You're not alone. Many business owners in the NDIS and Allied Health space, find themselves constantly reacting—putting out fires and jumping from one task to the next. But with the new financial year now underway, it's time to start the New Financial Year with intention and clarity.

Be Intentional: Plan, Don’t Wing It

One of the simplest yet most powerful habits you can develop is taking just a few minutes each day to set clear goals. These don’t need to be major milestones—just three focused actions each day that move you closer to where you want to go.

Write them down. Commit to them.

Even when unexpected things come up (and they always do), you’ll have made real progress by the end of the day.

Financial Preparation is Key

Being clear that your time is only part of the picture—now’s also the time to prepare financially for the year ahead. Start by putting a few practical measures in place:

• Create a budget for your business. Know your expenses, income targets, and how you’ll track against them.

• Prepare a cash flow forecast to anticipate any peaks and troughs before they hit.

• Set up separate bank accounts for things like tax, super, and other obligations. This helps you avoid surprises and keeps your main account clear.

• Block out time in your calendar to review your finances regularly weekly or fortnightly works well. If it’s not scheduled, it probably won’t happen.

Make Progress Visible

The best part? When you make this a habit, progress becomes visible and measurable. You’ll feel more in control and less overwhelmed.

So, what are three things you can do today to set yourself up for the new financial year? Write them down and take one step forward on each.

This will enable you to start the New Financial Year with intention and clarity.

Need a hand getting started?

Click Let’s Chat and we'll set up a time chat about your unique situation.

#NewFinancialYear #SmallBusinessTips #CashFlowPlanning #BudgetingForBusiness #TimeManagement #DailyGoals #NDISBusinessSupport #AlliedHealthBusiness #TakeAction

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I know, you just want to get your taxes done.  And I hear small business owners say that all the time.  And yes, it is really important to stay on the right side of the law.

But having stable cash flow and sustainability (aka financial fitness)? is what really matters if you truly want to stay in business for the long haul!

It's a simple thing that really does need your attention.  So, here are my top 5 tips for creating financial fitness:

1. Focus on Financial Health:

- For NDIS providers, staying financially healthy is key to success.

- Managing taxes is important, but it should not be the main goal.

- Aim for overall financial fitness to better serve your participants.

2. Importance of Automated Systems:

- Using automated systems can make your financial processes easier.

- Automation will help you with billing, invoicing, and reporting.

- It reduces mistakes and saves time, letting you focus on providing care.

3. Real-Time Insights:

- Automated systems give you real-time financial information.

- This helps you make quick and informed decisions.

4. Stay Compliant:

- The NDIS environment is complex and ever changing.

- Automated systems help you stay compliant with NDIS rules.

- This reduces the risk of non-compliance, errors and cuts down on paperwork.

5. Better Efficiency and Care:

-  By focusing on financial fitness, you can improve cash flow and efficiency.

- This means you can deliver better quality care to your participants.

By making financial fitness a priority and making use of automated systems, you can enhance efficiency and provide excellent care.  Remember, while taxes are a necessity, your ultimate goal should ALWAYS be achieving overall financial fitness in yourself and your business.

You know, I have a Financial Fitness group where we work on these areas and much more.  And you can join the group anytime.

So, if you would like to have more stability in your business, why not join up NOW?   You can find out more here: https://bit.ly/FFGPTGCLP

PS: When you do you will receive a complementary 15-minute session to identify 3 areas in your business you can improve right now!

#NDISProviders #FinancialFitness #EOFY

The post I just want to get my business taxes finalised! appeared first on Higher Purpose Accounting.

Separate personal and business finances completely

That dinner you had wasn’t part of a meeting with client, yet you used your business card. Those computers that you bought were meant for work, but you ended up using your personal payment card. Yeah, you can pay yourself back from your business or pay back to your business from your personal account. But DON’T!

It’s that simple.

Personal and business finances should never ever be mixed together whatever the circumstances may be. Generally, when you spend on your business, you should record a transaction. If you don’t or if you combine personal and business finances, then things can become a pain pretty soon and it will be hell for you to track down all the expenses.

So, separate the two accounts right from the start and you’ll be saving yourself a good amount of time and pain in the future. And let’s not forget that this will be a huge help when you lodge your tax return.

Organise yourself!

For organising your finances that is. Spend around 15 to 30 minutes every week and the only thing that you should be doing during this time is to sort out your finances and make sure that they are in proper order.

And by the way, this little activity can even help you gain insights especially if you make good use of your accounting system.

Track salaries

Yes, there is a need to mention this separately. Whether you are the only one working or have a team of staff, track costs associated with salaries, benefits, leaves, overtime and other relevant expenses separately.  This will let you know if your labour costs are within the budget or outside it. Accordingly, you can decide if you should spend more on incentivising your team or if you need to cut down on some benefits.

Consult the professionals

We mentioned this at the start of our discussion, but let’s talk about it again for emphasis. Accountants are a vital part of any team.  They are an expert in maintaining accounting and finance systems and have done it for so many businesses just like yours. They know exactly what works, what doesn’t and which deductions you should utilise.

Agreed, you may want to refrain from hiring an accountant for anything other than tax and other compliance areas, but trust us, bring a professional accountant and trusted advisor on board and the improvements made will more than compensate for the investment!

So, there you have it - Separate, Track, Organise and Consult.  Then you will be well on your way to manging your finances effectively.

Higher Purpose Accounting can help you in setting up your accounting system and managing your finances. Visit our website or book in a call for more information.

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And this is the right time to master your bookkeeping skills so that you can optimise your finances earlier on.

Bookkeeping may seem difficult initially, but remember that it contributes to your business health. So devote specific time every week for the task. Here are some of the most common issues that you may face when managing bookkeeping.

Accounts Receivable and Collections

What process do you follow from generating invoices through to collecting the payments?  This process can be quite complex, and so often leads to further problems. Having invoices created and sent regularly, and preferably when the goods or services are provided will ensure that everything is recorded and will enable cash flow comes in regularly.

As well, you need a process to follow up outstanding invoices on a regular basis.  Too many businesses do not do this and find them self in financial difficulty as a result.  Better still, implement an automated process that will send out email reminders automatically and you will find most customers will pay fairly quickly, leaving you to call only those who still don’t respond.  It will save you hours each month.

By doing this, funds will be there for you to pay your expenses, meet your business financial obligations and to help grow your business.

Cash Flow

Cash flow problems can start when you combine business and personal finances. Many small business owners use the same account for both, resulting in a tangled mess that is too hard to clean up.  Drawings are made as needed for personal expenses and are then not available when required for expense payments and for meeting government obligations like tax.

By separating your business and personal accounts from the very first day, you’ll be saving yourself from plenty of trouble down the road.

Paperwork

Tracking receipts and storing them properly is one of the biggest problems that you may face as a business owner.  Make sure you compile them in an organised way and store them somewhere safe as many accounting aspects rely on tracking expenses accurately.

A good accounting software can help you with this task. As far as storage is concerned, you can do it offline but doing it over the cloud is more preferable because of easy access and greater security.  Take a photo or scan any paper invoices or receipts received and upload them to the transaction in your accounting ledger or save on a cloud storage facility like Google Drive or Dropbox.

Payroll

Managing payroll is a complex process, and if you make mistakes, you can be penalised by government.  Payroll management isn’t only about salaries, but also includes taxes, superannuation, bonuses, benefits, and other areas.  Find yourself a specialist in payroll to assist you in meeting your obligations.

Closing your Accounts

Ideally, you should close your accounts every month so that important figures and financial metrics can be obtained.  By delaying this you won’t be able to report timely information, gain useful insights and make effective decisions.  You also run the risk of recording transactions in a prior period where you have already reported externally, particularly to government agencies.  Closing your accounts every single month will avert this. Sounds complex? Then seek the advice of a professional accountant.

Visit our website www.higherpurposeaccounting.com.au for more information.

The post The Most Common Bookkeeping Challenges Faced by Small Businesses appeared first on Higher Purpose Accounting.

History shows many business owners delay working with professional accountants as much as they can.  They don’t see the value of investing in an accountant, only thinking of it as an expense.  But the monetary saving costs them many hours of their time and eventually thousands and thousands.

So, are you now convinced that you should work with an accountant? If your answer is still no, let us walk you through some situations in which professional accounting advice can be valuable.

Writing your business plan

Are you in the process of developing your business plan?  Bring in an accountant on board and they’ll help you improve the plan. Accountants can use advanced software to predict the financial position of your business a couple of years down the road and also prepare various reports that give you valuable insights, allowing you to make key decisions.

Hiring accountants earlier on lets you utilise their financial knowledge and experience right from the start, helping you save time and money. You will also learn some critical things as well!

When determining the legal structure of your business

Every business has a different legal structure depending on various factors. The most common types include limited liability partnerships, limited liability corporations, sole proprietor and so on.  An accountant can explain each type in detail, along with associated legal implications so that you can select the one that best fits your needs.

Helping with finances

Business management appears too complex during the start-up phase. If you feel that you, spending too much or losing control over your finances, then reach out to an accountant and they’ll help you optimise them. They’ll evaluate your current situation, identifying areas where you’re overspending or can generate revenue and put a system in place for you to achieve it.

Accountants keep tabs on key metrics like debtor days, cash flow timings, inventory turnover, gross profit margin and return on assets, and identify revenue and expense drivers, providing you a good picture of your business performance. Moreover, they use advanced accounting software and add-ons that automate many tasks at your end and help you improve collaboration within your team.  If the software is in the cloud, you enjoy greater accessibility and security.

Focusing on your business

Running your own businesses means handling many different operations that fall under different areas. When you start spending too much time on these critical issues, you lose track or your basic purpose while also wasting your resources, as you cannot be expected to be an expert in all these areas.

But when you outsource operations like financial accounting and financial management, you get peace of mind and more time on your hands to deal with the bigger and more important issues in your business.

So, hand over your accounting tasks to an award-winning business like Higher Purpose Accounting. We’ll quickly set up a proper system for your business and take of other steps crucial to business stability and growth.

The post When Should Small Businesses Turn to Accountants for Help? appeared first on Higher Purpose Accounting.

If you are just starting out, you may be able to manage, but do consult a qualified accountant about the best structure to have, the internal financial and operational procedures for your business and how to comply with government obligations. You should also think about automating accounting with widely available software like Xero, QuickBooks, Reckon One or MYOB. Go through the features and the subscription pricing, and then decide the best software which serves your business needs and is within your budget.

So, let’s take a look at some of the most effective ways to sort out your small business finances.

Separate personal and business expenses right from the start
One of the biggest mistakes that new entrepreneurs make is mingling their personal and business finances. Never do this, even if it’s just the first day or your business. Keep your business and personal finances separate. Open a separate back account for your company and have a separate credit or debit card for your business.
Later on, when you sit down and reconcile your expenses, you’ll be extremely glad that you kept the two areas separate.

Track your expenses thoroughly
Label, and then categorise your expenses, keeping a critical check on your cash flows. Also try to use your business credit or debit cards for most of the purchases. Managing paper receipts is difficult but when you use payment cards, all transactions records are electronically. If you use accounting software, you can have a direct bank feed to the software or import all these records into the software, saving you and your accountant/bookkeeper time.

Plus, the more you use your credit cards, the greater rewards you earn. Many loyalty programs offer cash back, which can benefit savings.

Still there can be cases when cash would be your only option. Make sure that you take pictures of all paper receipts them and attach them to the transaction in your accounting software.

Take out time to update your books
As much as you feel like delaying bookkeeping, don’t do it. Take out time, every single, week and get all your records in order. Set aside a time for this, and then be sure to follow it. You may even get some help from a bookkeeper.

Look out for labour costs
Employee salaries are often the biggest expense of small businesses. So, ensure you record superannuation, PAYG Withholding, overtime and other details carefully. Using accounting software with a dedicated payroll module can help you here.

Look for help from the pros
The best piece of advice that we have to offer. Hiring a qualified accountant and/or bookkeeper may seem like and added expense, but it is actually worthwhile having them when they sort out and put your finances in order.

Get in touch with Higher Purpose Accounting to see how we can help you with these areas.

The post Accounting Tips for SMEs appeared first on Higher Purpose Accounting.

Apps

So many helpful accounting apps are already available on the Android and iOS play store and there are many in the pipeline.  These apps will instantly notify you and give you valuable insights and alerts and are often being bundled with intuitive dashboards giving you a complete picture in just one glance.  You have instant access to your key financial indicators and other important data right there on your mobile smartphones.

Conversational Platforms

Accounting firms are expected to make use of conversational platforms and chat bots to answer their client queries, offering them valuable advice and provide them all the support that they need.  Developers are finding new ways to make these platforms more effective for businesses and their clients.

Automation

Accounting will soon be driven by Artificial Intelligence AI, which may well, completely transform the daily routine of an accountant in the future.  Repetitive tasks are already being automated, with more fully integrated accounting systems being launched, and new solutions developed that take into account the effect of regulations and compliance on business.   Consequently, a shift will be made from transaction processing by accountant and book keepers to more advisory roles like financial analysis and forward planning.

Cryptocurrencies and Blockchains

Cryptocurrency and the underlying technologies are expected to have significant effects on the accounting industry.  Currently, challenges do exist so it is predicted cryptocurrencies will not become mainstream any time soon.   But things are a little different for distributed ledgers and block chains. A distributed ledger is like a cooperative database, storing data for multiple computers together and in turn, promoting sharing and trust.  Block chains are a continuously growing list of records, called blocks, linked and secured using cryptography and is inherently resistant to modification of the data.  Many financial institutions in Australia are already developing solutions that will utilise these technologies, looking to launch them as commercial products over the next few years.

Data Security

Outsourced accounting has benefits for business, small and big. But when outsourcing, it is vital to understand the effects outsourcing may have on data.  Access, storage, data security should be considered, and questions around these each of these aspects, are expected to become need to be addressed.  When choosing an accounting firm, checking their privacy policies is essential.

E-Invoicing

As the name implies, e-invoicing delivers invoices electronically from the cloud-based accounting system. This is rapidly becoming a standard around the globe, with invoices being automatically generated for recurring items and when milestones are reached, greatly improving efficiency within a business.

Higher Purpose Accounting can help you in setting up your accounting system and related processes and with managing your finances.  Visit our website or give us a call on 0434 349 704 for more information.

The post Accounting Trends for Current Times appeared first on Higher Purpose Accounting.

Keep personal and business finances completely separate

That dinner you had wasn’t part of a meeting with client, yet you used your business card. Those computers that you bought were meant for work, but you ended up using your personal payment card. Yeah, you can pay yourself back from your business or pay back to your business from your personal account. But DON’T!

It’s that simple.

Personal and business finances should never ever be mixed together whatever the circumstances may be. Generally, when you spend on your business, you should record a transaction. If you don’t or if you combine personal and business finances, then things can become a pain pretty soon and it will be hell for you to track down all the expenses.

So, separate the two accounts right from the start and you’ll be saving yourself a good amount of time and pain in the future. And let’s not forget that this will be a huge help when you lodge your tax return.

Set aside some time

For organising your finances that is. Spend around 15 to 30 minutes every week and the only thing that you should be doing during this time is to sort out your finances and make sure that they are in proper order.

And by the way, this little activity can even help you gain insights especially if you make good use of your accounting system.

Track salaries

Yes, there is a need to mention this separately. Whether you are the only one working or have a team of staff, track costs associated with salaries, benefits, leaves, overtime and other relevant expenses separately.  This will let you know if your labour costs are within the budget or outside it. Accordingly, you can decide if you should spend more on incentivising your team or if you need to cut down on some benefits.

Call the professionals

We mentioned this at the start of our discussion, but let’s talk about it again for emphasis. Accountants are a vital part of any team.  They are an expert in maintaining accounting and finance systems and have done it for so many businesses just like yours. They know exactly what works, what doesn’t and which deductions you should utilise.

Agreed, you may want to refrain from hiring an accountant for anything other than tax and other compliance areas, but trust us, bring a professional accountant and trusted advisor on board and the improvements made will more than compensate for their hiring costs.

Higher Purpose Accounting can help you in setting up your accounting system and managing your finances. Visit our website or give us a call on 0434 349 704 for more information.

The post Organise Your Small Business Finances appeared first on Higher Purpose Accounting.

A major factor to consider is the structure of your accounting system and how transaction information is captured.

Remember garbage in, results in garbage out. Know what it is you want to track and what are the drivers of revenue and costs.  Then set up your accounting ledger and client management system to capture this information on entry and in a categorised way.

This means the information will come out in a meaningful way when you run your reports and enable you to make useful decisions in a timely manner.

If you would like assistance with any or all of these areas, arrange a consultation with me now using the details below:
www.higherpurposeaccounting.com.au

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