Understanding the Basics of Small Business Structures

Your Bookkeeping Matters

#MBA #Entrepreneur #Business #Lisa Turner #Podcasting Education #Bookkeeping #Small Business #Small Business Accounting #Small Business Management #QuickBooks #Xero

1:00:36

Do you have fond childhood memories of summer camp? For a chance at $250,000, campers must compete in a series of summer camp-themed challenges to prove that they are unbeatable, unhateable, and unbreakable. Host Chris Burns is joined by the multi-talented comedian Dana Moon to recap the first five episodes of season one of Battle Camp . Plus, Quori-Tyler (aka QT) joins the podcast to dish on the camp gossip, team dynamics, and the Watson to her Sherlock Holmes. Leave us a voice message at www.speakpipe.com/WeHaveTheReceipts Text us at (929) 487-3621 DM Chris @FatCarrieBradshaw on Instagram Follow We Have The Receipts wherever you listen, so you never miss an episode. Listen to more from Netflix Podcasts.…

about a year ago 16:07

MP3•Episode home

Choosing the wrong structure can cause headaches down the road so it’s important to be informed before making a decision. If you have made the wrong decision though, don’t panic! I’ve been there myself, and while it costs some time and money, you can definitely change structures.
So whether you are starting a new business or reassessing your current structure, this episode will help you pick the perfect structure for you. Lets dive in to Australia’s three main types of small business structures:

1. Sole Trader
The sole trader structure is the most common choice for small business owners in Australia. It is cost-effective and easy to set up, making it an attractive option for those starting out on their own. In this structure, you, as an individual, are the business. This means there is no separation between your personal and business entities.

While being a sole trader offers simplicity and full control over decision-making, it also comes with unlimited liability. Without any separation, you are personally responsible for all aspects of the business including all its debts. Additionally, all the profits of the business will be taxed as your income.

2. Company
The company structure provides a separate legal entity for your business. This means the business enters into contracts, buys assets, and incurs liabilities in its own name, which offers some liability protection for the owners.

This is a great choice for businesses with multiple owners, significant assets, or plans for substantial growth. However, setting up a company requires a formal structure, which comes with more administrative tasks and costs. Don’t get discouraged though! A good tax specialist will be able to step you through this process if it’s the right one for you.

3. Trust
A trust is a unique business structure that holds assets on behalf of beneficiaries. It is not a separate legal entity but a relationship wherein a trustee manages the assets for the beneficiaries. Trusts are known for their flexibility in income distribution and asset protection, making them a common choice for family businesses. Keep in mind that setting up a trust is typically more complex and costly than other structures, so you’ll definitely want professional guidance.

LINKS:

Join the waitlist for The Bookkeeping Matters Blueprint here

Connect with Lisa Turner:

Instagram: @accountedforyou

Website: https://accountedforyou.com.au/

Join my Numbers List for small business news and fun, helpful tips here

Grab some FREE Resources here

Check out my blog here

93 episodes

Understanding the Basics of Small Business Structures

Your Bookkeeping Matters

published about a year ago

MP3•Episode home

LINKS:

Join the waitlist for The Bookkeeping Matters Blueprint here

Connect with Lisa Turner:

Instagram: @accountedforyou

Website: https://accountedforyou.com.au/

Join my Numbers List for small business news and fun, helpful tips here

Grab some FREE Resources here

Check out my blog here

93 episodes

#MBA #Entrepreneur #Business #Lisa Turner #Podcasting Education #Bookkeeping #Small Business #Small Business Accounting #Small Business Management #QuickBooks #Xero

All episodes

Your Bookkeeping Matters

1
The Pricing Strategy Ruining Your Profit 19:25

6 days ago19:25

19:25

Pricing is one of the trickiest parts of running a business, and it’s also one of the easiest ways to watch your profit disappear. If you’re working non stop, but cash still feels tight, chances are your pricing strategy is the problem (whether you realise it or not). In this episode, I’m breaking down the exact mistakes I see female-led businesses making with their pricing. It's the same traps I’ve seen with my own clients, and even faced myself. From guessing your prices and forgetting hidden costs, to relying on outdated models or chasing competitors’ rates, these issues chip away at your profit fast. The good news? Once you know what to look for, you can turn things around. I’ll walk you through the practical steps to review your pricing properly . So you can make sure it covers all your true costs (including those sneaky ones like admin time, taxes, and overheads), supports your goals, and keeps your business sustainable. No fancy spreadsheets needed, just simple, actionable advice to get you back on track. If pricing has ever felt overwhelming or you’ve been putting off a proper review, this is your reminder small changes can make a massive difference to your bottom line. Here’s what’s covered: Why “set and forget” pricing is a recipe for profit loss, and how often you should review your prices The danger of hourly pricing when your business evolves (and how one client turned things around by switching models) What happens when you copy competitors’ pricing, and why it usually backfires The true costs you need to build into your pricing to avoid accidentally working for free Why discounting feels like a quick win but can seriously damage your brand and long-term profit How to set clear pricing boundaries and focus on value instead of dropping your prices Links & Resources Mentioned in This Episode: Free Tool Pricing Calculator Previous Podcast Ep: 19 Pricing for Profit (and Mistakes to Avoid) Previous Podcast Ep: 82 Beyond Profit: Why Adding Value Matters Most Watch this episode on YouTube…

Your Bookkeeping Matters

1
Why Every Small Business Needs a Bookkeeper for Growth 15:23

20 days ago15:23

15:23

Running a small business often means wearing many hats, but when it comes to bookkeeping, trying to DIY can hold you back more than help. If you’re serious about growth, it’s time to stop thinking of a bookkeeper as someone who merely clicks buttons in Xero. The right bookkeeper becomes part of your team, helping you make confident, informed decisions and setting your business up for sustainable success. Bookkeeping goes beyond data entry, it plays a key role in your business growth. From cleaning up messy accounts to setting up smarter systems and giving you the financial clarity you need to scale, this episode is packed with insight. Whether you’re overwhelmed by overdue invoices or unsure how much to set aside for BAS, after this episode you’ll walk away understanding exactly how a proactive bookkeeper can help move your business forward. Here’s what’s covered: How a great bookkeeper helps you see the full picture of your business The unexpected ways they can support your decision making and strategy Why you don’t need to have it all figured out before working with a bookkeeper How they help you stay focused on what matters What it looks like when your numbers finally start working for you Links + Resources : Podcast Episode 09: Bookkeeper vs Accountant Podcast Episode 36:Hiring a Bookkeeper? Here’s What You Need To Know Podcast Episode 10: Should You Outsource or DIY your Books? Watch this episode on YouTube Learn more about working together with Accounted For You…

Your Bookkeeping Matters

1
Smarter Systems for Harmony in Work and Life 18:19

5 weeks ago18:19

18:19

Running a business while trying to maintain a personal life can feel like a never-ending juggling act. The pressure to be everywhere, do everything, and keep it all together is real, and exhausting. That’s why we’re stepping back to ask a more intentional question: is this helping create harmony, or is it feeding the overwhelm? After a shaky 2024, the word harmony has become a guiding principle for me. Instead of striving for a perfect work-life balance (spoiler: it doesn’t exist), my focus has shifted to systems that support a flow between business and life, one that is flexible, realistic, and sustainable. I share what that looks like in practice with four systems that have helped me create harmony between work and life: Automating repetitive tasks. Whether it’s email rules, invoice reminders, or integrating tools, automation helps cut down manual work so you can focus on what matters most. Scheduling and Time Blocking. Create consistency and structure by scheduling tasks and batching them together. Time blocking helps protect your focus and ensures important things get done, without the mental clutter. Outsourcing the Right Tasks. You don’t need to do it all. Let go of tasks that drain your energy or take time away from your strengths. Think about where you add the most value and get help with the rest. Setting Boundaries. Define what works for you , whether that’s turning off notifications, not working Fridays, or saying no more often. Boundaries are essential for protecting your time, energy, and wellbeing. Links + Resources Number News fortnightly email insights…

Your Bookkeeping Matters

1
Small Tweaks, Big Impact: Habits to Change Everything 15:35

7 weeks ago15:35

15:35

Small changes can make a huge difference in your business. The right tweaks to your bookkeeping and financial habits can save time, improve cash flow, and help you feel more in control, all without adding more to your plate. Efficiency is key, and it starts with reducing time spent on repetitive tasks. Are you still manually processing transactions that could be automated? Whether it’s setting up bank rules, batching expenses, or offering online payment options, there are smarter ways to handle your finances. One simple shift? Automate your invoicing. Sending invoices manually not only takes time but can also lead to delays and cash flow issues. With automation, you streamline the process, get paid faster, and free up your focus for more important things. Another game-changing habit? A weekly financial check-in. Instead of letting tasks pile up, block out a set time each week. Whether it’s Money Mondays or Finance Fridays, to review cash flow, send invoices, and stay on top of your accounts. This one habit alone can transform financial confidence and business growth. Finally, don’t ignore your reports. Your bookkeeper isn’t sending them for fun! They’re a powerful tool for understanding your numbers. Start simple: find your gross profit and understand what it means. As you get comfortable, you’ll naturally start asking more questions and making smarter financial decisions Links & Resources Mentioned in This Episode: Xero Money Saver Guide – Learn how to optimise your Xero set up. Blog post: Gross Profit vs. Net Profit – For a simple breakdown of gross profit.…

Your Bookkeeping Matters

1
Lessons From A Year Off - Why Pausing Can Be Powerful 12:51

9 weeks ago12:51

12:51

After a year-long break from the podcast, I’m back! And there’s a lot to catch up on. While the podcast was on pause, my business, Accounted For You, definitely wasn’t. In fact, the past year has been full of growth, refining processes, and making big shifts in how we support clients. In this episode, I share why I made the decision to step back from recording, the impact it had (both personally and professionally), and why now is the right time to return. I’ll walk through the behind-the-scenes changes in my business, what I’ve learned about prioritising the right things, and how stepping back in one area can sometimes be the best move for long-term sustainability. If you’ve ever felt stretched thin in business or questioned whether you need to let something go (even temporarily), this episode is for you. Plus, I’ll share what’s ahead for the podcast and why I’m excited to get back to these conversations. What you'll learn in this episode: Why I paused the podcast (and what I learned from it) How stepping back in one area gave me clarity in others The behind-the-scenes shifts at Accounted For You over the past year Why sustainability in business matters more than doing everything What’s next for the podcast and how it fits into the bigger picture…

Your Bookkeeping Matters

1
Why Is Running a Small Business Right for You? 16:26

1 year ago16:26

16:26

Small business isn’t for everyone but it might just be the perfect path for you. Although there are many perks of being your own boss, running a small business also comes with a variety of challenges that many people aren’t willing to take on. We all have different expectations for what we want out of life, which is why the decision to run a small business needs to be made with a lot of thought and care. If you’re an aspiring entrepreneur, or perhaps you have an existing business and you’ve been questioning whether this gig is really for you, keep listening my friend. In this episode, I’m taking you through some of the benefits and drawbacks of being a small business owner so you can make an informed decision about the best path for you moving forward. Embracing the Freedom and Passion One of the most significant perks of running a small business is the freedom it offers. Being your own boss allows you to embrace your passion and make important decisions that align with your vision - but this freedom doesn't come without challenges. It requires self-discipline, the ability to wear multiple hats, and a constant drive to innovate. Navigating the Challenges of Financial Independence While financial independence is a significant benefit of small business ownership, there is also a flipside. Managing finances, navigating cash flow projections, and making strategic decisions require expertise and support. Whether you're adept at handling numbers or need to outsource this aspect, proper financial management is crucial for the success of your business. Cultivating Creativity and Innovation Creativity and innovation are at the heart of small business ownership. As the boss, you have the freedom to unleash your creativity, make decisions that set you apart, and adapt to market trends. While this offers exciting opportunities, it also places a significant responsibility on your shoulders. Balancing creativity with practicality and market demand is key to sustainable growth. Ultimately, the decision to run a small business is a personal one that should reflect your strengths, passions, and values and there’s no shame in deciding that running your own business isn’t for you. Whether you choose to pursue small business ownership or explore other avenues, remember that your decision is a reflection of your courage, resilience, and commitment to personal and professional growth. LINKS: Join the waitlist for The Bookkeeping Matters Blueprint here Connect with Lisa Turner: Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…

Your Bookkeeping Matters

1
Understanding the Basics of Small Business Structures 16:07

1 year ago16:07

16:07

Today, we're going to dive into a fundamental aspect of running a small business in Australia – understanding business structures. The structure you choose will define how your business is organised, how it's managed, and of course, taxed. Choosing the wrong structure can cause headaches down the road so it’s important to be informed before making a decision. If you have made the wrong decision though, don’t panic! I’ve been there myself, and while it costs some time and money, you can definitely change structures. So whether you are starting a new business or reassessing your current structure, this episode will help you pick the perfect structure for you. Lets dive in to Australia’s three main types of small business structures: 1. Sole Trader The sole trader structure is the most common choice for small business owners in Australia. It is cost-effective and easy to set up, making it an attractive option for those starting out on their own. In this structure, you, as an individual, are the business. This means there is no separation between your personal and business entities. While being a sole trader offers simplicity and full control over decision-making, it also comes with unlimited liability. Without any separation, you are personally responsible for all aspects of the business including all its debts. Additionally, all the profits of the business will be taxed as your income. 2. Company The company structure provides a separate legal entity for your business. This means the business enters into contracts, buys assets, and incurs liabilities in its own name, which offers some liability protection for the owners. This is a great choice for businesses with multiple owners, significant assets, or plans for substantial growth. However, setting up a company requires a formal structure, which comes with more administrative tasks and costs. Don’t get discouraged though! A good tax specialist will be able to step you through this process if it’s the right one for you. 3. Trust A trust is a unique business structure that holds assets on behalf of beneficiaries. It is not a separate legal entity but a relationship wherein a trustee manages the assets for the beneficiaries. Trusts are known for their flexibility in income distribution and asset protection, making them a common choice for family businesses. Keep in mind that setting up a trust is typically more complex and costly than other structures, so you’ll definitely want professional guidance. LINKS: Join the waitlist for The Bookkeeping Matters Blueprint here Connect with Lisa Turner: Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…

Your Bookkeeping Matters

1
Effective Strategies to Crush Debt 17:48

1 year ago17:48

17:48

If you've ever struggled with managing loans, ATO bills, superannuation, or credit card payments, then today’s episode is for you! I’m taking on the topic of debt and sharing strategies to empower you in managing and crushing your debt. Taking a proactive approach is crucial for setting yourself up for long-term success. Here are some techniques to consider: 1. Budgeting and Cash Flow Forecasting: Creating a budget for your business will help you stay on top of your debt obligations and allocate funds to the right places. Just remember that budgeting is not meant to restrict you, but rather guide you on how much money you have available for spending, repayments, and fixed costs. 2. Cash Flow Forecasting: Understanding your cash flow is essential in reducing debt. By forecasting your income and expenses, you can ensure that you have sufficient funds to pay off your debt and cover the current and future expenses of your business. 3. Saving Ahead: Create a savings buffer to cover any overdue debts or amounts. Set up a dedicated savings account to accumulate funds for taxes, GST, income, and other expenses relevant to your business. Even if you're not required to pay these yet, forming the habit of saving early builds excellent money management skills. Challenges Along the Way: Navigating debt management comes with its fair share of challenges. When obstacles arise, refer back to your budget and planning to identify which debts require immediate attention, which ones incur penalties, and which carry the highest interest rates. Avoid the temptation to ignore these challenges or bury your head in the sand. Inaction will only exacerbate the problem and increase your stress levels. The Importance of Seeking Professional Support: If you find yourself struggling with debt, there are many places you can reach out to for support; starting with your trusty bookkeeper. Be honest with where you’re at and they’ll be able to provide guidance, resources, and connections to financial planners or counselors. Don’t ever be embarrassed to ask for help, your financial advisors are here to assist you in overcoming financial hurdles and setting your business on a path to success. Taking control of your debt is a crucial step towards securing a brighter financial future, and this episode will give you the tools you need. By implementing the strategies I shared, you’ll be well on your way to crushing your debt and regaining control over your finances. Previous episodes mentioned: Budgeting isn’t a dirty word Reviving Your Small Business Finances: Tips to Get out of the Red and into the Black LINKS: Join the waitlist for The Bookkeeping Matters Blueprint here Connect with Lisa Turner: Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…

Your Bookkeeping Matters

1
The Power of Personalised Reminders to Get Paid Quicker 15:17

1 year ago15:17

15:17

Are you facing late payments from clients, and getting that panicked feeling about having to chase them up? I get it - and I know so many other business owners do too. In an earlier episode , I took you through my exact process for timely payments. Today, I’m diving a little deeper to discuss the power of personalised reminders and guiding you through the process to get paid quicker. The first step in creating an effective reminder system is to turn on automated reminders in your accounting software. In this episode, we focus on Xero, but you can adapt these strategies to your own software. Once you've enabled the automated reminders, you need to determine how many reminders to send and how often. While automated email reminders are extremely effective, generic templates won't grab your clients' attention. Personalising your reminders is a much better way to get them noticed, and I share an example of my own personalised reminder to show how you can infuse your personality and tone. So, you’ve turned on automated reminders, and you’re feeling great about it. However, this is only half the battle. Often, we forget to actually receipt the payments that come through. This can result in unnecessary reminders being sent to clients and potentially awkward situations! To avoid this, stay on top of your receipting or take advantage of integrated payment options like Pinch or Paypal. Finally, if you still haven’t received a payment after two reminders, I encourage you to jump on a phone call and check in with your client or customer. Perhaps your emails never reached them, or they’re facing a personal issue that has prevented them from making payment. It’s likely they’re more stressed about the situation than you are about calling them. So, be calm, kind, and know that the more streamlined your invoice process is, the easier it will be to get to the bottom of any payment issue you may face. LINKS Previous episode mentioned: My Exact Process for Timely Payments Join the waitlist for The Bookkeeping Matters Blueprint here Connect with Lisa Turner: Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…

Your Bookkeeping Matters

1
5 Ways to be a Better Business Owner 17:37

1 year ago17:37

17:37

Welcome to another short and snackable episode of Your Bookkeeping Matters. Today we're looking at some core practices that can take your business from good to bad. Whether you're a seasoned business owner or just starting, these actionable strategies will equip you with the tools and insights you need to elevate your business game. 1. Mastering Your Numbers: Understanding your financial metrics can be transformative for your business. Start with your Profit and Loss Statement and Balance Sheet Reports, which provide crucial information about your revenue, expenses, and overall financial health. You also need to identify and understand the KPIs that matter most to your business's success. These metrics aren’t necessarily financial, it depends on what's important to you and your business goals. 2. Ensuring Legal Protection and Compliance: The importance of solid legal foundations cannot be overstated. DIYing your legals can lead to costly mistakes, such as removing crucial clauses in contracts that result in financial damage. Instead, seek the guidance of a solicitor who will create legal documents that perfectly suit your business needs. 3. Standing Out Online: Having a strong online presence is a must for business success. To stand out from the competition and capture your target audience's attention, you need a great brand strategy. Define who you are, what you stand for, and the problem you solve. Then, get creative with your website design, social media content, and online advertising. 4. Nurturing Company Culture and Team: Your team is your greatest asset as a small business owner. Investing in their happiness, well-being, and professional development is crucial for both their growth and your business's success. Define your company values and culture, and create a positive work environment where everyone can thrive. 5. Prioritizing Work-Life Harmony: Striking a balance between personal and professional life isn’t always possible. Instead, prioritize work-life harmony by setting boundaries, taking regular breaks, and making time for hobbies and interests outside of work. This is essential to preventing burnout, improving your mental health, and enhancing your overall productivity. I work with so many businesses daily. Not only my clients, but my clients’ clients. These five practices are things I’ve seen work time and time again to help people become better business owners. So start implementing them today and watch your business thrive. LINKS FREE Pricing Calculator Join the waitlist for The Bookkeeping Matters Blueprint here Connect with Lisa Turner: Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…

Your Bookkeeping Matters

1
Beyond Profit: Why Adding Value Matters Most 13:23

1 year ago13:23

13:23

Welcome to another short and snackable episode, where I’m diving into why value matters most in your small business. Today, we’ll explore the idea that while earning money and making a profit is crucial for your business, it shouldn't be the driver behind it. I believe profit should be the result of what you're doing in your business and why. As a small business owner myself, I understand the overwhelming nature of keeping things in the business running smoothly, and how easy it is to lose sight of its true purpose. However, there’s a secret to creating a thriving business that goes beyond making money. By prioritising value in what you bring to the table, you can make a meaningful difference in the lives of your customers, build stronger connections and ultimately, achieve long-term success. So, what exactly does "adding value" mean? I talk about it being more than just delivering a product or service and more about solving problems, meeting needs and enhancing the overall experience for your customers. Because let’s face it - business owners who lead with the one goal of making money can be a total turn-off! Changing your mindset from a profit-focused approach to a value-based one can be challenging, but don’t worry - there’s a simple way you can start to make this shift. It all begins by revisiting your purpose - why did you start your business in the first place? Remember, your business is not just about the numbers; it's about making a lasting impact. Let's embrace the value-driven approach together and build a thriving business that benefits not only us but the customers and communities we serve! LINKS FREE Pricing Calculator Join the waitlist for The Bookkeeping Matters Blueprint here Connect with Lisa Turner: Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…

Your Bookkeeping Matters

1
My Exact Process for Timely Payments 20:39

1 year ago20:39

20:39

Today, I want to talk about something that every business owner can relate to - cash flow. Specifically, I want to dive into the topic of getting clients to pay you on time. I'll be sharing my exact process, the lessons I've learnt from past mistakes and some practical tips that have helped me ensure timely payments from my clients. To help get you started, I share my top tips on optimising your invoice and payment processes: 1. Online Payment Options Making it easy and fast for your clients to pay you should be a top priority. I discuss the importance of providing user-friendly online payment options and share my personal favourite, Pinch Payments. 2. Automated Recurring Invoices Say goodbye to manual invoicing! I explain how automated recurring invoices have been a game changer for me. I walk you through the process of setting up repeating invoices in your accounting software to save time and ensure consistency in sending out invoices to your clients. 3. Automated Reminders Even the best clients can sometimes forget to pay. That's why automated reminders are a valuable tool to have in your invoicing process. I take you through how they work, the benefits of using them and the importance of finding the right balance in sending reminders. Streamlining your invoicing process will not only save you time and energy, but it will also ensure your clients have the best experience possible. So, if you're tired of dealing with late payments and want to improve your cash flow, then this episode is for you! LINKS Join the waitlist for The Bookkeeping Matters Blueprint here Connect with Lisa Turner: Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…

Your Bookkeeping Matters

1
Paying Yourself as a Sole Trader 15:11

1 year ago15:11

15:11

As a small business owner, it is crucial to wear many hats and outsource areas that require expertise. However, one aspect that often gets overlooked is paying yourself. Though it might not initially appear as a top priority, paying yourself serves as both a reward for your efforts and a means of securing a financial return from your business. So, How Much Should You Pay Yourself? Unfortunately, there is no one-size-fits-all answer to this question. The amount you pay yourself depends on various factors such as your sales, expenses, and upcoming financial obligations. I’ll guide you through the variables to consider and provide tips on how to determine the right amount to pay yourself. Once you have determined how much to pay yourself, it is crucial to understand the process of actually withdrawing the funds. I’ll walk you through the steps of withdrawing money from your business bank account and transferring it to your personal account. I also highlight the often-overlooked issue of superannuation and the need to address it as a sole trader. Tax implications are another critical consideration. We'll explore income taxes and emphasize the importance of setting aside funds for tax obligations. I'll clarify the distinction between owner drawings and wages, and dispel the misconception that sole traders can't hire team members. You definitely can employ others, you just cannot employ yourself. Paying yourself as a sole trader is an integral part of running a successful business. It not only rewards your hard work but also ensures the viability of your venture. While there's no magic formula, my goal is to leave you feeling confident in navigating the complexities of compensating yourself effectively as a sole trader. Connect with Lisa Turner: Join the waitlist for The Bookkeeping Matters Blueprint here Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…

Your Bookkeeping Matters

1
What Does Know Your Numbers Mean 16:35

1 year ago16:35

16:35

We’ve all heard the phrase, “know your numbers” but what does it actually mean? Understanding your numbers can transform your business so today I’m sharing which numbers you need to know and how this knowledge can empower you to make strategic decisions and keep your business healthy. When I talk about knowing your numbers, I mean having a clear understanding of the financial aspects that matter to your specific business. It could be analysing your Facebook ad spend, monitoring your product levels, or examining your overall business financials. It really does depend on your unique business and the industry you’re in, but by knowing the numbers important to your business, you will gain valuable insights into your business's financial health and be able to make informed decisions. To truly grasp the health and profitability of your business, there are key financial metrics that you should be familiar with. Firstly, revenue or sales. While revenue alone doesn't indicate profitability, it is the lifeblood of any business. Understanding where your revenue comes from and the various revenue streams you have is crucial. Next, expenses, both fixed and variable. Fixed expenses remain consistent, while variable expenses fluctuate based on your sales. By understanding these expenses, you can identify trends and make adjustments to ensure financial stability. One of the most important numbers you have to be across is your taxes. The two big taxes in Australia are GST (goods and services tax) and income tax. Staying on top of these numbers will ensure you have enough money set aside when it comes time to pay your bill. While there are key financial metrics that apply to all businesses, it's important to tailor your focus to your industry and goals. Different industries have unique nuances, revenue streams, and expense structures. Therefore, it's crucial to identify the specific numbers that matter most to your business. You don't need to be a financial expert to grasp these concepts. Through the right tools, resources, and training, you can equip yourself with the knowledge to embrace and utilise these numbers effectively. So, start your journey towards unlocking the power of knowing your numbers today and watch your business flourish! LINKS Previous episodes Mentioned: Understanding Your Fixed and Variable Spending Connect with Lisa Turner: Join the waitlist for The Bookkeeping Matters Blueprint here Instagram: @accountedforyou Website: https://accountedforyou.com.au/ Join my Numbers List for small business news and fun, helpful tips here Grab some FREE Resources here Check out my blog here…

Your Bookkeeping Matters

1
Is Your Tax Invoice Giving me a Headache 13:14

1 year ago13:14