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Evaluate your goals and business plan to set your small business up for a successful financial year ahead.

If you are a small business owner, odds are that juggling the day-to-day demands of running your business might mean you do not enough time left in the day to think and strategise for the future.
Although it can be difficult to fit in, scheduling time to review, plan and prioritise for the year ahead is crucial in both tracking and meeting your business goals. Here are some key things to consider in your planning process.

Learn from your FY16 tax return - Your most recent tax return is an instrumental resource and looking retrospectively at the financial information for the past year should help inform your financial objectives and business plan for FY17.
Profits and losses – Identify the profitable parts of your business as well as those that are underachieving. Look at superfluous expenses that you sustained, evaluate current systems and streamline processes to cut costs and then look to invest in the stronger parts of your business.

Cash-flow trends – Cash-flow management is one of the biggest issues for small business owners. Look at means to ease the strain of cash-flow on your business, such as revising supplier terms and customer terms.

Bookkeeping habits - How did you keep your records for FY16? If the end of financial year just past was a challenge, you may want to re-think your bookkeeping habits. Sound bookkeeping will permit you to get a dynamic, regular and up-to-date overview on how your business is performing. If you haven’t already, consider switching to a cloud accounting solution to centralise financial data and take the pain out of bookkeeping.

Know your competitors and your industry - Know where you stand in your industry category or location -  we can help you recognize industry-specific challenges and benchmark your business against the turn-over and growth rates of competitors in your category.

Get to know your clients more closely - highlight your key customer demographics and their spending pattern, allowing you to develop the right communications and identify new target markets.

So if you’re one of the many small business owners gearing up for the new year, good luck with your planning. It may feel burdensome at times, but the extra work you put in now will all be worthwhile come a successful financial year 2017.

Call Tax Accountants Cranbourne at 1300 300 106 today.

SuperStream makes super easier. All employers must use SuperStream when lodging and paying super and we will tell you how. Until now making super payments for employees has involved lodging and paying to different super funds, taking several hours to complete. SuperStream is here to change that, making the job easier, quicker and better.

SuperStream data is in a standardised format so it can be transferred reliably across the super system – between employers, funds, service providers and the ATO. This means:

Employers can make all their superannuation contributions in a single transaction, even if they're going to multiple superannuation funds.
Super contributions and rollovers can be processed faster, more efficiently and with less mistakes.
Individuals can be more reliably linked to their superannuation, reducing lost accounts and unclaimed money.

With SuperStream, super payments are electronic; you can pay all your employees super and send them information through one system, saving you time and effort. To get started you need to make an account to do Super electronically, these include your payroll system, your super fund system or a super clearing house. You can also ask an experienced accountant or bookkeeper to help you with one of these options. Check that your option is SuperStream ready.
Next you need to collect key information on your employees including their TFN and a unique super identifier(USI). Once you have all the information enter it into the system, finally you should start using SuperStream from 1st July, 2016 so you can ensure everything is running smoothly and you can enjoy the benefits.

Many employers are paying super in just minutes. If you have 19 or less employees you must be SuperStream ready by 30th of June 2016 or if you have 20 or more employees you should be using SuperStream now. If you would like more information please click on the link: www.ato.gov.au/Super/Superstream/Employers/Employer-checklist--a-step-by-step-guide/

You can also give us a call us on 1300 300 106 to discuss SuperStream in detail and how it can benefit you and your business.

When you are starting up or buying a business, it is vital to do the right calculations. For any organization promoting a product or even a service; it needs to get its numbers right to be able to determine what its revenue should be in order to break even or to meet the targets. This really is something which is frequently overlooked, especially by younger firms that have been in their 1st or 2nd year of business, and also by experienced business owners with many years of managing a business.

Let’s say there is a business whose owners might tell you, they are charging you $60 for each product or service. They are looking to get at $1,20,000 worth of gross sales, and that’s a remarkably achievable target. In the end, that is only 20,000 sales, and if you've got the appropriate product, it isn't an impossible amount to crack.

But once you look into it a little furthermore, you will see that for every client, they are having to pay around$20 in marketing and advertising expenses simply to acquire them. Then you look once again, and you may see that the product or service will probably cost $20 to manufacture, and also the staffing and strategic planning costs have not been calculated, and they are fortunate to generally be squeezing a few bucks in profit margins on each and every sale. For every million dollars, revenue to get reduced into $60-70k is really a difficult scrape. For a lot of businesses, getting the right groundwork could avoid that sort of problems, also it can help them optimize how they do business.

Ultimately, it comes to understanding the figures that are powering every aspect of the business such as the pricing of the products, expenses associated with providing them to the customers, and the way it is all likely to affect your bottom line. A company sinks or swims on those computations.

These types of calculations happen to be overlooked by many businesses.

If you get your figures right before you kick things off, you stand a far greater possibility of being successful. This is one of the key areas we quite often help our customers with, dealing with the right calculations and making sure they're placing their business up to success in short term and go beyond in the long run.

When you have to depend on the very calculations that you use on a daily basis in order for your business to remain profitable; make sure these figures have been created the proper way, by the advisors who know inside out of businesses. You will be confident knowing that the business has got the room, the ability and also the resources to grow.

Contact us Accountants Lynbrook 1300 300 106 to get your numbers right from the get go.

Irrespective of the size and nature of your company, selecting the most appropriate technologies to record your key transactions is essential to having the ability to precisely calculate financial overall performance. We have put together the following tips to help you choose the right accounting package

Size Matters
If you are a small business, your accounting system requirements would be different from the medium-large companies. Because of lesser number of transactions, smaller number of employees; off-the shelf, accounting system can provide a practical solution

It’s all about the Cloud
Technology has made all the things easier now a day’s Cloud based software and systems are famous in everything is supposed stored somewhere in a cloud! So what is this cloud based accounting and why should you get on board?
Cloud based accounting provides the flexibility as an owner of the business or if you are managing a team to access all your financials anytime and from anywhere. It is real-time financial data at your finger tips to help fast track decision making and monitor performance.

Know Your Budget
Allocating a realistic spending budget in the direction of your accounting system will help get rid of costly options. When figuring out your budget amount you are ready to allocate, the following factors can be helpful:

•    Installation setup costs and ongoing maintenance/license fees
•    Costs of training that can be an on-going expenditure
•    Existing technology infrastructure and its compatibility

Overall, the main thing is to keep the selection process simple and use your selection according to your strategic business objectives.
We have the knowledge and insights to uncover opportunities and the commitment to see them through, call BookSmart Accountants Cranbourne on 1300 300 106 and talk to our experts!!

There are lots of professionals who don't have clear procedure for coming up with pricing. This is very common and also comes up a lot in our discussion with clients.

For most, it’s either a jinx equalisation of doubling your living expenses and taking a percentage away, or it is purely based on what everyone else in the industry is doing.

The cost of what services you provide is a panic-point. Not everyone in the industry has adequate confidence in what they do, to charge their worthiness or in their customers to pay adequately for the services they have used; resulting in businesses and freelancers who are not able to sustain a healthy margin.

In all likelihood, you are not running a charity, you are running your business to earn profits and achieve results. You are attempting to be efficient, or make a profit right now, or somehow find ways to create the value of your company in order to give good return on capital to whoever invests in your business.

What it means is that you need to take your surplus seriously and in order to do that; you need to take your pricing purposefully. So there are 2 things I want to talk about today while we are discussing this important topic.

What do you have the guts for?

The most important part of your pricing is guts, so make no mistake. Believe in your gut feeling. It takes you to stand in front of a potential client and put down your fees or price schedule without blinking, without giving out any signs that you are going to take any price they offer you out of desperation to get the business.

To set out a price for your services, it takes guts and once you have decided a price which you think is a good price for your clients to pay for the services you offer, stand by them. Mostly young freelancers and entrepreneurs do not have or are developing their gut feelings. They do understand the industry they are in, so they will always put down their prices as a wish-list, that they are easily ready to bargain on with their potential clients. They lack in confidence.

I just can’t tell you to just harden up and put your challenger mask on. That will not be a good guidance, and will not be comfortable to listen to it. What you need to work out is the price point you can put in front of the customer and then stick to it. You can't charge too less or too high. The customers are very smart today; they would have studied the industry and would have done their own homework on what is available out there and in what price.

Once you have that price sorted, you have the price that you are prepared to offer. And you will also have a base, a starting price from which you can slowly increase as you get industry experience and you become confident about your services. If you know you’ll be able to stand by one price then you can add experiences, put extra features or simply with time push it up along with your brushed up skills and confidence.

What do the customers expect?

All the customers already have a set limit to what they are willing to pay. It is a figure that has probably got nothing to do with the value of what your service or product is but is purely based on their prior experience. They have got their own list of bills they are paying such as petrol, tidal, internet, mobile phones, electricity etc. Customers don't ever have enough money to pay the price you put on offer.

The same thing applies to the freelancers. Look at freelance writers for example. The articles they write, how much should the article be worth of? Probably a lot more than what it is being paid out on the market place sites. But people are used to paying a certain amount (it’s very depressing) and will likely hesitate for paying more.

So what do you do? You have three options:

•    You meet your client's expectations, putting yourself on even footing with your competition.
•    You undermine their expectations, taking an advantage over your competition.
•    You let your pricing exceed their expectations, to the limit of what they’ll stand for, and absolutely justify it with clear value recommendations.

The first option is fine. As long as you know what your client's expectations are, it’s a simple and easy way to price yourself or your start-up. And fine is a solid level.

The second option is only good if you can afford it, so you have to be very analytical. You might not have heard of Amazon.com. You should research them. When people joke about losing money on every sale and making it up on volume, Amzon.com is the punchline. The idea of pricing low enough to gain traction is great. But it’s a risky move, but once you are in a position to take the risk you take it and analysing the industry, you take it and see if it really works out you or not.

The third option is my personal favourite, if you believe you have a wealth of experience building, helping and investing in businesses.  Then it’s easy to make more money than your competitor. You just charge more but you need to consider your confidence, your experience, what you are offering and get a professional financial advice.

Contact Tax Accountants Cranbourne at 1300 300 106 to discuss your business or your financial requirements and we will take it from there.

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