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I don’t have time to waste – do you ?

One of the most common things I hear from clients is that they are busy, they don’t have time to do their current workload, let along all the other tasks that come with running a business – yet we still try to do most of it on our own. I know I am a control freak – anyone else?

The past two weeks has really reinforced how many people are out there running a business and really running themselves into the ground – yet they have systems in place to help but they are just not utilising them.

Is this you? Are you nodding your head whilst reading?

If so, it is time to get some financial coaching on your accounting system with me – to streamline tasks, free up your time and reduce your stress. Click here to book a time.

I want to give you an example of some tasks you may be doing manually, and how understanding your accounting system will create efficiencies for you (and less headaches):

1. Payroll.  Just this week I was coaching someone in NSW (yes – I can do coaching anywhere) and I asked her how she was calculating her pay for her employees. Her answer was she was manually writing down hours in a notebook and adding it up with a calculator. She was not sending out payslips, she was unaware if she was using the right tax withholding rates, and she was unsure if she should be paying superannuation for her staff – as the manual notebook didn’t tell her this !
   Solution – she was already using MYOB as her accounting system. We both saw no reason to change. Within a one hour coaching session we had setup the employees in MYOB and posted the first payment run. Enabling her to email payslips direct to the employees. No more manual calculation of tax, and also showing the business owner whether superannuation was applicable and what the amount was. Problem solved.
2. Employee Leave Entitlements.  Following on from above – where manual payroll records are being kept, this also means a manual calculation each week of any annual leave or personal leave for staff. This was one almighty headache as there were 3 staff in total, each on different pay rates all requiring leave to be accounted for. My theory is if you have a system that will do the hard work for you, let it be your saviour.
   Solution – once the employees were entered into MYOB, MYOB automatically calculated the leave balances for all staff. No manual calculator in sight. This also gave employees peace of mind as they now see this balance on their payslips.
3. Bank transactions.  I was speaking to a client this week that was getting their online data file up to date. Bank feeds had not been setup, so we had transactions from 1 July 2014 until 26 November 2014 that needed to be entered into the system. Client was having heart palpitations at the thought of how much work this was – hence why it was always being put to the bottom of the to-do list.
   Solution – whilst on the phone with the client, I told her how to download a file from her online banking system and upload all 144 transactions into her accounting system in one go. No manual transaction, no entering them one by one. This took 15 minutes from start to finish to get 144 transactions into MYOB. Heart palpitations gone and calm restored.

With Christmas and the New Year fast approaching – holidays, family, food/drinks, celebrations are firmly on most people’s minds.

Kick off 2015 with a bang and book in some one on one financial strategy time.

This can include setting up your bookkeeping system, some training on reporting, some training on payroll, setting up budgets – or maybe you just need an extra set of hands while you relax.
Contact Stacey now and lets make 2015 even better than 2014.