GST

Going Paperless – Receipt Capturing

Sick of receipts fading, shoeboxes full of invoices, receipts and paper? CHUCK ‘EM!... well almost… First download the Xero app to your mobile and snap away…

To add receipts and expenses as you go:

1.    If you’ve got an Android phone, tap RECEIPTS then the plus sign (+); on an iPhone, tap the plus sign (+) then ‘Add receipt’. 

2.    Key in the details. 

3.    Choose whether you paid from a business account, or from your own funds and need to be paid back. (Great for expense claims from staff as you need to approve them once they hit your dashboard before they can be repaid and you can see the receipt…… and they can’t say they lost it!)

4.    In the bottom right click Add file > find it on your camera roll or take a snapshot of the receipt in your hand, and upload it as a file…. then off to the recycle centre it goes!

 

Want to learn more about Xero and streamlining your systems? Send us an email for a free consultation!

Claiming GST Credits: what can I claim for my business?

Claiming GST Credits: what can I claim for my business?

Simply put, you can claim GST when these four conditions apply, as laid out by the ATO...

Cash or Accrual Basis... but what does it all meeean, Basil?!

Cash or Accrual Basis... but what does it all meeean, Basil?!

When I lodge the first BAS for a client or when I set them up on accounting software such as MYOB or Xero – I ask them, do you report on cash or accrual basis? The common response I get is *blank look* “Huh?!”…

So here is the difference...

HOW TO: Splitting 2 Tax Code Transactions

HOW TO: Splitting 2 Tax Code Transactions

Internet and Phone, Produce, Insurance... to name a few of the common purchases that have multiple tax codes.

Here is an example, my phone bill is $180 (including $2.04 GST).....

 

Too much like hard work? We love this stuff.. don't waste your precious time crunching numbers when you could be chatting to customers, innovating or making sales!!!?

3 Common GST Mistakes

3 Common GST Mistakes

June is fast approaching and it will not only be BAS time again, but the end of the Financial Year..

GST and what has it and what doesn't is a common area of confusion for my clients! And fair enough too.. like the English language there are so many "exceptions to the rule"... 

MARCH into this B.A.S with your game face on....!

MARCH into this B.A.S with your game face on....!

"I would rather face root canal surgery with no anaesthetic than do bank reconciliations" - Devan Sabaratnam

Does that sound like you? Well it's that time again.. the end of a quarter.. but it doesn't have to be as bad as all that! Why not look at it as a clean slate, a time to reflect and check in with your business? BAS time can actually be used to your advantage!