The biggest challenge in business stems from TLT – Too Little Time. A great solution to TLT is to delegate more – either to existing team members or outsourcing. Look at the number of hats you’re wearing and see if you can delegate any of them. A reminder of the 10 departments, or hats, in […]
19
Mar
Mar
Bank reconciliation is a vital financial task – but one that eats into your business time. Matching your financial transactions to the relevant lines on your bank statement can be a tedious and time-consuming task. So wouldn’t it be great if you could automate that whole bank reconciliation (bank rec) process? If you’re using Xero, […]
05
Mar
Mar
Knowing your numbers is vital to business success. The Balance Sheet is arguably the most important report, as it measures whether your business’s worth is increasing or decreasing. It illustrates the overall financial health of your business; whether it is funded appropriately, if there’s enough cash to pay the bills, and what the owners would have left […]
26
Feb
Feb
There are 10 departments in every business, no matter how small. These are: Shareholder. Director. Leadership. Product / Service Development. Operations. Marketing. Sales. Finance. Admin / IT. HR. Many business owners control multiple departments. Now imagine each department has a hat – worn by the single leader of each department. Many business owners wear multiple […]
14
Feb
Feb
There are three winning behaviours and three responses that’ll sink your team. Are you living above the line? If not, you need to get there, as it’s the easiest way to transform workplace culture and team performance. Here’s how, using the OARBED behaviour model: The acronym starts with OAR – when behaving above the line, […]
12
Feb
Feb
All QBCC Licence holders should have received correspondence from the QBCC advising them of the changes to the Minimum Financial Requirements (MFR) that has taken effect from 1 January 2019. As a QBCC licence holder these changes are important and should not be ignored by you. Failure to prepare and report your financial position in […]
06
Feb
Feb
Understanding your numbers is critical if you want to control your business (instead of your business controlling you). Financial reports indicate whether your business is in good or poor health and can diagnose weaknesses before something becomes terminal. Let’s break down your Profit and Loss Report… Your Profit and Loss Report measures the overall efficiency […]
22
Jan
Jan
Single touch payroll (STP) is a new regulation that changes when and how small businesses report payroll activity to the Australian Tax Office (ATO). Businesses used to report this information to the ATO once a year. Now, they need to send a report after each payday. And those reports must be submitted digitally, using a […]
18
Jan
Jan
David recently sat down with our GM and had a chat about his job and life in general. So David, you’ve been in the accounting profession a long time, and you celebrated your 11th anniversary with DLA in November last year. Can you tell me why do you do what you do? I enjoy helping […]
15
Jan
Jan
Your financial reports depict the general health of your business and having a good understanding of these reports enables you to pinpoint areas that require a more detailed diagnosis. The three most important financial reports for your business are: Your Trading Account. Your Profit and Loss. Your Balance Sheet. Let’s focus on your Trading Account. Simply put, your […]