Accounting On Purpose

Today I want to talk to you about recruitment bias and how it plays into the daily running of your business. The cost of recruitment bias needs to be examined in order to make good decisions as you move the business forward.In this episode we look into unconscious bias in recruitment that you may have and general unconscious bias in the workplace and how once we recognise where it shows up, we can begin to manage it. One way that unconscious bias in recruitment and selection plays out is the moment we even think about hiring. We look at the person who was hired before and think that we need another one of them when in fact, there may have been inefficiencies about that role that can now be managed in a new way. The good news is that our unconscious bias in recruiting can be managed if we begin to ask the right questions. If you're not sure that you contribute to unconscious bias in the workplace (unconscious bias @ work), then I'd love for you to listen and critically examine your own behaviour and perhaps begin to put into place the suggestions I make around how to go about lowering your own recruitment bias.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Are you part of the finance team in your organisation or do you have a finance team? Today I want to talk to you about understanding finance team culture and its organisational impact so that you can make strides towards enhancing your team culture.While the finance culture is just one area of organisational culture, it is an important one.  In today's episode I delve into how culture not only impacts your business but how it creates value within the business. Naturally, this affects not only the team itself and the organisation but clients too.In Australia, corporate culture (particularly accounting culture) does not get spoken about enough so as a not for profit accountant here in Australia, I want to shed light on the topic.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Firing a client is never easy and it's not something any of us ever really want to do. However, it's important to maintain a profitable business so that sometimes means doing the difficult thing. In this episode I want to take you through my process of understanding when you should be firing a client - tips to determine client profitability.To understand when to fire a client, a great place to start is with a client profitability analysis. That being said, determining whether or not they are profitable strictly by numbers is not the whole picture and firing customers needs to be based on more data than purely numbers.If you truly want to know when to fire a customer you need to take into account other factors such as how difficult they are to work with. Are they paying their invoices on time? Do they always question the process or the invoice? You see, if it's purely a mathematical issue then you have a moment to discuss new fees with that client but if you are seeing behavioural things as well then terminating a client might be the best solution. Difficult clients are never easy but firing difficult clients brings an unprecedented amount of relief as well as gives you time back in your schedule for new and more profitable clients.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

In this episode I want to talk about paying yourself first from your business and also why, how and when to do it. So, the question is, are you paying yourself first? And if so, do you know how to pay yourself first?If your business is bringing in income and you are doing all the work then it stands to reasons that you need to pay yourself first. It's a big step for a lot of people to pay themselves before they pay others but you need to know how to pay yourself as a business owner because it will inform you of a number of things. It will give you a taste of what it's like to pay employees, whether or not the business can withstand wages going out and how profitable the business truly is.If you want to know how to pay yourself as a sole trader or how to pay yourself as a business owner in Australia then you take a look at the standard salaries and wages going in your industry and pay yourself accordingly. Knowing how to pay yourself and how much should you pay yourself will give you enormous insight into eventually hiring employees to fulfil the technical role you are currently filling.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Personal/professional development training is one of those expenses where it can be difficult to measure in terms of impact and ROI as it's a long term venture. Personal development training expenses can also eat up a large portion of your PD budget if you aren't careful.In this episode we look at personal development and professional development and how these business expenses should be considered within your training and development budget. Training and coaching employees is essential to long term success within your business. Leadership development training is essential for those in leadership positions as they need to continue to make great decisions for individuals and for the business as a whole.Unfortunately these things do cost money (and sometimes a lot!) so as you are tracking expenses for small business and working out your budget for business expenses such as training, be mindful of the long term impact versus the short term impact of these investments.And, if you're asking, how much  should I spend on personal development and professional development for your staff then you've come to the right place.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Finding an accountant can be a daunting task at the best of times. On the one hand there is an abundance of accountants all seemingly performing the same duties. On the other hand, how do you know who to trust? Do they specialise in your type of business? How do you go about asking the right questions when you're hiring an accountant?I'm going to answer these questions and more in today's episode. Hiring an accountant for small business doesn't have to be scary and you don't need to fear it. Knowing how to choose an accountant really comes down to the values you hold and whether or not the accountants you talk to hold similar values to you.So, listen and learn how to pick an accountant, learn the difference between a cpa and accountant and take notes on the questions to ask your accountant to help inform your final decisions. Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

If COVID has taught us one thing, it's that having a business continuity plan is necessary moving forward. In this episode I want you to think about your own business continuity planning for your business and how that has effectively become a business continuity planning process that can now be documented and written into your business systems.Second to this, I want you to think about the change management principles this pandemic has activated and how that too should be something documented and accounted for within your business.COVID-19 business continuity has enlightened us with many learnings as we've been forced to pivot and adapt at lightning speed. Planning for a pandemic and business continuity were likely not on the agenda before now and in the face of such a pandemic, your ability to adapt has possibly taught you more than prepping without actual experience. That being said, how can we use COVID-19 as effective crisis management planning, business continuity planning and disaster recovery as we move forward?Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

I want to discuss job automation and job loss and what this means for jobs in the future.Globally, It's already been a wild year and the future of the workplace might feel even a little more uncertain for some. Robots taking over jobs in the near future is a real possibility as we have tasted a crisis that has, for the most part, shut the world down.The question on many people's lips is ‘will robots take our jobs?' and the simple answer is, over time - yes they will. We've already seen it happen with the installation of ATMs and self-service checkouts in the grocery store. AI taking jobs is the modern world that we live in.However, I want to pose to you the idea that jobs in the future, while potentially different from today's, will be abundant and require something that only humans can give. And that's what I want to discuss in today's video.Will robots take my job?Will robots replace humans?Yes.But jobs that will disappear will be replaced by new jobs that, I believe, will bring even more professional fulfilment.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Are you thinking of starting an enterprise here in Australia that has a social purpose? Perhaps starting a social enterprise is something you have in your long term business plan?Well, starting a social purpose enterprise is a little different to starting a nonprofit organisation and many people think they are one in the same. I want to use this episode to walk you through the differences and what that actually means for you as you start your enterprise.To be clear, this is not a social enterprise vs nonprofit in terms of which is better but rather which is better for you and your goals.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

It's a strange time right now in the business landscape and there are very few businesses that aren't dealing with a business crisis. In this episode I am going to walk you through some tips around how your accountant can help with crisis management. This isn't the time to shy away because you need business crisis management, it's the time to have a chat with your accountant and perhaps come up with a crisis management plan.If you have a business affected by COVID-19 then please reach out so we can discuss the options available to you at this time. Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

We've officially moved into an interesting time here in Australia, as well as globally, where working from home and flexible working arrangements have been enforced.It's not an easy task understanding how to facilitate flexible working arrangements in Australia and as we move back into the regular pace of work (when this is over) we will likely be faced with flexible work as an expectation. So how do we navigate that?Flexible working hours are one thing but there are also flexible working practices that we might not have even considered because we are yet to experience the challenges and adaptations that come with a flexible workforce.With flexible working conditions becoming the new norm, I'd like to help you navigate staff work flexibility by giving you some of my own flexible working examples as well as challenges we've faced or that I've seen play out for clients.I'd also like to extend my help for those of you who are finding this time challenging. If you need help with your accounting or even understanding what might be available to you through the government stimulus packages, or maybe you simply need some more remote working tips please reach out to me and we can work through it together.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Now more than ever we need to be thinking about how we will emerge on the other side of a national crisis. In today's episode I am going to give you a handful of tips on crisis management and what to do now that we are actually in need of business crisis management. This crisis management plan is for those of you who have had business affected by Covid-19 and any smaller internal crisis yet to emerge.Too often we don't think of what we'd do in a crisis situation because we've never faced one so I want to help you navigate through as unscathed as possible.Remember, this too shall pass and if you need any help please reach out to us at Right Source.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/ 

It's an interesting question and I want to walk you through how to think about it in a way that positions you well for business.I want you to ask yourself, who do you want to be? Better still, who do you want to be today?If you want to win, if you want to be the best, listen to this episode on business mindset and start strong!Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

 When you begin to go down the rabbit hole of building a business in Australia there are so many questions involving the ‘how'. One of the biggest downfalls of that thinking is that we need a ‘how to start' motivational speech just to get us off our couch and into action.If you want to know how to start a business you simply get it done. There isn't a magic formula, you just start it. Just start now. Get up and do one thing to move you towards your goal. Stop procrastinating with the how.Stop procrastinating, motivation won't find you when you're idle. If you really want to stop procrastination in its tracks or stop procrastinating now then you get up, you step outside, you make a phone call, you build a website, you ask for a referral, you reach out, you cold call, you just. Do. something. To get it done. Motivation is a false idea that people look for to give them momentum but the truth is that motivation comes by doing. The joy that comes through doing creates momentum and instils motivation in you to get up and try again tomorrow.In this episode I give you a real life example of how this played out in my life and get yourself moving!Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Sometimes it can be difficult to put empathy and care about the fiscal needs of the business but today I want to talk to you about caring in business and how caring about employees makes for good business.It seems obvious right? That we should care about our business and our people within its four walls but empathy in business and more specifically, empathy in business leadership isn't always present. Show of hands who has ever worked in a toxic environment?

Are you a leader of a company and tearing your hair out because building trust in the workplace is HARD?! You aren't the only one!Building trust in teams isn't easy but it also isn't complicated! The good news is that a culture of trust is a top down initiative so the buck starts and stops with you. Learning how to build trust in teams is really you learning how to give trust TO your team. If you don't give it to them, they cannot give it to their peers or those who report to them.Learning how to build trust at work and ultimately building successful teams simply takes time. You have to wait for them to have a myriad of situations in which they can process the trust they've been given and then do something with it. Leadership trust or trust given by the leader is of ultimate importance. You are their biggest champion. If your team develop a workplace culture of trust then essentially it frees you up to do other things within your role that perhaps require a little more of you.Building trust through committed leadership is one of the best ways for workplace trust to be built and team commitment to grow evident. So let me walk you through how to do this so that you are equipped to build trust with your employees!Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Do you feel overwhelmed when you think about how to systemize your small business? You're not alone! Figuring out your business procedure after business procedure and turning them into some type of documentation is a bit of an area a lot of business operators avoid. It's not the most fun task but it IS important!Creating systems and processes for small business can be the difference between selling your business for the price you want and not selling it at all! When you create systems and processes, you essentially create a machine that can operate without you - which is what the buyer of your company will need and want.Not only that but if you can learn how to systemise your business, you begin to create a culture where it's easier for new staff to learn how and why to do things without needing the input of a person every time (which costs you money!)Business systems are vital in the profitability of your business to pull yourself out of the famine and feast cycle and into something more sustainable, repeatable and therefore predictable. So, come along with me as I walk you through the process for creating small business systems and processes.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Internal fraud is a very real thing in business but unfortunately by the time you know anything about it, it's too late. Preventing employee theft is possible though - but for you it can feel awkward.In this episode I look at employee theft and specifically employee theft prevention so that you know how to frame it in your mind when you're putting measures in place.Employee theft in the workplace is something every business owner needs to know about. Employee theft signs are not always obvious so it's important we put working parameters in place from the beginning to avoid these things. It's a safeguard for both you and the employee.So if you want to know how to stop employees from stealing or you have an employee stealing money, then watch this to understand what to do.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Are you wondering what your first steps to starting a business should be? In this episode I walk you through three things you should consider when planning your first steps to starting a small business or a large business.The list of things to do when starting a business in Australia can be endless and I want to give you three practical steps from an unbiased standpoint (ie I'm not selling to you). Many people try and start but don't really know what to do before starting a business. Whether it be your first steps to starting an online business or just your first steps to starting your own business, this video will help set you on your path.Starting a business is never easy, especially starting a business from scratch. So make sure if you're writing a business plan in Australia that you include these steps in your business planning process.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Are you an accountant or lawyer and want to give back but not sure where to start? Well, let me share a bit of my story in this video about how I became a company secretary for a non profit company in order to give back.Non profit governance is much like corporate governance (Australia) except that it doesn't have all of the positions filled. For example, they often don't have a CFO or an HR department and so the CEO themselves are carrying not only the responsibility of the organisation but also the weight - mostly alone.That's where a company secretary executive can be of use, especially if you're a lawyer or accountant. These are strong skill sets that nonprofits need in order to manage the organisation effectively and by you volunteering your time and experience you can give quite a lot of value while simultaneously sharing the load with the CEO.So, if you're looking at how to give back with business skills, then this is a role you should consider! Your familiarity and corporate governance structure will make you an asset to any non profit. Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/ 

If you want to know how to close a business or how to dissolve a business and you own a small business in Australia, then stick around. In this episode I walk you through some business exit strategies that include (but are not limited to), selling a small business, closing your business and passing the business on.These business exit strategy examples are the main options open to you and I discuss the things you need to consider with each one. I touch on how to evaluate the business value because ideally, it would be great to sell your business to capitalise on the hard work you put in over the years.That being said, knowing how to value your business while helpful, is not what everybody wants so understanding your options is paramount. This video is really to help you with the next steps after you decide ‘I'm closing my business'.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

We got rid of sick leave! Instead of 4 weeks annual leave and 2 weeks sick leave, we combined them. Our employees have 6 weeks of leave, to do with as they wish. No doctor's certificates required, and the combined leave vests (we pay it out if the employee leaves). Need a day off? Just take one, no questions asked. Sick days, mental health days, caring days, holidays – all covered in the 6 weeks.There are plenty of companies saying that mental health is important to them but actions speak louder than words. We care about our employees' mental health and this is one way we are showing it.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

If you are a lonely entrepreneur or you're thinking of starting your own business then watch this video for my take on how to create a helpful and solid network.When you hear people speak about how to network effectively it kind of makes your cringe, doesn't it? But learning how to network with people is a really effective skill and one that will help you combat the loneliness that's so often felt by many business owners.In this episode I talk you through how to networking at events in a way that's not sleazy and is truly effective. Think of this has a networking tutorial for beginners. It's especially good to watch before you start a business!If you can get the networking basics down then you're going to find more success when the time comes to meet new people at events and local meetings. These networking event tips will ensure that you're the go to, sought out person for help when the time comes.Make sure you pass along these networking tips and networking basics for beginners if they were helpful.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Personal development training is one of those expenses where it can be difficult to measure in terms of impact and ROI as it's a long term venture. Personal development training expenses can also eat up a large portion of your PD budget if you aren't careful.In this episode we look at personal development and professional development and how these business expenses should be considered within your training and development budget. Training and coaching employees is essential to long term success within your business. Leadership development training is essential for those in leadership positions as they need to continue to make great decisions for individuals and for the business as a whole.Unfortunately these things do cost money (and sometimes a lot!) so as you are tracking expenses for small business and working out your budget for business expenses such as training, be mindful of the long term impact versus the short term impact of these investments. And, if you're asking, how much  should I spend on personal development and professional development for your staff then you've come to the right place.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

As we dive into this episode I want you to know that when we look at the incremental budgeting advantages and disadvantages we are looking at them through the lens of incremental budgeting vs zero based budgeting.Often times when budgeting for business we are presented with a business budgeting framework that someone shows us because they like it or it works well for them. What we aren't exposed to is the pros and cons, so that's what I want to talk through with you today. More specifically, the incremental budgeting pros and cons.Small business budgeting doesn't have to be difficult but you just need a little of the business budgeting basics so you can go ahead and create your small business budget plan.

Don't make these mistakes that a lot of businesses make when it comes to flexible budgeting!Budgeting for business requires knowing what to do and what not to do and being an accountant for a living - I've seen it all! Watch this video and learn the mistakes to avoid so that your business budgeting is on track for 2021 and beyond.

Have you checked your business expenses lately? There is no doubt that if you take a closer look there will be silent business expenses costing you money! Tracking expenses for small business is an important task to ensure that you're not overspending. One of the quickest ways businesses rack up unnecessary expense is through business subscriptions, business communication apps and business software subscriptions.Business software for small business can be a huge silent money eater so if you're looking for how to cut costs in a business then take a look at the apps and software that you have subscriptions to and see what you are using and what you are not using. Perhaps you need the software but you don't need the level you're on. Consider a downgrade.Record keeping is a great way of tracking expenses for business. Go over those records and take note of what you are using and not using. Consider a system for software management that allows you to review and take action on the things you are no longer using so you can make great financial decisions within the business.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Not sure if you need a social media budget? Or how to work out your social media budget? Let me talk you through what I think needs to be considered when creating a social media marketing budget.Firstly, there is no one size fits all with a marketing budget or advertising budget. Every business has different overheads, expenses, capital and profit margins and so coming up with your first marketing budget is going to look different to anyone else's.In this episode I am going to offer you some thoughts as you move into creating a marketing budget plan. We will look at what is a marketing budget, how do you quantify the value of your campaigns and a few other things so that you can go into your decision making clear headed and confident. Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

As we head into the end of one financial year and into the next, I want to share with you common mistakes I see businesses make when doing their annual budget planning. As you put together your new annual budget, I want you to consider how you've been using your budget in the past. Have you been rigid and following your budget as if it's law? Or can you find some room for flexibility as you sit down to your annual budget preparation? This is just one of the mistakes I see in business annual budget planning.Budgeting mistakes have very little to do with the numbers themselves and everything to do with your approach to budgeting and forecasting. Your business budget is much like anything else in your business - open to improvement and change where necessary.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

It's that time of year again when annual budget planning is at the forefront of our minds as small businesses. If you've never created an annual budget, now is the time.Annual budget preparation isn't difficult but when it does come to annual budget planning there are some considerations to ensure we are budgeting and forecasting in the best possible way.I will be walking you through some of these considerations in your annual budget planning so your business budget is set for the new financial year! Small business budgeting isn't too difficult but most businesses don't do them. They're a great way for you to see where you need to invest or pull back on spending as well as show you trends you may not have picked up on.This episode will also give you some tips on how to budget a small business if you've never had experience in it as well as giving you the foundations for your small business budget plan.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

If you're a business owner you've probably wondered what is fringe benefits tax at some point. In this episode I explain in depth exactly what fringe benefits tax is and how the fringe benefits tax in Australia works.In order to understand fringe benefits tax you first need to understand exactly what is a fringe benefit. Fringe benefits are a non monetary benefit that an employer uses to go over and above for their staff (essentially). It's a way of incentivising, rewarding or thanking without adding to their current income and thereby creating more business and income tax.In this episode I also want to show you how fringe benefits tax and not-for-profits are often overlooked but potentially beneficial to you as a not for profit. Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Have you ever wondered what is corporate social responsibility in business and does it do anything or is it merely a title? Let me dive into it here with a quick ‘corporate social responsibility explained' piece.Corporate social responsibility is an interesting topic because once upon a time it wasn't even a thing. The reason it wasn't a thing was because business was all about social responsibility. Commerce was literally designed to benefit and bring value to the community.So, in this episode I want to take you through what is corporate social responsibility and how you can participate. We will look at the social responsibility of business and whether it's good or bad and next steps from here.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Have you been wondering what exactly are business assets? I'm going to walk you through typical business assets, what are assets, features of assets, the definition of assets, what are assets in accounting and how to apply this to your financials. Sometimes it can be difficult to understand exactly what are assets in accounting so I aim to simplify that understanding for you. Understanding assets and liabilities is important for accounting basics in Australia so if you're new to assets accounting and you want assets explained then grab a pen and paper and take notes.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Have you been thinking about changing accounting software in Australia? Is your current system not up to scratch?The best accounting software is going to be the one that adequately meets your needs, is user friendly and your staff are trained in! It doesn't matter what you use, if your staff aren't trained in it then every software will be inefficient and ineffective.If you're thinking about changing your software system then the thoughts, questions and ideas posed in this episode will help you figure out which accounting software is best for small businesses and you.Instead of asking which accounting software is best, ask yourself why you're changing systems. Do you simply need more training? Do you feel as though there isn't enough reporting? Is this accounting software difficult, clunky or does it have bad UX? Any accounting software for small business is going to have a learning curve attached to it so bear that in mind as you consider changing. The same applies for accounting software for large business and accounting software for nonprofits.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Have you ever wondered what the difference is between a bookkeeper vs accountant? I am often asked, accountant vs bookkeeper - which one do I get? Or what does a bookkeeper do? And what does an accountant do? So that's why I decided to put this accounting vs bookkeeping episode together for you today.Bookkeepers and accountants work together but they are not the same thing. So we shouldn't approach it like ‘bookkeeping vs accounting' but rather we should consider ‘when do I need a bookkeeper?' And ‘when do I need an accountant?'The bookkeeping vs accounting difference really boils down to the short term vs the long term view of your business finances. You may even have a bookkeeper accounting for you too! A lot of accountants do both. Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Have you ever wondered what GST in Australia is? How does GST apply to your business? In this episode I walk you through what is GST in Australia but for the sake of having a preliminary understanding, if you asked me what is GST? I'd say that it is a goods and services tax that you need to pay in Australia as your revenue hits a certain threshold. We will look at the benefits of GST registration as well as some of the downfalls. We will look at the types of businesses that need to apply for and know all about GST straight away and the ones that can wait until they have a certain turnover. Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Accounting for non-profit organisations is a little different than looking after regular for profit organisations. In this episode I look at the two big things both parties must be aware of when accounting for not for profit organisations. As an accountant in Australia I want to make it as easy as possible for NFPs to make good decisions about who they work with by having an understanding of what's involved.Whether it's church accounting or charity accounting or any other different types of not for profit accounting this video will help you get a handle on what should be a priority for both the accountant and the not for profit. Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

 Chances are if you're in business you've heard of Xero Accounting Software. In today's episode I want to give you my top 3 reasons why I think Xero is a great choice for small businesses and nonprofits as well as leave you with some considerations.This is not a Xero vs MYOB or Xero vs Quickbooks or Xero vs Sage. It's not even a Xero vs Zoho or Xero vs Freshbooks. This is simply about why I think Xero accounting is the best choice.In this video I talk about some Xero basics and functionality as well as some Xero features that I think are really helpful when you're looking at Xero for small business.If you'd like to connect with me over on Linkedin, you can find me here - https://www.linkedin.com/in/justin-hogg-right-source/* Not a sponsored post, I just love Xero.

Do you need your balance sheet explained? Well, you're in luck! Balance sheets are my FAVOURITE financial statement and this video will tell you why. In this balance sheet tutorial I will show you what balance sheet accounting is, how to read a balance sheet, how a balance sheet works and what is a balance sheet used for.So, what is a balance sheet? Great question! Essentially it tells you what your business value is. But that's a pretty broad statement isn't it? Check out this episode for a deeper dive into the balance sheet and how that affects your business.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Do you have cash flow management strategies set up in your business to account for your daily dollars? Do you look at your numbers and have a grasp on your cash flow?Cash flow management is key in any business. Understanding how to keep an eye on what goes in and out and creating strategies so that it's easier to see if and when something goes wrong is vital. Cash flow management for small business and nonprofits should be a responsibility tasked to your accountant or bookkeeper to ensure that your daily cash flow (and business expenses) isn't exceeding its limits. Learning how to manage cash flow in small business or really learning how to manage cash flow for a business of any size will be one of the duties that help you become profitable and not fall into a dire situation.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/ 

Ready to learn some more accounting basics? Today we look at debits and credits in our debits and credits explained episode!This accounting stuff isn't hard when you know the basics and understanding debits and credits accounting is one of the things that any good business owner should try and wrap their head around.Come with me as I dive into this accounting 101 series and show you how we do accounting in Australia. The principles and accounting basics in Australia are fairly standard practice but it's always good to understand the nuances.If you need an Australian accountant specifically for any nonprofit needs, then please reach out and I would be happy to help or point you in the right direction.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Accounting Basics For Beginners: What Does Your Accountant Do? // In this episode I'm taking a pause to help you get clear around some accounting basics for beginners. This is to help you get a handle on understanding how your accountant should be helping you with reference to accounting basics for your small business.This episode is specific to accounting basics in Australia as well as nonprofit accounting basics. So, what does your accountant do actually? Well, they should be helping you get clear on what is happening in your business. Accountant duties can vary depending on their level of expertise but most accountant duties and responsibilities are the same.The purpose of accounting and more specifically, the purpose of accounting information is to reflect for you the goings on in your business.If you are looking for an accountant in Australia, specifically in the NDIS and nonprofit sector then reach out and let's chat!Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

If you've ever wanted to know what a financial model is and why an how you'd use one then this episode is essentially a financial modelling for beginners video!Financial modelling forecasting is also discussed as a way of projecting what you might expect financially in the future. Similar to a weather forecast :)Dive in with me now as we look at financial modelling for startups & small businesses as well as non profits too!Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

So what is management accounting? And do you have a management accounting CPA? Well, in this episode I'm going to give you a managerial accounting crash course to get you up to speed with what your accountant ideally should be doing with you.I'll touch on management accounting budgeting, management accounting vs financial accounting and management accounting advantages and disadvantages.The management accounting and financial accounting differences are quite substantial and for the most part, businesses are really only delivered compliance solutions but ideally you want more. This episode should clear up the differences and why they're both important to your business.I'm happy to discuss how I can be your strategic management accounting CPA in Australia if this sounds like something you would like and are currently not being offered.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Are you a small business looking for the best accounting software to get your started? Then you need to watch this video as I walk you through the thought process to help you choose which accounting software is best for small businesses.One of the things I commonly come across with small business is their need to find the best accounting software that can do everything from bookkeeping to invoicing to reporting to inventory management. But here's the thing, when you're looking for which accounting software is best you simply must take into consideration whether you need something with generalist capabilities or specific capabilities. It's not as simple as Xero vs MYOB.Whether it's accounting software for small business or accounting software for large business or accounting software for nonprofits it's important that you know what you want and need from it in order to choose the best one. If you require something that is diverse in what it can offer then perhaps you might need to consider a lesser known platform that caters specifically to your industry.So, follow along with me as we look at accounting software in Australia and how you can make the best possible decision for your business.

In this episode I want to break down accounting and whether or not you need to be doing all the accounting stuff you think you need to be doing to manage your financial systems.This is a completely candid strip down and analysis of my industry, the accounting cycle and where it gets things a little warped at times. Ultimately, I'd love for you to walk away from this video with a little more understanding of the accounting basics role so that when you need to make executive decisions, you can with confidence and ease.The accounting roles and functions don't need to be as complicated as they are and the accounting role in business could probably do with a few less processes. So, I dive into the history of accounting and bookkeeping to give  you a little more foundational understanding.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Australian Tax Explained - Your #1 FOCUS! // In this episode I want to walk you through typical Australian tax deductions and why you need to reconsider certain deductions. If you're a sole trader tax in Australia is really about profit first. The Australian tax system is here to benefit you in places but ultimately you have to prioritise the profit in your business and not try to write off everything!Company tax returns in Australia are a little more complex and that's where we can start to look at different options but in Australia the tax system can work against you when you work against it.Understanding tax in Australia is about understanding tax deductions, understanding where you sit as a small business and understanding taxes for small business, so let me walk you through your number 1 focus here in this video.Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/

Accounting Basics in Australia - 3 Things Every Small Business Should Do! // Owning a small business means you have to wear many hats and one of those hats is accounting basics. In this video I run through the three things I believe are the accounting basics for small businesses here in Australia. It very much is Accounting 101 but that is all you truly need to have a handle on! You can't possibly worry yourself with being an expert at everything while you also try to take on marketing, sales, websites, managing teams, product/service delivery and so forth.Accounting standards in Australia are different to other countries so it's important that you make sure you understand what is required of you here in Australia.In this video I also reference Xero Australia which is a great program for small businesses and has all of your small business accounting basics. Always make sure you do your due diligence.If you are looking for accounting basics for beginners or you're interested in Australian accounting then this video is for you!Connect with me on LinkedIn https://www.linkedin.com/in/justin-hogg-right-source/