Accounting On Purpose

If you are a lonely entrepreneur or you’re thinking of starting your own business then watch this video for my take on how to create a helpful and solid network. When you hear people speak about how to network effectively it kind of makes your cringe, doesn’t it? But learning how to network with people is a really effective skill and one that will help you combat the loneliness that’s so often fel...

Personal development training is one of those expenses where it can be difficult to measure in terms of impact and ROI as it’s a long term venture. Personal development training expenses can also eat up a large portion of your PD budget if you aren’t careful. In this episode we look at personal development and professional development and how these business expenses should be considered within you...

As we dive into this episode I want you to know that when we look at the incremental budgeting advantages and disadvantages we are looking at them through the lens of incremental budgeting vs zero based budgeting. Often times when budgeting for business we are presented with a business budgeting framework that someone shows us because they like it or it works well for them. What we aren’t exposed...

Don’t make these mistakes that a lot of businesses make when it comes to flexible budgeting! Budgeting for business requires knowing what to do and what not to do and being an accountant for a living - I’ve seen it all! Watch this video and learn the mistakes to avoid so that your business budgeting is on track for 2021 and beyond. Connect with me on LinkedIn or visit our website rightsource.com.a...

Not sure if you need a social media budget? Or how to work out your social media budget? Let me talk you through what I think needs to be considered when creating a social media marketing budget. Firstly, there is no one size fits all with a marketing budget or advertising budget. Every business has different overheads, expenses, capital and profit margins and so coming up with your first marketin...

Have you checked your business expenses lately? There is no doubt that if you take a closer look there will be silent business expenses costing you money! Tracking expenses for small business is an important task to ensure that you’re not overspending. One of the quickest ways businesses rack up unnecessary expense is through business subscriptions, business communication apps and business softwar...

As we head into the end of one financial year and into the next, I want to share with you common mistakes I see businesses make when doing their annual budget planning.  As you put together your new annual budget, I want you to consider how you’ve been using your budget in the past. Have you been rigid and following your budget as if it’s law? Or can you find some room for flexibility as you sit d...

It’s that time of year again when annual budget planning is at the forefront of our minds as small businesses. If you’ve never created an annual budget, now is the time. Annual budget preparation isn’t difficult but when it does come to annual budget planning there are some considerations to ensure we are budgeting and forecasting in the best possible way. I will be walking you through some of the...

If you’re a business owner you’ve probably wondered what is fringe benefits tax at some point. In this episode I explain in depth exactly what fringe benefits tax is and how the fringe benefits tax in Australia works. In order to understand fringe benefits tax you first need to understand exactly what is a fringe benefit. Fringe benefits are a non monetary benefit that an employer uses to go over...

Have you ever wondered what is corporate social responsibility in business and does it do anything or is it merely a title? Let me dive into it here with a quick ‘corporate social responsibility explained’ piece. Corporate social responsibility is an interesting topic because once upon a time it wasn’t even a thing. The reason it wasn’t a thing was because business was all about social responsibil...

Have you ever wondered what the difference is between a bookkeeper vs accountant?  I am often asked, accountant vs bookkeeper - which one do I get? Or what does a bookkeeper do? And what does an accountant do? So that’s why I decided to put this accounting vs bookkeeping episode together for you today. Bookkeepers and accountants work together but they are not the same thing. So we shouldn’t appro...

Have you been wondering what exactly are business assets? I’m going to walk you through typical business assets, what are assets, features of assets, the definition of assets, what are assets in accounting and how to apply this to your financials.  Sometimes it can be difficult to understand exactly what are assets in accounting so I aim to simplify that understanding for you. Understanding assets...

Have you been thinking about changing accounting software in Australia? Is your current system not up to scratch? The best accounting software is going to be the one that adequately meets your needs, is user friendly and your staff are trained in! It doesn’t matter what you use, if your staff aren’t trained in it then every software will be inefficient and ineffective. If you’re thinking about cha...

 Chances are if you’re in business you’ve heard of Xero Accounting Software. In today’s episode I want to give you my top 3 reasons why I think Xero is a great choice for small businesses and nonprofits as well as leave you with some considerations. This is not a Xero vs MYOB or Xero vs Quickbooks or Xero vs Sage. It’s not even a Xero vs Zoho or Xero vs Freshbooks. This is simply about why I think...

Accounting for non-profit organisations is a little different than looking after regular for profit organisations.  In this episode I look at the two big things both parties must be aware of when accounting for not for profit organisations. As an accountant in Australia I want to make it as easy as possible for NFPs to make good decisions about who they work with by having an understanding of what...

Have you ever wondered what GST in Australia is? How does GST apply to your business? In this episode I walk you through what is GST in Australia but for the sake of having a preliminary understanding, if you asked me what is GST? I’d say that it is a goods and services tax that you need to pay in Australia as your revenue hits a certain threshold.  We will look at the benefits of GST registration...

Do you have cash flow management strategies set up in your business to account for your daily dollars? Do you look at your numbers and have a grasp on your cash flow? Cash flow management is key in any business. Understanding how to keep an eye on what goes in and out and creating strategies so that it’s easier to see if and when something goes wrong is vital. Cash flow management for small busine...

Do you need your balance sheet explained? Well, you’re in luck! Balance sheets are my FAVOURITE financial statement and this video will tell you why.  In this balance sheet tutorial I will show you what balance sheet accounting is, how to read a balance sheet, how a balance sheet works and what is a balance sheet used for. So, what is a balance sheet? Great question! Essentially it tells you what...

Accounting Basics For Beginners: What Does Your Accountant Do? // In this episode I’m taking a pause to help you get clear around some accounting basics for beginners. This is to help you get a handle on understanding how your accountant should be helping you with reference to accounting basics for your small business. This episode is specific to accounting basics in Australia as well as nonprofit...

Ready to learn some more accounting basics? Today we look at debits and credits in our debits and credits explained episode! This accounting stuff isn’t hard when you know the basics and understanding debits and credits accounting is one of the things that any good business owner should try and wrap their head around. Come with me as I dive into this accounting 101 series and show you how we do ac...

If you’ve ever wanted to know what a financial model is and why an how you’d use one then this episode is essentially a financial modelling for beginners video! Financial modelling forecasting is also discussed as a way of projecting what you might expect financially in the future. Similar to a weather forecast :) Dive in with me now as we look at financial modelling for startups & small busin...

So what is management accounting? And do you have a management accounting CPA? Well, in this episode I’m going to give you a managerial accounting crash course to get you up to speed with what your accountant ideally should be doing with you. I’ll touch on management accounting budgeting, management accounting vs financial accounting and management accounting advantages and disadvantages. The mana...

In this episode I want to break down accounting and whether or not you need to be doing all the accounting stuff you think you need to be doing to manage your financial systems. This is a completely candid strip down and analysis of my industry, the accounting cycle and where it gets things a little warped at times. Ultimately, I'd love for you to walk away from this video with a little more...

Are you a small business looking for the best accounting software to get your started? Then you need to watch this video as I walk you through the thought process to help you choose which accounting software is best for small businesses. One of the things I commonly come across with small business is their need to find the best accounting software that can do everything from bookkeeping to invoici...

Accounting Basics in Australia - 3 Things Every Small Business Should Do! // Owning a small business means you have to wear many hats and one of those hats is accounting basics.  In this video I run through the three things I believe are the accounting basics for small businesses here in Australia. It very much is Accounting 101 but that is all you truly need to have a handle on! You can’t possibl...