Accounting On Purpose

The topic of Right of Use Assets has come up in several NFP Board and Finance Committee discussions. It causes a bit of confusion, especially when organisations, for example, are used to recognising their rent or lease payments as an expense. In this video I’m not going into the accounting rules, this will be more conceptual, so you can have an appreciation of what Right of Use Assets means when you see it and the meaning it's attempting to convey. It is one of the harder a...

As the CEO of an NFP, telling your story in meaningful and consistent ways is vital to delivering on your purpose. In this podcast, I discuss storytelling through the language of accounting, and why the CEO, Board and stakeholders should speak it regularly to tell their story. Creating a meaningful story with the numbers on the page may be challenging at first, however when spoken regularly, this unique approach has many benefits. Using the language of accounting in storytelling ...

Today I want to talk to you about recruitment bias and how it plays into the daily running of your business. The cost of recruitment bias needs to be examined in order to make good decisions as you move the business forward. In this episode we look into unconscious bias in recruitment that you may have and general unconscious bias in the workplace and how once we recognise where it shows up, we can begin to manage it. One way that unconscious bias in recruitment and selection plays out is th...

Are you part of the finance team in your organisation or do you have a finance team? Today I want to talk to you about understanding finance team culture and its organisational impact so that you can make strides towards enhancing your team culture. While the finance culture is just one area of organisational culture, it is an important one. In today’s episode I delve into how culture not only impacts your business but how it creates value within the business. Naturally, this affects n...

Firing a client is never easy and it’s not something any of us ever really want to do. However, it’s important to maintain a profitable business so that sometimes means doing the difficult thing. In this episode I want to take you through my process of understanding when you should be firing a client - tips to determine client profitability. To understand when to fire a client, a great place to start is with a client profitability analysis. That being said, determining whether or not they ar...

In this episode I want to talk about paying yourself first from your business and also why, how and when to do it. So, the question is, are you paying yourself first? And if so, do you know how to pay yourself first? If your business is bringing in income and you are doing all the work then it stands to reasons that you need to pay yourself first. It’s a big step for a lot of people to pay themselves before they pay others but you need to know how to pay yourself as a business owner because ...

Personal/professional 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 your training and development budget. Training and coaching employees is essential to ...

Finding an accountant can be a daunting task at the best of times. On the one hand there is an abundance of accountants all seemingly performing the same duties. On the other hand, how do you know who to trust? Do they specialise in your type of business? How do you go about asking the right questions when you’re hiring an accountant? I’m going to answer these questions and more in today’s episode. Hiring an accountant for small business doesn’t have to be scary and you don’t need to fear it...

If COVID has taught us one thing, it’s that having a business continuity plan is necessary moving forward. In this episode I want you to think about your own business continuity planning for your business and how that has effectively become a business continuity planning process that can now be documented and written into your business systems. Second to this, I want you to think about the change management principles this pandemic has activated and how that too should be something do...

I want to discuss job automation and job loss and what this means for jobs in the future. Globally, It’s already been a wild year and the future of the workplace might feel even a little more uncertain for some. Robots taking over jobs in the near future is a real possibility as we have tasted a crisis that has, for the most part, shut the world down. The question on many people’s lips is ‘will robots take our jobs?’ and the simple answer is, over time - yes they will. We’ve already seen it...

Are you thinking of starting an enterprise here in Australia that has a social purpose? Perhaps starting a social enterprise is something you have in your long term business plan? Well, starting a social purpose enterprise is a little different to starting a nonprofit organisation and many people think they are one in the same. I want to use this episode to walk you through the differences and what that actually means for you as you start your enterprise. To be clear, this is not a social e...

It’s a strange time right now in the business landscape and there are very few businesses that aren’t dealing with a business crisis. In this episode I am going to walk you through some tips around how your accountant can help with crisis management. This isn’t the time to shy away because you need business crisis management, it’s the time to have a chat with your accountant and perhaps come up with a crisis management plan. If you have a business affected by COVID-19 then please reac...

We’ve officially moved into an interesting time here in Australia, as well as globally, where working from home and flexible working arrangements have been enforced. It’s not an easy task understanding how to facilitate flexible working arrangements in Australia and as we move back into the regular pace of work (when this is over) we will likely be faced with flexible work as an expectation. So how do we navigate that? Flexible working hours are one thing but there are also flexible working...

Now more than ever we need to be thinking about how we will emerge on the other side of a national crisis. In today’s episode I am going to give you a handful of tips on crisis management and what to do now that we are actually in need of business crisis management. This crisis management plan is for those of you who have had business affected by Covid-19 and any smaller internal crisis yet to emerge. Too often we don’t think of what we’d do in a crisis situation because we’ve never f...

It’s an interesting question and I want to walk you through how to think about it in a way that positions you well for business. I want you to ask yourself, who do you want to be? Better still, who do you want to be today? If you want to win, if you want to be the best, listen to this episode on business mindset and start strong! Connect with me on LinkedIn or visit our website rightsource.com.au Visit the downloads page to access accounting spreadsheets, templates and budgets. If you ...

When you begin to go down the rabbit hole of building a business in Australia there are so many questions involving the ‘how’. One of the biggest downfalls of that thinking is that we need a ‘how to start’ motivational speech just to get us off our couch and into action. If you want to know how to start a business you simply get it done. There isn’t a magic formula, you just start it. Just start now. Get up and do one thing to move you towards your goal. Stop procrastinating with the h...

Sometimes it can be difficult to put empathy and care about the fiscal needs of the business but today I want to talk to you about caring in business and how caring about employees makes for good business. It seems obvious right? That we should care about our business and our people within its four walls but empathy in business and more specifically, empathy in business leadership isn’t always present. Show of hands who has ever worked in a toxic environment? 🙋‍♂️ Unfortunately it’s all too...

Are you a leader of a company and tearing your hair out because building trust in the workplace is HARD?! You aren’t the only one! Building trust in teams isn’t easy but it also isn’t complicated! The good news is that a culture of trust is a top down initiative so the buck starts and stops with you. Learning how to build trust in teams is really you learning how to give trust TO your team. If you don’t give it to them, they cannot give it to their peers or those who report to them. Learnin...

Do you feel overwhelmed when you think about how to systemize your small business? You’re not alone! Figuring out your business procedure after business procedure and turning them into some type of documentation is a bit of an area a lot of business operators avoid. It’s not the most fun task but it IS important! Creating systems and processes for small business can be the difference between selling your business for the price you want and not selling it at all! When you create systems and p...

Internal fraud is a very real thing in business but unfortunately by the time you know anything about it, it’s too late. Preventing employee theft is possible though - but for you it can feel awkward. In this episode I look at employee theft and specifically employee theft prevention so that you know how to frame it in your mind when you’re putting measures in place. Employee theft in the workplace is something every business owner needs to know about. Employee theft signs are not always ob...

Are you wondering what your first steps to starting a business should be? In this episode I walk you through three things you should consider when planning your first steps to starting a small business or a large business. The list of things to do when starting a business in Australia can be endless and I want to give you three practical steps from an unbiased standpoint (ie I’m not selling to you). Many people try and start but don’t really know what to do before starting a business. Whethe...

Are you an accountant or lawyer and want to give back but not sure where to start? Well, let me share a bit of my story in this video about how I became a company secretary for a non profit company in order to give back. Non profit governance is much like corporate governance (Australia) except that it doesn’t have all of the positions filled. For example, they often don’t have a CFO or an HR department and so the CEO themselves are carrying not only the responsibility of the organisation bu...

If you want to know how to close a business or how to dissolve a business and you own a small business in Australia, then stick around. In this episode I walk you through some business exit strategies that include (but are not limited to), selling a small business, closing your business and passing the business on. These business exit strategy examples are the main options open to you and I discuss the things you need to consider with each one. I touch on how to evaluate the business value b...

We got rid of sick leave! Instead of 4 weeks annual leave and 2 weeks sick leave, we combined them. Our employees have 6 weeks of leave, to do with as they wish. No doctor’s certificates required, and the combined leave vests (we pay it out if the employee leaves). Need a day off? Just take one, no questions asked. Sick days, mental health days, caring days, holidays – all covered in the 6 weeks. There are plenty of companies saying that mental health is important to them but actions speak l...

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 felt by many business owners. In this episode I talk you through how to networking at events in a ...

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 your training and development budget. Training and coaching employees is essential to long term suc...

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 to is the pros and cons, so that’s what I want to talk through with you today. More specifically...

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.au Visit the downloads page to access accounting spreadsheets, templates and budgets. If you h...

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 software subscriptions. Business software for small business can be a huge silent money eater so if you...

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 marketing budget is going to look different to anyone else’s. In this episode I am going to offer you s...

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 down to your annual budget preparation? This is just one of the mistakes I see in business a...

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 these considerations in your annual budget planning so your business budget is set for the new fin...

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 and above for their staff (essentially). It’s a way of incentivising, rewarding or thanking with...

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 responsibility. Commerce was literally designed to benefit and bring value to the community. So, in this e...

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 and liabilities is important for accounting basics in Australia so if you’re new to 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 changing your software system then the thoughts, questions and ideas posed in this episode will he...

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 approach it like ‘bookkeeping vs accounting’ but rather we should consider ‘when do I need a bo...

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 as well as some of the downfalls. We will look at the types of businesses that need to app...

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’s involved. Whether it’s church accounting or charity accounting or any other different t...

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 Xero accounting is the best choice. In this video I talk about some Xero basics and funct...

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 your business value is. But that’s a pretty broad statement isn’t it? Check out this episo...

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 business and nonprofits should be a responsibility tasked to your accountant or bookkeeper to ensure t...

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 accounting in Australia. The principles and accounting basics in Australia are fairly standard pr...

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 accounting basics. So, what does your accountant do actually? Well, they should be helping you ...

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 management accounting and financial accounting differences are quite substantial and for the most p...

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 businesses as well as non profits too! Connect with me on LinkedIn or visit our website rightsourc...

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 invoicing to reporting to inventory management. But here’s the thing, when you’re looking for which acc...

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 understanding of the accounting basics role so that when you need to make executive decisions, you ca...

Australian Tax Explained - Your #1 FOCUS! // In this episode I want to walk you through typical Australian tax deductions and why you need to reconsider certain deductions. If you’re a sole trader tax in Australia is really about profit first. The Australian tax system is here to benefit you in places but ultimately you have to prioritise the profit in your business and not try to write off everything! Company tax returns in Australia are a little more complex and that’s where we can ...

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 possibly worry yourself with being an expert at everything while you also try to take on marketing...