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10 FREE ways to save money on Bookkeeping
1 – Get organised – spend 10 minutes on reviewing your transactions every day and you will stay on top of the workload and have a clear view of where your business is at and you will pay less to your accountant come tax time.
2 – Use a cloud based accounting software package like Xero. This will give you a real time view of your business finances.
3 – Use online banking. Forget about cheques and and avoid cash transactions. When making payments use a business credit/debit card, direct transfers, BPay etc. Most importantly keep your personal and business accounts seperate.
4 – Scan all your Invoices and receipts, attaching them to the transaction details in your software and therefore get rid of your filing cabinet. Go paperless.
5 – Get the setup right. Getting your accounting setup right up front avoids any costly rework down the line.
6 – Get advice and training from specialists (not your best friend). “You can give someone a pair of scissors, don’t call them a hairdresser”.
7 – Each month check that your balance in the bank account matches your accounting software balance.
8 – Set up a business savings account to put money aside for Super and Tax at the end of each period.
9 – As your business grows, focus on what you do best and outsource the bookwork to a specialist.
10 – Keep a hawk eye on the accounts receivable (money owed to you). Create a plan for managing clients that are late payers. You are not in the business of providing interest-free loans. This hurts your cash flow.
Bonus tip
Find a bookkeeper that charges fixed fees not hourly rates. Fixed fees incentivise the bookkeeper to get the job done.
Find out how Business Boost Centre™ can take your business to the next level.
Your advice, guidance and assistance with Molonglo Group's transition to Xero has been invaluable over the last 18 months. We have very much appreciated your efforts with both our staff and the staff at Maxim. We have been able to capitalise on the efficiencies that Xero has bought to our Group and we thank you for this. Johnathan Efkarpidis - Molonglo Group
Excellent at providing early guidance and feedback. They have been especially useful in setting up my new business on Xero and have been very helpful with advice on payroll. They provide preemptive information that is very useful in running a small business. For example recently I was sent a Christmas Closure email which detailed lots of information about closing over the Christmas period and any associated obligations I may have. Klarisa Cengic - The Goods Wholefoods
I can't thank Don enough for his excellent advice and support in helping me transition from a clunky manual accounting system to the game changing Xero accounting package that has saved me an incredible amount of time and angst! Boost is always there in the background like a security blanket if things don't seem quite right or go wrong - they are super responsive and have assisted me in shifting my business to the next level. Kristen Pratt - Capital Nordic Walking
Boost Centre introduced me to the amazing Xero accounting system and set up the account getting all linked up to my trading bank account and does my BAS for me. The thing I like about dealing with Boost is the combination of direct assistance whilst teaching me how to run things myself as much as possible ie to save cost. This is a highly professional yet personalised and friendly service which I consider as an essential element for my business. Andrew Rickard - Funnell Entertainment + Soundshop
The Boost Centre team were an integral component to our start up. Their ability to resolve problems quickly and advise us on strategic financial decisions helped us achieve our short term goals and secure our business for future growth. We look forward to working with them in the future. Jarrod Deaton - Three Mills Bakery
Boost Centre has been of invaluable assistance during the early stages of our company. Whilst we have a good knowledge of bookkeeping, having to navigate the Xero system was a completely new challenge. Don provided training and is always just one phone call away from my questions as they come up. We’ll be employing Don’s training assistance again in the near future so we can meet new accounting requirements as our business expands. Karolina Russell - Festival Director
Don from Bookboost was a pleasure to work with. His professional and efficient approach helped us achieve our objectives. Luke Judd - Snowy Hydro Discovery Centre
At Local Press Café we wished to move on to the Xero accounting system. We chose to go with Boost Centre because they were recommended by a couple of our suppliers. Their expertise was invaluable, with a thorough knowledge of Xero, their ability to explain it and availability to assist us ensured our smooth transition over to Xero. We wouldn’t hesitate to recommend Business Boost Centre’s services to others. Gary Draper – Local Press Café
For more than 10 years I have trusted Denis and the team at BookBOOST™ to look after my business administration and compliance. They make sure we stay up to date and work with my accountant to take care of the details. Miće Kljusurić - MHK Building Services
I needed a bookkeeper with experience in the building game. BookBOOST™ were recommended by my accountant. Since engaging Denis and his team, my accountant and I are very happy with their timely and efficient work. Jo Perkovic - J&F Homes
My expertise as a pharmacist is a long way from the world of payroll, bookkeeping or BAS statements. Fortunately, I can concentrate on what I do best because I can rely on Denis from BookBOOST™ to do what they do best. Faruq Amin - Pharmasave Woden Pharmacy ACT
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