The Ultimate Guide to Year-End Bookkeeping for Business Owners

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As the calendar year winds down, it’s time for business owners to shift gears and focus on closing the year strong while setting the stage for success in 2025. The end of the year is not just about tidying up loose ends, it’s an opportunity to evaluate, plan, and optimise your business operations.

This is why we have developed a financial guide to year-end bookkeeping for business owners, to streamline your finances, align with your goals and prepare for a successful new year.

 

  1. Conduct a Financial Health Check Before Year-End

Start by reviewing your financial statements for 2024. Are they accurate, up-to-date, and reflective of your business performance? This is critical for understanding cash flow, profitability, and potential growth opportunities.

Key Actions:

  • Reconcile bank accounts and transactions.
  • Review profit and loss statements and balance sheets.
  • Identify unpaid invoices or outstanding debts.

Our expert bookkeepers can clean up your financial records and ensure your data is organised and reliable. This provides business owners with a clear picture of your financial health as you head into the new year. Better yet, visit our website to avail of a free Financial Health Check.

 

  1. Optimise Your Tax Strategy

The end of the calendar year is a crucial time to prepare for the end of the fiscal year. Proactive tax planning can reduce liabilities and maximise deductions, ensuring you’re not leaving money on the table.

Key Actions:

  • Identify tax-deductible expenses and ensure they’re recorded.
  • If registered for Fringe Benefits Tax, review benefits provided to employees.
  • Review payroll compliance to avoid year-end surprises.

We collaborate with your accountant to ensure your books are tax-ready, minimising stress and maximising efficiency during tax season.

 

  1. Plan for Cash Flow in 2025

Strong cash flow is the lifeblood of any business. Planning now ensures you won’t face bottlenecks in the new year, especially during slower seasons.

Key Actions:

  • Create a budget for 2025, forecasting revenue and expenses.
  • Identify upcoming investments or large expenses to prepare for.
  • Analyse trends in client payments and adjust forecasts if needed.

We provide insights into your financial data, helping you build a realistic budget and spot opportunities to improve cash flow management.

 

  1. Evaluate Your Operational Efficiency

The end of the year is an ideal time to assess how well your back-office processes are working. Are there bottlenecks or inefficiencies that are holding you back?

Key Actions:

  • Audit your current bookkeeping and reporting workflows.
  • Assess the technology and tools you’re using – are they helping or hindering you?
  • Look for opportunities to outsource time-consuming administrative tasks.

We take time-consuming admin tasks off your plate, from payroll to data entry, so you can focus on growing your business. Plus, our software integrations ensure your systems work seamlessly together.

 

  1. Set Goals and KPIs for 2025

A fresh year means fresh opportunities. Define clear goals and key performance indicators (KPIs) that will guide your business strategy in 2025.

Key Actions:

  • Review this year’s goals: What worked? What didn’t?
  • Identify areas for growth, like expanding services or improving profitability.
  • Establish KPIs to measure progress and success in the coming year.

Our detailed reporting tools give you actionable insights to track your business’s performance and stay aligned with your goals.

 

  1. Review Compliance and Legal Obligations

Ensure your business is compliant with all necessary regulations before the year ends. This avoids penalties and ensures you start the year on the right foot.

Key Actions:

  • Verify employee records and superannuation compliance.
  • Update business licenses and permits if required.
  • Ensure your accounting practices align with the latest standards.

We simplify compliance by keeping your financial records organised and up to date, so you don’t have to worry about falling behind.

 

  1. Prepare for Year-End Reporting

Year-end reporting is critical for stakeholders, investors, and tax purposes. A polished set of reports can also help you make better decisions in 2025.

Key Actions:

  • Compile accurate financial and operational reports.
  • Summarize key metrics, like profitability and growth rates.
  • Share insights with your team to align everyone on next year’s priorities.

We provide real-time reporting that’s customised to your business needs, offering clarity and confidence as you wrap up the year.

Act Now to Set Your Business Up for Success

The end of the year is a busy time, but it’s also an opportunity for business owners to strengthen their foundation for growth. By partnering with Visory, you can eliminate the back-office headaches and focus on building a thriving business in 2025.

Don’t wait—schedule a call with us today to get started!

Introducing Visory’s New Customer Solutions Team

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At Visory, we believe managing your business finances should be easy, efficient, and adaptable to your unique needs. That’s why we’re shaking up the traditional bookkeeping model and delivering a new way to get the support you need, when you need it.

We’re proud to introduce the Visory Customer Solutions Team, a game-changing approach to financial support that replaces the outdated, one-size-fits-all model many businesses have relied on for years.

Why Change the Status Quo?

For decades, the industry standard has been assigning businesses a single point of contact in the form of a bookkeeper or an account manager. While this works for some, it can also present challenges:

  • Conflicting Priorities: Your bookkeeper manages multiple clients, so what you deem a priority, may not align with your bookkeepers.
  • Limited Expertise: Bookkeepers may have a narrow scope of expertise. Complex needs such as migrating from one software to another, may be outside of their scope of knowledge.
  • Inflexible Support: Many businesses need help on the go, not just at their desks.

At Visory, we see things differently. Your business deserves fast access to specialised expertise across a range of financial needs. That’s where our new Customer Solutions Team comes in.

Meet the Customer Solutions Team

This isn’t just a team, it’s a resource designed to fit seamlessly into your operations, offering faster, more tailored support than ever before. Here’s what you can expect:

  • Faster Responses: Enquiries are routed to the most suitable expert quickly, so you’re never left waiting.
  • Specialised Expertise: Our team includes experts in everything from software migrations to cash flow management, giving you access to deep knowledge across a variety of needs and industries.
  • Flexible Support Options: Whether you’re in the office or out in the field, you can reach us however works best for you:
    • The Visory Platform: Log requests, track progress, and get updates all in one place.
    • “New Request” Button: Submit and track your requests with clear timelines for responses.
    • Phone: For urgent issues, call us at 1800 VISORY during business hours.
    • Email: Share detailed questions or documents whenever it’s convenient for you.

The Visory Advantage

This shift isn’t just about solving problems faster, it’s about redefining what great financial support looks like. Unlike traditional bookkeepers, who juggle multiple clients with varying priorities, our team gives you:

  • Dedicated Focus: Your requests are prioritised based on your needs, not someone else’s schedule.
  • Broader Range of Expertise: Whatever challenge your business faces, we have the right specialist to help.

Ready to Get Started with Visory?

From December 13th, the Customer Solutions Team is ready to help you tackle challenges big and small. Whether you’re looking for quick advice, strategic guidance, or hands-on support, we’ve got you covered.

Contact us today to learn more about how this new approach can elevate your financial operations and your business success.

 

Do I Need a Bookkeeper, an Accountant, or Both?

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As a small business grows into a medium- or large-sized operation, it often becomes impractical for the founder to balance the books. Picture a back-office employee, already stretched thin, trying to manage the detailed work of itemizing and coding transactions—where would they find the time?  While office managers can temporarily bridge the gaps, bringing in a dedicated bookkeeper or accountant becomes essential for maintaining efficiency and accuracy.

The terms bookkeeper and accountant are often used interchangeably, but in fact, they are not one and the same. The educational requirements, daily schedule, and specific skills of these two roles can overlap but are not synonymous. Let’s look at why accountants and bookkeepers can each help your business, and how to tell if you need a bookkeeper or an accountant. 

What does a bookkeeper do?

Bookkeepers are responsible for the day-to-day record keeping of your business’s money. The duties of a bookkeeper can include documenting financial transactions, posting credits and debits to a balance sheet, processing payroll, generating invoices, and merging accounts. The bookkeeper may also stay on top of the vital records required by the Australian Tax Office (ATO) or New Zealand’s Inland Revenue Department (IRD). 

In short, bookkeepers create the financial records that an accountant can later analyse and use to create more complex reports or file full tax returns. A bookkeeper is the first stage in the accounting process. They benefit your business by tackling daily financial records that must be accurate in order to create useful reports later. 

Who is a bookkeeper? Some bookkeepers are trained by their employers, but other bookkeepers learn their skills by getting a Certificate in Accounting and Bookkeeping and registering to become a BAS Agent. You may want to hire a bookkeeper if you have a tax accountant but need someone to handle your office’s in-house financial records.

What do accountants do?

Not only will an accountant use the records that a bookkeeper created, but they will also crunch the numbers on their own reports. Their work tends to be more senior level and they may even advise the company regarding high-level company decisions. As a result, the salary of an accountant can be nearly double that of a bookkeeper. 

The typical role of an accountant encompasses things like prepping for taxes, preparing financial statements, plotting the growth of your business, verifying that the company’s finances are government compliant, examining revenue and recommending budgets, resolving accounting discrepancies, and setting up accounting processes. When you’re deciding between a bookkeeper or an accountant, you know you’re ready for a full-time accountant if you have the need for financial analysis and advice regarding the impact of financial decisions. 

An accountant may have a Diploma of Accounting or another advanced degree. Many businesses can get by with one in-house accountant, but you may need the expertise of a whole team as you grow and scale. 

When you need both an accountant and a bookkeeper

It is important to understand when you might need both a bookkeeper and an accountant. Having both roles working together offers significant benefits. Separating their duties helps ensure compliance with government reporting and creates a built-in system for cross-checking. The bookkeeper records the financial transactions, while the accountant reviews and verifies the books, reducing the likelihood of errors.

A complicated tax structure may also call for both roles. You want one professional to keep an accurate general ledger and track daily expenditures (the bookkeeper) and another to analyse the books, look for available tax credits, and prepare tax reports (the accountant). If your business is growing and in search of investors, having both a bookkeeper and an accountant also strengthens the financial picture of your growing organisation. 

So, do you need a bookkeeper or an accountant, or both? Bookkeeping services keep your day-to-day financial tasks done on time. You’ll never miss payroll again. Meanwhile, an accountant offers more robust analysis and internal financing advice. Larger companies probably need both. Bookkeeping services keep you running smoothly in the present day and accountants make sure the future remains stable, allowing you to focus on growth.

If you need a team of financial experts to keep your company’s ship upright, contact Visory. Our highly skilled experts are tailored to the expertise you need, and we can tackle bookkeeping and accounting projects large and small. We’ll become such a part of your team you’ll want to invite us to the holiday party (after we tell you if that can be expensed).

6 Signs You Need to Upgrade Your Business Bookkeeping

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Here you are again, burning the midnight oil to reconcile your bank statements. Are you spending more time crunching numbers than enjoying the fruits of your labour? It might be time to upgrade your business bookkeeping system. 

As your business grows, your original accounting system won’t make sense anymore. Keeping a general ledger in a spreadsheet is too basic for a growing enterprise. Are you getting in the weeds trying to do your own bookkeeping? You may be able to save time and money by upgrading to a new bookkeeping system. 

Do these sound familiar? It’s time to upgrade your bookkeeping

There are some common red flags that signal your business’ bookkeeping is not up to scratch. Some common themes include: wasted time, wasted money, and lack of compliance. If any of these scenarios sound familiar: you may need to overhaul your bookkeeping system.

You spend more time on bookkeeping than your business

If your DIY bookkeeping system is taking up all your time, who is running your business? Too many business owners waste hours entering transactions and finding accounting errors. This is all time that could be spent winning new business or inventing new marketing ideas.  

It’s also important to acknowledge the differences between an accountant vs. bookkeeper. If your in-house accountant is also doing daily bookkeeping, they may be taking time away from vital business processes like payroll.

You’re always behind on your business bookkeeping

You just can’t seem to get ahead in your bookkeeping anymore. Surprise, surprise — bigger businesses have more complex financial records. If catch-up bookkeeping is your only form of bookkeeping, there is a problem. The health of your business will suffer if you can’t get an accurate snapshot of your accounts payable and accounts receivable when you need it. 

When you try to do your own books as an expanding organisation, you will nearly always make mistakes. Not only are you dealing with an increased volume in transactions, but your small business tactics may not apply anymore. Larger businesses often need to switch from single-entry bookkeeping to double-entry bookkeeping and make other structural changes to stay current. 

You have reached the limits of your current software

Small business software has its limitations, including the number of transactions, staff, and clients you are allowed to track. Your business’ bookkeeping needs an upgrade if you can’t scale within your current system. Simply put, using small business accounting software when you’re no longer a small business is asking for trouble. Ideally, you would upgrade to a new system before you hit your official limit and have to scramble to transfer your data.

Your business’s tax seasons are always chaotic

Do you find yourself in chaos each June? Tax season means tracking income tax rates for business, capital gains tax, fringe benefits tax, PAYG withholdings, goods and services taxes, payroll taxes, tax deductions, tax credits, and more. Plus, staying compliant is the only way to avoid certain government penalties. 

Despite the complexities, lodging your taxes doesn’t have to be a nightmare. If it is, you are probably not using the right bookkeeping system.

Your cash flow is unpredictable

A good business bookkeeping system helps you strategise. You should be able to estimate peak seasons, low seasons, and estimate overhead costs. Another sign that it’s time to upgrade your bookkeeping is that you can’t forecast your cash flow. While there could always be other things at play as well, inconsistent record keeping makes it more difficult to accurately predict your accounts receivable. 

You can never get ahold of your bookkeeper

Your financial records should not be a mystery. Do you struggle to contact your bookkeeper when you have a question about a bank statement, or you need a balance sheet? This is a sure sign that you’ve outgrown the person or service that you currently work with. The right bookkeeper will make your records available to you around the clock, not hold accounting software passwords hostage or failing to offer guidance when you need it. 

Have you outgrown your business bookkeeping system? Whether you are trying to do it all yourself or you just have a bookkeeper who can’t keep up with your growth, it’s wise to bring in reinforcements. Visory is a business bookkeeping service that can scale with you. Begin with basic bookkeeping needs, then add new experts to your remote team as you need them. Contact us today to see if we can help.

How to Manage Your Bookkeeping This Black Friday

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Black Friday offers huge sales opportunities for small businesses, but it also brings a surge in bookkeeping tasks. For small business owners, managing your finances efficiently during this period is crucial to ensure profitability, cash flow stability, and accurate reporting.

Our top tips for bookkeeping this Black Friday

We have developed a guide to help you stay on top of your bookkeeping this Black Friday, so you can make the most of the holiday sales season.

1. Prepare for Increased Sales Volume

The influx of sales during Black Friday can be exciting, but it also means handling a higher volume of transactions. To stay organised:

  • Use Automated Bookkeeping Tools: Platforms like Xero, or other bookkeeping software can streamline data entry, track sales in real-time, and reduce manual entry errors.
  • Reconcile Daily: Regular reconciliations ensure accurate records and prevent the end-of-month backlog. With high sales volume, daily or weekly reconciliations keep your books accurate.

 

2. Stay on Top of Inventory Costs and Management

Inventory management becomes essential as demand increases during Black Friday. Here’s how to stay on track:

  • Record Inventory Changes Promptly: Ensure that your inventory purchases and restocking costs are accurately tracked. Proper tracking allows you to stay aware of cost of goods sold and prevent stock shortages.
  • Adjust for Discounts: Offering Black Friday discounts? Track the inventory and cost changes accordingly to avoid impacting profit margins and financial reporting.

 

3. Keep a Close Eye on Cash Flow

Cash flow management is key during Black Friday. Increased revenue is great, but promotions, marketing, and increased operational costs can put pressure on cash flow. To manage this:

  • Monitor Incoming and Outgoing Cash Closely: Track the sales inflows and promotional expenses to maintain a clear understanding of cash flow.
  • Plan for Immediate and Future Expenses: Black Friday might mean a temporary cash boost, but setting aside funds for future expenses, like restocking or holiday bonuses, helps maintain stability.

 

4. Track Expenses and Understand Profit Margins

Black Friday promotions often involve discounts and marketing expenses, which can impact profit margins. Accurate bookkeeping is essential to understanding these costs and assessing profitability:

  • Categorise Promotional Expenses: Use specific categories for Black Friday marketing, shipping, or other promotional costs. This helps you track how much you’re spending on the sale and assess its overall profitability.
  • Review Profit Margins: With proper expense tracking, you’ll have insights into profit margins after discounts. This information is valuable for future Black Friday planning and pricing strategies.

 

5. Consider Tax Implications and Potential Liability

An increase in Black Friday revenue could affect your tax liabilities, especially if your business is close to moving into a higher tax bracket. To avoid surprises at tax time:

  • Track Revenue Accurately: Make sure all Black Friday sales and discounts are recorded in detail. Accurate records are key for both tax filings and financial analysis.
  • Set Aside Funds for Taxes: Based on your expected profit from Black Friday, set aside a portion of revenue to cover potential tax liabilities. This can prevent cash flow shortages later in the fiscal year.

 

6. Use Black Friday Insights for Financial Reporting and Future Planning

The data generated during Black Friday can provide valuable insights for your business:

  • Analyse Sales Data: With thorough bookkeeping, you can review which products sold best, track customer behaviour, and evaluate the success of promotional efforts. This data will guide you in future promotions by helping you understand profit margins and bestsellers.
  • Strategic re-investment: If your Black Friday sales brought a boost in cash flow, consider reinvesting it strategically. Stock up on bestselling products, enhance your marketing efforts, or upgrade technology to streamline operations. You could also expand your product line, improve customer experiences, or set aside funds as a financial buffer. Thoughtful reinvestment can drive long-term growth and set your business up for future success.

 

Final Tips for a Successful Black Friday Bookkeeping Strategy

Managing bookkeeping during Black Friday can feel overwhelming, but with a proactive approach, you can handle the increased volume and make the most of your sales. If you’re looking for extra support, partnering with a bookkeeping service like Visory can streamline the process, from daily reconciliations to managing cash flow and generating timely financial reports.

This Black Friday, let Visory handle the numbers so you can focus on growing your business and delivering outstanding customer experiences. Contact Visory today to learn how we can support your business through the holiday season and beyond.

7 of the Most Common Bookkeeping Mistakes

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You’re motivated, savvy, on the move and incredibly time starved. Between growing your client base and seeking new investors, it’s common for day-to-day tasks to fall to the wayside. Just don’t let bookkeeping be one of them. Small bookkeeping errors add up to a major landslide. A few missed financial transactions here and there can throw off entire financial reports, or even lead to tax implications. Here are seven common bookkeeping mistakes you can avoid with the right bookkeeping help. 

7 of the most common bookkeeping mistakes and how to avoid them

Businesses of all sizes experience bookkeeping errors. From undocumented expenses to unfiled taxes, accounting mistakes come in all shapes and sizes. You could face not only unexpected losses, but government penalties if you fall into one of these seven avoidable traps. 

1. Falling behind in bookkeeping

One of the most common bookkeeping mistakes is simply falling behind. Even a month of missed reports stops you from accurately understanding your cash flow and current debts. Keeping a daily general ledger, the right way means staying on top of every single transaction that comes in and out of your accounts. 

2. Using accounting software incorrectly

Popular accounting software programs can do a lot of heavy lifting. But they are still subject to human error. In other words: You can’t skip taking the tutorial. Do an annual check-in with your accounting software and ask yourself: Am I using the most up-to-date version of this software? Can this software handle the scale of my bookkeeping needs? Is this software updated with the latest tax rates?

3. Incorrectly paying employees

If you have a full-time employee classified as a casual worker, the mistake could cost you thousands. You may be held responsible for back wages plus interest, and face legal penalties. What might seem like a small formality is in fact a major decision. Familiarise yourself with employee classification in Australia and New Zealand to avoid this costly mistake.  

4. Inaccurately reporting payroll and sales tax

A major part of keeping accurate business finances is paying the proper tax rate. Since payroll taxes vary across states and territories, you may need some help sorting out how to set up your payroll system the right way. In this case, it is always better to triple check than risk a hefty penalty at the end of the year. 

You must also make sure your point-of-sale systems are set up with the right sales tax (10% in most cases in Australia and 15% for most goods and services in New Zealand). Rest assured, if you don’t pay enough in taxes now, you will end up paying for it later. 

5. Mixing business and personal

The best financial practice for any business – even a small or medium-size organisation – is to separate personal and business transactions. When you’re trying to calculate tax deductions and reconcile your end-of-year reports later on, blended finances are a headache. You will have less to untangle later if you use a designated business account now. 

6. Tossing your records too early

Did you know the government requires your business to keep certain financial records for a set period of time? It turns out you can’t just send everything to the shredder when tax time is over for the year. In Australia, you should keep written evidence of your financial reports for five years after you lodge your tax return. In New Zealand, financial records should be kept on hand for seven years after you lodge the year’s taxes. This includes everything from invoices and receipts to wage books and vehicle logbooks. 

7. Hiring an inexperienced bookkeeper

Many of the above errors trace back to one common misstep: hiring a bookkeeper who is not able to keep up with your evolving bookkeeping needs. Someone with more experience can manage financial reports, prepare an accurate balance sheet, and stay on top of tax requirements. If you keep running into inaccuracies, it may be time to enlist a more robust bookkeeping team to round out your back office and keep things in line. 

If you’re a growing business in need of additional help, outsourcing your bookkeeping service may be the answer. Visory can help your organisation avoid these common mistakes. You will be connected with a team of experts with industry specific knowledge, and you will have 24/7 access to your financial reports. Contact Visory today to learn more about our suite of services that support your back office and help you avoid common bookkeeping errors.

Finding Professional Bookkeepers in Your Area: A Guide for SMEs

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Introduction

Small businesses rely on bookkeeping to track financial transactions and monitor their cash flow. Bookkeeping involves the systematic recording of financial transactions, so as a business owner, you always know where your money is coming from and where it’s going.

Accurate bookkeeping is vital for:

  • making informed decisions
  • managing your small business’s financial health
  • adhering to tax regulations
  • attracting potential investors in your industry
  • and planning for your future success. 

However, many small business owners face significant challenges when it comes to finding and hiring the right bookkeepers and accountants.

For example, many small businesses lack the time, expertise, and resources to manage their bookkeeping in-house. Others might have the time and resources, but find it difficult to find a qualified and trustworthy bookkeeper with relevant experience.

As many small business owners know, hiring the wrong staff comes with a high cost and risk. Without a professional and reliable bookkeeper or accountant, it’s possible to end up with bookkeeping errors and compliance issues that will set you back.

Thankfully, there are new bookkeeping services and solutions available to small business owners.

For example, Visory is an online professional bookkeeping and accounting service that helps SMEs in Australia and New Zealand overcome their business bookkeeping challenges.

Visory takes over all the bookkeeping responsibilities that small businesses need so you can focus on growing your business.

When you partner with Visory for your bookkeeping needs, you’ll receive many benefits, such as:

  • Access to a network of certified bookkeepers and payroll experts regardless of location
  • A professional bookkeeping service that provides quality assurance and customer support, so you can have true peace of mind.
  • A platform that integrates with your cloud accounting software to streamline and manage your business finances in one place
  • Best practice processes and workflows that ensure your business is running efficiently
  • Affordable and flexible pricing plans tailored for SMEs

In this guide, we’ll show you how to find professional bookkeepers in your area using Visory, the online bookkeeping service provider for SMEs.

How to Find Professional Bookkeepers in Your Area

Finding and hiring professional bookkeepers is a straightforward process with Visory.

First, you’ll need to book a meeting with one of our Experts to discuss your business and your goals.

In your discussion we’ll ask about:

  • Your business and the services or products you provide
  • What you’d like to achieve by working with a team of bookkeeping professionals
  • What kind of tools and bookkeeping responsibilities Visory can assist you with

You can also share any other business needs you have at this point, such as managing your cash flow, understanding your financial data, or entering new industries.

Once you’re confident Visory is the right fit for you, we will begin tailoring a detailed proposal for your business. Completing deep technical audits of your back office, you’ll receive recommendations on ways to improve your process and a service offering to meet your needs.

If you decide to proceed, we’ll introduce you to your team, which includes a Customer Success Manager and relevant Bookkeeping or Payroll Experts matched for your industry, business size and software.

Tips and Best Practices for Finding and Working with Bookkeepers

When working with professional bookkeeping services, it’s important to stay focused on the goal at hand.

Visory’s team of recognised and professional bookkeepers receives proper training to assist all new clients and keep their financial data up to date.

Here’s what you can do to help you get the most out of your bookkeeper’s expertise and education.

Be clear about your expectations and goals

It’s a great idea to share any specific expectations you have from a professional service. For example, some small business owners need more assistance with accounts management, while others need support when it comes to compliance or software.

Every small business is different, and Visory’s team of professionals is here to help you create bookkeeping systems that improve your financial health.

Provide accurate and timely information and feedback

To keep your company financials in check, it’s important to share accurate details with your bookkeeper. Many bookkeepers have a set process to manage their client financials but will tailor them around your specific needs.

Be sure to share specific details regarding services such as payroll and specific accounts management. Your bookkeeper will work with the details you share to set up the best tools and accounts to help your business financials grow as much as possible.

Use the Visory platform to track your progress and performance

With Visory’s services, you’ll always have access to your company’s financials. The more you track your progress, the more you can improve your decision making and ultimately your cash flow. Using Visory’s platform helps small business owners keep their focus on reaching and surpassing their business goals.

Review your financial reports and statements regularly

It’s also a smart idea to review your financial reports on a regular basis. Apart from the benefits of improving your decision making, this will also help you better understand which clients improve your profits the most, and where there might be potential for new clients and industries.

Ask questions and seek advice from your bookkeeper

One of the benefits of Visory’s services is that you get a team of professional bookkeepers and accountants to answer your questions and guide you as needed. Whether you have questions specific to your industry or just need help understanding your payroll reports – your Visory team is there to help.

Why Choose Visory for Your Bookkeeping Needs

When it comes to managing your small business’s financial health, Visory stands out as the go-to choice for many reasons. Some benefits of working with Visory include:

  • Convenience and accessibility
  • Security and privacy
  • Scalability and flexibility
  • Expertise and quality
  • Savings and value

Convenience and accessibility

Visory offers unmatched convenience and accessibility for a professional bookkeeping service. You can access your small business bookkeeping data anytime, anywhere, from any device.

Whether you’re at the office, on the go, or at home, your financial information is at your fingertips. This flexibility allows you to stay in control and make informed decisions no matter where you are.

Security and privacy

Visory takes your data’s security and privacy seriously. Your information is stored and encrypted on secure servers located in Australia and New Zealand. This means that you can peacefully focus on your business, knowing that you’re protected from any potential threats.

Scalability and flexibility

Small businesses aren’t static; they grow and evolve. Visory understands this and offers both scalability and flexibility.

You can always adjust your plan and bookkeepers as your business grows and you gain new clients, or as your needs change. This adaptability ensures that you always have the right level of support, no matter your industry or the stage of your business.

Expertise and quality

When you partner with Visory, you gain access to a network of certified and experienced bookkeepers. These professionals bring their skills and knowledge to the table, ensuring that your bookkeeping is in expert hands. 

Savings and value

Outsourcing your bookkeeping to Visory isn’t just a convenience; it’s a smart financial move.

It saves you time, money, and the hassle of handling bookkeeping in-house. By streamlining your financial management with Visory, you can redirect your resources toward growing your business and achieving your goals.

Conclusion

In the dynamic world of small business, effective bookkeeping is vital to financial success. However, finding the right bookkeeper can be a challenging task, and hiring the wrong one can lead to costly mistakes.

Visory steps in as the solution to these challenges. With Visory, you gain access to:

  • certified and experienced bookkeepers
  • a user-friendly platform for streamlined financial management
  • flexible pricing plans
  • and unwavering customer support.

Choosing Visory offers unmatched convenience, security, scalability, expertise, and cost savings. Your financial data is always at your fingertips, protected by advanced security measures, adaptable to your business’s growth, handled by experts, and cost-effective.

To simplify your bookkeeping and improve your financial well-being, choose Visory. Contact us today for more information and take the first step towards a brighter financial future for your small business.

How to Grow Your Business with an Effective Invoice Template

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If you’ve ever heard the phrase “time is money,” its significance in the world of business could never be more true. Every minute on your business clock presents an opportunity to make money. For many businesses, however, administrative tasks take up too much valuable time— an average of 16 hours per week! The process of creating and delivering invoices can be especially frustrating and time-consuming. And even though this important administrative task is important and keeps your business running, it shouldn’t take up so much of your time. That’s why you should consider using an invoice template.

An invoice template eliminates the hassle of creating invoices whenever you need to. It lets you quickly enter data against an already-created format, saving time and effort.   

What is an invoice? 

An invoice is a document a business sends another business or customers detailing the products or services provided. It’s a sort of bill that serves as a request for payment. It also acts as a transaction record, ensuring both parties are aligned on the goods or services exchanged and their financial obligations. An invoice contains several details, such as: 

  • The quantity of goods
  • The amount charged
  • The payment terms
  • The terms of the transaction 

Importance of invoicing

As mentioned earlier, invoices play a crucial role in maintaining accurate records of transactions. This is extremely important for accurate financial recording and organisation, especially if your business deals with many clients. Imagine providing services or selling products on credit but not having a record of these transactions. How would you ask for payment? Imagine having to remember all the details of the transactions off the top of your head when it comes to asking for payment. Invoices make this process easier. They act as a legal agreement between you and your customers. 

Invoicing provides several benefits for your business, such as: 

  • Improved cash flow: Well-recorded invoices set clear expectations for when your business expects payment from its customers. This reduces the time it takes for money to flow into your business. When you have a steady flow of income, this translates to improved liquidity, enabling you to meet financial obligations and invest in growth opportunities.
  • Reduced debtor days: Effective invoicing contributes to shorter debtor days—the time clients take to settle their bills. With well-structured invoices, you’re signalling your clients about the terms and due dates. This minimises the risk of overdue payments.
  • Enhanced customer relationships: Your invoice is not just a payment request; it’s also an opportunity for building stronger relationships with your clients. A well-crafted invoice demonstrates professionalism, attention to detail, and transparency. It shows that you value your clients’ trust and want to make the payment process smooth.

When you have a steady flow of money into your business, shorter debtor days and great customer relationships, your business is more likely to grow. That’s why invoicing is essential, whether you are dealing with 10 or 100 clients.

Invoice vs. tax invoice

Sometimes, you may need to create tax invoices. A tax invoice is a type of invoice that contains detailed information about a taxable sale or supply of goods and services. It’s a legal document issued by a seller to a buyer that outlines the specifics of the transaction, including the amount of Goods and Services Tax (GST). A regular invoice differs from a tax invoice in that a tax invoice shows that the price of certain or all of the goods you’ve sold includes GST, whereas a regular invoice lacks this feature.

So when is your business required to provide tax invoices? There are several circumstances where you may need to provide tax invoices. These include: 

  • You make a taxable sale of more than $82.50 (including GST).
  • Your customer requests a tax invoice from you.
  • You make a sale that is partly taxable and partly GST-free.
  • You make a sale on credit or provide a lay-by service.

What must businesses include on an invoice? 

Creating a well-detailed invoice template is extremely important. It’s not just about your business potentially losing income; it’s also about avoiding unwanted issues. For instance, an invoice that doesn’t reflect all the required information will likely raise eyebrows. It may come off as fraudulent, especially with many AI tools increasing the focus on accuracy. 

That said, your invoice template should contain the following information:

  • Invoice Title: The word “Invoice” should be prominently displayed at the top of the document to identify its purpose.
  • Supplier’s Information:

Legal name or trading name of the supplier

Supplier’s business address

  • Recipient’s Information:

Recipient’s name

Recipient’s business address

  • Invoice Date: The date when the invoice is issued.
  • Description of Goods/Services:

Detailed description of the goods or services provided

Quantity of goods or services supplied

Unit price for each item

  • Total Amount: The total amount payable for the goods or services.
  • Payment Terms: Clear and concise terms outlining when the payment is due and the accepted payment methods.
  • Reference Number: A unique identifier or invoice number for tracking and reference purposes.
  • Terms and Conditions: Any relevant terms and conditions related to the sale, including return policies, warranties, and late payment penalties.
  • Payment remittance information: Provide payment methods and information such as bank account details and currency.

A tax invoice template contains all the information in a regular invoice template. However, it contains minor differences or additions, such as:

  • Tax Invoice title: Instead of the words invoice, you should indicate “Tax Invoice” at the top of the document. 
  • Supplier ABN: This is your Australian Business Number (ABN), which is essential for GST reporting.
  • Recipient’s ABN: If the recipient is registered for GST, you should include their ABN in the tax invoice template to establish eligibility for claiming input tax credits.
  • GST Amount Breakdown: Your tax invoice template should include a section that breaks down the GST amount on each product separately. 
  • Total Amount Payable: The final total amount, including any applicable GST.

Invoicing tools and eInvoicing

For invoices to be effective, they must reach your clients on time. You, therefore, need an efficient system that can send these invoices accurately and efficiently. Your business can leverage invoicing tools such as eInvoicing. eInvoicing, or electronic invoicing, is an electronic method of creating, sending, receiving, and processing invoices. This method eliminates the use of paper and saves your business time and money. Examples of invoicing tools include Square, Xero, and Invoice2go.

In an eInvoicing system, invoices are generated electronically within a software application and then shared with the recipient through electronic channels such as email, electronic data interchange (EDI), or specialised eInvoicing platforms. The recipient can then directly import the electronic invoice data into their accounting or enterprise resource planning (ERP) systems.

Quick tips for sending invoices and getting paid

Creating a great invoice template is only the first step. Even after sending the invoices on time, you may still have to deal with delayed payment. So, how do you ensure you get paid on time for maximum cash flow? 

  • Set up automated reminders for overdue invoices. This saves time and maintains consistent communication with clients, encouraging them to address outstanding payments promptly.
  • Clearly state payment terms on your invoices. Specify the due date, accepted payment methods, and any early payment discounts or late payment penalties.
  • Provide detailed descriptions of the goods or services you’ve provided. This reduces confusion and helps clients understand the value they’re paying for.
  • Offer a small discount for early payments. This can motivate clients to settle their invoices sooner, improving your cash flow.
  • Assign unique invoice numbers to each invoice. This simplifies tracking and organisation, both for you and your clients.
  • Regularly reconcile your invoices with your financial records to promptly identify and address any discrepancies.
  • Embrace a range of payment methods, such as automated transfers and online transactions, simplifying the payment process for your clients.

How Visory helps businesses get paid

While a well-crafted invoice template is essential for your business’s cash flow and growth, managing them is just as important. At Visory, we understand the challenges of dealing with clients regarding tracking and following up on payments. When you use our services, we help you get paid faster. We do this by handling all your contacts, establishing clear contracts and tracking invoices and payments. This way, you focus on other income-generating tasks that help your business grow.

Contact us today, and let us take care of your Accounts Receivables. 

Super due dates for 2023 and 2024

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Superannuation is an essential part of long-term financial stability for most Australians. It provides your employees with retirement income, helping them live comfortably throughout their golden years. However, as an employer, you must make super contributions on time. So, you need to be aware of super due dates. 

As the name of these dates suggests, these are the dates on which your super contribution payments for your employees are due. Continue reading to learn the super due dates for 2023 and 2024, who needs to pay superannuation, how to handle extra contributions, and more. 

When do employers pay super?

Employers must make superannuation contributions for their employees every quarter. Unfortunately, the dates that super payments are due change every fiscal year. So, as a new fiscal year commences, it’s important to familiarize yourself with the super due dates for that year. The super due dates for fiscal year 2023 (July 2023 through June 2024) are as follows:

  • First Quarter: The first fiscal quarter spans from 1 July, 2023 to 30 September, 2023. First-quarter super payments are due 28 October, 2023. 
  • Second Quarter: The second quarter runs from 1 October, 2023 to 31 December, 2023. Payments for the second quarter are due 28 January, 2024. 
  • Third Quarter: The third fiscal quarter is from 1 January, 2024 to 31 March, 2024. Third-quarter payments are due 28 April, 2024. 
  • Fourth Quarter: The fourth quarter is from 1 April, 2024 to 30 June, 2024. Fourth-quarter super payments are due 28 July, 2024. 

Who needs to pay superannuation?

If you’re an employer in Australia, you must pay superannuation for your employees, often all of them. Here’s who you need to make super contributions for:

  • Employees over 18 years of age: You must pay superannuation for all of your employees who are 18 years old or older. This includes all full-time, part-time, and casual employees, regardless of how much money you pay them or how you pay them – even if they are temporary residents. All employees over the age of 18 are entitled to super contributions from their employers. 
  • Employees under 18 years of age: There is no requirement for you to make super payments for some employees under 18 years of age. However, if you have an employee under 18 years old who works more than 30 hours in any week, you do need to make super contributions for them, regardless of how often or how much money you pay them. 

What to do when staff want to make extra super contributions

It can be difficult to attract quality employees to your business. One way to do so is to offer additional benefits for employees, benefits like salary sacrifice. In fact, the salary sacrifice benefit is especially useful when you have staff that want to make extra super contributions. 

Salary sacrifice gives your employees the ability to make additional super contributions, as well as pay for other benefits, on a pre-tax basis. This gives them the ability to reduce their overall tax burden. If you have staff who want to make additional super contributions, consider offering a salary sacrifice benefit to make that option available to them. 

Super funds and award rates

When you hire a new employee who’s eligible for super contributions, it’s important to give them a superannuation standard choice form. This form tells you which super fund you’ll need to pay the employee’s super contributions to. 

As an employer in Australia, you’re required to offer at least an 11% award rate. That means you must contribute at least 11% of your employees’ earnings into their super funds. However, the super award rate may increase to 15% by 2025. 

Late Super Payments

If you make late super payments, you’ll likely have to pay a superannuation charge. That charge is based on the unpaid amount plus an administration fee and interest on the amount you owe. 

The good news is that you can avoid additional fees by contacting the ATO. Even if you can’t make the entire super payment you owe, you may be able to set up an installment plan to avoid additional fees and further action. 

Super guarantee charges and due dates

As mentioned above, you are required to make your super contributions by or before the super due date for the period the super is owed. If you fail to do so, you’ll likely face penalties known as superannuation charges or super guarantee charges. There are three parts to the super guarantee charge:

  • Shortfall Amount: Super contributions that haven’t been paid or that have been paid late. 
  • Administrative Fee: This is a fee charged by the ATO to cover the administrative costs of collecting late super contributions. 
  • Interest: You’ll also have to pay 10% per annum interest on the total past-due super contributions you owe. 

What Is a Clearing House?

It can be easy to get confused when you have multiple employees who want their superannuation contributions made to different funds. The good news is that you don’t have to fumble through the process and put in extra effort to make sure you make the right contributions to the right funds every quarter. 

That’s where superannuation clearing houses come in. 

A superannuation clearing house gives you the ability to make all of your super contributions for all of your employees from one platform. All you need to do is set up each employee in the platform when you bring them onto your team. The clearing house saves your employees’ super fund information and handles the disbursement of multiple payments for you. You simply make one lump-sum superannuation payment each quarter. 

Conclusion

Super guarantee contributions can be confusing, especially if you’re attempting to process them manually for multiple employees. However, the super contribution process doesn’t have to be a painstaking one. In fact, if you have a quality payroll solutions provider like Visory, chances are super contributions are as easy as a click of the mouse. 

Technological innovation has changed the way you do just about everything. Why not let technology simplify the payroll process? Learn more about how Visory’s payroll solutions can help simplify your super contribution process and let you focus more time on growing your business. 

 

Work-related travel expenses: How to track them and what to claim for your business

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Many business owners and employees travel, so you’ll likely need to record work-related travel expenses. The good news is that business travel expenses are often tax deductible, so tracking them can help you save money on taxes. Tax deductions can lower your taxable income, so you could pay less in taxes overall. 

In this post, we’ll cover everything businesses need to know to track, record, and claim work-related travel expenses, including: 

  • What are work-related travel expenses?
  • Business travel expenses you can claim
  • What you can’t claim
  • Records you need to claim business travel expenses
  • How to track work-related travel expenses

What are work-related travel expenses? 

Work-related travel expenses may include costs for business travel, accommodation, or meals. However, not all travel expenses qualify as work-related. 

Many small businesses run into issues with the Australian Tax Office when they deduct travel expenses. It can be confusing to determine what counts as a qualified business travel expense and what doesn’t.

One of the key issues employers run into is understanding the line that separates personal and business expenses. So, the ATO established clear definitions for the types of expenses that qualify to be tax deductible.

Business travel expenses you can claim

To qualify as a work-related travel expense, you or your employees must be:

  • Travelling away from your home and staying away overnight
  • Able to prove that the travel was necessary for your business

Some of the common travel expenses businesses can deduct are costs for:

  • Rental cars and additional fees for parking, fuel, tolls, etc.
  • Public transport (bus, trains, etc.)
  • Taxis or ride-share (Uber)
  • Airfare (tickets and baggage costs)
  • Accommodations (hotels)
  • Overnight meals

What you can’t claim

You can’t deduct travel expenses that aren’t necessary for conducting business. In other words, you can’t deduct your holiday. However, you can deduct the travel costs to go to another city and meet with a client. In that case, you may deduct transport, hotel, and even some meal costs. 

Other types of non-deductible travel expenses include: 

  • Leisure activities while on a business trip
  • Holidays during business travel
  • Travel insurance, visas, and other documents
  • Gifts and entertainment

If you combine a business trip with holiday, then you can only claim the portion of the trip that was for business. For example, if you live in Perth and attend a work conference in Sydney, you can claim those costs. But, if you decide to stay in Sydney a few days after to sightsee, then the extra days and money doesn’t qualify. 

To qualify part of those expenses, you’ll need to show how you separated the work from personal costs. 

Records you need to claim business travel expenses

Businesses may cover employees’ work-related travel expenses through travel allowances. However, there are specific guidelines for how much an employee may spend daily on travel allowances, which we’ll cover later in this post. 

To claim travel expenses, you’ll need to keep records. If you can prove something was a qualified business travel expense, you should have no issues with your tax return.

Businesses should keep these records for five years:

  • Meal and other receipts
  • Tax invoices
  • Ticket stubs
  • Boarding passes
  • Travel diaries

You may be able to show proof that something is a work-related travel expense through: 

  • Signed contracts 
  • Meetings with documentation
  • Proposals
  • Email confirmations

How to track work-related travel expenses

Businesses can cover work-related travel expenses for employees and track them. To do this, you generally have three options: 

  • Pay for expenses directly with a company card or business bank account
  • Set up a reimbursement program for travel expenses 
  • Pay employees a travel allowance

If your business covers travel expenses through any of the above methods, then employees can’t claim those on their personal taxes. Instead, you may be able to claim them and deduct the cost from business taxes. 

Keep in mind if you offer travel allowances that they might trigger the fringe benefits tax, which is a separate income tax. For example, some businesses offer an employee a living-away-from-home allowance instead of a travel allowance. Because the employee is away from home to work for long periods, it might be considered a fringe benefit.

Businesses need to keep accurate records on those travel expenses. Here are some tips to help you track work-related travel expenses.

1. Educate employees on what they can claim

You can reduce errors and missing records by training employees on how to track travel expenses before they go on a trip. Even a simple checklist of what travel expenses you cover and don’t will be helpful. 

Again, if you offer travel allowances, inform employees of the daily limits or reasonable amounts for meal, accommodation, and incidental expenses. The reasonable amounts vary depending on location and other factors, so consult ATO’s guidelines.

Additionally, your employees should keep all of their receipts and documents while travellingon business. 

2. Track expenses and keep records 

The ATO requires that businesses keep records for five years as proof of travel claims. There are several expense tracking apps that make it easier to save receipts and other documents. 

The ATO app also has a myDeductions tool for sole traders. Larger small-to-medium enterprises will want to invest in a more robust tool. Accounting software like Xero and MYOB also have expense tracking features. 

3. Log a travel diary

If you’re a sole trader or partner and travel for work for more than six consecutive nights, the ATO requires you to keep a travel diary. It’s a logbook of what you do and spend money on while traveling. 

A travel diary can be in any format as long as it shows:

  • The days you travelled
  • What you did each day
  • The times you did it 

These entries should all correlate with the records you keep—this acts as an activity timeline with records. 

Keeping a travel diary even for trips shorter than six nights might be beneficial. If you ask your travelling employees to keep a travel diary, you’ll have an extra way to verify their claimed expenses.

4. Track expenses with a bookkeeper

The ATO is particular about what you can and can’t claim for travel expenses, and it can be costly if you track them incorrectly. At the same time, business travel expenses can become complicated to track, deduct, and report. When your business is fast-growing and you have over 100 employees to track, this is especially true. 

Online bookkeeping services like Visory can help you track, record, and report your travel expenses. Once you need to lodge your business taxes, you’ll have organised books that include all the documents the ATO may need.

To learn how Visory can help you manage work-related travel expenses, and all your back-office finance needs, chat with one of our bookkeeping experts. Once you schedule a time to chat, we’ll get to know your business and identify the best services for you.