Do you separate your business banking from your personal banking?
Come end of tax year are your accounts in a shamble’s? A simple step to streamline your small business accounting is to set up a business account for all business transactions. Need a personal wage, just transfer into your personal account each week, it’s that simple. We have personally worked alongside Gavin Lawrence at ANZ and highly recommend his service. Though all banks offer business banking options, so it’s best to find the bank best tailored to your needs.
Business Credit Card vs No Credit Card
Those that have fantastic money management skills would be well suited to purchasing using a credit card, solely because paying it off monthly would be easily managed. However, those that aren’t that skilled at money management, I would advise against it especially during the early days of business. The main perk to having a credit card is gaining spending points through other companies such as flights or for the actual credit itself.
Budgeting in your business – Hand your card over!
With technology advances, the best way to subconsciously not spend is to not carry your business card around. Keep it stored in a safe place and not in your wallet. Should you require it for an unplanned spend, make sure to have it saved on the ‘Wallet’ app of your iPhone. The wallet app allows you to Pay-pass with the digital version of your card. It’s totally safe and is only activated by the Eftpos machine when your finger is on the scanner for identification.
Connect with an accountancy software
No matter what business you are starting, to implement an accountancy software very early on makes for excellent business practice. Software such as Quickbooks enables you to scan your receipts directly into the software meaning for an easy reconciliation come end of tax year. The software gets directly linked to you accounts so you can see have you are tracking direct from the phone app if required.
Looking to set up a business? Contact us to discuss how processes in your business can ease up time for yourself firstname.lastname@example.org
Stay in Budget with Food & Fuel
We can all judge our bills when it comes to electricity, gas and mobiles as we can estimate usage based on previous usage. But when it comes to food, depending on how hungry we can get, we can all blow the budget without realising. When budgeting for your business and personal life it is imperative you take control of all elements of your spending. If you find there are areas that are not controlled, start thinking about what you can implement to reign in your spending. The two main areas we find business owners don’t track closely enough is fuel and food.
Here are some tips to stay within budget
Get a fuel card
Whether you are a sole trader or a business with multiple cars on the road, get a fuel card. We personally use Caltex simply because it is located the closest to our home and work. By having a fuel card we decrease fuel cost, gain points in Coles due to the account being linked and it tracks our spend. End of each month we get a statement showing what we purchased with payment later being debited direct form our account, this also give us the data showing us how often we refill.
Do online shopping
Ever shopped whilst you were hungry? Most of us leave work and head straight to the shops to buy the food for the evening meal, end of day feeling starving. What does this mean, we buy based on our wants and not our need’s. Sitting down to schedule a weekly delivery based on organizing your meals for the week ahead means you overall will spend less and eat healthier. There’s a reason they strategically place the fresh bread at the entrance, the smell is supposed to make us hungry prior to shopping.
Click & Collect
Can’t take a delivery at home, or maybe it’s for a delivery for a work function? Coles click and collect allows you to shop online and collect your groceries when it suits you. This allows you to stay within budget whilst still being able to collect, a win win!
Receive a daily agenda
A useful but very hidden feature is to receive a daily email digest of all Calendar events, a handy way to stop them sneaking up on you and missing appointments. Accessed by clicking the gear icon > settings> select the calendar you want> go to general notifications and choose ‘daily agenda’ box, then select ‘email’.
Looking to set up a budget for your business? Contact us to discuss how processes in your business can ease up time for yourself email@example.com