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

The post Start the New Financial Year with Intention and Clarity appeared first on Higher Purpose Accounting.

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.

You see, many business owners are so focused on delivery, they neglect to properly keep track of their expenses.

As a NDIS provider, managing finances is crucial to ensuring the sustainability and growth of your services. Yet, we still ask ourselves, “Where did my money go?”

Here are some essential tips for NDIS Providers:

1. Detailed Record-Keeping: Maintain accurate and detailed records of all transactions. This includes invoices, receipts, and payroll records.      Regular audits can help identify discrepancies early.
2. Budget Wisely: Develop a comprehensive budget that outlines expected income and expenses. Regularly review and adjust this budget to
reflect changes in funding or operational costs.
3. Monitor Cash Flow: Keep a close eye on your cash flow. Ensure that your income covers your expenses and allows for savings. Cash flow
projections can help anticipate and mitigate potential shortfalls.
4. Use Accounting Software: Invest in reliable accounting software tailored for NDIS providers. These tools can streamline bookkeeping,
manage your people, generate reports, and provide real-time financial insights.
5. Regular Financial Reviews: Conduct regular financial reviews and involve your team in the process. This promotes transparency,
identifies opportunities and collective accountability.

By implementing these strategies, you can gain better control over your money, ensuring that it is used effectively to provide high-quality support and services to your participants.  You'll no longer be thinking “Where did my money go?”, because you'll know exactly where it is going!

You know, I have a Financial Fitness group where we work on these areas and much more. I am taking in the next group of people so if this interests you, join the waiting list here: Find out more

The post She said: “Where Did My Money Go?” appeared first on Higher Purpose Accounting.

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.

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.

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.

Open a separate bank account

Once your business is registered, earning income and paying expenses, you need a place where you can record and manage these. Open a separate bank account for the purpose so that distinct records are maintained. Don’t forget that this will make your life so much easier when it’s tax time, for GST accounting and for tracking and setting aside monies for staff related expenses.

You can initially start with a basic account, and then later on, move to an interest earning savings account.  Needless to say, do some shopping around here and compare offers from various banks. Go with the one that is more affordable whilst meeting your needs.

Keep a track of your expenses

From day one you need to keep good records of your expenses and spend wisely in the areas which will set the foundation for the future. You may be generating income but if you are spending money fasting than you are earning, you will come into trouble in the future with cash flow.

Establish a proper system to organise your receipts and maintain your records making sure that you are safely storing expense records for your tax deductions and for for later referral.  These days you can scan and store documents within your accounting software.

Set up a bookkeeping system

Bookkeeping is the process of recording daily transactions, categorising them and then reconciling the records with bank statements.  Choose appropriate accounting software, and decide if you want to recruit someone for the job or outsource the task.

Generally, it is best to hand over all your bookkeeping to a third party so that you can focus on your core business.  It is a false economy to try to do it yourself!

Establish a payroll system

You hire one person at the start, then two, and eventually a team. And some of them may be part time employees as well.  Consider whether your staff should be independent contractors or employees. The amount of work to be carried out and the type will help you decide here - remember if you only need one or two people part-time, it will be less compliance to have them as contractors who can invoice you as each project is completed.  That said, check with your tax account that you are meeting the compliance requirements for a contractor or an employee and organise someone to process payroll if this is the road you take.

Decide how you want to be paid

Are your sales rolling in? Great! Decide acceptable payment options. If you’d be willing to accept credit and debit cards, you’ll have to set up a merchant account or sign up with a payment processor. Also, consider automated debtor collection if you raise invoices and accept payment by EFT.

Determine tax obligations

Tax obligations widely vary depending upon your type of business structure.  Income tax, GST, FBT, PAYG may apply - talk to an accountant or a tax expert, and they’ll guide you through what is required for each type.

Re-evaluate your methods

Re-evaluate your accounting procedures and systems every now and then. If you are using the right methods and appropriate solutions, you are saving time and increasing efficiency.  Also ask for some advice from an accountant bookkeeper or business owners in your industry to determine how you are going and what you could improve.

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

The post Small Business Accounting: Starting Up 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

The post Have good accounting information appeared first on Higher Purpose Accounting.

You need product and service goals, sales and marketing goals, financial and operational goals as well as self-development goals.

It may seem like there are a lot of things to do, but if you focus on one area at a time, after having taken a few steps, you will start to see positive results, that will in turn spur you on to achieving even more.

Remember though, if you neglect any of these areas, you run the risk of setting yourself up for failure.

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

The post Link your vision to achievable goals appeared first on Higher Purpose Accounting.