Blog Archives - BYO Group

How to Create an Effective Business Exit Strategy: Key Steps and Tips

Diane McCaffrey — Fri, 25 Oct 2024 14:17:28 +0000

After years of building your business, you might be ready for a new chapter—whether that is switching to a new venture, taking a long hiatus, or simply retiring. But what about your business, which you built with your blood and sweat? Planning an exit strategy is the solution, providing you with the peace of mind that the business will continue to operate while you enjoy your mojito on an island.

How to exit the business that you have built?

Three exit strategies
1. Sales
2. Succession
3. Merger
Timeline for an exit strategy
1. Analyze exit option
2. Evaluate your business worth
3. Clean up your financials and operations
4. Formulate an exit plan
5. Due diligence
6. Search for buyer/ partner
7. Inform stakeholders
8. Final negotiation
9. Plan transition
10. Execute exit
11. Monitor and support

There are several ways to exit your business, all of which require a clear plan and a timeline. This is a crucial aspect of the process, as it ensures a smooth transition and the best possible outcome for you and your business.

1. Selling Your Business

If you are ready to let go of your business, you can sell 100% ownership to a new buyer. Naturally, you might feel a sense of sadness or loss, but don’t get sidelined. Ensure you achieve the best possible outcome for yourself and the business you built over many years.

2. Passing on Your Business through Succession

You might pass your business to someone you trust to reduce your emotional burden. It could be a trusted family member or a capable employee. This strategy ensures continuity of business while maintaining its legacy and values. However, meticulous succession planning well before your retirement is required to ensure a seamless handover and sustained success.

3. Combining Businesses through Merger

The third exit strategy could be combining your business with another business to create a synergy. You will still have some control over your business and numerous other benefits, such as pooled resources, increased market presence, and operational efficiencies. A merger can be a powerful way to expand your business while allowing you to reduce your involvement or exit entirely.

Regardless of your chosen exit strategy, having a well-defined action plan and adhering to a set timeline is essential. Allocate 6 to 12 months to formulate and execute your exit strategy. The key steps that you will need to follow within this timeframe are:

Step 1: Analyze exit option

Evaluate various exit options and select the one that aligns with your personal goals and business objectives. This could be selling it outright, merging with another business, or succession to a trusted individual. Do consider the pros and cons of each option.

Step 2: Evaluate your business worth

Before locating a potential buyer or partner, you need to determine the worth of your business. This is necessary to set realistic expectations and negotiate a reasonable price.

Step3: Clean up your financials and operations

Ensure that your accounting records are up-to-date, and your business operation is running smoothly. This will help make your business more attractive to potential buyers or partners. Further, it will ensure no hiccups when executing the exit strategy.

Step 4: Formulate an exit plan

Develop a detailed exit plan outlining the timeline, key milestones, responsible person, and required resources. Remember to focus on the specific objective the exit strategy aims to achieve.

Step 5: Due diligence

Carry out thorough due diligence to identify and address any potential issues that could affect the implementation of the exit strategy. This includes reviewing legal documents, financial statements, operations, and compliance matters.

Step 6: Search for buyer/ partner

Once everything is sorted out, search for a suitable buyer or partner. Ensure that their values and visions align with yours to give you peace of mind. If your exit strategy involves a merger, finding a partner whose values and goals complement your own is essential.

Step7: Inform stakeholders

Transparency helps manage expectations and facilitates smoother transition. Hence, communicate your exit plan to key stakeholders such as employees, customers, suppliers, etc. Be prepared to address their concerns about how the changes will impact on them and secure their full support throughout the process.

Step 8: Final negotiation

Conduct final negotiations with the buyer, partner, or successor to finalize the terms and conditions. To prevent potential disputes, ensure that all agreements are clearly defined and legally enforceable.

Step 9: Plan transition

Create a detailed transition guide with a communication strategy to inform all relevant stakeholders about the process and their roles. To ensure they are fully equipped, provide comprehensive training for the new owner/ partner on business operations, processes, and systems. Additionally, a support system should be established to address any issues that may arise before, during, and after the transition period.

Step 10: Execute exit

Execute your exit strategy by completing the sale, finalizing the merger or implementing the succession plan. This entails fulfilling all the contract's legal and financial terms and conditions.

Step 11: Monitor and support

After the exit, monitor the transition's progress and offer support as needed. The goal is to ensure the business continues successfully and smoothly, even in your absence.

Take action now! If you're considering your next steps and want expert guidance on planning your exit strategy, contact us at +61 410 7770 802 or email admin@byogroup.com.au to ensure a smooth transition and the best outcome for your business.

What are the most common exit strategies for a business?
The three most common exit strategies are selling the business outright, succession planning (passing it to a trusted individual), and merging with another business to create synergies while reducing personal involvement.
How long does it take to plan and execute an exit strategy?
Typically, you should allocate 6 to 12 months to formulate and execute a well-defined exit strategy, which includes evaluating options, cleaning up financials, and finding a suitable buyer or successor.
What steps should I take to prepare my business for sale or succession?
Key steps include evaluating your business’s worth, cleaning up financials and operations, conducting due diligence, creating a transition plan, and informing stakeholders to ensure a smooth process.

The post How to Create an Effective Business Exit Strategy: Key Steps and Tips appeared first on BYO Group.

Who Do You Need to Pay? A Guide for Small to Medium Businesses in Australia

Diane McCaffrey — Fri, 25 Oct 2024 14:08:31 +0000

Running a small to medium business is a daunting job as you are juggling a range of responsibilities. Sometimes you may overlook certain obligations while trying to operate and grow your business.

9 Payments Every Business Owner Must Never Overlook

GST
PAYG Withholding
PAYG Installment
Income Tax
Superannuation
Workers Compensation Insurance
Other Insurances
Payroll Taxes
Bills

Let's deep dive into the payments to keep you in check and avoid penalties:

1. ATO obligations

The most important of them all is your ATO obligations. As a business owner, you are liable to comply with various provisions of ATO. Here are the ones that you must not miss:

Understanding GST for Australian Small Businesses
If your business has a turnover of $75,000 or more, you must register for GST. Once you are GST-registered, you must lodge your Business Activity Statement (BAS) periodically. If your BAS lodgment cycle is quarterly, the following are the due dates:
- July, August, September: 28^th October
- October, November, 31 December: 28^th February
- January, February, March: 28^th April
- April, May, June: 30 June: 28^th July
PAYG Withholding obligation of Australian Business Owners
Besides GST, you are also obligated to withhold taxes for certain payments made to employees and directors. Additionally, if payments are made to suppliers who have not quoted their ABN, you need to withhold specific amounts and report them in the PAYG section of your BAS.
PAYG Installment to be paid by Australian Small Businesses
Once your turnover reaches a certain threshold, ATO will automatically enter you into the PAYG installment system, and you will have to pay your income tax in installments. Hence, it’s better to plan your income tax ahead to avoid any cash flow problems. The due date is the same as that for BAS.
Income Tax obligation that Australian business owners must know
If you are lodging your income tax return, you need to lodge it by 31 October. If it results in tax liability, you must pay by 21 November. However, if you engage a tax agent, the due date can exceed 31 October as they have their own specific schedule. To engage the services of a tax agent, you need to have engaged with them before 31 October.

2. Meeting Superannuation deadlines

The applicable superannuation rate, effective 1 July 2024, is 11.5%. Employers are obligated to pay 11.5% of employees' ordinary time earnings. Payments need to be made at least four times a year within the stated deadline to avoid a super guarantee charge. The payment deadlines are:

1 July – 30 September: 28^th October
1 October – 31 December: 28^th January
1 January – 31 March: 28^th April
1 April – 30 June: 28^th July

3. Workers Compensation Insurance to protect small business employees

No matter the business size, you must have worker compensation insurance if you have one or more employees. Insurance protects your employees from any hardship they might face due to illness or accident. If you do not have adequate workers' compensation insurance, you may be subject to a ‘double avoided penalty’ and/or jail time. The ‘double avoided penalty’ will require you to pay a fine that is double the insurance premium amount. This will put significant pressure on your finances. So, be vigilant about the renewal date of the insurance.

4. Other Insurances to protect Australian Businesses

To protect the business's assets and financial well-being, you should obtain other insurance, such as Professional Indemnity Insurance, Vehicle Insurance, etc. This will protect against any sudden events that might result in hefty business losses. Be mindful about their due date to ensure adequate insurance coverage.

5. Payroll Taxes every Australian employer must know

Payroll tax is a self-assessed tax that you must pay if your total taxable wages exceed the threshold set by your state or territory. Rates and thresholds vary by region, and the tax is managed by local revenue offices. If your business exceeds the threshold, you must register, calculate, and lodge payroll tax regularly. Monthly returns are due on the 7^th of the following month. The deadline for annual returns is 21 July.

6. Bills and More Bills: Plight of Small Businesses

To keep the business running, you need to pay your bills. This includes rent, utilities, subscriptions, suppliers’ invoices, etc. Staying on top of these recurring payments ensures your business can operate without disruptions.

We know how busy you might be growing your business, and financial obligations may not be a priority on your list. You could always use software like Xero and QuickBooks to set reminders and schedule payments. An alternative could be to hire a professional accountant to handle all these small yet important tasks.

Looking for expert guidance? Discover how our expertise can benefit you—book a consultation for tailored solutions today! Contact us at +61 410 7770 802 or email admin@byogroup.com.au

The post Who Do You Need to Pay? A Guide for Small to Medium Businesses in Australia appeared first on BYO Group.

Budgeting: Your Key to Business Success

Diane McCaffrey — Fri, 03 May 2024 04:37:42 +0000

We always say at BYO, “Failing to Plan is Planning to Fail” (Benjamin Franklin). Amidst the hustle and bustle of being a business owner, it’s easy to overlook one of the most crucial aspects of planning for business success - budgeting.

Why Budget?

A budget serves as a financial roadmap for your business. It provides a clear picture of your income, expenses, and profitability, enabling you to make informed decisions. Benefits we’d like to highlight:

Control Over Finances: A budget gives you a clear understanding of your income and expenses, helping you avoid overspending and debt accumulation.
Improved Decision-Making: With a budget, you can make proactive decisions about investments, cost-cutting, and growth strategies.
Goal Setting & Tracking: A budget helps you set financial targets and track your progress, keeping you focused on your long-term business goals.
Cash Flow Management: Budgeting ensures you always have enough cash to cover your expenses, helping you avoid cash crunches.
Risk Mitigation: By forecasting revenues and expenses, a budget helps you anticipate potential financial risks and devise strategies to mitigate them.

Demystifying Budgets

Budgets are an essential tool for management to establish financial direction in line with the strategic goals of a business. These are distinct from forecasts, which are reports that present the anticipated financial outcome of a particular period.

We suggest starting a budget after the prior year's third quarter has been closed off and setting it for the next 1-2 financial years.

Preparing a budget can feel like a daunting task, but with the support of your accounts team, it can become more manageable. At BYO, we support our clients in creating budgets by doing the legwork. We ask business owners to set their goals and targets and discuss what is required to achieve them. Based on this information, we create a budget that is ready for our client's review. With just two touch points and some of your aspirations, we can make budgeting a much simpler process.

The Bottom-Up Budgeting Approach

If you have a larger organisation, you can share the load with your team while getting their buy-in and accountability on key profit drivers with Bottom-Up Budgeting. While traditional top-down budgeting starts with higher-level categories and trickles down, the bottom-up approach begins at the operational level. It involves each department estimating its budget, which is then aggregated to form the overall budget. This approach has several advantages:

Accuracy: The predictions are often more accurate since the departments estimate their budgets.
Employee Engagement: Involving employees in budgeting can lead to increased motivation and ownership.
Flexibility: Bottom-up budgeting allows for adjustments as it accommodates department-level changes more easily.

Tracking Performance for Nimble Decisions

Once your budget is set, it’s crucial to track it regularly. This involves comparing actual results with budgeted figures, identifying variances, and understanding their causes. Regular tracking allows for nimble decision-making. We recommend monthly meetings with executives or senior management to reflect on the progress made during the month and year-to-date. If you exceed your budget, you can quickly identify the problem areas and take corrective action. If you’re under budget, you might find opportunities to invest more in growth initiatives.

As the next year comes to an end, take the time to reflect on your goals and the budget for the year and create a new one.

Budgeting is not just about crunching numbers. It's a strategic tool that can help drive business success. As we approach the new year, let's embrace budgeting and unlock its potential for our businesses. Remember, the journey of a thousand miles begins with a single step. Taking the first step can be as simple as giving us a call.

Please feel free to reach out to Grace Occleshaw at 0410 770 802 or via email to schedule an initial meeting.

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The Art of Crafting a Great Email

Diane McCaffrey — Tue, 12 Dec 2023 04:00:10 +0000

Email is more than just a way of sending messages. It is a window into your team, your business, and your brand. How you write your emails can make or break your relationship with your clients and colleagues.

A bad email can have disastrous consequences. It can waste time, frustrate readers, convey incorrect information, and damage your reputation. A good email can have amazing benefits. It can save time, delight readers, communicate clearly, and boost your professionalism.

This article will show you how to write emails that impress and inspire. You will learn nine key considerations that will help you craft artful emails that nurture your relationships. Whether you are writing to a new prospect, an existing client, or a senior manager, these tips will help you write emails that stand out and get results.

1. Warm up your emails

A good introduction is like a good warm up act, get it right and people will stay around to listen to your message. Everyone likes to know there is a human on the other end of the email. To add warmth and familiarity a few suggestions include:

Comment on something not related to work
Try and dig a little deeper than the weather
Include an industry specific comment
Share something you did on the weekend or found interesting
Add value with an article link

2. Give your email a clear purpose and direction

All emails will require different content, though a general structure we always use:

Greeting - Always say hi
Purpose - outline what you need from the email
Explain your ‘Why’ - Provide background
Considerations or Options
Recommendation
Summarise & re-state Call to action
Closing - Be open to feedback & questions

Your subject line where possible should be a concise purpose for example: [Company] | [Contact] Approval - [Document]

3. Map out the way forward

Ensure you include a clear call to action and if there are multiple actions to be taken, ensure a timeline, and clear person(s) of accountability is listed for each action item.

4. Leave no room for doubt

Before hitting send, think about what the reader will ask next upon responding. Have you provided the answer? If not, go back and provide it within your email to reduce the chance of an email tennis rally. Attachments can be a good explanatory tool too.

5. Less is more - keep it concise

It is likely your reader won’t have a lot of time to read, so avoid sending an essay; it's best to KISS (keep it simple, stupid). We recommend organising your information in an easy to read format with:

Bullet points or numbering
Tables
Headings
Highlighted/bolded important text

6. Speak the right language

Not everyone will understand your jargon, ensure the language and way you communicate matches your audience. You wouldn’t say the same thing to the maintenance man that you would to your managing director (or maybe you would!), so ensure you are adapting to the reader. This also applies to the tone of your email.

7. Measure twice, cut once

An old builders trick also has an application in crafting emails. It is an easy mistake to rush writing an email, including different formats, spelling a word incorrectly, referring to a document that hasn't been attached or pasting an entire hyperlink instead of shortening the text. Taking a minute to read the message with fresh eyes and attention to detail can avoid these issues. Tools such as Grammarly can also provide a review point for grammar as well as tone.

8. Always give the benefit of the doubt

When writing an email, it is important to never assume that the recipient has made a mistake, we may not have the full story. We always recommend avoiding accusatory tones and instead seeking to first understand and give the recipient the benefit of the doubt.

It also makes for a kinder, more positive email, and will likely strengthen your relationship.

9. Email isn't the only way to communicate

We love emails, though we also need to know when a phone call or meeting is more appropriate for a topic. Some messages aren’t meant to be email-only: e.g. “I think someone has hacked your emails”.

But really, if you know there needs to be input and discussion from both sides, pick up the phone, have a conversation and then send an email to summarise and confirm the discussion.

We hope these tips have assisted you in writing your next email. If you have anymore, please share them, we’d love to add them to our repertoire!

Our team are always happy to share insights, feel free ot ask the author a question: Grace Occleshaw

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Nominating your BAS agent on the ATO Portal

Diane McCaffrey — Mon, 13 Nov 2023 04:44:02 +0000

How to nominate your BAS and IAS Agent

If you are a business owner or an entity with an ABN, you may need to nominate your agent for your tax affairs. This is a new requirement from the Australian Taxation Office (ATO) that aims to enhance the security of your information and ensure that only your authorised agent can access your accounts and act on your behalf.

In this blog post, we will explain what the agent nomination process is, why it is important, when you need to do it, and how you can complete it easily.

WHAT is the tax agent nomination process?

The agent nomination process is a step that you need to take when you change to a new agent or change the authorisations you give your existing agent. An agent can be a tax agent, a BAS agent, or a payroll service provider who is registered with the Tax Practitioners Board (TPB).

By completing the agent nomination process, you are securely confirming that you want your agent to represent you for your tax and super affairs. This will allow your agent to connect to you as their client in the ATO’s online services and access your information.

The agent nomination process only applies to entities with an ABN, excluding sole traders. This includes entity types such as:

companies, including strata title bodies
partnerships
trusts
not-for-profits
joint ventures
cooperatives
self-managed super funds (SMSFs)
APRA-regulated superannuation funds.

The agent nomination process does not currently apply to individual taxpayers or sole traders.

WHY is the nomination process important?

Hint – it’s to keep your company data safe – only those you nominate personally will be able to see your data

The ATO is making this change to protect your tax and super information from identity theft and fraud. The security and fraud environment is constantly evolving and the ATO is taking proactive measures to strengthen the security of their online services.

By nominating your agent, you can have confidence that only your authorised agent will have access to your information and perform tasks on your behalf, such as lodging your tax return or activity statement. Your agent can also be confident that they are dealing with you and not someone pretending to be you.

The agent nomination process will also help the ATO to verify your identity and your relationship with your agent. This will reduce the risk of errors and delays in processing your tax and super obligations.

WHEN do you need to complete the nomination process?

Hint – it’s only when you start a new agent relationship

You need to complete the agent nomination process when you change to a new agent or change the authorisations you give your existing agent. For example, if you want your agent to represent you for income tax, you need to nominate them for the income tax account. If you want them to represent you for activity statements, you need to nominate them for the activity statement account.

You do not need to complete the agent nomination process if you are not changing your agent or your authorisations. For example, if you already have an agent who is authorised for your income tax and activity statement accounts, and you are not changing anything, you do not need to nominate them again.

The agent nomination process is effective from 13 November 2023 for all types of entities with an ABN, excluding sole traders. The ATO has already rolled out the agent nomination process to some specific groups of businesses, such as public and multinational businesses, privately-owned wealthy groups, and government entities.

HOW can you complete the tax agent nomination process easily?

Hint – it’s all in your ATO online business portal

The agent nomination process is simple and can be done online through the ATO’s Online services for business. You will need a myGovID to log in to Online services for business. A myGovID is a digital identity that proves who you are online. You can set up your myGovID using the myGovID app on your smart device.

To complete the agent nomination process, you will need to follow these steps:

Log in to Online services for business using your myGovID.
Select Profile, then Agent details.
At the Agent nominations feature, select Add.
On the Nominate agent screen, go to Search for agent.
Type your agent’s registered agent number (RAN) or practice name and select Search.
Select the agent you want to nominate.
Choose the accounts or roles you want to authorise your agent for, such as income tax or activity statement.
Review and confirm your nomination details.
Select Submit.

You will receive a confirmation message that your nomination has been submitted. Your agent will also receive a notification that you have nominated them. Your agent will then be able to add you to their client list and access your information.

You can view, edit, or cancel your agent nominations at any time through Online services for business. You can also nominate more than one agent for different accounts or roles, as long as they do not overlap.

Conclusion

The agent nomination process is a new requirement from the ATO that helps to secure your tax and super information and ensure that only your authorised agent can access your accounts and act on your behalf. You need to complete the agent nomination process when you change to a new agent or change the authorisations you give your existing agent. You can complete the agent nomination process easily online through Online services for business using your myGovID. By nominating your agent, you can have peace of mind that your tax and super affairs are in good hands.

If you have any questions or feedback, please leave a comment below or contact us.

The post Nominating your BAS agent on the ATO Portal appeared first on BYO Group.

5 tips on promoting workplace well-being during lockdown

Diane McCaffrey — Tue, 20 Jul 2021 04:38:50 +0000

As we embark on yet another lockdown in Victoria, we reflect on the bigger picture of being a business owner and being responsible for our team’s wellbeing.

At BYO be believe in T.E.A.M, where Together Everyone Achieves More, this becomes more evident in times like this.

Here are some measures we have put in place to create a place of wellbeing, belonging, and teamwork:

1.Friday Wellness: Since April 2020 we have engaged with Vicky and Joe Kuriel from Eat, Play, Thrive to run a virtual program for our team. At first it was just for the initial lockdown, however, we find it hard not to continue as we continually receive new information each week. Vicky being a dietician and Joe is a chiropractor and PT, together they have many years of experience in wellness and movement. The sessions over this time have proven to be the perfect investment. Here are some testimonials from our team

Diane	Taking Part in the Eat Play Thrive lockdown program, we have learned about the many facets of nutrition, sleep, water, posture, exercise, movement, goal setting, and many more. This program has increased staff productivity and engagement. We have found it to be the perfect module for our team to become the best version of themselves.
Charlotte	Vicky and Jo from Eat Play Thrive are just amazing. For the last year or so they have been motivating our whole team to be the best version of themselves, especially during Covid Lockdowns. Together they cover everything from head to toe and everything in between.
Mie	I always look forward to our Friday well-being session with Vicky and Joe of Eat, Play, and Thrive. Their knowledge and sharing of health and nutritional nuggets have assisted me greatly in trying to lead a health-conscious lifestyle. I have also taken her advice on eating real food as gold as it helps me to plan real meals for my family and in turn, help with their health as well. I would highly recommend Vicky as a nutritional or health consultant.
Quinie	Since I have joined EPT sessions with Vicky and Joe, I have been very aware of my overall health and wellness. I have learned more about how to understand how the body works and how it affects all aspects of my everyday life. It is an eye-opener for a person like me that has now been stuck at home during the pandemic on how NOT to neglect simple things that creates a large impact on my daily routine.
Ruby	Eat Play Thrive motivated me to be fit and healthy. Since joining the EPT sessions, I became more mindful of what I eat and I started working out again. I am always looking forward to our Friday sessions as I know that I will learn a lot with the different topics that they share during the session.
Rechelle	I always look forward to our Friday sessions with EPT. I am always amazed at what I learn from Vicky and Joe about health and nutrition, and each session would inspire and push me to watch what I eat and to be a healthier, better version of myself during this pandemic. Thank you Joe and Vicky! 🙂
Maikka	EPT Sessions are really life-changing for me. I am more conscious about my health now than ever. Working from home is really a yes but sitting almost 8 hrs is not so good. So I want to thank Vicky and Joe for all the motivations and consciousness. They are a big impact on my health during this pandemic. A bunch of thank you!! ♥
Ana	Vicky and Joe have contributed a big impact to my lifestyle on how to stay healthy and fit. I am more aware now with the do’s and dont’s regarding my eating habits, workouts and daily routine. It always excites me to learn new things from them during EPT Friday Sessions. Big thanks to Vicky and Joe! 🙂

Merry	There are a lot of things that I put off doing because it scares me or I don’t know where to start. And when I started joining the Eat Play Thrive sessions with Vicky and Jo, it opened my eyes in a lot of topics, from understanding how our body works and reacts to the thing we do or eat and how I can use this information to challenge myself to go out of that “comfort zone” that I have been stuck for years. I can say with confidence that I have improved in a lot of areas and my lifestyle is definitely different than it was 6 months ago. A BIG thank you to Vicky and Jo!

If you would like more information on including these sessions for your team, please email vicky@eatplaythrive.com.au

2. Daily CUPPA’s . This 15-minute e-meet is scheduled for 11.45 each day, where the staff gets a cuppa and check in with each other. Our number 1 rule during the cuppa, is we are not allowed to talk about work.

3. Whacky Wednesdays. Our Wednesday CUPPAs is a fun time, we have celebrated international days as well as silly days. This is time to dress up or put on a background to let down your hair and be creative.

4. Team Challenges – We periodically have mini teams, then set up a challenge eg walking, pushups and the winning team nominate their chosen charity

5. Mindful Mondays – where we reflect on various topics as guided by the Mental Fitness Diary. No information is shared, it is an awareness session for each person to check in with themselves. ref: Mental Fitness Diary

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Why it is Always Best to Outsource Bookkeeping Services

Diane McCaffrey — Mon, 27 Jan 2020 03:57:56 +0000

As you’re looking to expand your business, you may be considering hiring a bookkeeper to offload the various time-consuming duties of invoicing, processing payments, payroll, and more.

Every business needs a professional bookkeeper to help manage all your expenses and report on the financial performance of the business. With accurate bookkeeping data, you can make the best strategic decisions for your business.

But rather than getting an in-house bookkeeper, there are plenty of reasons why outsourcing your bookkeeping duties is the smarter option to choose for your business:

BYO Group’s outsourced bookkeeping services keeps you on top of your business’ cash flow. Know exactly who owes you money, how much you owe others, and how your business is performing with BYO Group’s comprehensive bookkeeping services.

Lower Your Risk For Errors

Having bookkeeping services outsourced for your business means you’re significantly lowering your risk for any errors. This is especially the case for small business owners who usually do their bookkeeping on weekends or late at night outside business hours, when they’re more likely to be tired and can easily make mistakes when they’re not concentrating properly.

Incorrect bookkeeping data could include over or understating your costs, meaning you’ll be improperly managing your business’ resources to compensate. Outsourcing bookkeeping services means you’ll have accurate financial and cash flow information about your business, allowing you to make the best strategic business decisions with your accountant.

Contrary to what many may believe, it’s well worth investing even in bookkeeping services for small business. All businesses of any size for that matter can benefit from outsourced bookkeeping services in Australia. Bookkeepers at BYO Group hold a wealth of experience and bookkeeping knowledge for a range of different industries and business types. We tailor the best outsourced bookkeeping solutions fit for your business needs and help your business grow.

Receive Professional and Independent Advice

Outsourced bookkeepers like BYO Group are industry professionals who are guaranteed to provide objective and independent bookkeeping advice for your business. Getting a professional outsider’s perspective of your business’ cash flow activities opens windows of opportunities that you and your employees would usually overlook.

There are clear reasons why you’d want to outsource bookkeeping services to industry professionals like at BYO Group:

All our bookkeepers are certified with a minimum of Certificate IV in Bookkeeping. Other qualifications our staff have include Bachelor of Business (Accounting), Workflow Max Advisor, Certificate in Sustainable Business, Certified Practising Accountant, and more.
Members of the professional organisation, Institute of Certified Bookkeepers. This ensures our bookkeepers are readily informed of new industry developments, best practices, and news from organisations such as the ATO and Fair Work Ombudsman.
Certified in online accounting software such as Xero. All BYO Group staff are Xero Certified Advisors and Xero Payroll Advisors, who also provide supportive Xero training to business owners and employees.

Our bookkeepers at BYO Group are constantly informed about new changes in the bookkeeping and Accounting industry, which allows us to provide the most useful and relevant advice for all of our clients.

Systemised and Documented Bookkeeping Processes

At BYO Group, being consistently on track with costs and other cash flow activities is what we do best. We love bookkeeping, and make sure we touch on all bases every single time. It’s important for business owners to have bookkeepers with a clear bookkeeping process to ensure they’re getting all the right information, accurately.

The foundation to all our services at BYO Group is in our comprehensive bookkeeping process, which details all the necessary areas of bookkeeping to help your business gain a clearer picture of how its performing financially.

BYO Group’s Bookkeeping Process include

Having checklists to ensure bookkeeping consistency
Individual processes for Sales, Purchase, Payroll, Banking Procedures
Verification of Accounting data
Reports to the owner – usually monthly and quarterly

Our staff work on premises with business owners, at our Hawthorn office, and even remotely to offer more flexibility and cost-effectiveness for business owners. Since BYO Group has the foundation set in place with a solid bookkeeping process, even having outsourced bookkeeping services online will produce the same accurate and timely results your business deserves.

Avoid Fraud and Gain Better Transparency

Having fewer bookkeepers in-house means that there is less separation of duties – a huge red flag for committing fraud. Without adequate cross-checks of financial bookkeeping data, you could easily be faced with a situation where your bookkeepers have purposely stole from your business and attempted to cover their tracks. This could lead to immense losses for your business when gone unnoticed for a long time.

With outsourced bookkeeping services at BYO Group, your financial information is handled by professionals who are here to give you a transparent and objective view of your business performance.

We develop strong working relationships with our clients to provide the right bookkeeping and financial information they need to better run their business.

BYO Group is a registered BAS agent, a member of the Institute of Certified Bookkeepers, and a Xero Gold Champion Partner. This ensures we’re updated on new industry developments, best practices and news from essential organisations such as the ATO and Fair Work Ombudsman.

Do You Know What You Don’t Know?

At BYO Group, we’re aware of everything that there is to know about bookkeeping. But on top of this, we’re also well-versed in all the other areas of financial matters that you, as a business owner, need to know.

Our staff regularly undertake professional development training, attend industry events, and continually expand our bookkeeping knowledge especially with rapidly changing technologies.

For the areas we aren’t able to assist in, we connect you with a network of other industry leaders and professionals to help you.

Outsourcing your bookkeeping needs serve as a practical solution to better run your business. BYO Group’s outsourced bookkeeping services help business owners of all sizes and industries to securely manage their cash flow and business performance. If you’re searching for ‘outsourced bookkeeping services near me’, BYO Group are the experts who can help.

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5 Reasons to Use an Outsourced Bookkeeping Service

Diane McCaffrey — Mon, 16 Dec 2019 05:13:56 +0000

Bookkeepers record all business transactions and with accurate financial records, while managers and business owners answer the following crucial questions: Who owes me money? Who do I need to pay and when? How financially sound is the business or is cash flow becoming patchy?

The reason you need a sound system of bookkeeping is because it provides a secure bedrock to gather the necessary information to answer the above questions. However, running a business means you have to have your fingers in many pies, and bookkeeping seems to be the bugbear for most companies and organisations.

So, why not outsource your bookkeeping to the team at BYO Group? We can provide you with a quality service and do what we enjoy most, while leaving you to do what you love as a business owner or manager. By outsourcing your bookkeeping, your bills will be paid when due, and our BYO Group team of bookkeepers can make sure your BAS is accurate and lodged on time, and your cash flow is managed.

BYO Group is the right choice for you because we’ve been in business for over a decade.We are experienced, expert bookkeepers, industry leaders, and career professionals who provide a quality service to help save you time and money.

1. Bookkeepers LOVE Bookkeeping!

At BYO Group, we love what you loath! Yes, it’s true, bookkeepers do love bookkeeping. Having a qualified, experienced bookkeeper to manage the transactions and paperwork required to run a small business allows you to free up your time and focus on revenue-generating activities.

When you outsource to a bookkeeping service, it means they can update your transactions a lot quicker and more accurately than you can, and they are also up-to-date with all of the current regulations and legislation.

2. Avoid Fines & Penalties

The Australian Taxation Office (ATO) is not happy when businesses fail to lodge their BAS statements on time. If this is you, then you’re probably liable for late lodgement fees. Unless you call the ATO and explain your situation and get an extension, you could be up for a penalty of $170 charged for every 28 days the BAS remains unlodged plus interest on late payment.

For medium-sized enterprises with a yearly turnover of $1 million to $2 million, they’re hit with double that fine. Larger businesses are charged five times more.

If you use a BAS or tax agent, you must supply them with all your documents well in advance of the due lodgement date to avoid these hefty fines. But if you outsource your bookkeeping to BYO Group to complete your BAS statements, you can be sure you don’t miss the deadlines.

At BYO Group, our dedicated account managers personally oversee all client work to ensure a close connection with your business. We are a Xero Gold Champion Partner, a member of the Institute of Certified Bookkeepers and is a registered BAS agent

3. Who Owes You Money?

All business owners and managers should ask themselves daily: Who owes me money? Do my customers know they owe me money? Do my customers know how to pay me? Chasing unpaid debts is no fun, but there are things you can do to recover the debt, and measures to reduce the chance of a recurrence.

The most important first step is to do thorough background checks on any businesses or customers before entering into any financial agreements with them. Where do you stand if they can’t pay you?

They could be in the process of liquidation, or deregistration for example, so always check with the Australian Securities and Investments Commission (ASIC). These tips can help:

Don’t provide goods or services until the customers’ bills are paid.
Make sure your payment options are clear and straightforward.
Don’t be slow to send invoices.
Give customers an incentive to pay early or on time by offering discounts if they do.
When providing credit, set reasonable limit.

This makes all the more reason to outsource your bookkeeping.

4. Who Do You Need to Pay?

Managing your cash flow is crucial, so be prepared well ahead of time for the bills that are coming in. Knowing who you need to pay and when it is due is critical, and it’s part of good business practice.

Late payments cause a great deal of pain for small businesses by creating a patchy cash flow. And such an irregular cash flow can affect your ability to come up with the money to pay the bills and wages and enough profit to put back into your business to help it grow.

If you outsource your bookkeeping to a service such as the team at BYO Group, you will have a tailored system that is essential to help you stay on top of paperwork and keep your business forging ahead.

5. How is Business Going?

Integrity in your record keeping with up-to-date data will tell you how the business is performing.These two essential elements of both accuracy and timing is what great bookkeeping and business management is based. Keep your eyes on the numbers not populating the number iis the reason you need to outsource the bookkeeping to a quality service provider. Your outsourced bookkeeper can take care of all of the above, and show you how your business is going, so that you can keep it growing. To stay on top, you also need a written plan for a complete understanding of your business’s health and prospects, and a bookkeeper to keep everything running smoothly.

Call us today at BYO Group to speak to one of our highly qualified team members about your bookkeeping needs on 0402 100 421.

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Time: What all Business Owners Want More of

slsteam — Mon, 14 Aug 2017 06:08:55 +0000

Technology developments exist to assist you in reclaiming time for yourself and your business. Are you taking advantage of current best technology in your business?

Automation—from bank feeds to optical character recognition and automatic coding of receipts, there are now countless ways in which technology and machine learning can be put to your advantage to minimise the time spent on data entry.
Outsourcing—many business owners are involved in all aspects of their business—the core business services, the marketing, the administration, the bookkeeping, staff management and more. Outsource your bookkeeping and financial administration to experts to save time and cost and
Know what you don’t know—are you actively involved in all areas of your business from the administration and staff management to the marketing and selling? Free up some time by allowing others to assist you in areas they are good at, leaving you with more time to focus on what you are best at.
Get the right people for the job—engage an expert to help you with your bookkeeping, and indeed all aspects of your business.

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Ten Things to Look for in Your Bookkeeper

slsteam — Mon, 14 Aug 2017 06:08:17 +0000

Your bookkeeper works closely with you and your business and is very familiar with your processes, systems, current financial state and your business goals.

Bookkeeping these days is far more than simply data entry and reconciliations. Bookkeeping is understanding you and your business, taking the time to understand your needs, assessing your procedures and practices to offer suggestions for improvements, asking questions about where you want to go with your business and providing accurate and current reporting.

If your bookkeeper is spending a lot of time doing data entry then it’s time to upgrade your systems!

Consider these questions in relation to your current bookkeeper—or use them as guidance if you are selecting a new bookkeeper.

Is your bookkeeper qualified and certified? They need to have a minimum of a Certificate III in Bookkeeping, and if providing BAS services they must also be registered with the Tax Practitioners Board as a BAS Agent.
Is your bookkeeper a member of a professional organisation such as the Institute of Certified Bookkeepers? Professional membership ensures the bookkeeper is kept abreast of industry developments, best practices and news from essential organisations such as the ATO and Fair Work Ombudsman.
Is your bookkeeper a part of a professional community of peers? This is vital to keeping informed about software issues, industry matters and learning from each other. Bookkeeping professionals are a great resource for continuing development and education for each other.
Does your bookkeeper regularly undertake professional development and attend industry events? It is important that bookkeepers keep up to date with the continual changes that affect business owners and their legal obligations, as well as developments in the software and related applications.
Does your bookkeeper challenge you with questions? Your business no doubt goes through cycles and changes and therefore the bookkeeping and related processes may need to evolve accordingly. Is your bookkeeper willing to adjust their own processes in response to your business needs? Does the bookkeeper regularly ask questions of you to ensure they are in sync with your business?
Does your bookkeeper look at the big picture of your business, the systems, the processes, the people and offer you insights? Your bookkeeper can be an advisor to your business and assist in making important business decisions.
Can your bookkeeper admit when they need to do some research? Bookkeeping is a massive area of knowledge and we don’t all know everything. What is important is that your bookkeeper knows when they don’t know something and knows where to go for the answers.
Does your bookkeeper take care of online security? This is a reality of business today and your bookkeeper must assure you of their own online security and integrity practices as well as maintaining confidentiality of your information.
Do you have a great relationship with your bookkeeper? Business owners often share information with their bookkeeper in confidence, that is highly sensitive in nature. There should be regular professional communication from your bookkeeper to yourself.
Do you enjoy working with your bookkeeper? While your bookkeeper is providing you with reconciliations, reports, data integrity and accuracy, you want to be able to enjoy the working relationship with your bookkeeper!

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