Straight Up Small Business

It’s that time of year, and as we at Straight Up Bookkeeping deep dive into completing business and instalment activity statements for the quarter, I’m reminded that the term activity statement can baffle a lot of people.  So today, I’m bringing you a short and sharp explainer episode on what activity statements are, what they include, when they are due and how to lodge them.  Used by the Australi...

On the podcast today, I’m joined by vibrant entrepreneur Sarah Cross, who from the age of 24 built a multimillion dollar gift hamper business from her kitchen table. Sarah is now the founder and CEO of Creative Product Institute, a well-known speaker and author of Fearless Fempreneur . In this episode, she shares her incredible insight on scaling a successful wholesale business.  This conversation...

In this episode, we’re talking about profit margins. Now, I know what you may be thinking - attempting to understand margins is daunting and should be left up to the ‘numbers’ people. However, it’s crucial for business owners to understand the profitability of their businesses so that they can continue to grow and make well-informed decisions.  Today we’ll explore the three types of profit margins...

I recently won the Bookkeeper of the Year Award at The Accountants Daily Australian Accounting Awards, which is an achievement I feel extremely proud of and humbled by. Following the ceremony, I started to reflect on my award journey and why I believe small businesses can have a big impact.  In this episode, I share some of my insights following my recent reflections, including the power of vision...

Today I’m joined by the incredible Annie Gichuru to talk about a topic that is not only very close to my heart, but one that is crucial for business owners to find more understanding around as we strive for a more inclusive world.  Having come across Annie’s work as I was looking to do DEI (diversity, equity and inclusion) work, I enrolled in her course called Represented, which I found eye-openin...

As we wrap up the financial year and dive into a new chapter, I wanted to take a moment to reflect on the art of balancing the demands of running a business while also being a parent. Today I give you an insight into my work and mum life, as well as share the challenges I’ve faced and strategies I’ve adopted to help juggle it all. To me, life as a working parent is a delicate dance that requires g...

As a small business owner, maximising tax deductions is always a priority and one area that often causes confusion is motor vehicle expenses. Can you put your car expenses through your business? Should you buy a car in your business name or your personal name? What method should you use to calculate your business related car expenses?  In this episode, I delve into these questions and more to help...

As we’re nearing the end of the financial year, bookkeepers are busier than ever. We are reminding clients about paying superannuation to get tax deductions, preparing for single touch payroll finalisation due in mid-July, capitalising and depreciating assets, and accruing expenses that relate to this financial year in order to get a tax deduction. The list goes on.  Needless to say, if you are lo...

Employee onboarding can be a daunting and time-consuming process for small business owners. From collecting new employees’ forms, licenses and certificates to storing them in a secure place, this procedure can also be overwhelming - particularly for small businesses that don't have a dedicated HR department.  Today I sit down with Frank Iannelli of Canyou, an innovative app that presents a ma...

There is a lot of misunderstanding out there around superannuation. Because information isn’t always readily available or well known, my goal for this episode is to help keep you up to date on the ins and outs of superannuation. There will be some big changes happening with regard to superannuation requirements in Australia very soon, so get ready to take some notes.  This episode is intended for...

For small business owners, it’s important to have a high level of understanding around certain concepts that will help make sense of our financials and ensure we make good decisions as we head into the financial year end and beyond.  Today I talk specifically about concepts that I find many business owners aren’t completely up to speed on, which are fixed assets and depreciation, and the governmen...

On the podcast today I interview Marissa Mills - a lady of many talents and many businesses. Marissa is a graphic designer and photographer and also has experience in social media management, event management, website management and marketing. One of her most recent endeavours is the creation of a modern day shopping cart called the Joyrolla. To take a bright idea from invention to design to manuf...

Today, I want to talk about how I run a high vibe business. That terminology probably sounds a bit fun for a bookkeeper, but I mean it. I really think my business is high vibe and on the episode today I explain five areas I exhibit high vibes in my business. Another term for high vibes is abundance mindset. Doing business with an abundance mindset, over a scarcity mindset is a skill I continue to...

This episode changes it up from the accounting and sustainability topics I’ve been discussing recently to share my experience on course and program creation and launching. I think my experience is useful to share because I’m not a launching or course-making professional. I’m a bookkeeping business owner, who runs a team of bookkeepers. We have many clients to take care of, so I create and launch c...

Today, I’m chatting with one of our fantastic bookkeeping clients Natalie Dean Weymark. Natalie is the co-founder and director of Compass Studio , an independent PR and marketing agency that specialises in responsible, purpose-led brands. In this episode, we talk all about B Corp matters, how purpose-led businesses can market authentically to attract values-led audiences, and what Compass Studio i...

Do you approach tax time dreading being in the dark about how much tax you might have to pay? Fear not, today’s short and sharp episode will help you estimate your own tax payable come tax time without having to rely on your bookkeeper or tax accountant to help you do that. This is an estimation, as there will always be adjustments that get made when submitting your tax return (which I run through...

As an employer are you across what your leave entitlements are for your staff? There’s quite a bit of detail to leave and I'm regularly setting up payroll for clients who aren't totally across all of these details,  so I thought it was fitting to do a podcast episode all about leave. In this episode I cover who gets paid leave, what leave is and the different types of leave. I also cover...

Instagram Reels have become such a powerful business tool when it comes to sharing what we do and attracting our ideal clients. But the trends seem to change so quickly, it can be hard to keep up or feel like we’re nailing any of it. Today, I chat with Alyona Polishchuk, who shares her thoughts on how to spend less time on Reels while making more money.  Alyona is an Instagram business coach and R...

We have three months to go until end of financial year. You may be asking yourself whether it’s just something for accountants to get excited and post champagne photos about, or if you should care about it too. The truth is, it’s important to know where your business stands and whether you’re in a profit of loss situation. Today I share 5 ways to make more profit in your business to ensure you’re...

We hear the term “write it off” thrown around a lot but I think many business owners don’t really understand what legitimate tax write-offs are. There is a lot of confusion around the scope of what you can write off in your business so in this episode, I want to share some clarity on the subject.  For the most part, I think business owners are overly optimistic about what a legitimate business exp...

Sustainability is extremely important to me, and last year I decided to take my business in the direction of becoming a certified B Corp business. This means being held to higher standards of social and environmental performance, along with other stringent factors. To help me achieve this, I had Amy Robertson-Thrift join my team. Amy is an amazing bookkeeper, as well as being super passionate abou...

If you’re a business owner, it’s really important to know what your responsibilities are when it comes to tax or GST debts. In today’s episode, I discuss the importance of lodging your activity statements on time and run through what you need to know about ATO debt.  We know things can take a turn in the world and economy, often when we least expect it. Should anything go wrong and you want the go...

Do you need clarity on how to pay yourself as a business owner? I often come into touch with entrepreneurs who aren’t 100% clear on the best way to take money out of their businesses. Whether it’s for weekly pay, bonuses or receiving a loan from your company, there are a few ways to pay yourself for showing up every day.  It’s important to note, however, that each of these structures comes with di...

Have you ever thought about selling your small business?  Whether you have a pottery business, restaurant, beauty spa or a training organisation, you can potentially sell your business on to someone else when you feel the time is ready. So it’s absolutely vital that you have all of your ducks in a row now to have smooth sailing in the future.  Today I’m chatting with Lauren Gross, an associate law...

Today I’m bringing you a short and sharp episode on gift card accounting, a process that many business owners either find confusing or aren’t exactly sure how to tackle. Whether you only sell one gift card every quarter or you’re a retailer selling a large number of gift cards regularly, it’s helpful to understand best practice when it comes to recording your gift cards in your business. I run thr...