduction eligibility will always depend on your unique business but to help you along, I’m sharing some common write-off categories that may be relevant to your situation. And while I know it's tempting to turn to Facebook groups or your best friend’s aunt for advice, it's always best to get advice from a qualified professional to avoid any tax troubles. Enjoy this episode and I'll be back with you shortly with fresh content to get you on top of your bookkeeping matters. LINKS Previous Episodes Mentioned: Do your (Tax) Invoices say the right things What happens when you don’t keep accurate records Connect with Lisa Turner: Instagram: @accountedforyou Website: https://accountedforyou.com.au/…
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Your Bookkeeping Matters
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1 Navigating Financial Hurdles: A Year-End Reflection 19:59
19:59
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As another incredible year comes to a close, it's time to reflect on the journey we've shared as entrepreneurs. One topic that every business owner faces is financial hurdles. Today, I want to take a moment to acknowledge and tackle these challenges and help us set our sights on a bright year ahead. Just like you, I run my own business, and I understand the hard work, challenges, and rewards that come with it. Financial hurdles can manifest in various ways—a sudden dip in revenue, unexpected costs, or complex processes like paying employees. Navigating these hurdles can be tricky if you don't have the right systems and processes in place. It requires keeping a keen eye on your numbers and having the right support team around you. As we reflect on the past year and any financial hurdles we encountered, it's important to remember that success isn't solely measured by revenue and profit. Running our own businesses allows us to prioritise our personal lives, support others, and build a nurturing environment for our team. These non-financial metrics play a significant role in our overall sense of fulfilment and success. I know personally that the flexibility of running my own business so that I can be there for my family, is well worth the stress! As we wrap up this year, take a moment to reflect on your business's journey and the financial hurdles you faced. Celebrate your achievements and resilience. It's no easy feat to navigate the complexities of running a business, and 2023 was particularly tricky for a lot of small businesses out there. Always remember, you're not alone on this journey. There is a whole community supporting you. LINKS Previous episodes mentioned: Hiring Your First Employee Profit Strategies: How to Manage Your Money Right Pricing For Profit Strategies for Repricing After Registering for GST Reviving Your Small Business Finances Mastering Money Mindset Connect with Lisa Turner: Join the waitlist for The Bookkeeping Matters Blueprint here Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…
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