Welcome to Nudge Accounting, We have over 80+ years of expertise in accounting and bookkeeping services.
Online Bookkeeping & Accounting Services Nudge Accounting

Suite 139/243 Pyrmont Street, Pyrmont NSW 2009

Mon - Fri 9.00 AM - 6.00 PM (AEST)

Saturday, Sunday Closed

What does a bookkeeper look like in 2015?

The basics of setting up a start-up
Accounting and bookkeeping are considered to be conservative, unchanging professions. However, the financial services industry, like any other industry, has undergone a rapid transformation in the last few years and the role of a bookkeeper is vastly different to what it was 20 years ago.

 

From technology to legislation, knowledge must be adapted, skills upgraded and services updated. In fact, the finance industry is virtually unrecognisable from what it was when bookkeepers first created financial records using quill, ink and parchment. It has lost considerable market share as increasing numbers of small business owners and entrepreneurs balance their own ledgers with DIY software packages.

 

The question with regard to all these changes is; have bookkeepers become redundant?

 

The answer is no. There will always be a need for professional bean counters; their skills are far superior and they take the bookkeeping burden away from people who should be focusing on growing and running their business, rather than monitoring where each cent to the dollar goes.

 

Bookkeepers, who have been able to adapt as times have changed, are invaluable.

 

The following situations provide an opportunity for bookkeeping professionals to take advantage of these industry changes:

 

Cloud accounting and cross collaboration

The Cloud has become an exceptional option for clients who want to manage the books themselves, but still require some assistance and collaboration. There are benefits for both parties when using cloud accounting including; reduced fees, reduced workload and additional control for businesses. A reduced workload for bookkeepers means that their time is freed up to take on more clients.

 

Bookkeepers can also expand their roles into management accounts and provide more in-depth information to the client and accountant.

 

Updated skills

Like any industry, skillsets change and bookkeepers must keep up with those changes. The best bookkeepers are the ones with the most up-to-date knowledge. Again, so much has changed within the industry and if you don’t keep up you won’t survive. There are many courses bookkeepers can take – far more than there used to be – so it’s worth looking into professional development options.

 

The bookkeeping timeline

Just to give you an idea of how bookkeeping has changed since the back-end of the 20th century, the following timeline displays some of the major advancements:

 

1979: The world’s first spreadsheet software was launched – VisiCalc

1983: QuickBooks was introduced

1985: Windows 1.0 was launched.

1996: Hotmail was launched and email was introduced

1999: Data-Tech became MYOB

2001: Cloud accounting was launched with Saasu.

2008: The launch of Xero also saw the instigation of free use of practice software.

 

In this day and age, bookkeepers travel less, have a better work-life balance, bring on more clients and have adapted to new technologies that help them run more lucrative businesses.

Cash vs. Accrual Accounting – Which Method Do I Use?

Tax tips, tax, it expenses, startups, small business

When starting a business, deciding on which bookkeeping method is best suited to your business may be confusing. Two methods that you can use are cash vs. accrual accounting.

What is Cash Accounting?

Cash accounting tracks the actual money that is coming in and out of your business. If you receive an invoice, you do not record the cost until you have actually paid the invoice. This also applies when you send an invoice to a customer, you do not record the sale until you have received your payment. An example of this would be if you sent an invoice on Wednesday, but didn’t receive the payment until the following Monday, you then record the income against Monday’s date.

Continue reading “Cash vs. Accrual Accounting – Which Method Do I Use?”

#TaxTipTuesday: I have my own business. How can I pay myself?

Tax tips, tax, business, bookkeeper, ato, startups, small business,

So you have a steady flow of income but you’re stuck on how to pay yourself? First it’s important to understand what structure your business is operating under, and this will impact how you can pay yourself.

In this tax tip, we will look at three of the common business structures, being; sole trader, partnership and company, and how you can pay yourself under each of these.

Sole Trader

As a sole trader you are the individual operator and from the tax office’s viewpoint, there is no distinction between you and the sole trader – your sole trader is attached to your own personal tax file number. All the money that you make from your business (less tax) is yours. Continue reading “#TaxTipTuesday: I have my own business. How can I pay myself?”

Officeworks Blog: Small Business budgets in 2015

small business budgets, small business, startups, ato, nudge accounting, officeworks

Writing for the Officeworks blog ‘The Office Space‘ in our February blogpost, we look at setting up your small business budget for the 2015 year.

Some of the key things you should focus on with your small business budget are:

1. Understand what your budget is

A budget is a forecast of what your business income and expenses will be over a period of time.

2. What is the purpose of your small business budget

Like all goal setting, we set targets for what we want to achieve within a time frame. The purpose of your budget is to set the financial goals for the business and plan out how you will allocate resources to achieve these targets.

3. Is your budget just about the money?

Yes, and No. We set financial goals as we want to achieve certain targets in our business. However, one area we often see small businesses failing in is the disconnect between their business operations and their business finances. A budget allows you to allocate the resources that you need to achieve your financial goals. And the way that you do this is by looking at your operations and determining what is needed, when. Just remember, your finances are an output of the operational decisions you make in your business. Make sure that your budget has mapped out your operations and how you see your business running for financial success.

You can read the full article about small business budgets on the Officeworks blog here.

Tax Tip Tuesday: When do I pay PAYG Instalments for my Business?

Tax tips, business, payg instalments, ato, small business, startups

A PAYG Instalment forms part of a small businesses BAS (Business Activity Statement). But what exactly is a PAYG Instalment? And when do you need to pay it for your business?

What is a PAYG Instalment?

A PAYG Instalment (or Pay As You Go Instalment) is the ATO’s way of making us prepay our income tax during the year for our Business.

When do you pay PAYG Instalments?

When you lodge your Income Tax Return for your small business, any PAYG Instalments paid during the year will be a credit against the Income Tax calculated. So by prepaying your tax it will help to reduce or avoid those lumpy tax payments at the end of the year, which no business wants!

A PAYG Instalment amount is calculated based on your previous tax return lodged. So, if you paid some tax last year for your business, it is likely that you will have to pay PAYG Instalments this year. However, if it is your first year of operation you won’t pay PAYG instalments, as you haven’t lodged your first tax return yet. Also, if your business was in a tax loss position last year, you will not pay tax instalments as the tax payable last year was nil. Continue reading “Tax Tip Tuesday: When do I pay PAYG Instalments for my Business?”

Do I need to register my business for Workers Compensation?

Workers CompensationWorkers compensation is something that business owners often think about but never get around to doing something about it. So let’s look at some of the key things to be aware of and when you need to register for Workers Compensation.

  1. Workers Compensation is a state based scheme that protects employees and employers in the event of a work related injury or disease. It provides a level of insurance so that injured workers can receive entitlements and / or medical assistance should they be injured in the workplace.
  2. The conditions associated with registration vary by state but for instance when looking at the NSW scheme, registration is required when:
    • Salary & wages for the business are greater than $7,500. This includes Directors wages where Directors who are working in the business are also considered to be employees of the company
    • Businesses that employ apprentices or trainees must register automatically.

The Workers Compensation registration must be for all employees and will cover both permanent and casual staff. It also pays to consider whether your contractors will be considered a worker under your state based Workers Compensation Scheme as certain contractors are included in this definition.

Further information on the NSW scheme can be found here

Are emotions impacting your business finances? The Entourage Blog

The Entourage, emotions impacting finances, startups

Writing as part of our contribution to The Entourage Blog, we look at how emotions can impact your business finances.

We work with hundreds of startups and small businesses around Australia and often see emotions dictating the look, feel and performance of how people describe their business’ finances. Business owners can overplay their success and work more from a vibe then a genuine understanding of what is actually happening in their business.

While the emotional attachment and passion you have towards your business is probably the reason you have a level of success in the first place, it’s even better sometimes to take a step back (and away from the emotion) and look back into your business. Why? Because starting to think like an investor or advisor to your own business may tell you some interesting things. Continue reading “Are emotions impacting your business finances? The Entourage Blog”

Tax Tip Tuesday – Do I need to charge GST with that?

Tax tips, do i need to charge gst, ato, gst, small business, startups

When starting out, one of the big decisions you’ll have to make is how to price your product or service. You’ll look at costings and competitors pricing coupled with other branding and marketing considerations to make this decision. One mistake we often see though is businesses not factoring GST into their pricing which leads to the question, ‘Do I need to charge GST?’.

Once your business is registered for GST (and the product or service you are selling attracts GST), you need to add 10% to your selling price. As your pricing must include 10% GST, it’s another price point which you need to be aware of. And when it comes to raising money on Pozible and Kickstarter, remember the same rules apply. Continue reading “Tax Tip Tuesday – Do I need to charge GST with that?”

Getting your business finances sorted. Improve your business operations…

Business operations, business financeIn our blog post this week, we continue a series looking at the three key steps that businesses need to tackle to get their business finances sorted. And our focus this week is on how to improve your business operations.

Step 3 – How to integrate your accounting with your business operations?

So you now have an accounting system in place and want to look at improvements to your business operations. Here are some questions you should be asking:

Revenues

  • Sales – how are you pricing your product / service. Do you have low sales $ yet you’re always busy- there’s a problem!
  • Composition of sales / How is each product performing? Are some product lines not making you any sales? Do you have product lines where you are making a million sales? They could both be as bad as each as as they’re unprofitable (we’ll look at this in Gross Profit as well)
  • Look at trends across months – helps in forecasting. Busier months? What can you do to pick up business in quieter months.

What could you change in your monthly management report. Consider a breakdown of sales data so you understand where your sales are coming from and which product lines. Continue reading “Getting your business finances sorted. Improve your business operations…”

Getting your business finances sorted. We look at invoicing…

Business finance, Invoicing

In our blog post this week, we start a series looking at the three key steps that businesses need to tackle to get their business finances sorted. And as part of our ongoing work with the business community, we presented these topics at The Entourage Scalable & Saleable Program in October 2014.

And our focus in this blog post is on invoicing and getting cash through the door.

Step 1 – How to ensure that you’re invoicing and getting cash through the door

Cash in any business is king. And it is so important that you should have a process for it. Why? One key fact around invoicing demonstrates this point:

  • Debtor days is almost 2 months (54 days) for small business. That means that after small businesses make a sale, it takes them this long to collect the money. Ouch!!

Some of the things you should be thinking about when invoicing:

  • Will you invoice when a service is performed and if so, within how many days?
  • Will you invoice upfront before the work is performed – hold the clients credit card or ensure that you receive payment before the final product is delivered?

So when setting up a process for invoicing, how will your invoicing get done?

  • Set aside time to do your invoicing – how regularly will you invoice?
  • Keep records to substantiate e.g. hours worked if questioned. Back yourself. Your time is worth $$$
  • Invoices need to look professional so you are taken seriously. also be aware that if you are starting your business, you may not be required to register for GST. However, clients will know you are small if you don’t include GST on the invoice so consider the pros and cons associated with this registration
  • What payment methods will you accept – credit card, paypal etc
  • Be clear on your payment terms and have them stand out on your invoices.

What are some essential things that your invoices need to include:

  • That it is a tax invoice by including the words ‘Tax Invoice’ on it
  • Who you are (your business) – ABN
  • Date of invoice
  • Description of what the invoice is in relation to – i.e. quantity x price
  • Whether GST (tax) is applicable and to what extent

Don’t waste your time doing your invoicing manually, there is software out there to help you manage and track this. Also consider software that sends out automatic reminders when invoices have not been paid on time and include this as part of your process.

This blog post is part of a three part series on managing your business finances.

We Are E.S.T. 2012

Who WE Are

At Nudge, we do it all for your small business: bookkeeping, accounting and tax. we can also help you with tax advice, company setups, personal tax, monthly performance summaries and specialist advice for small business owners. All work is completed by Aussie Accountants so you’ll never have to worry about compliance again.

Nudge Accounting
100% Online Accounting
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FREE Business Health Check
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Scalable Pricing Packages
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Easy Signup Process
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XERO Integration
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100% Satisfaction Guaranteed

TESTIMONIALS

OUR COMPANY

OUR COMPANY Quality

With the uprising of technology and the plethora of competition in the majority of industries, business owners tend to seek help and assistance in managing and tailoring their business to suit the era’s needs and expectations. The process of accounting provides reports that bring key financial indicators together. Understanding financial concepts and gearing clients to financial success is what we exceed at here at Nudge Accounting. Our expertise lingers throughout the field of online accounting and engulfs all financial cases. With years of extensive experience and a dedication for our clients success, we endeavour to evolve our existing methodologies, in order to transform into Australia’s leading online financial firm.

OUR COMPANY Commitment

A successful marriage between bookkeeping and accounting will contribute to the long-term financial success of any business. Nudge Accounting takes pride with their online bookkeeping and online accounting services that encompass all aspects and sectors of finance to ensure our clients receive the utmost finest service. Commitment is an attribute we stand for as client satisfaction is always key to evolution. Our reliability is second to none, as we ensure our clients are well organised and pursuit their financial tasks with accuracy and precision. Nudge Accounting propelled their excellence and with their dynamic team of online accounting professionals transcended competition and have cemented themselves as the leading online bookkeepers in Australia.

OUR COMPANY Success

Our software and technological client interface is meticulous and seldom do alternative online accounting companies acquire this quality of infrastructure. This is what portrays our excellence and gears Nudge Accounting towards success. We ensure client satisfaction, by going through all the details and explaining financial situations to our clients. Engaging the client is what makes us stand out! Online accounting software, combined with online accounting techniques is a much more effective procedure than filling out paperwork because half the work is already done for you! Nudge Accounting take pride in providing the utmost finest online accounting service across Australia, with a variety of small to medium businesses and accounting excellence, technology and Nudge go hand in hand, just like the glove fits the hand!

WE HELPING SMALL BUSINESSES

Nudge provide exceptional accounting service and support whilst remaining price competitive. All of our packages provide the same great features for your small business accounting needs, which includes:

  • Performance Management Reporting
  • Annual Tax Return Preparation and Lodgements
  • Annual Financial Statements
  • Financial Monthly Statements
  • QTR BAS Preparation and Lodgements
  • Monthly KPI's to Identify Improvement Areas
80
YEARS OF
EXPERIENCES
$250m
UNDER MANAGEMENT
REVENUE
$150m
TOTAL
ASSETS
100
% SECURE
CLOUD STORAGE

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