Straight Up Small Business

The driving force behind everything I do in my business is to free purpose-led business owners from financial stress while consciously fulfilling social and environmental responsibilities. This podcast certainly helps achieve this vision and having started as a platform for sharing knowledge, it has evolved into a powerful marketing machine for my business.  After some careful consideration, I've come to realise that I need to slow the machine down and press pause on releasing episodes for the time being.Despite the success and impact of this podcast, I feel a calling to deepen my engagement with my clients and free up time to give 100 per cent to my bookkeeping mentees in the Bookkeeping It Real mentoring program. I also need to be there for my team as they gear up for the next level of growth in my business, Straight Up Bookkeeping on top of the normal family commitments. As I reflect on my podcasting journey, I feel a deep sense of gratitude for your support and engagement. I am so glad that I started this podcast. It has changed my business, strengthened my credibility and been so rewarding on many levels. While the future remains open-ended, I am committed to keeping the conversation alive, sharing industry insights, and connecting with you in new and meaningful ways.I hope this episode also serves as an inspiration to you, knowing that you too have permission to look at your current situation and change things up. You don't need to keep doing things in your life or business just because you've always done them.Until we meet again, take care, stay inspired, and please feel free to reach out to me if you would like to work together or simply stay connected. I truly appreciate your support.Where to Find Bec:Website:    https://straightupbookkeeping.com.au/ Instagram:     @straightup_bookkeepingFacebook:     @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

Getting your numbers right is crucial for business success, which makes having the right bookkeeper and accountant by your side all the more paramount. Many of my clients came to me following a bad bookkeeping experience elsewhere, where they received a lack of communication, errors in their bookkeeping, and they were left wanting a more solid relationship with their numbers person.Finding the right bookkeeper or accountant for you and your business requires more than a quick Google. One of the first things to bear in mind is that bookkeepers and accountants do very different things. Bookkeepers focus on organising financial data at a transactional level and maintain a close relationship with you as the business owner. I like to say that bookkeepers are in the trenches with you, up close and personal with your day-to-day numbers. This is why it's important to find someone you can trust and be vulnerable with. Accountants, on the other hand, especially tax accountants, offer high-level strategic services like tax planning and compliance. They are less focused on the minutiae, cost a lot more than a bookkeeper due to the extra qualifications and compliance they undertake, and accountants often don't have a close relationship with their clients.  Some of the key considerations when choosing a numbers person for your business are:1. Qualifications: Ensure your bookkeeper or accountant holds the necessary certifications and registrations, demonstrating professional competence. 2. Experience: Look for professionals with industry-specific experience to better cater to your business's unique needs. It makes a world of difference when your numbers person has prior experience working with businesses similar to yours. 3. Recommendations: Seek referrals from trusted sources to find a numbers person who aligns with your requirements. Don't take just anyone's word for it. Make sure you do thorough research and ask questions to any questions you have. 4. Location: While virtual services are prevalent these days, consider whether the physical location of your numbers person is essential to you. While it might seem preferable to be able to pop into an office to chat, from my experience, you can still build a wonderful relationship with your bookkeeper online.  5. Vibe and Values: Evaluate the cultural fit and values of the bookkeeper or accountant to ensure a harmonious working relationship. Look at their website and social media to really get a feel for the person and the way they work. Choosing the right bookkeeper and accountant is a critical decision for any business owner. By considering qualifications, experience, recommendations, location, and compatibility, you can find a numbers person who fits your needs and contributes to the financial health of your business. Remember, a well-informed decision today can pave the way for long-term success tomorrow.Where to Find Bec:Website:    https://straightupbookkeeping.com.au/ Instagram:     @straightup_bookkeepingFacebook:     @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -In today's fast-paced business world, having a clear understanding of your company's performance is essential. A business dashboard is a powerful data visualisation tool that displays key performance indicators (KPIs), metrics, and other relevant information in a visual format. I think they can be so beneficial to a business, which is why we're diving into them in today's episode. I'll share the benefits of having a business dashboard, the metrics to consider, and how to design one.The benefits of having a business dashboard: By providing visual representations of key metrics they make it easier to quickly understand complex information. With real-time data updates, we can stay on track, identify areas for improvement, and respond confidently to changing situations. Having all your data in one place saves the time and effort you would spend collecting it, and ensures your team members are working off the same information. Choosing metrics for your Dashboard: When designing a dashboard, it's important to focus on metrics that are relevant to your business. Unnecessary data will muddy the water and make it difficult to understand the health and performance of your business. It can be hard to figure out what to include, but don't worry! I'll take you through all of your options and share a practical example within my business. How to set up a Dashboard: Setting up a business dashboard would be hugely beneficial for any business, but that process and the end product are going to differ greatly. There are multiple approaches to designing a dashboard, and the appropriate one for your business will depend on your business needs, your budget, and your team's capacity to update the dashboard. I'll layout these options so you know where to look, whether you want to invest in some software, use something you already have, or take a DIY approach. A business dashboard is an invaluable tool for improving performance, efficiency, and decision-making in any business, regardless of size or industry. So, what are you waiting for? Start designing your business dashboard today and unlock the potential for growth and success.Where to Find Bec:Website:    https://straightupbookkeeping.com.au/ Instagram:     @straightup_bookkeepingFacebook:     @straightupbookkeepingLinkedIn: @straight-up-bookkeepingAttention Bookkeeping Business Owners - my 12 week group mentoring program, Bookkeeping It Real, is open for enrolment from 6 March through to 15 March. We start on 16March. Find out more HERE.

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -Welcome to episode 100 of the Straight Up Small Business Podcast! This has been an incredible journey, and I'm so grateful to all of you for your support and listenership. Today I want to give you a guide to payment plans with the Australian Taxation Office (ATO). Payment plans can be a lifesaver for sole traders or business owners struggling with cashflow, so I think it's crucial to have a good understanding of what they are, how they work, and how to set one up. I'll also discuss the rules you'll need to follow, and share some tips for getting out of a cycle of debt.What is a Payment Plan?:A payment plan allows you to break down your tax debt owed to the ATO into manageable installments. These installments can be spread weekly, fortnightly, or monthly until the balance is cleared. Payment plans can be set up for business activity statement (BAS) debt, installment activity statement, or income tax debt.Setting Up a Payment Plan:Individuals, sole traders, and/or businesses, can typically apply for a payment plan with the ATO online. This is done where you usually handle your taxes. So for individuals and sole traders that's through myGov, and for companies, it's online services for business.Sometimes you might not be able to set up a payment plan online. This might be because the debt exceeds $200,000, or you have overdue debts, or you have previously defaulted on a payment plan. In this case, you can still set up a payment plan, but you will need to contact the ATO by phone. Once a payment plan is in place, there are a few important rules to follow:Firstly, you can only have one payment plan per lodgement type at a time. In other words, you can have one payment plan for income tax debt and another for activity statement debt, but not two payment plans for different activity statement quarters simultaneously. Secondly, installments must be made by the due date, and all future tax lodgments or payments must be made on time. If you are struggling to meet due dates it is crucial to communicate with the ATO and explore alternative arrangements, before your debt becomes overdue. Mindfulness and Planning Ahead:While payment plans can provide temporary relief in times of cash flow strain, it is essential to avoid relying on them for an extended period. The goal should be to free yourself and your business from payment plans as soon as possible. To achieve this, it is important to understand your tax savings needs and maintain a tax savings account. Navigating tax debt can be scary, but it shouldn't be. This episode shares everything you need to know about payment plans with the ATO which can help you overcome cash flow strain, and work towards financial freedom. I want you to be empowered to make informed decisions that improve your financial situation and build a thriving business! Where to Find Bec:Website:    https://straightupbookkeeping.com.au/Instagram:     @straightup_bookkeepingAttention Bookkeeping Business Owners - my 12 week group mentoring program, Bookkeeping It Real, is open for enrolment from 6 March through to 15 March. We start on 16March. Find out more HERE.

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -Numbers can be scary, but they are not our enemies. As entrepreneurs numbers can be some of our strongest allies, providing us with a wealth of information to pave the wave to success. My guest today is Chris Edwards, an entrepreneur who has founded multiple successful businesses, and we share a conversation about the importance of numbers for entrepreneurs. Chris shares valuable insights about her approach to managing finances, the importance of building a strong financial foundation, and the lessons she has learned along her journey. Learning from Mistakes:As many business owners are tempted to do, Chris tried to manage her own books when she began. Despite having a commerce degree and accounting knowledge, it was harder than she expected, and she ended up making costly mistakes. Chris encourages entrepreneurs to learn from her experience and emphasises the need to seek expert help early on to avoid such setbacks.Choosing the Right Accounting Software:Chris shares her experience using invoicing software when she started out in business. It was helpful, but insufficient for managing the finances of her business. She then transitioned to using Xero, which provides her with more comprehensive tools for tracking revenue, expenses, and financial performance. She even has separate Xero accounts for each of her ventures, allowing for a clear and accurate overview of each business's financial performance. The Power of a Well-structured Chart of Accounts:We also discuss the value of having a well-structured chart of accounts. While it may be tempting to create account codes for every little expense, Chris recommends consolidating and grouping expenses into meaningful categories. This allows for a clear and concise overview of financial metrics, making it easier to identify trends and potential areas for improvement.Overcoming the Fear of Numbers:There's a common mindset Chris has observed over her years working with entrepreneurs, one of fear and negativity surrounding numbers. Many business owners express discomfort or even avoid dealing with financial matters, often citing a lack of confidence or math skills. She shares her personal journey in overcoming this fear and embracing numbers as allies. Chris encourages entrepreneurs to lean into their numbers, seek help from professionals, and develop a positive association with financial metrics.Chris has a wealth of experience juggling various ventures and she's learnt the importance of her numbers the hard way. By picking up on her missteps, tapping into accounting tools, and staying organized with your finances, you can set your business up for success. So, whether you're at the beginning of your entrepreneurial journey or looking to level up your financial management skills, remember that numbers are your ally, not your enemy. Where to Find Chris:Instagram:     @Chris_Edwards_AULinkedIn: chrisedwardshoneycombersWhere to Find Bec:Website:    https://straightupbookkeeping.com.au/Instagram:     @straightup_bookkeeping

Today, I'm talking all about director's loans - a topic that has many business owners in a bit of confusion. This episode is geared towards business owners operating a company business structure, however if you're a sole trader or in a general partnership, it's important to stay on top of the ins and outs of business so that you can continue to make informed decisions.When a working director receives a salary from their company, the process is similar to that of any other employee. The salary is processed through payroll, ensuring that taxes are withheld and super is calculated accordingly. This legitimate method of withdrawing money from a company offers a range of advantages. However, I see so many directors of companies lacking clarity around the correct ways to receive or use company funds, and therefore put themselves at risk. We'll explore the best practices for receiving a loan from your company and the considerations you need to be aware of to ensure compliance with financial regulations.Now, there's more to director's loans than a director taking money out of the company. Conversely, a director may contribute funds to their business bank account from their personal one - another type of director's loan. For example, when I first started my business, there wasn't enough cashflow in the business bank account to buy a car for travelling to see clients. So, I transferred my personal funds to the business to make the purchase, creating a loan to the company that was in my favour. In this episode, I dive deeper into tackling repayments of loans before tax time, give you an overview of what franking credit is and why it is the most effective way to distribute profit to shareholders. But don't worry - I keep it short and sweet so you can digest all the information easily!Director's loans are significant, especially in the eyes of the ATO. Remember, the company's money is not personally yours, and treating it as such has the potential to land you in some hot water come tax time. So, join me today and stay educated on how to keep doing good business.LINKSPrevious episode mentioned: Business Structures: Which one is right for you?Where to Find Bec:Website:    https://straightupbookkeeping.com.au/ Instagram:     @straightup_bookkeepingFacebook:     @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -As a business owner, keeping accurate and up to date records of your transactions is not only a legal requirement but also crucial for the success and growth of your business. So in this episode, I'm sharing some essential record-keeping responsibilities that every business owner should be aware of and why establishing good record-keeping habits is essential.Understanding Record Keeping ObligationsIn Australia, you are legally obligated to keep records of all your transactions related to tax and superannuation matters. This includes revenue and expense records such as invoices, bills, and receipts. You must also maintain documents that outline decisions, choices, estimates, determinations, or calculations made for your business's tax and superannuation affairs. In short, every transaction and relevant documentation must be recorded and retained.Maintaining accurate and complete records is not just about meeting your legal obligations; it also has a range of benefits for your business. Effective record-keeping allows you to monitor the health of your business by keeping track of your income and expenses and helps you comply with any regulatory requirements. Keeping accurate records will also keep you well-prepared for tax time and ATO audits, should they come knocking. Trust me, The Australian Taxation Office has robust data-matching capabilities and conducts regular audits to ensure compliance. Use Accounting SoftwareI highly recommend using Xero as your accounting software to streamline your record-keeping process. This software allows you to link your business bank account, ensuring all transactions are automatically recorded. On the topic of bank accounts, make sure you separate your business and personal expenses to simplify your financial management and also protect your privacy.Have Support Documentation for Each TransactionWhile the bank feed in your accounting software provides a great overview of your transactions, it is essential to support each entry with relevant documentation. For sales, provide invoices sent to clients or data from underlying sales systems. For expenses, keep receipts and tax invoices from suppliers. Remember, to claim GST on expenses, you need to have a tax invoice from the supplier.Leverage TechnologyTake advantage of innovative applications like Hubdoc or Dext to streamline your record keeping. These tools allow you to capture and store documents electronically, providing a centralised location for all your records. They also extract relevant data, facilitating smooth bookkeeping into your accounting software.Organise Your DocumentationEstablish a systematic approach to document storage using cloud-based platforms such as Google Drive, OneDrive, or Dropbox. Create folders for different areas of your business, such as finance, HR, legal, and insurance. Within each folder, organise documents by financial year or relevant categories. This structured approach ensures easy retrieval of information when you need it.By adopting good record-keeping practices, you not only ensure compliance with regulatory requirements but you'll also gain a clear understanding of your business's financial health. So stay organised, follow the rules, and keep proof of your compliance. These small steps will protect you from potential penalties, make financial management more efficient, and contribute to a good night sleep every

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -Today, we dive into bookkeeping skills and how to best record your business transactions in Xero.  The foundation of accurate bookkeeping in Xero is an understanding of the chart of accounts, which is a comprehensive listing of all the accounts in your business accounting system. It consists of five categories: Assets, Liabilities, Equity, Revenue, and Expenses. Xero provides default account codes for each of these, but it's essential to customize your chart of accounts to fit your business.  I'll share the key things to consider for each of these categories: 1. Revenue Account Codes:A single revenue account code may suffice for some businesses but, if you have different revenue streams in your business or revenue streams that attract different tax rates, then you might want to set up additional revenue account codes. Individual accounts will help you to make better, more informed business decisions, but be wary not to go too granular and create confusion. 2. Other Income Account Codes:Other income refers to income received that is not part of your normal trading activities. It could include interest income, grants, or any other income unrelated to your core business. Creating separate account codes for these income sources will give you a better understanding of their impact on your business. 3. Expense Account Codes:Coding expenses accurately is crucial for effective bookkeeping. Xero provides default account codes for common expenses such as rent, cleaning, and insurance. However, our businesses are not default, so purposefully grouping expenses will provide valuable insights, and better reflect how we operate. 4. Direct Cost Account Codes:Direct costs are expenses directly incurred in producing or providing your goods or services. Whatever industry you're in it's important to distinguish direct costs from other operating expenses. Create separate account codes for direct costs to calculate your gross margin accurately.  5. Assets and Liabilities:Assets and liabilities are essential components of your balance sheet but are typically best left in the hands of your bookkeeper. Still, it's important to familiarize yourself with the asset and liability account codes, to help you navigate these sections effectively.Mastering transaction coding in Xero is essential for effective bookkeeping and financial reporting. By understanding the chart of accounts, customizing it to suit your business's unique needs, and coding transactions accurately and consistently, you can generate insightful reports and make informed business decisions. Where to Find Bec:Website:    https://straightupbookkeeping.com.au/ Instagram:     @straightup_bookkeepingFacebook:     @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

As we kick off the new year, it's a perfect time to explore the power of Xero Reports for managing your business effectively. In this episode, I'm diving into the most useful Xero Reports that every business owner should consider running regularly. These reports will provide valuable insights into your financial performance, cash flow, and overall business health. 1. Profit and Loss (P&L) Report:The Profit and Loss report, also known as the P&L, is the ultimate report for assessing a business's financial performance over a 12-month period. It shows revenue, expenses, and ultimately the profit or loss of your business. I recommend running this report regularly, at least monthly, to give you a clear picture of your profit situation and help you identify areas for improvement.2. Balance Sheet Report:The Balance Sheet report showcases the financial position of your business by displaying your assets, liabilities, and equity. It helps you understand the health of your business and ensure that your bookkeeping is accurate. By reviewing this report monthly, you can identify any inconsistencies in coding or liabilities that require attention.3. Aged Receivables Detail Report:The Aged Receivables Detail report is crucial for monitoring unpaid invoices from your customers. This report is one not to ignore as it will help you identify overdue invoices that need follow-up for payment. It also helps you investigate any anomalies, such as incorrect coding or missing payments.4. Aged Payables Detail Report:Similar to the Aged Receivables report, the Aged Payables Detail report focuses on unpaid supplier bills. By entering bills into Xero before they are paid, you can use this report to manage cash flow more effectively. It allows you to plan for upcoming payments and keep track of outstanding bills.5. Budget Variance Report:Having a budget is essential for tracking your financial goals and ensuring that you stay on track. The Budget Variance report helps you compare your actual financial results against your budgeted goals. By regularly reviewing this report, you can identify areas where you are exceeding or falling short of your budgeted targets.I also share some often overlooked Xero reports which can be really useful in running your business and I highly recommend you check these out and take the time to explore each report's features. With accurate bookkeeping and diligent reviewing of these reports, you will make informed decisions, set achievable goals, and drive your business towards success. Where to Find Bec:Website:    https://straightupbookkeeping.com.au/ Instagram:     @straightup_bookkeepingFacebook:     @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

Ever heard of pay.com.au? As a business that provides account payable services, we get a lot of queries around this payments platform. In today's episode, I sit down with Grant Austin, the COO and co-founder of pay.com.au to pick his brain on how it all works.Pay.com.au offers business owners the ability to turn their business payments into rewards points, and allows users to make payments such as invoices and payroll via credit card or bank transfer. With its valuable features and rewards, pay.com.au has created some incredible wins for its customers. It also has a seamless integration with Xero to make paying bills super easy.In this conversation, we hear about the main benefits of using pay.com.au, including the working capital benefit and the value of points users are able to generate. There are also some exciting travel opportunities for users with reward points, with pay.com.au providing customers with assistance in booking flights - one client was even able to fly via private jet! Grant gives us an overview of the rules regarding payment types, the different fee structures available to customers and transaction fees for both credit cards and bank account payments.Whether it's improving cash flow, earning valuable reward points, or receiving assistance from the concierge service, pay.com.au provides a comprehensive solution for businesses. If you're a business owner looking to earn frequent flyer points on your payments, pay.com.au is definitely worth considering and I encourage you to tune in and find out all about its amazing features!Where to find Grant: Website: www.pay.com.au Instagram: @pay.com.auEmail: gaustin@pay.com.au Where to Find Bec:Website:    https://straightupbookkeeping.com.au/ Instagram:     @straightup_bookkeepingFacebook:     @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

This is a recast of a previously released episode that performed really well. I thought it may be useful for you as a business owner. I'll be back with new episodes in a couple of weeks!An entrepreneur recently asked me whether I thought their business was healthy. This was an interesting question for me - didn't they know? They work in their business every day and they know about their cash flow, profits, losses and loans. But it turns out that despite knowing the parts of their business, they didn't understand the sum total of these parts.In the episode today we run through the indicators that help me understand the health of the business, including the reports that help me piece together the sum total of the business' health.First of all - is the business profitable? This information resides on the profit and loss (P&L)  statement. If a business isn't profitable, I try to work out why. Is it a systemic issue, or a one-off thing? There are some common culprits that we explore.The balance sheet is also important. Most business owners without a background in finance will totally ignore this report but it's a really important one to consider as it provides key metrics that help diagnose the health of a business.Another factor I consider is equity, or more specifically, retained earnings. I explain how this line of the report helps in understanding the history of a business, which can provide perspective on overall health.Another tool for high-level assessment of health is cash flow forecasting. This one is absolutely essential. I explain the reasons why. How does your business stack up? I'd love to know. Even if you think your business isn't super healthy having stepped through the checks I've run through, then be glad that at least you have the knowledge to change things. Knowledge is power.Resource mentioned:Budgeting and cash flow forecasting mini coursePrevious episode mentioned:Ep 6 - Let's talk cash flowWhere to Find Bec:Website:    https://straightupbookkeeping.com.au/ Instagram:     @straightup_bookkeepingFacebook:     @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

This is a recast of a previously released episode that performed really well. I thought it may be useful for you as a business owner. I'll be back with new episodes in a couple of weeks!Today I want to talk about productivity. For these last six months, I have been working hard at creating sustainable work habits. My goal has been to focus on taking the time to just ‘be', rather than always 'doing' and racing through my life.While it's tempting to try and squeeze more into your work day, productivity should be more about working smarter and not harder.In this episode, I share 8 tips that I really believe will set you on the path to creating productive work patterns. By doing this, you can make room for other things in life that really matter to you.  I talk through ideas such as dedicated deep work, letting go of inbox zero, day theming, and mindset and learning. I share tips on how to become laser-focused and what I do to cut down on time wasting. I truly believe that by increasing your productivity, it's possible to find a healthy balance between work, play and everything else in between. LINKS:Podcast episode with Elana Robertson: "Discovering your sustainable pace with Elana Robertson"Book recommendations: "Deep Work" by Cal Newport and "Busy" by Tony CrabbeWhere to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -Today, I want to take a moment to reflect on the past year and share with you the things I'm doing in my business before 31 December to finish the year on a high note. I can't believe we're already here, to be honest, but there's no denying that the end of the year is fast approaching.As a bookkeeping business, we are constantly dealing with month-end, quarter-end, and year-end deadlines. It can often feel like a never-ending cycle and it used to be so hard for me to take time off. I didn't plan it far enough in advance, would be scared to tell our clients that we were taking a break, and so I just didn't take one. As a result, I would be a burnt-out mess and would start the new year needing a holiday desperately.In this episode, I discuss how we let our clients know in advance that we would be taking a few weeks off at the end of the year. I look back on my experiences, achievements, setbacks and lessons learned this year. I emphasise the power of vision boarding based on how incredible this process has been for me this year.I share my plans over the holiday period which include contacting clients and stakeholders for further planning, getting organised, catching up on training for continuing professional development, and updating my business budget and cashflow forecast.As a successful business owner, I encourage everyone to take stock, reflect, set boundaries, and make a plan to change for a great year ahead.LINKS:Resources Mentioned:Why Every Business Needs A BudgetWhere to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeepingRegister your interest in the Bookkeeping it Real Mentoring Program here.

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -If you're an avid listener to this podcast or a follower on our socials, you will no doubt be aware that sustainability is very important to me and my business. Increasingly over the last couple of years, I started to feel as if I wanted to do more to ensure that Straight Up Bookkeeping was hitting more sustainable targets so that the strong values we hold, were being demonstrated effectively.I was inspired to become a B Corp certified business when I started working with purpose-led clients who cared about the world they do business in and were making sustainable choices. Seeing their commitment to sustainability and the positive impact they were making motivated me to be part of this movement.I wanted my business to be known as a good business, one that could be trusted and a market leader when it came to sustainable practices. The deciding moment came when a prospective client, who had been a B Corp certified business for several years, asked about our sustainability practices. I didn't want to scramble for answers in the future; I wanted to be a business that lived and breathed sustainability.After two years of work to achieve this, I am proud to say that my business, Straight Up Bookkeeping, is now a B Corp certified business.Being a B Corp certified business requires recertification every three years. So, my team and I need to stay focused on what got us here and continue improving our good business practices year after year to maintain our accreditation. B Corp matters have become my world, and I'm excited to share my journey with you.This has been an immensely rewarding journey. I believe that good businesses have a role to play in making the world a better place. While the certification process required investment and dedication, the benefits far outweigh the costs. I am excited about the future and the positive impact we can continue to make as a B Corp certified business.Resources Mentioned:BCorp Certification:https://www.bcorporation.net/en-us/certification/Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeepingRegister your interest in the Bookkeeping it Real Mentoring Program here.

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -With the wind down to holidays underway, I wanted to share three game-changing practices that I have embraced in my life and business this year in the hopes that they inspire you to set yourself up for success in 2024.Business owners are a powerful breed. We are constantly putting out fires, searching for solutions to problems, juggling business and personal life, and working on the business to make meaningful progress. I understand how it can all get overwhelming, and as simple as they may be, the three practices I'm sharing today have completely changed the game for me. Have you ever faced a problem that seemed impossible to crack? I sure have. This is where the SOAK method has been a revelation for me. It's all about giving yourself time to let problems marinate in your subconscious, trusting that the solution will come in good time. In this episode I take you through this method and why it's done wonders for me. Another practice that I've implemented this year is creating time to think. It might just sound like common sense, but in today's fast-paced world, finding time to think can be a real challenge. I talk about scheduling dedicated thinking time to use for big-picture ideas, problem-solving, and tapping into your intuition. I also share how having a coach has been invaluable for me in gaining clarity and making significant progress in my business.The final practice I share today has become somewhat of a superpower for me - prioritisation. It might not sound revolutionary, but when you do it well, you're able to move beyond the daily grind of to-do lists and putting out fires to really push the needle forward. I share my strategy for prioritising tasks for myself and my team and how taking control of my priorities has allowed me to prevent my inbox from dictating my business and life. If you're looking to level up your game in 2024, give these practices a try and I'd love to hear how they make a difference in your life and business. Catch you next time!LINKS:Resources Mentioned:Book mentioned:Time To Think by Nancy Kline Article mentioned:Give Your Problems Soaking Time When Trying to Solve ThemWhere to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeepingRegister your interest in the Bookkeeping it Real Mentoring Program here.

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -I'm diving deep into the world of business systems and operations today with Megan Robinson, Certified Online Business Manager and founder of Unbusy Your Business. Megan helps service-based entrepreneurs reclaim their energy and make more money in less time by simplifying, automating, and streamlining their businesses. If you're a business owner looking to streamline your processes, enhance productivity, and gain more freedom in your work, you're in for a treat. Megan shares her expertise on how to create and implement effective systems that can transform your business from a chaotic endeavour into a well-oiled machine.Megan kicks off the conversation by introducing us to the four essential phases of business systems: pre-system, consistency, scalable, and optimised. She explains that every business starts in the pre-system phase, where there are no established systems. As you progress, you move from relying on a single person for consistency to creating scalable processes that don't depend on any one individual. For many business owners, the challenge lies in transitioning from the consistency phase to the scalable phase. Megan emphasises that this phase is crucial for growth, allowing you to delegate tasks and reduce key person dependency. She highlights the struggles that service-based businesses, like bookkeepers, face in the consistency phase and how systems can help them break free.Megan introduces us to her framework, "Systems to Scale," designed to guide businesses from the consistency phase to scalability. She discusses the importance of the first step, Structure, which involves defining the overall structure of your business and identifying the systems within it. From there, we move on to the subsequent steps: Capture, Apply, Leverage, and Engineer, each with its specific role in building and maintaining efficient systems.Megan shares valuable tips on documenting your processes using various software and generating standard operating procedures (SOPs) using AI tools such as ChatGPT. We also talk about the challenge of maintaining systems and keeping them up to date and Megan shares her approach for how to do this with relative ease. This is an absolutely jam-packed episode with so many incredible insights and tips for business owners. Remember, successful businesses don't just happen; they are built on well-designed systems. So, tune in to the episode, take notes, and start mastering your business systems today.LINKS:Where to Find Megan:Website:https://www.unbusyyourbusiness.com/Download Megan's Ops. Manual Starter Kit hereWhere to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeepingRegister your interest in the Bookkeeping it Real Mentoring Program here.

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -I regularly come up against a lot of confusion around what expenses should and shouldn't be put through a business. Today, I want to shed some light on this topic so you can head into the holiday season with clarity and set yourself up for a successful year to come. At the core of running a successful business is understanding your finances, and that means knowing how to handle expenses. Business expenses are costs incurred in the operation of your business. They play a crucial role in determining your business's financial health and you may be eligible for tax deductions on certain expenses.However, it's not a free-for-all. There are rules governing what can be considered a legitimate business expense. Ask yourself, if the ATO were to audit your business, would all your expenses hold up as business-related? For instance, buying a dress for a photoshoot makes sense as a business expense, but claiming ten dresses over two months for the same photoshoot? Not so much.The Australian Taxation Office has laid out three golden rules for work-related expense deductibility, and I take you through each one so that you can get clear on what are considered legitimate business expenses. These include things like everyday operating costs, training, product purchases and travel expenses.Now, it's tempting to get a little creative when it comes to claiming expenses. It may seem harmless to claim that daily coffee run or a couple of team golf days, however the ATO's guidelines are there for a reason, and you want to do your best to avoid getting into any sticky tax-related situations. I dive into the types of expenses that won't pass as tax-deductible, and clarify some areas that can be confusing or tricky to navigate. When in doubt, consult your tax accountant - this will help ensure your business stays financially healthy and in the clear come audit or tax time. LINKS:Want to be a guest on this podcast? Reach out to me here clientcare@straightupbookkeeping.com.au Previous episode mentioned: Bookkeeping for Christmas parties, Christmas gifts and entertainment expensesWhere to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeepingRegister your interest in the Bookkeeping it Real Mentoring Program here.

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -In a time where the world is facing some major crises, it's easy to think that focusing on things like business growth or saving money is frivolous, if not insensitive. I'll be the first to put my hand up and say that it's been challenging to know where to put my focus when there is so much going on. However, maintaining financial health is not just necessary to continue growing our businesses, but to ensure we can continue putting food on the table, paying rent and caring for our families. In today's episode, I'm diving into the topic of building a business cash safety net to help you protect your business's financial future. As we navigate through life and business, it's important to recognise that unforeseen challenges can arise at any time. From global crises like the COVID-19 pandemic to changes in the market, having a financial safety net in place can be a game-changer. While there are many differing opinions on the amount of savings a business should have at any given time, I believe each business owner should consider their situation and do what's right for them. I take you through five steps to consider following so you can better understand what savings you need for a healthy business safety net:Understand your fixed and variable costsConsider liabilities and cash outflowsDetermine the timeframe your safety net will coverSafeguard the fundsRegularly review and adjustWhen it comes to figuring out the right amount of savings for your business, one size does not fit all. It depends on so many different factors, including your personal circumstances. I encourage you to take some time to consider what safety net is right for your business and start putting money towards it today. In doing so, you'll gain the peace of mind that comes with knowing you can weather unexpected financial storms.LINKS:Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeepingRegister your interest in the Bookkeeping it Real Mentoring Program here.

Today I'm broaching a topic that is an inevitable part of any business journey: rejection. We've all been there, and I recently had an experience in my business that prompted me to share my insights on how to turn rejection into a positive experience. Today I'm sharing 5 steps for how to navigate rejection and bounce back even stronger. In this episode, I talk about my recent experience onboarding a client who ultimately wasn't the right fit for my business. Long story short, we parted ways and although the decision was mutual, it still caught me by surprise and hit me pretty hard.Rejection can be tough. In the early days of my business, I used to ruminate over rejections, making them personal. However, I've learned that my business doesn't define my worth. Today I share how cultivating a resilient mindset and not taking business matters personally is crucial for long-term success.While staying positive is important, it's equally crucial to not ignore the valuable feedback that rejection can provide. I talk about cultivating the skill of listening to constructive criticism and how understanding the reasons behind rejection is key to growth. Constructive feedback is more valuable than praise because it identifies areas for improvement. Use this feedback as a gift to enhance your business systems and processes. It can also help you refine your offerings and better understand your ideal clients.Business isn't for the faint-hearted. Hard conversations and challenging situations are all part of the journey and there is always something more we can learn. Remember, you can do hard things, and rejection is just another step toward your business's success.LINKS:Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeepingRegister your interest in the Bookkeeping it Real Mentoring Program here.

If you're like me, you may have started off in your business without a true understanding of what branding really is. I thought I simply needed a logo and some colours for my website, and off I would go. However, branding is so much more than that. It's the identity and persona of your business that expresses your voice and sets you apart from your competitors. Today I'm joined by Zoe Scott, brand builder and website design extraordinaire. Zoe is the founder of The Design Order and the person responsible for my business's fancy new website. Zoe understands the power of an in-depth brand identity to support your business strategy, and in this episode, she shares her insight into building a clear and authentic brand, wherever you are in your business journey. Zoe takes us through the various elements that make up a brand, including brand personality, visual identity, voice and positioning. A strong brand not only differentiates a business but also helps establish credibility and build relationships with customers. Zoe explains the value of a website, in that it serves as the online home for a business to showcase its brand and connect with potential clients.When starting a business, it's not always immediately clear how we want it to be presented, or where we're exactly headed down the road. Zoe emphasises the importance of clarity in business goals, mission and values and explains how understanding these aspects can make the branding process so much clearer. She takes us through her own branding and website design process in detail, from the initial moodboard to producing the final deliverables. When it comes to your website, selecting the right platform can get a little overwhelming. There are a lot of different options out there, not to mention various opinions from other business owners. We discuss the different factors to be considered, such as budget, your own technical skills and the specific needs of your business. Zoe lists the different options available out there, as well as their pros and cons, to make the process a little less confusing.It can be tempting to fall in line with what others are doing or follow the trends that you see online. However, Zoe takes a different approach, choosing to stay away from the trends and focus on celebrating the uniqueness of each individual business.If you're interested in learning all about branding and websites or at the point of reinvesting in these things in your business, then you're going to get so much value out of this episode.Enjoy!LINKS:Where to find Zoe:Website: https://thedesignorder.com.au/ Instagram: @thedesignorderWhere to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: https://www.linkedin.com/in/rmbuchanan/Register your interest in the Bookkeeping it Real Mentoring Program here.

I've been hearing some strange comments of late from business owners around GST, so I thought I'd clear up a few things on this important topic. In an earlier episode on the podcast, I gave a general overview of GST registration and how it works. Today, I'm going a little more niche and talking about why you shouldn't be scared of it as a business owner. Understanding GST and its implications for business owners is crucial in ensuring compliance, as well as giving you the confidence to expand your business and keep moving it forward. While many business owners are under the misconception that they're being robbed of that extra 10% come BAS time, I discuss how collecting GST on behalf of the government actually works, and why avoiding registration might not be the best strategy. When it comes to small businesses making the flip to becoming GST registered, I often see business owners fearing that their customers will not be willing to pay the extra 10% cost for their services. However, there are ways to change your mindset around charging more from one of fear, to one of abundance. I talk about ways you can add value to your service to keep your customers coming back, and encourage you to think big when it comes to the longevity of your business. I take you through some GST housekeeping and share general advice around: The annual turnover that requires GST registration;Different avenues available for registering for GST;Issuing tax invoices with GST included in order to report correctly come BAS time;Seeking training or guidance when preparing your first BAS to avoid mistakes.I talk about how avoiding GST registration may mean you encounter some issues that may be a bit curly to unwind down the track, or that you miss out on claiming GST refunds on your expenses altogether. Don't let short-sighted tax avoidance strategies dictate your business decisions. Instead, focus on growth and understanding how GST can work for you.LINKS:Previous episode mentioned: Let's talk GSTWhere to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeepingRegister your interest in the Bookkeeping it Real Mentoring Program here.Check out my course Bookkeeping it Real here!

If you're a small business owner or an aspiring entrepreneur, you've likely been overwhelmed by the huge number of tasks and decisions that come your way. I believe the solution to this is to simplify your business, and that's something I strive for daily. In this episode I share the biggest moves I've made, lessons I've learned, and the benefits gained on my journey of simplification. The first step I took was working out what my business was all about, and why I'd started it in the first place. It's vital to clearly define what you do and, equally importantly, what you don't. Once you're clear on this, decision-making becomes infinitely easier and you can cut out unaligned work. Next, I talk about the power of niche offerings. It's tempting to offer everything under the sun, but there's immense power in specialisation. By narrowing down your offerings, not only can you become an expert in that domain, but your marketing and operations can also become more focused and effective.I also talk about how beneficial standardisation can be. If your overwhelm stems from feeling like everything's in your head, then it's high time to transfer that knowledge. Creating shareable formats, be it manuals, training videos, or process documents, can free up your mental bandwidth and empower your team.Finally, I'll share how to make technology your ally. In today's digital age, there's a tech solution for almost every business challenge, and investing in the right tools can be a game-changer. I'll share some of my favourite programs that I use in my business and all the different ways they've helped me. From automating mundane tasks to managing customer relationships, technology can be your best friend.This episode offers actionable insights to declutter your business processes and enhance productivity, and I hope it inspires you to embark on the journey of simplification. Just remember that simplicity is not a one-time task, and to always be on the lookout for what's working and what's not, and be ready to pivot or scale accordingly.LINKS:Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @rmbuchanan/Register your interest in the Bookkeeping it Real Mentoring Program here.

I'm so pleased to be back with you after taking a bit of a break from the podcast for a much-needed reset and refresh. So today, I'm excited to dive back in and continue sharing short and sharp financial insights to support you on your business journey. When it comes to client work in my bookkeeping business, a common predicament we face is messy Xero files. Whether they're brand new businesses struggling to make sense of Xero or companies dealing with the aftermath of inexperienced bookkeeping, the message is clear – many business owners are in the dark about the basics of maintaining their Xero files.In this episode, I'm hitting the reset button and taking us back to the fundamentals. I'll guide you through five crucial steps to conduct a health check on your Xero file. These steps will help you spot issues, improve your financial decision-making and make your bookkeeping experience a smooth one.Whilst big bookkeeping stuff-ups might need the help of a professional to come in and unravel the mess, a lot of the problem is knowing there's an issue in the first place. Bookkeeping clean ups are much easier to deal with two months in rather than twelve months in, and I take you through these practical steps in detail to help you take stock of what's going on under the hood of your Xero file:Getting your bank reconciliations in orderTidying up your dashboardAnalysing your profit and loss reportUnderstanding your balance sheetCleaning up any ageing reportsStaying on top of your bookkeeping may feel overwhelming and less interesting than the other aspects of your business, however it's an important part of keeping things running smoothly across the board. Remember, timely attention to your financial records prevents messy bookkeeping down the road. If it's not something you wish to deal with yourself, there are many professionals out there who are ready and able to assist you in maintaining your financial health!LINKS:Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeepingRegister your interest in the Bookkeeping it Real Mentoring Program here.Check out my bite-sized Xero courses here. 

Artificial Intelligence is a huge topic at the moment and quite a divisive one but whether we like it or not, it's already here and it's not going anywhere. When I realised this, I decided I wanted to ride this wave of change and began implementing AI into my business. Some of the things I tried have been game changers but others have wasted more time than they've saved. In this episode, I want to share my experience so that you get a better idea of the possibilities and the limitations of AI in business. One way I use AI in my business is by getting it to produce transcripts of recorded video meetings and compile summaries that I can send directly to clients. This not only saves me time but has become a key component in my sales process.I also talk about my experience using Xbert. It's an AI tool that scans your business's Xero data for duplicates, errors, and anomalies and presents a summary report of these findings, allowing you to quickly address any potential issues. It all sounds great on paper but I have found that checking through these reports has taken time and added stress. Artificial Intelligence can be incredibly beneficial to our businesses and workflow, but it's essential to remember that just because it is helpful to another business doesn't mean it will be helpful to you. Still, I'm excited to see what the future holds and how else I can use AI to enhance the capabilities of my team to deliver a better service for our clients. LINKS:Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

On the podcast today I interview Stephanie Devine - the incredible and inspirational founder of The Very Good Bra, which makes the world's first botanically, circular and fully compostable bras in the same size ranges as conventional bras. Despite having a long, successful, and well-paying corporate career, Stephanie decided to throw that all in to pursue an entrepreneurial dream that could change the world for the better. We dive into what sparked Stephanie's passion for sustainability in the textile industry and why it's an area that so desperately needs change. Much of the clothing being produced currently is damaging to the environment, produced with unethical labour practices, and puts harmful substances on our bodies. Stephanie dreams of a very different future, and this change comes about from pioneering entrepreneurs like her and consumers who use their money to back innovative products. Stephanie also talks about the challenges she faced while creating these products. Because she holds her products to a high standard, she's had to find solutions to problems that typical textile producers don't face. From sourcing the correct materials, finding the right manufacturers to communicating properly with consumers, she's learned a lot of lessons that she now shares with us! If you've never really considered the origins of your clothing or where they go after they're no longer in use, this discussion will surely be an eye-opener for you. For those already passionate about sustainable fashion, you'll undoubtedly appreciate Stephanie's efforts in leading the way towards a more eco-friendly fashion future for everyone.LINKS:Where to find Stephanie Devine: Website: www.theverygoodbra.comInstagram: @theverygoodbraWhere to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeeping

It's that time of year, and as we at Straight Up Bookkeeping deep dive into completing business and instalment activity statements for the quarter, I'm reminded that the term activity statement can baffle a lot of people. So today, I'm bringing you a short and sharp explainer episode on what activity statements are, what they include, when they are due and how to lodge them. Used by the Australian Taxation Office to report various tax obligations, an activity statement details your business activity for the period in question and declares the amount of tax you owe (or any refunds that the ATO owes you). If you are a small business owner, it's important that you have a good understanding of what your specific obligations are and how to complete these statements correctly. This will help you to avoid penalties and ensure that you are meeting your tax obligations.I explain the two types of activity statements you should know about:Business activity statement (BAS)Instalment activity statement (IAS) There are two methods for submitting BAS and IAS statements and paying tax. I explain what they are and how the method you use will depend on factors specific to your business. I take you through the different components that determine what your obligations will be, such as:An individual's or company's GST registration statusSole trader PAYG withholding obligationsYearly turnoverThe ATO strongly encourages taxpayers to lodge their activity statement on time, even if payment is not immediately possible. Lodging on time not only provides clarity regarding your position with the ATO but also demonstrates your awareness and intent to meet your obligations. Failing to lodge on time may lead to penalties, adding an extra motivator to comply.I hope you find some valuable insights from this episode so that when you next have an activity statement in front of you, you'll have much more clarity and confidence to complete it. If you're in the middle of managing your activity statements right now, good luck! And to all the bookkeepers and tax agents out there -  all the best over the next month and I'll see you on the other side. LINKS:ABN LookupWhere to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

On the podcast today, I'm joined by vibrant entrepreneur Sarah Cross, who from the age of 24 built a multimillion dollar gift hamper business from her kitchen table. Sarah is now the founder and CEO of Creative Product Institute, a well-known speaker and author of Fearless Fempreneur. In this episode, she shares her incredible insight on scaling a successful wholesale business. This conversation is a must-listen for all product-based business owners wondering if they should embark on a wholesale business strategy or evolve their wholesale arm. Sarah has a passion to challenge business owners to get out of their comfort zones and break free from limiting self beliefs, and shares with us her own rags-to-riches business story. She describes growing up in an entrepreneurial family, and how this influenced her own determination to start a business. Knowing early on the kind of life she wanted to pursue, Sarah backed herself from day one and with her ‘say yes now and work it out later' philosophy, built a multimillion dollar business that helped create the amazing life and career she has today. Sarah believes that having a robust wholesale strategy is paramount to having a sustainable and profitable product business. She takes us the through the key benefits of wholesaling such as:Reducing costsSecuring recurring cash flow Providing consistency and more certainty for forecasting and buyingWhen it comes to pricing, many business owners struggle to price their products correctly. We talk about the importance of getting this right in order to set yourself up for making a profit. Sarah shares her insight on conducting regular price reviews and how to calculate true unit prices while factoring in labour prices. We then talk about the importance of diversifying revenue streams, and Sarah gives us her recommended split of revenue for a business's wholesale and business-to-consumer arms. This approach not only hedges against risk but also provides a steady stream of income.Our conversation is an incredibly helpful look into the wholesale strategy, and Sarah provides so much practical advice for entrepreneurs either starting out in business generally or those looking to expand. Tune in to hear more on Sarah's call to be bold, take action and grow as you learn along the way. LINKS:Sarah's book: Fearless FempreneurWhere to find Sarah: Website:https://sarahjcross.com/ Instagram: @sarahjcross_officalWhere to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeepingCheck out my short courses Bookkeeping it Real here!

In this episode, we're talking about profit margins. Now, I know what you may be thinking - attempting to understand margins is daunting and should be left up to the ‘numbers' people. However, it's crucial for business owners to understand the profitability of their businesses so that they can continue to grow and make well-informed decisions. Today we'll explore the three types of profit margins you should be become familiar with:Gross margin: profit generated from core operations before deducting operating expenses (Sales less Cost of Goods Sold)Operating margin: profit made from business operations after both direct costs and day-to-day running expenses (Gross Margin less Operating Expenses)Net margin: the profitability of a business after accounting for all income and expenses (Operating Margin plus Other Income less Other Expenses)I explain these in a way that is simple to understand by taking you through the components that make up these margins. I discuss the different costs within a business and how they're categorised, so that you can understand which margin they relate to.Though profit margins may seem confusing at first glance, calculating them is a straightforward process. I give you the simple calculations you need to find out the total of each margin, and explain how to refer to your profit and loss report to get to them. You'll be surprised to find out how easy it actually is.Tracking profit margins over time allows you to monitor the financial health of your business and reveal the true picture of where things are at. You'll be able to identify trends and patterns and make better data-driven decisions to optimise your processes.I hope this episode gives you the clarity and confidence to gain a deeper understanding of your business's financial performance, and help you pave the way for future profitability and success.Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

I recently won the Bookkeeper of the Year Award at The Accountants Daily Australian Accounting Awards, which is an achievement I feel extremely proud of and humbled by. Following the ceremony, I started to reflect on my award journey and why I believe small businesses can have a big impact. In this episode, I share some of my insights following my recent reflections, including the power of vision boards and goal setting. Winning Bookkeeper of the Year was on my vision board this year, for both personal achievement goals and good PR for my business and I have been amazed at the things I've achieved already this year. I am a big believer in the fact that life rewards participation.  Another insight I talk about is the importance of social responsibility and innovation and why this is the key to staying relevant and ensuring longevity in your industry. I talk about the need to prioritise purpose and integrity in business and why a small business doing the right thing is worth a thousand times more than a big business doing the wrong thing. I also talk about the value of paving your own unique way and not comparing yourself to other businesses. This has been a really important part of my business journey, ensuring that I keep focusing on my vision, knowing that I am here to make a big impact. No matter where you're at in your business, you can make a big impact through the way you do business and the values and integrity that underpin everything you do each day. I hope you find some golden nuggets in these reflections today and that this episode inspires you to think about the impact you want to make. LINKS:https://www.accountantsdaily.com.au/australian-accounting-awards/winners/2023-winners-and-finalistsRegister your interest in the Bookkeeping it Real Mentoring Program here.Check out my course Bookkeeping it Real here!Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

Today I'm joined by the incredible Annie Gichuru to talk about a topic that is not only very close to my heart, but one that is crucial for business owners to find more understanding around as we strive for a more inclusive world. Having come across Annie's work as I was looking to do DEI (diversity, equity and inclusion) work, I enrolled in her course called Represented, which I found eye-opening, uncomfortable and changed who I am for good. Annie is a racial equity coach and consultant for online entrepreneurs, and has helped many prominent business leaders build intentionally inclusive businesses. She is deeply passionate about representation through a racial justice lens, and combines her experience as an internationally certified life coach, love of storytelling and extensive career as a Human Resource specialist to deliver a transformational online program for all business owners who are ready to build a racially diverse, inclusive and equitable business.In our conversation, Annie shares her previous 15-year history in Human Resources, where she discovered a lack of real discussion around race in the corporate world. The heightened conversation following the public execution of George Floyd in 2020 prompted Annie to step into the gap and start having these important conversations.Though we live in a modern and ‘progressive' world, there remain systems of exclusion that exclude marginalised people from financial opportunities and services. Annie describes how people of colour have been held back historically, and how this causes them to have to work extra hard for financial freedom and stability. She emphasises the importance of becoming equitable in our practices so that we are giving people opportunities where they may otherwise become stuck simply due to their identity and the colour of their skin.While many people are afraid to enter the conversation on race and inclusion, Annie reminds us that no human is perfect and that life consists of making mistakes. She encourages us to be willing and open to learn, and to approach the work of inclusion with curiosity rather than fear.The journey towards racial equity may be uncomfortable and challenging, but it is necessary for creating a better world. I hope this episode gives you a new perspective on embracing curiosity and learning so you can be part of paving the way for a more inclusive and equitable society.LINKS:Book mentioned: Caste, by Isabel WilkersonQUIZREPRESENTED CourseWhere to find Annie:Instagram: @annie.gichuruWebsite: https://anniegichuru.com/ Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

As we wrap up the financial year and dive into a new chapter, I wanted to take a moment to reflect on the art of balancing the demands of running a business while also being a parent. Today I give you an insight into my work and mum life, as well as share the challenges I've faced and strategies I've adopted to help juggle it all. To me, life as a working parent is a delicate dance that requires grace, patience and a sense of humour.  And as an entrepreneur, I find it to be a constant balancing act between my professional ambitions and personal commitments. So is there really a way to do it simultaneously, and do it well?In this episode, I take you through my own personal journey that has helped me navigate the ups and downs of business and family. I talk about the powerful influence of my hardworking parents that sparked an ambition that continues to drive me, and how developing a solid worth ethic has given me an advantage in achieving my goals. While I'm always striving to grow my business and expand my impact in the world, I know that prioritising personal goals is important.  It's not only an outlet to manage stress,  but helps me stay true to who I am. I share some of my strategies for managing time effectively so that I can keep my commitments to both parenthood and to my career.Life can certainly throw us curveballs, and any business owner knows that creating the life they truly want isn't easy. However, I believe in making intentional decisions that create order in the things we can control.  It's my belief that balancing all we want to achieve is not a destination, but a journey. Rethinking the concept of success and learning to embrace the messy middle allows me to focus on what really matters. If you're looking to improve how you navigate the challenges of juggling your personal life and career, I hope the lessons I've shared with you today help you on your own journey to success as a thriving parent and business owner. LINKS:Register your interest in the Bookkeeping it Real Mentoring Program here.Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

As a small business owner, maximising tax deductions is always a priority and one area that often causes confusion is motor vehicle expenses. Can you put your car expenses through your business? Should you buy a car in your business name or your personal name? What method should you use to calculate your business related car expenses? In this episode, I delve into these questions and more to help you make informed decisions about expensing your motor vehicle costs through your business.​I explain the criteria that businesses must adhere to when claiming tax deductions and how this changes depending on your business structure. Diving into more detail, I explain both the Cents per Kilometer and Logbook Methods for recording business travel and when these methods are applicable. It's important to note that travel from your home to work and back again is not considered business travel and therefore cannot be claimed as a business expense.Motor vehicle allowances are complicated, even for numbers folks like me so I encourage you to get some help setting this up in your payroll system. I share some important information to keep in mind before purchasing a car and what to keep in mind so that you don't end up with a hefty Fringe Benefits Tax bill. LINKS:Register your interest in the Bookkeeping it Real Mentoring Program here.Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

As we're nearing the end of the financial year, bookkeepers are busier than ever. We are reminding clients about paying superannuation to get tax deductions, preparing for single touch payroll finalisation due in mid-July, capitalising and depreciating assets, and accruing expenses that relate to this financial year in order to get a tax deduction. The list goes on. Needless to say, if you are looking to hire a bookkeeper during this time of year in Australia, you'll be hard pressed to find one because most bookkeepers close their books during this busy season. So when is the right time to engage a bookkeeper? And when you find one, what can you expect out of a relationship with a bookkeeper? In this episode, I answer these questions and more as I talk about how and when to choose a bookkeeper that suits your unique business, and some considerations to take on board if you're looking to engage with a bookkeeper in the near future. I also bust some common myths about hiring a bookkeeper and share why businesses of all sizes can benefit from having a bookkeeper as part of their team. Throughout this episode, I also discuss the different services a bookkeeper can provide your business and why it's important to find someone who has experience working with other businesses in your industry. LINKS:Register your interest in the Bookkeeping it Real Mentoring Program here.Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

Employee onboarding can be a daunting and time-consuming process for small business owners. From collecting new employees' forms, licenses and certificates to storing them in a secure place, this procedure can also be overwhelming - particularly for small businesses that don't have a dedicated HR department. Today I sit down with Frank Iannelli of Canyou, an innovative app that presents a masterful solution for automation, security and retaining talent. ​Frank is a passionate software developer with a deep understanding of the impact of technology on small businesses. His love for technology and its practical applications in small businesses drove him to help automate business processes for SMEs in Australia every day. While assisting a small business in transitioning from a traditional bricks-and-mortar model to an online presence, Frank was faced with the lengthy administrative process of bringing on new staff. He immediately knew there had to be a better way, and after failing to find an app that could help streamline this task, he decided to build one himself. Knowing we live in an age where we continue to face higher risks of sensitive information breaches, Frank and I discuss the importance of ensuring clients' or employees' particulars are kept safe. He describes how Canyou is the safe alternative to email in how it encrypts and secures data being sent between employers, employees and bookkeepers. Frank discusses the challenge employers face in the current climate of retaining quality staff, and how creating a positive onboarding experience for new team members can be a key differentiator. For example, with a focus on the user experience, Canyou's QR code feature ensures an easy, streamlined process for new employees, bypassing the need to download an app. ​As a business owner with a busy schedule myself, I've personally found this comprehensive, time-saving app to be an absolute game-changer. If you're a small business owner looking to customise, automate and streamline your HR processes, I urge you to dive into this episode and hear all about the amazing things Canyou is helping it's customers achieve.LINKS:Register your interest in the Bookkeeping it Real Mentoring Program here.Where to find Frank:Website: https://canyou.com.au/ Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

There is a lot of misunderstanding out there around superannuation. Because information isn't always readily available or well known, my goal for this episode is to help keep you up to date on the ins and outs of superannuation. There will be some big changes happening with regard to superannuation requirements in Australia very soon, so get ready to take some notes. This episode is intended for employers who pay super to their staff, payroll officers, business owners who pay super to themselves as part of payroll, and employees who want to learn more about super and their rights.As I cover an overview of superannuation, I discuss the fact that employees can choose their super fund and the obligation employers have when it comes to paying superannuation guarantees. I talk about ordinary time earnings (OTE), superannuation payment due dates and the super rate changes that are coming up, starting in July 2023. The ATO is cracking down on late super payments and there will be some hefty implications and penalties for employers moving forward. I share exactly what these penalties are and what you can do now so that your business is prepared for the changes.  Though potentially very expensive for employers who have a lot of staff, the great thing about superannuation is that it helps workers who work really hard to have a better retirement with more funds set aside for their post-work years. I advise you to stay educated and up to date with current issues, whatever side of the superannuation fence you're sitting on so that you know what your obligations and entitlements are.I hope you find this episode really helpful in understanding the changes that are coming up very soon. LINKS:Register your interest in the Bookkeeping it Real Mentoring Program here.Where to Find Bec:Website: https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

For small business owners, it's important to have a high level of understanding around certain concepts that will help make sense of our financials and ensure we make good decisions as we head into the financial year end and beyond. Today I talk specifically about concepts that I find many business owners aren't completely up to speed on, which are fixed assets and depreciation, and the government's instant asset write-off scheme. In this episode, I encourage you to consider how these ideas may impact you and how you can apply them to your business. When it comes to balance sheets, there is often a misunderstanding around what items should be entered under which code. And while most business owners have the help of professionals to clean up their bookkeeping, it's important to have some conceptual knowledge to avoid the potential for confusion. I define what a fixed asset is, and how it differs from equipment that does not have long-term benefits. I also run through the way fixed assets should be expensed in the profit and loss statement, as well as the calculations behind depreciation. I go a little bit deeper and explain the two types of depreciation, and how understanding these concepts will help you see the real value of your business. Earlier this month, the 2023-24 Australian budget was announced, which included a change to the instant asset write-off threshold. This scheme has a big impact on small businesses, and can affect how much tax they need to pay. If you want to reduce your taxable income this financial year, it's helpful to be aware of the schemes and initiatives on offer in order to take advantage of them. I talk specifically about the instant write-off scheme, running you through the maximum value that can be used and the limits in place.There is a lot to know about keeping on top of your finances, and I hope today's episode brings you some useful knowledge that you can implement to manage your business and tax affairs in the most effective way possible. LINKS:ATO Small Business Support - $20K instant asset write-offRegister your interest in the Bookkeeping it Real Mentoring Program here.Check out my course Bookkeeping it Real here!Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

On the podcast today I interview Marissa Mills - a lady of many talents and many businesses. Marissa is a graphic designer and photographer and also has experience in social media management, event management, website management and marketing. One of her most recent endeavours is the creation of a modern day shopping cart called the Joyrolla.To take a bright idea from invention to design to manufacturing is a truly involved process. I invited Marissa on the podcast today to take us on her journey, one which has been seven years in the making! Marissa demonstrates how it takes being clear on your vision, backing yourself, and exhibiting grit and resilience to survive this kind of business journey.In our conversation, Marissa reveals how she came up with the idea for Joyrolla and the role an old vintage cart that her brother found in an antique store played. She also steps through how she moved from a sketch to a prototype to having the carts manufactured and ready for shipping.Marissa explains the role industrial designers, bag designers, and packaging engineers played in the process and how she has had to drop some of her perfectionistic qualities along the way.We dive into business advice including:top tips for anyone looking to manufacture a product and what you should keep in mind to bring your vision to lifewhy creating something from scratch is worth the effortMarissa's graphic design and photography business Creative Mills and how she manages the three businesses simultaneouslyHow she procured work when moved from Sydney to Northern NSWEpiphanies for those just starting out as business owners and freelancersIf you're listening to the podcast and wondering if you should start a business, I think you'll find Marissa incredibly inspiring. Given she is currently running three businesses she is such an incredible wealth of knowledge and I know you'll love learning about her journey!LINKS:Where to find Marissa Mills:Instagram: @marissamillsWebsites:    Marissa Mills Fine Art Prints / Joyrolla / The Creative MillsWhere to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeepingRegister your interest in the Bookkeeping it Real Mentoring Program here.

Today, I want to talk about how I run a high vibe business. That terminology probably sounds a bit fun for a bookkeeper, but I mean it. I really think my business is high vibe and on the episode today I explain five areas I exhibit high vibes in my business.Another term for high vibes is abundance mindset. Doing business with an abundance mindset, over a scarcity mindset is a skill I continue to practice and hone because both life and business is so much more enjoyable this way.I outline the five ways I choose high vibes in my business including:Paying my bills lovingly and enthusiastically because I choose to see the value in what I'm getting and I'm so grateful for the skills, time saved, or organisational benefits that I'm buying.Donating money, how I changed my mindset and practice around donations, and how they give my business a purpose beyond just making money for myself.Why I love paying taxes and consider this to be a sign of business success (and how I don't get caught up in worrying about the billionaires with tax shield arrangements!)Knowing things happen for a reason and truly believing that the universe has my back and is rigged in my favor.Continuing to have a go and not take myself or my business too seriously (including how I overcame imposter syndrome and comparisonitis in the early days of my business)I've always been an optimistic person, but I'm becoming even more optimistic with practice and positive mindset teachings. I think this is a skill you can learn and it can have an incredible impact on how you approach and enjoy your business.I hope this inspires you to think of ways that you can create or maintain high vibes in your own business!LINKS:Resources mentioned:The Soul of Money - Reclaiming the Wealth of Our Inner Resources, by Lynne Twist and Teresa BarkerRegister your interest in the Bookkeeping it Real Mentoring Program here.Check out my course Bookkeeping it Real here!Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

This episode changes it up from the accounting and sustainability topics I've been discussing recently to share my experience on course and program creation and launching.I think my experience is useful to share because I'm not a launching or course-making professional. I'm a bookkeeping business owner, who runs a team of bookkeepers. We have many clients to take care of, so I create and launch courses on the side of my business-as-usual (BAU) work. I have learnt a lot over the years, and in this episode, I share my five top lessons to create and launch that course you're dreaming of.First up, I discuss how imposter syndrome and comparisonitis don't stop me from moving forward anymore. Self-limiting beliefs can be paralysing and I explain how I overcome these and focus on the unique perspective and knowledge that I bring.I have learnt that if you feel called to create a course, even if there are other comparable offers out there in the world out there already, you should still do it. Your unique voice deserves to be heard, so don't waste time grappling with those imposter syndrome vibes for too long.In today's episode, I also share:Why I have chosen to create both evergreen and live launch courses and what to focus on when choosing which one will suit you and your businessWhy following the traditional ‘rules' of launch strategy 101 didn't work for me and how you can do it your way and be successfulThe costs and benefits of creating passive income streamsHow having courses can help position you as an expert and be leveraged in other parts of your businessHow I overcome the fear that always appears when I create a new course, and the importance of listening to your intuitionIf you're thinking of creating a course in your own business, I urge you to do it - you will not regret it.LINKS:Resources mentioned:Gabby BernsteinSteph TaylorRegister your interest in the Bookkeeping it Real Mentoring Program here.Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

Today, I'm chatting with one of our fantastic bookkeeping clients Natalie Dean Weymark. Natalie is the co-founder and director of Compass Studio, an independent PR and marketing agency that specialises in responsible, purpose-led brands.In this episode, we talk all about B Corp matters, how purpose-led businesses can market authentically to attract values-led audiences, and what Compass Studio is up to this year.B Corp, also known as Benefit Corporations, is a type of for-profit company legally required to balance the interests of its shareholders with the interests of society and the environment. There are a collection of 520 Australian and New Zealand brands that are formally committed to preserving the planet and the well-being of people. B Corp is a third-party audited certification that measures impact across five categories: workers, customers, governance, environment, and community. Natalie describes it as a business alliance that exists here in Australia, but also globally.I was motivated and inspired by Natalie and wanted to be a part of the B Corp movement. Natalie highlights how it not only helps the environment and people across the world, it also helps with your external marketing. B Corp businesses can differentiate themselves from their competitors by emphasizing their commitment to social and environmental responsibility. This can help them stand out in a crowded market and appeal to customers who prioritise sustainability and social impact.As a business, Natalie reminds us it's really important to get clear on your values and be very specific. These aren't lofty ideals. They're meant to be very real-life things that you are committing to on a daily basis for your business and start with taking small steps. Tune in to find out more about B Corp businesses, how Natalie runs Compass Studios as a B Corp business,  Natalie's marketing strategies and everything she has planned for Compass Studio this year. LINKS:Business Impact Assessment Tool: B Impact Assessment (bcorporation.net)Where to Find Natalie:Website: https://compass-studio.com/ Instagram:  @compass_studioFacebook: @CompassStudioLinkedIn: COMPASS STUDIO | LinkedInRegister your interest in the Bookkeeping it Real Mentoring Program here.Where to Find Bec:Website: https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

Do you approach tax time dreading being in the dark about how much tax you might have to pay? Fear not, today's short and sharp episode will help you estimate your own tax payable come tax time without having to rely on your bookkeeper or tax accountant to help you do that.This is an estimation, as there will always be adjustments that get made when submitting your tax return (which I run through as well). But there is no reason for you to be in the dark about much tax you have to pay if you know these tips.There are different considerations according to whether you're an employee, sole trader, in a partnership or have a company business structure. I take you through each of these considerations as well as a run-through of the ATO's individual income tax rates.I give an overview on:The reasons why you should have minimal tax payable if you're an employeeHow you are taxed as a sole traderWhy having your bookkeeping up to date is important in order to estimate your tax payable as a businessHow to calculate your tax payable based on the five ATO tax brackets.How tax is calculated for partnership businessesThe company tax rate and how to calculate the tax payable if own a business that's a companyGood tax accountants are worth their weight in gold when they do your tax return and get you a great outcome. But there is no reason to go through your business life clueless about your taxes. Armed with knowledge of the personal and company tax rates, I encourage you to have a go at doing this in your own business or life this year.LINKS:Bookkeeping It Real Mentoring Program - waitlistATO - Individual income tax ratesRegister your interest in the Bookkeeping it Real Mentoring Program here.Check out my course Bookkeeping it Real here!Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

As an employer are you across what your leave entitlements are for your staff? There's quite a bit of detail to leave and I'm regularly setting up payroll for clients who aren't totally across all of these details,  so I thought it was fitting to do a podcast episode all about leave.In this episode I cover who gets paid leave, what leave is and the different types of leave. I also cover off the kind of leave that casual staff are entitled to.The National Employment Standards (NES) set the minimum leave entitlements for staff, and Awards build off this minimum standard.You are probably familiar with the different types of leave from taking it yourself, but as an employer you may not be across all the different types. There are quite a few and they each have various components are nuances that you need to be across.I give an overview on:Paid leave, why casual employees don't get paid leave, and what happens with leave when you're the sole director of a company.Annual leave, when it accumulates and leave loadingPersonal, sick or carer's leaveCompassionate leave and when it's paidCommunity service leave, the activities it applies to and how jury duty leave worksThe difference between paid and unpaid parental leave, and what you are responsible for as an employerFamily and domestic violence leave, including information on the new legislation that's currently in effect for employers of 15 staff or more and that will be relevant for all employers  from 1 August 2023Long service leave and who it applies toThe different leave types that casual staff are entitled toThere are a number of leave types that can catch you out as an employer if you're not aware of them. This episode will ensure you're across what you need to know so you can feel confident next time a leave request comes in.LINKS:Services Australia - Paid Parental Leave schemeFair Work OmbudsmanRegister your interest in the Bookkeeping it Real Mentoring Program here.Check out my course Bookkeeping it Real here!Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

Instagram Reels have become such a powerful business tool when it comes to sharing what we do and attracting our ideal clients. But the trends seem to change so quickly, it can be hard to keep up or feel like we're nailing any of it. Today, I chat with Alyona Polishchuk, who shares her thoughts on how to spend less time on Reels while making more money. Alyona is an Instagram business coach and Reels creator who helps online business owners monetise their Instagram with the power of Reels. With 10 years of experience in TV production, Alyona knows how to tell a video story like no other. She helps her clients zero in on their messaging in order to create content with ease and reduce the stress that often comes with showing up on socials. Alyona gives us a rundown on Instagram's latest shift and how they're getting back to their roots - static posts and traditional video content. However, Alyona believes that Reels aren't going anywhere and are still a powerful tool in promoting your business online. She gives us her advice on creating content that is genuine and uniquely ‘you', which helps to build your audience's connection to your brand. We discuss what makes a good Reel in 2023, and Alyona shares some examples of simple video content you can use to serve your audience and provide them with valuable, free content.  She assures us that we can say goodbye to making those uncomfortable lip-syncing videos and that Instagram now favours speaking Reels and good old fashioned 'being yourself.'Showing up on social media doesn't have to be a headache, and you don't need to follow the pack in how you create. Alyona believes that showing up in a way that feels right to you is the best way to stay committed to sharing your valuable content with others. We talk about the importance of always having a goal behind each piece of content you create, and how a simple Reel has the potential to drive traffic to your business and create final sales. Alyona gives us advice on the simple ways to create calls-to-action on your Instagram posts and funnel people into your direct messages. Reels have the potential to help you attract your ideal clients and really position yourself as the go-to expert in your industry. All you need is a simple strategy, a goal and a little imagination. So what are you waiting for? LINKS:Connect with Alyona:Instagram: https://www.instagram.com/alyona.social/FREE ‘Speaking Reels' Guide: https://www.alyonasocial.com/speakonreels'Simple Sell Out Reels' Masterclass: https://www.alyonasocial.com/masterclassRegister your interest in the Bookkeeping it Real Mentoring Program here.Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

We have three months to go until end of financial year. You may be asking yourself whether it's just something for accountants to get excited and post champagne photos about, or if you should care about it too. The truth is, it's important to know where your business stands and whether you're in a profit of loss situation. Today I share 5 ways to make more profit in your business to ensure you're in the best position you can be come tax time. Do you know where your profit stands at present, and are you on track to achieve your financial goals this year? Now is the ideal time to take stock of things and put plans in place for the next three months to achieve your goals or shoot the financial lights out in a way that satisfies you that you gave it a good hard go.Profit means you earnt more than you spent. Loss means that your business spent more than you earnt. Generally speaking, a business exists to make a profit and I encourage you to aim for profit even if you need to pay tax, which can hurt sometimes.In today's episode, I run through some tips that I'm personally applying in my business over the next month:Review your pricing upwards to factor in inflation and rising costs of livingCross-sell and upsell your current services or products by reminding existing customers of the valuable things you can do and offerReview and reduce your expenses, remembering that small actions can make a significant impact on your profitThink outside the box and do a project piece of work to bring extraordinary money in, like creating a course or writing an ebook Keep things simple and up to date, knowing you'll be able to make great decisions when your business makes senseThink of 30 June as the official line in the sand for your business, knowing that with some good strategies in place and an awareness of where things sit, you can run towards it with a positive mindset.I hope today's episode helps and inspires you to take stock and go into this next quarter with clarity and a renewed sense of confidence. LINKS:Previous episode mentioned: Why every business needs a budgetRegister your interest in the Bookkeeping it Real Mentoring Program here.Check out my course Bookkeeping it Real here!Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

We hear the term “write it off” thrown around a lot but I think many business owners don't really understand what legitimate tax write-offs are. There is a lot of confusion around the scope of what you can write off in your business so in this episode, I want to share some clarity on the subject. For the most part, I think business owners are overly optimistic about what a legitimate business expense is. Many business owners confuse personal expenses with items that can be claimed as tax deductions in their business. But as a business owner, it's really important that you understand the difference. Today, I'm sharing some practical examples of things I often see in my work as a bookkeeper and some insights on what you can put through your business account.I give an overview on:What writing off an expense through your business actually means.Purchasing upfront through Profit and Loss and depreciation methods.The benefits of tax deductions and why a lot of business owners are optimistic about what the benefits are. What legitimate business expenses are. You can only claim a tax deduction for an expense that needs to be incurred to earn your accessible income.Expenses I often see in my bookkeeping work that aren't legitimate tax deductible expenses.At the end of the day, common sense prevails most of the time. Always ask yourself, “do I need to incur this expense to earn my accessible income?” If the answer is yes, it's likely that it's a legitimate business expense.If the answer is no, you're probably looking at a personal expense which cannot be claimed as a tax deduction.I hope this episode gives you clarity on the topic of tax deductions and gives you an understanding of what you can and cannot “write off” in your business.LINKS:Previous episode mentioned:Bookkeeping for Christmas parties, Christmas gifts and entertainment expenseshttps://www.youtube.com/watch?v=hg1Uk60rBscRegister your interest in the Bookkeeping it Real Mentoring Program here.Check out my course Bookkeeping it Real here!Where to Find Bec:Website: https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

Sustainability is extremely important to me, and last year I decided to take my business in the direction of becoming a certified B Corp business. This means being held to higher standards of social and environmental performance, along with other stringent factors. To help me achieve this, I had Amy Robertson-Thrift join my team. Amy is an amazing bookkeeper, as well as being super passionate about sustainability. Today I chat with Amy, who shares 5 tips for small businesses to move forward on the sustainability front. While it's a big space and can feel overwhelming to tackle, you don't need to be an expert. It's the simple steps we can take that will change how we do things and potentially influence big businesses to do the same. We dive into ideas around:Starting where you areFinding a team or sustainability representative to support your endeavoursChanging your bank and employer super fund to an ethical providerLooking at your physical operations to find where you can reduce wasteThinking locally and building communitySetting a couple of goals or creating an achievable baseline can be such an effective way to take steps towards sustainability in your business. Amy shares some amazing insight into the mindset you can adopt, whether you're just looking to make some small, positive changes or you're working towards certification. I hope this episode really gets you thinking and inspires you to move your sustainability measures forward in your own world.LINKS:B Impact AssessmentRegister your interest in the Bookkeeping it Real Mentoring Program here.Check out my course Bookkeeping it Real here!Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

If you're a business owner, it's really important to know what your responsibilities are when it comes to tax or GST debts. In today's episode, I discuss the importance of lodging your activity statements on time and run through what you need to know about ATO debt. We know things can take a turn in the world and economy, often when we least expect it. Should anything go wrong and you want the government to assist you, it will serve you well to stay up to date with lodgements and payments. This will cause the ATO to look favourably towards you and your history. While I have found the ATO to be very helpful, there are strict dates around lodging your business activity statements on time and making payment of any debts owed to them. Today I give you an overview on:What ATO debts actually areThe 2 different types of activity statements and what your responsibilities are with them  The different timeframes for lodging when you are doing so on your own behalf or using a tax agentPenalty rates for late lodgements or payments of debtSetting up payment plans when you're unable to pay your debtThe importance of making super payments to staff, and how this is considered even more important than tax debtsAs the ATO actually says on its website, please don't put your head in the sand. When it comes to making  payments of any debts you owe, communicating with the ATO transparently will help them help you. And it will absolutely serve your business in the long run. I hope you enjoy today's episode and find it helpful in understanding the importance of staying up to date and in control of any of your ATO debts. LINKS:Register your interest in the Bookkeeping it Real Mentoring Program here.Check out my course Bookkeeping it Real here!Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

Do you need clarity on how to pay yourself as a business owner?I often come into touch with entrepreneurs who aren't 100% clear on the best way to take money out of their businesses. Whether it's for weekly pay, bonuses or receiving a loan from your company, there are a few ways to pay yourself for showing up every day. It's important to note, however, that each of these structures comes with differing tax and legal implications. Today I take you through these differing structures so you can decide on the best way to set yourself up in your business. I start with talking through the advantages and disadvantages of being a sole trader, such as the ease of using your personal bank account and the legal liability that comes with operating under this structure.I then give an overview of the partnership setup and the similarities it shares with the sole trader structure. I explain the way profit or losses are calculated and how they are split between the partners.If you're looking for the best way to pay yourself for growing your business, I recommend setting up a company. I explain how creating this separate entity is really beneficial from a legal perspective, and how it can protect you personally if something goes wrong. I also run through the tax effectiveness of this structure versus sole trader or partnership.What's the best structure for your business to operate under? I hope today's episode gets you thinking about which option is right for you and leads you to make the best choice for your growing business.LINKS:Register your interest in the Bookkeeping it Real Mentoring Program here.Check out my course Bookkeeping it Real here!Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

Have you ever thought about selling your small business? Whether you have a pottery business, restaurant, beauty spa or a training organisation, you can potentially sell your business on to someone else when you feel the time is ready. So it's absolutely vital that you have all of your ducks in a row now to have smooth sailing in the future. Today I'm chatting with Lauren Gross, an associate lawyer from Velocity Legal, about everything you need to consider when selling your small business. This type of sale is definitely not simple or straightforward so Lauren is here to help with her passion for solving complex legal issues and achieving amazing results. We begin with Lauren taking us through the different types of purchasers acquiring businesses, when business owners start thinking about selling, what purchasers are looking for, and how a business is valued. We then look at the practical steps involved after a business owner has made the big decision to sell their business. Lauren explores everything from finding a business broker, examining the market, doing the due diligence and investigations and ensuring that all of your business documents, contracts, employee agreements and paperwork are complete and accurate. There can be very big consequences from providing inaccurate warranties in the business sale agreement, so Lauren takes us through how to avoid liability through honest and comprehensive documentation and how to find the right legal representation for you and your business. This is such an important conversation for everyone interested in one day selling their business. Lauren is an absolute wealth of information, knowledge and experience and specialises in the business sale process so make sure you grab a pen and paper and tune in for all of her advice. LINKS:Register your interest in the Bookkeeping it Real Mentoring Program here.Check out my course Bookkeeping it Real here!Where to Find Lauren Gross: Website: https://www.velocitylegal.com.au/ https://www.velocitylegal.com.au/team/lauren-grossLinkedIn: https://www.linkedin.com/company/velocitylegal/Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

Today I'm bringing you a short and sharp episode on gift card accounting, a process that many business owners either find confusing or aren't exactly sure how to tackle.Whether you only sell one gift card every quarter or you're a retailer selling a large number of gift cards regularly, it's helpful to understand best practice when it comes to recording your gift cards in your business.I run through these four different scenarios and the best way to approach them:The sale of gift cardsExchanging goods for a gift cardGiving gift cards as giftsGift cards as a form of paymentWhile I aim to give you a general understanding of the different processes for gift card accounting, I also encourage you to seek guidance from your tax accountant or bookkeeper for any specific situations you may come across. I hope today's episode prompts some extra thinking about your systems and how to avoid making mistakes when accounting for gift cards. Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

Hello and welcome to episode 53! It has now been a full year now since I started this podcast and since it's our birthday, I thought I would share my reflections on podcasting.First up - why did I start a podcast? The reason is not too profound, and it wasn't a long-term goal of mine, but there were some really good business reasons, which I take you through. I also explain who gave me the idea in the first place and why getting help with the audio production has really helped.Overall, my intention for this podcast was to build authority in my industry and gear my business up for future growth. Additionally, the success of small businesses means a lot to me so I was eager to show up and serve small business owners to help move their businesses forward.I run through the positives of having a podcast and what I have loved about the journey. I also run through the flip side and give you the low down on what's been hard.Do I recommend it? Overall - yes! The benefits I take you through (not least new business) mean it has been totally worth it for my business. There is a lot of personal growth that has come from it as well. So, here's to another year of podcasting!LINKS:Register your interest in the Bookkeeping it Real Mentoring Program here.Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping