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Speaker 1: Hi, and welcome to the Rise and Conquer Podcast. I'm

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Speaker 1: your host, Georgie Stephenson. I am a lawyer and health coach,

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Speaker 1: social media influencer, wife and dog mum. On the Rise

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Speaker 1: and Conquer Podcast, we dive deep into all things mindset, habits, career, health,

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Speaker 1: relationships and more. This is a podcast for women who

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Speaker 1: want to rise up to be the best version of themselves,

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Speaker 1: who have big dreams in who are willing to put

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Speaker 1: in the work to get there. I want to bring

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Speaker 1: you the tools and actionable steps to feel confident in yourself,

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Speaker 1: inspired to take bold action, and motivated to conquer your goals.

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Speaker 1: Are you with me, girl friends, Let's Rise and conquer.

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Speaker 1: Hi guys, and welcome to The and Conquer Podcasts. So

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Speaker 1: today's episode is a little bit different, and that's because

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Speaker 1: when this episode is airing, it is nearly end of

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Speaker 1: financial year, which means tax time for all my Aussie listeners.

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Speaker 1: So for me personally, tax time has always been a

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Speaker 1: bit complicated, in a bit of a stressful time for me.

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Speaker 1: I guess because over the sort of period of time

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Speaker 1: that I have worked, I have had a lot of change,

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Speaker 1: including I used to be an employee when I worked corporate.

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Speaker 1: During that I was doing my side hustle stuff, which

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Speaker 1: I was classified as a soul trader. Then I went

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Speaker 1: off and did my own thing, and I transitioned into

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Speaker 1: a company, and then I also have a partnership that

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Speaker 1: has now transitioned into a company with naked harvests. So

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Speaker 1: I've had a lot of changes over the years, and

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Speaker 1: I'm that person who does feel a little bit uncertain

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Speaker 1: around tax time. And in my law degree, I even

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Speaker 1: did a tax subject. But I still feel so confused,

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Speaker 1: and I have no doubt that some of you will

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Speaker 1: as well. So I actually want to dedicate a whole

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Speaker 1: episode chatting to you guys. Obviously, I have brought on

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Speaker 1: an expert, as I always do, and we're chatting about

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Speaker 1: tax time and just basically how to feel more empowered

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Speaker 1: and how to take control of your finances. So today

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Speaker 1: I'm chatting with guests Michelle Knight from Little Miss Bookkeeping.

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Speaker 1: She is an accountant and small business owner wanting to

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Speaker 1: help others in a world of debits and credit. She

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Speaker 1: has seven years experience in the public practice as a

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Speaker 1: chartered accountant and now she is off doing her own

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Speaker 1: thing with Little Miss Bookkeeping. So I know this isn't

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Speaker 1: the most exciting topic, but it's definitely a topic that

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Speaker 1: I want to feel more empowered in knowing, and I

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Speaker 1: think it is just goodo to know these sorts of basics,

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Speaker 1: and I really love how Michelle chats about taking control

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Speaker 1: of your finances. Also, if you're listening to this episode

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Speaker 1: in live time in the week of end of financial Year,

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Speaker 1: I do want to let you know the sponsors of

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Speaker 1: this episode, Naked Harvest Supplements, are having an end of

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Speaker 1: financial Year sale, so make sure you go to their

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Speaker 1: Instagram at Naked Harvest Supplements to check it out. Okay,

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Speaker 1: let's get straight into the episode. Hi Michelle, thank you

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Speaker 1: so much for coming on the show today.

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Speaker 2: Hi Georgie, thanks for having me.

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Speaker 1: No problem. I'm excited to talk about all things tax

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Speaker 1: and accounting.

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Speaker 2: Even though it's not the most.

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Speaker 1: Interesting subject, but it's definitely a subject that as women,

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Speaker 1: especially like women in business or even if you're working

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Speaker 1: for someone, I feel like it's a topic we don't

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Speaker 1: really know about and we should know about. So I'm

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Speaker 1: excited for this.

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Speaker 2: Oh definitely, Like I'm excited that you're excited, because I mean,

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Speaker 2: I'm an accountant, so I kind of you know, I

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Speaker 2: love the whole numbers things, but everyone else will like

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Speaker 2: falls asleep.

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Speaker 1: So let's kind of.

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Speaker 2: Like make it like interesting and sexy, and you know,

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Speaker 2: we'll bring back the whole like accounting, bookkeeping, finance side

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Speaker 2: of things.

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Speaker 1: A hundred percent. I'm into it. Okay, So before we

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Speaker 1: get into that side of things, let's talk about one

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Speaker 1: thing big or small that you are rising up and

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Speaker 1: conquering this week.

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Speaker 2: So, I've been trying to get my YouTube up and running.

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Speaker 2: I kind of want to create a YouTube that encompasses

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Speaker 2: you know, those accounting, tax, finance topics. So hopefully I'll

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Speaker 2: get that up and that'll be a base for business

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Speaker 2: owners or not even business owners too, check out tips

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Speaker 2: and tricks and tools around you know, accounting and finance.

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Speaker 1: Love that that is such a good tool too. I

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Speaker 1: personally am that person. Like anything that I don't know,

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Speaker 1: I will go on YouTube and like type in the

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Speaker 1: search bus. So yeah, definitely get it up, and hopefully

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Speaker 1: by the time this episode is up, it's all up,

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Speaker 1: and I will make sure I link your YouTube in

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Speaker 1: the show notes.

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Speaker 2: Yes, I have to wear extra hard this week to.

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Speaker 1: Get it up. Awesome. Well that is great. Now let's

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Speaker 1: get straight into the episode. So, like I said, I

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Speaker 1: guess finance and bookkeeping and accounting it's not the sexiest topic,

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Speaker 1: but it's definitely something us as women we need to

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Speaker 1: be more aware of. I personally come from a background

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Speaker 1: where my mum used to do my task.

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Speaker 2: Haha.

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Speaker 1: I think that's a lot of people. Yeah, she was

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Speaker 1: the like a bookkeeper for my dad's company, so she

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Speaker 1: was very good with all that sort of stuff, so

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Speaker 1: she basically handled that. I had no idea, and it

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Speaker 1: wasn't until I started my own company. Well, first I

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Speaker 1: was a soul trader, then I started my own company,

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Speaker 1: and then I started a company with my brother. I

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Speaker 1: guess I didn't have to know everything, but I'm that

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Speaker 1: person that before I pass something off to someone else,

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Speaker 1: I kind of like to have a general idea. So

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Speaker 1: that's when I got into like learning about this sort

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Speaker 1: of stuff. And it's funny because we just don't get

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Speaker 1: taught this sort of stuff at school, so it is

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Speaker 1: important to learn about this.

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Speaker 2: Oh yeah, totally. Like you know, as a business owner,

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Speaker 2: you at least need some sort of foundation of understanding

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Speaker 2: so that when you meet with your you know, account it,

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Speaker 2: whether that's once a year, whether that's the various times

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Speaker 2: throughout the year you understand what they're saying, or at

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Speaker 2: least you know know what questions to ask if you.

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Speaker 1: Don't exactly And that's what we're going to talk about today, guys.

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Speaker 1: We're going to obviously we don't have to know everything

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Speaker 1: about accounting and tax but it is really valuable to

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Speaker 1: know where you stand and to know what questions you

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Speaker 1: should be asking. So this, I think this is going

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Speaker 1: to be a very important podcast, definitely. So give us

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Speaker 1: a bit of a snapshot of you. Tell us about

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Speaker 1: Little Miss Bookkeeping, how did it start, and just a

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Speaker 1: little bit about your business and what you do.

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Speaker 2: Okay, so my business name is obviously Little Miss book Keeping,

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Speaker 2: which I'm actually a chartered accountant. I've been in the

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Speaker 2: industry for about seven years and then four years into

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Speaker 2: working in public practice and an accounting firm, I had

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Speaker 2: a friends start a manufacturing business, so he's like Michelle,

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Speaker 2: and he helped with bookkeeping. So then whilst working full time,

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Speaker 2: I would just do a little bit of bookkeeping on

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Speaker 2: the side. So about three years like into little Miss

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Speaker 2: book Keeping, literally only having like a couple of clients,

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Speaker 2: I was doing that last August, I actually decided to

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Speaker 2: quit my full time job in public practice to firstly

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Speaker 2: run my other side hustle or Eve, which is an

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Speaker 2: active wear brand which you won't get into detail now,

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Speaker 2: and grow a little miss bookkeeping. So I've been accounting

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Speaker 2: and then side hustling with the bookkeeping business and side

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Speaker 2: hustling with an active wear business. So I've been pretty busy,

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Speaker 2: and I think all like those years and that time,

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Speaker 2: you know, doing these different things to sort of help

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Speaker 2: me understand business better from both like the business owner's

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Speaker 2: point of view and the accountant point of view. So

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Speaker 2: I like love small business. I love the education side

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Speaker 2: where I get to like teach small business owners a

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Speaker 2: budge topics or just just help them on like a

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Speaker 2: more personal basis.

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Speaker 1: I love that. So you've definitely been on both sides,

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Speaker 1: so you'd know what kind of people are thinking and

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Speaker 1: looking for.

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Speaker 2: Yeah, like, I think not all accountants would have that

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Speaker 2: sort of exposure, you know, running a business front end

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Speaker 2: as well as you know, pulling and analyzing from the

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Speaker 2: back end. So before I even started or Eve, I

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Speaker 2: would get asked this question from business owners and you

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Speaker 2: kind of don't really understand sometimes where they're coming from

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Speaker 2: and until you've kind of like I've been in their shoes,

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Speaker 2: you're like, oh, you know, I can totally empathize with

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Speaker 2: you or whatever, and I give them the answer that

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Speaker 2: they're really wanting or needing in their language.

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Speaker 1: And so, obviously you are very knowledgeable and experienced in

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Speaker 1: the world of fine I'd like to think so do

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Speaker 1: somethink Lots of people, including myself, struggle to understand and

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Speaker 1: graph So I wanted to ask you, I guess before

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Speaker 1: we get into more of the nitty gritty stuff, is

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Speaker 1: why do you think our finances are something we kind

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Speaker 1: of tend to avoid taking control of.

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Speaker 2: I think there's that whole stigma of like tax and

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Speaker 2: it's just hard and it's complex and it's stressful, and

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Speaker 2: it really doesn't have to be that way. Everyone's really

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Speaker 2: got to pay taxes, especially you know you're working or

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Speaker 2: you might have a business. So there's no point sticking

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Speaker 2: your head in the sand and going I don't want

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Speaker 2: to learn about it. I'm just going to let my

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Speaker 2: accountant or book keeper take care of it and hope

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Speaker 2: the best they'll do an awesome job. But you know, you,

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Speaker 2: as a business owner need to sort of be driving

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Speaker 2: that business and understanding everything you know, not just the operations,

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Speaker 2: you need to understand the finance side of things and

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Speaker 2: how to read the reports that you know your advisors

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Speaker 2: are giving you so you can, you know, make the

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Speaker 2: best decisions for your business. You could think that you're

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Speaker 2: absolutely killing it, and you know your account's going, oh,

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Speaker 2: we're spending too much money here, or ta's going to

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Speaker 2: look like this. Yeah. I think there's like the whole

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Speaker 2: stigma of oh, like it's too scary and too confusing

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Speaker 2: that a lot of people just kind of avoid it

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Speaker 2: all together.

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Speaker 1: And also I feel like people often kind of have

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Speaker 1: a weird view on money. And I wanted to ask you,

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Speaker 1: is there something that you talk to your clients with

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Speaker 1: or you personally have done a bit of a mind

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Speaker 1: shift in regards to how you look at your finances

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Speaker 1: and how you look at money in a better way.

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Speaker 2: I think it's kind of like shifting your mindset from going, oh,

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Speaker 2: you know, finance is too hard, taxes too confusing, to

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Speaker 2: saying I work hard, I care about my hard earned money.

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Speaker 2: Therefore I want to understand you know, where it's going,

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Speaker 2: what it's doing, or how I can make you know

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Speaker 2: things easier for me when it does get to tax time.

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Speaker 2: If you're you know, working full time and you're earning

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Speaker 2: a good wage, and then you want to make sure

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Speaker 2: that you know you're doing everything you can to sort

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Speaker 2: of have that money, you know, pay what your dues

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Speaker 2: are in tax, but understand that there's certain things that

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Speaker 2: you can do to you know, maybe pay not as

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Speaker 2: much tax or at least better understand where that money

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Speaker 2: is going.

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Speaker 1: Personally, I just feel so much better in my business

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Speaker 1: when I know exactly what I can claim, when I know,

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Speaker 1: you know, when I should be paying my taxes, and

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Speaker 1: like all these sorts of things. Like once you have

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Speaker 1: that information and aware about it, it's almost like why

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Speaker 1: was I worried or why was I avoiding this? It's

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Speaker 1: actually quite easy and like things feel clear now, if

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Speaker 1: that makes sense.

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Speaker 2: Yeah, Like there's so many tools out there that do

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Speaker 2: like automate a lot of systems and help in that

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Speaker 2: sort of accounting and book keeping space that it's probably

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Speaker 2: as well it wasn't as time consuming and you know,

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Speaker 2: laybor intensive data wise that it was you know, like

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Speaker 2: ten years ago.

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Speaker 1: Yes, exactly. It does not have to be as difficult

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Speaker 1: as we think. So let's get straight into it today.

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Speaker 1: I want to ask you questions in regards to like,

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Speaker 1: you know, for employees, for people on wages, for people

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Speaker 1: who own their own business. So we're going to go

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Speaker 1: around everything, just because I've personally been in every position

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Speaker 1: and I know lots of the listeners will be too.

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Speaker 1: So let's start with employees and people who are wage

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Speaker 1: journers out there, and let's talk about like the annoying

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Speaker 1: tax stuff like deductible expenses and that sort of stuff.

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Speaker 1: So actually, no, let's start from the very beginning when

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Speaker 1: our tax is due.

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Speaker 2: Okay, So if you're lodging your own tax return, you've

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Speaker 2: got until thirty one December after year end, So for

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Speaker 2: the twenty nineteen financial year, that'll end on thirty June.

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Speaker 2: And if you LODGI by the MYGUV system, you've essentially got,

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Speaker 2: you know, your four months until thirty or October rolls around. Alternatively,

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Speaker 2: if you engage a tax agent, you actually have an

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Speaker 2: extended lodgment date, so usually you've got until fifteen May,

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Speaker 2: so you've got a few extra months to get everything done.

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Speaker 2: Just a little disclaimer, sometimes even if you lodge with

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Speaker 2: a tax agent, your due date might be sooner for

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Speaker 2: a few different reasons, and that might be if you've

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Speaker 2: had late tax returns in the past, your due date

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Speaker 2: might actually be soon. So usually I say, if you're

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Speaker 2: not yourself, you've got to look at the October deadline

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Speaker 2: after and if you're lodging on the tax agent, it's

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Speaker 2: usually about May after year and depending on your situation.

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Speaker 1: I also want to preface everyone just with a disclaimer

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Speaker 1: too with this interview. Obviously this is not specialized advice

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Speaker 1: and this is more just guidance for you guys. And

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Speaker 1: obviously Michelle and I are in Australia in Queensland, so

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Speaker 1: this may change per state, per country obviously, but we

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Speaker 1: just wanted to give some really general advice. So just

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Speaker 1: want to put dis.

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Speaker 2: Yeah, I mean, like tax is so complex. You know,

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Speaker 2: you've really got to get the right advice on your

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Speaker 2: situation because you know, no two scenarios are really going

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Speaker 2: to be the same. And yeah, in Australia tax you know,

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Speaker 2: we've got our own tax laws. In New Zealand they're

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Speaker 2: totally different.

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Speaker 1: So for an employee, what sort of deductions can we claim?

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Speaker 1: Because I know when I I was working in the

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Speaker 1: law firm, I could not claim much at all compared

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Speaker 1: to you know, in my business. So let's talk about that.

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Speaker 2: Yeah, so it really depends on your occupation on exactly

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Speaker 2: what you can and can't claim as a wage earner.

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Speaker 2: So just because your friends like, oh no I claim this,

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Speaker 2: I'm pretty sure you can and you have totally different occupations,

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Speaker 2: you know, does not make it. So the ATO actually

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Speaker 2: provides some helpful fact sheets on specific occupations. So if

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Speaker 2: you're like in the beauty industry, I'm pretty sure that

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Speaker 2: you know, if you google, so you go into the

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Speaker 2: AHA website, they've got a fact sheet around that industry group.

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Speaker 2: They've actually got you know, more specific like if you

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Speaker 2: are like air host desk, because they can claim some

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Speaker 2: really like specific items because of what they do and

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Speaker 2: where they are, you know, up in the air. So essentially,

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Speaker 2: you know, like have a little check online. The ATO

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Speaker 2: website is going to be the most helpful for you.

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Speaker 2: And if that doesn't provide enough specific detail on what

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Speaker 2: you think you might be able to claim, you definitely

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Speaker 2: need to speak to a tax professional about that deduction.

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Speaker 2: Just because you know you buy shoes for work doesn't

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Speaker 2: mean you can claim them.

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Speaker 1: Yes, surely are saying that question and being like what, okay, perfect,

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Speaker 1: And so let's talk about business owners. So you're obviously

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Speaker 1: a business owner, you're very financially educated. You've also had

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Speaker 1: your own business. And I personally obviously own my own business,

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Speaker 1: but financial knowledge not too much. So I personally let

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Speaker 1: my accountant run the show. But I did make an

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Speaker 1: effort to make sure I knew basic stuff just so

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Speaker 1: I wasn't completely oblivious to what was happened. So let's

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Speaker 1: talk about business, and let's talk about like an ABN,

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Speaker 1: GST and all that sort of stuff.

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Speaker 2: Okay, so ABN some listeners may or may not know

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Speaker 2: what that means. So that's your Australian business number. So

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Speaker 2: when you register a business, you've got to get an ABN,

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Speaker 2: and you can actually do that yourself, or you can

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Speaker 2: get someone like your accountant to help with that. There's

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Speaker 2: no reason why you can't apply for an ab and yourself.

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Speaker 2: But just to note, there are some sort of slightly

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Speaker 2: trickier questions depending on how savvy you are with the application.

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Speaker 2: So a lot of people do engage in account just

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Speaker 2: to get that right. And if you were wanting to

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Speaker 2: do yourself or at least have a look and have

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Speaker 2: a go and you go to the ABI website, which

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Speaker 2: is Australian Business Register to do that. Now, in regards

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Speaker 2: to GST, GST stands for Goods and Services Tax in Australia,

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Speaker 2: it is a tax of ten percent on most goods

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Speaker 2: and services here. Now, GST, you know, can get complex,

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Speaker 2: but I just sort of brief you on what it

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Speaker 2: means as a business owner. So you've registered your business,

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Speaker 2: you've got ABN and the next question is do I

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Speaker 2: need to register for GST. The short answer is maybe,

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Speaker 2: so not everyone needs to actually register until you satisfy

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Speaker 2: some criteria. So you have to register for GST if

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Speaker 2: your business has a turnover of seventy five thousand went

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Speaker 2: over in any twelve month period. The flip side to

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Speaker 2: that is you can actually voluntarily register for GST if

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Speaker 2: it's under the seventy five k threshold. Now, if you've

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Speaker 2: just started a new business and expected to reach this

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Speaker 2: threshold in the first year of operation, then you should

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Speaker 2: be looking to register. And if you've already been in

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Speaker 2: business and you're only thinking about this now and you've

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Speaker 2: already clicked over like you need to register the gs tasap.

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Speaker 2: There are a couple of special rules for certain businesses.

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Speaker 2: So if you've got a for profit organization, that threshold

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Speaker 2: jumps up to I think one hundred and fifty k.

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Speaker 2: And then if you provide taxi travel services or uber,

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Speaker 2: you actually have to do register v GS here, regardless

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Speaker 2: of if you've reached a threshold or not. Okay, in

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Speaker 2: a general sense, you've started a business, you just got

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Speaker 2: to think, you know, how many sales I'm going to

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Speaker 2: make in the next twelve months. And for a lot

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Speaker 2: of businesses, it's not going to be a lot. So

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Speaker 2: a lot of clients come to me, we set their

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Speaker 2: business up and they're like, okay, michoew do I need

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Speaker 2: to register? And I'll be like, Okay, probably not. You know,

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Speaker 2: we've done like a little forecast. Let's leave it for

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Speaker 2: now and maybe think about it in another six months

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Speaker 2: or twelve months, and it might be like, okay, yeah,

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Speaker 2: the business has grown exponentially and we've got to you know,

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Speaker 2: satisfy that compliance.

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Speaker 1: Yeah, okay, perfect. And so something that I definitely didn't

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Speaker 1: understand antic wealth to sort of grass is the whole

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Speaker 1: sole trader company and trust. So can you explain a

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Speaker 1: little bit about these three and maybe a little bit

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Speaker 1: about what you would go towards each one.

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Speaker 2: So you're talking about soul trader, company, and trust, and

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Speaker 2: you're just missing the partnership. So there's like four in

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Speaker 2: that little group. Ye sorry, which is actually I'm actually.

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Speaker 1: A partnership with my.

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Speaker 2: Yeah, which is probably less and less these days, but okay,

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Speaker 2: So the four entity structures that you can choose from,

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Speaker 2: So a sole trader is pretty much individual trading as themselves.

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Speaker 2: It's the most simple type of business structure and the

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Speaker 2: least setup cross. Anyone can be a sole trader. It

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Speaker 2: could be you know, you traded down the road, your

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Speaker 2: head dresser on the corner.

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Speaker 1: Anyone.

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Speaker 2: It can set that up and it's pretty straightforward. Moving up,

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Speaker 2: you've got your partnership, so that refers to two or

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Speaker 2: more people running a business together, and you can have

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Speaker 2: up to twenty people as partners. So, yeah, you and

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Speaker 2: your brother are obviously running a partnership, and you know,

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Speaker 2: that's pretty standard most partnerships. You know, a couple of people.

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Speaker 2: Bigger partnerships might be under operating under like a firm,

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Speaker 2: like a law firm, accounting firm, that sort of thing,

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Speaker 2: and they might have like four or five partners moving

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Speaker 2: up from that you have a company. So a company

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Speaker 2: is actually a business structure set up separate to its

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Speaker 2: individual owners. It's probably one of the most complex structures.

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Speaker 2: It does start to get more expensive to set up

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Speaker 2: in comparison to yours. Soole trader and partnership. And the

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Speaker 2: way that works is the company sits over here by

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Speaker 2: itself and the individuals over here and they are attached

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Speaker 2: to the company as directors. And then what happens is

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Speaker 2: the company can issue shares to individuals as well, which

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Speaker 2: they can be the directors as well. They can be

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Speaker 2: you know, other people who hold ownership of the company.

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Speaker 2: So I'm hoping everyone's following along with me, but that's

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Speaker 2: sort of how that works. And then number four, so

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Speaker 2: there's the trust. So essentially a trust carries on a

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Speaker 2: business for the benefit of its beneficiaries, so it's treated

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Speaker 2: separately for tax purposes. So you can run a business

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Speaker 2: through a trust. What happens is, for example, you are

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Speaker 2: a tradee and you've got your trade services running through

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Speaker 2: your trust it or you know, own income expenses. You

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Speaker 2: have a profit profit for the end of the year,

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Speaker 2: and then those profits get distributed out to beneficiaries. So

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Speaker 2: they're all quite different in their own sense. So this

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Speaker 2: is like where it's important in the setup phase of

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Speaker 2: a business to get the right advice as to which

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Speaker 2: it's you best. An accountant will look at that and

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Speaker 2: go and look at other factors, you know, what else

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Speaker 2: is going on in regards to business or you know,

401
00:23:09,440 --> 00:23:12,840
Speaker 2: your other earnings to sort of get the right structure

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Speaker 2: set up for you know, asset protection and you know

403
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Speaker 2: continue to business and that sort of thing. So you

404
00:23:19,400 --> 00:23:21,280
Speaker 2: know when someone says, oh, no, you should do this

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00:23:21,320 --> 00:23:24,440
Speaker 2: because I did it, Like no, Like, yeah, you need

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Speaker 2: to sort of you know, get someone to help you.

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Speaker 2: And I've heard horror stories where someone gets the wrong

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Speaker 2: advice and they set up as one thing and then

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Speaker 2: they want to change, which is fine. Like if you

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00:23:36,680 --> 00:23:39,200
Speaker 2: want to change from cel traded to company down down

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Speaker 2: the track, totally fine. You just have to understand the

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Speaker 2: consequences of doing this, that and the other so you

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Speaker 2: know you don't get sort of stuck with all these

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Speaker 2: other things.

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00:25:02,440 --> 00:25:06,520
Speaker 1: Rise and Conquer. Go to Naked Harvest Supplements dot com

437
00:25:06,640 --> 00:25:10,560
Speaker 1: or check out their instagram at Naked Harvest supplements, and

438
00:25:10,720 --> 00:25:13,960
Speaker 1: I will leave all the discount codes and links in

439
00:25:14,040 --> 00:25:19,359
Speaker 1: the show notes. Now let's get straight back into the episode. Yeah,

440
00:25:19,440 --> 00:25:22,719
Speaker 1: I definitely went and saw my accountant and had to

441
00:25:22,760 --> 00:25:24,320
Speaker 1: go through all this sort of stuff, and it was

442
00:25:24,359 --> 00:25:27,439
Speaker 1: one of the best things I ever did, because yes,

443
00:25:27,560 --> 00:25:30,600
Speaker 1: to us Mundanes, this does talk a lot of sense,

444
00:25:30,640 --> 00:25:33,560
Speaker 1: so awesome, Thank you so much for explaining that. And

445
00:25:33,640 --> 00:25:36,480
Speaker 1: also just a quick question, so what's the difference between

446
00:25:36,480 --> 00:25:40,200
Speaker 1: a bookkeeper and an accountant? Do we need a bookkeeper

447
00:25:40,640 --> 00:25:41,920
Speaker 1: or what's the go there?

448
00:25:42,400 --> 00:25:46,840
Speaker 2: So I like to think that bookkeepers accounts have the

449
00:25:46,880 --> 00:25:51,679
Speaker 2: same goal, but they service a business owner in different

450
00:25:51,680 --> 00:25:57,000
Speaker 2: stages of the financial cycle. So accountants can generally perform

451
00:25:57,040 --> 00:26:01,480
Speaker 2: most of the bookkeeping functions that bookkeepers do, but because

452
00:26:01,480 --> 00:26:04,240
Speaker 2: if you know, they've got a godyning study longer, they

453
00:26:04,320 --> 00:26:09,720
Speaker 2: generally pay or charge more service costs. Bookkeepers generally assist

454
00:26:09,840 --> 00:26:12,600
Speaker 2: with day to day transactions of the business. So you know,

455
00:26:12,680 --> 00:26:14,800
Speaker 2: you might have a bookkeeper who comes to see you

456
00:26:14,880 --> 00:26:16,480
Speaker 2: once a week, once a fort night, once a month,

457
00:26:16,600 --> 00:26:19,320
Speaker 2: or helps you in that regard, and they sort of

458
00:26:19,320 --> 00:26:22,000
Speaker 2: do the day to day reconcile and recording. They might

459
00:26:22,040 --> 00:26:25,440
Speaker 2: do payroll, they might do in wasting, and the accountant

460
00:26:25,680 --> 00:26:29,720
Speaker 2: is probably like does more year end or quarter end,

461
00:26:30,200 --> 00:26:35,120
Speaker 2: or like high level reporting in preparation and advice. You

462
00:26:35,200 --> 00:26:38,200
Speaker 2: might engage them maybe once a year to do your

463
00:26:38,280 --> 00:26:42,880
Speaker 2: tax returns and financials, and it's really great to see

464
00:26:42,960 --> 00:26:46,440
Speaker 2: bookkeepers and accountant's worked and working together if they don't

465
00:26:46,720 --> 00:26:51,160
Speaker 2: help you for all those tasks. So for me, I'm

466
00:26:51,160 --> 00:26:53,480
Speaker 2: an accountant, so I've done the whole high level stuff

467
00:26:53,480 --> 00:26:55,919
Speaker 2: and worked with bookkeepers in the past to satisfy the

468
00:26:55,960 --> 00:26:59,280
Speaker 2: needs of a business owner, and now working for myself,

469
00:26:59,560 --> 00:27:03,400
Speaker 2: I'm almost switching roles in some circumstances where I help

470
00:27:03,520 --> 00:27:06,600
Speaker 2: a client once a week, once a fortnight, and I'm

471
00:27:06,720 --> 00:27:09,520
Speaker 2: working with the account to get to meeting all their

472
00:27:09,560 --> 00:27:12,760
Speaker 2: compliance and tax returns and that sort of thing. When

473
00:27:12,800 --> 00:27:16,560
Speaker 2: you ask who do you need? Ideally you need someone

474
00:27:16,560 --> 00:27:19,719
Speaker 2: who's going to satisfy all your needs, whether that's a

475
00:27:19,760 --> 00:27:23,040
Speaker 2: bookkeeper where you've got so much you know, bookkeeping and

476
00:27:23,119 --> 00:27:25,800
Speaker 2: data entry that you need to look at hiring someone

477
00:27:25,880 --> 00:27:29,760
Speaker 2: outsourcing that task, or you might be totally on top

478
00:27:29,880 --> 00:27:32,679
Speaker 2: of your bookkeeping and it's just your account you need

479
00:27:32,680 --> 00:27:34,560
Speaker 2: to touch base with once a month. One sup quorter

480
00:27:34,600 --> 00:27:37,359
Speaker 2: once a fortnight. So yeah, it's going to be dependent

481
00:27:37,480 --> 00:27:41,160
Speaker 2: on like your needs. And yeah, I suppose you want

482
00:27:41,160 --> 00:27:43,879
Speaker 2: to be choosing the right support team and network because

483
00:27:43,920 --> 00:27:46,919
Speaker 2: you know, I've seen a whole range of different bookkeepers

484
00:27:46,960 --> 00:27:49,680
Speaker 2: and accountants and they're definitely not made the same.

485
00:27:50,800 --> 00:27:53,960
Speaker 1: I definitely agree, like it definitely depends at what stage

486
00:27:54,040 --> 00:27:57,200
Speaker 1: you're at and at the moment personally with my business,

487
00:27:57,760 --> 00:28:00,120
Speaker 1: I have got to the point where I kind of

488
00:28:00,240 --> 00:28:02,760
Speaker 1: know everything so I can do like most of the

489
00:28:02,840 --> 00:28:04,920
Speaker 1: day to day stuff, but then you know, I'll talk

490
00:28:05,000 --> 00:28:08,280
Speaker 1: to my accountant when I need it. But it's definitely

491
00:28:08,280 --> 00:28:11,560
Speaker 1: getting to a point now where I'm realizing that I'm like, hmm,

492
00:28:12,000 --> 00:28:14,520
Speaker 1: even though like I can do it, I'm like, should.

493
00:28:14,200 --> 00:28:14,639
Speaker 2: I have.

494
00:28:16,840 --> 00:28:20,280
Speaker 1: Anyway? So I want to sort of switch gears and

495
00:28:20,840 --> 00:28:25,439
Speaker 1: let's talk about some different sort of scenarios. And I

496
00:28:25,480 --> 00:28:30,000
Speaker 1: guess this is more if after you've had your business

497
00:28:30,080 --> 00:28:34,719
Speaker 1: is progressing, and let's talk about some financial guidance around that.

498
00:28:35,040 --> 00:28:38,560
Speaker 1: So what do we do in regards to if we

499
00:28:38,640 --> 00:28:43,240
Speaker 1: do have a business in paying ourselves of wage and

500
00:28:43,400 --> 00:28:46,240
Speaker 1: paying ourselves super Because this is something I feel a

501
00:28:46,240 --> 00:28:49,960
Speaker 1: lot of people don't really grasp, especially with the super.

502
00:28:50,560 --> 00:28:54,520
Speaker 2: It'll really depend on how your business is structured in

503
00:28:54,560 --> 00:28:57,200
Speaker 2: the beginning. So I'll try a partnership company or trust,

504
00:28:57,800 --> 00:29:00,680
Speaker 2: and that'll determine if it's actually considered a wage or

505
00:29:00,720 --> 00:29:03,880
Speaker 2: if you're literally just drawing down funds. I have a

506
00:29:03,960 --> 00:29:07,400
Speaker 2: challenge of trying to get my clients to understand whether

507
00:29:07,440 --> 00:29:10,120
Speaker 2: that's actually a wage where they claim a tax deduction

508
00:29:10,280 --> 00:29:13,600
Speaker 2: for or if it's literally drawings which they consider as

509
00:29:13,640 --> 00:29:18,760
Speaker 2: their wage. Now, for sole traders and partnerships, any money

510
00:29:18,800 --> 00:29:22,360
Speaker 2: that you withdraw for personal use is actually considered drawings

511
00:29:22,400 --> 00:29:25,880
Speaker 2: and not wages, even though you treat it the same

512
00:29:25,920 --> 00:29:29,320
Speaker 2: as your wage. So it'll be up to you in

513
00:29:29,400 --> 00:29:33,239
Speaker 2: your circumstance whether you should be withdrawing funds from your

514
00:29:33,280 --> 00:29:35,720
Speaker 2: business and then how this affects your cash and that

515
00:29:35,800 --> 00:29:38,600
Speaker 2: sort of thing. And being a sole trade in partnerships,

516
00:29:38,600 --> 00:29:41,400
Speaker 2: you know it's less complex, and because of the tax

517
00:29:41,440 --> 00:29:46,200
Speaker 2: treatment of that, it'll be considered drawings. If you are

518
00:29:46,320 --> 00:29:49,400
Speaker 2: a sole trader or partnership and you have employees that

519
00:29:49,440 --> 00:29:52,520
Speaker 2: are drawing wage, that is obviously considered a tax deduction

520
00:29:52,600 --> 00:29:55,200
Speaker 2: and you know, totally separate to you, even though you

521
00:29:55,320 --> 00:29:58,680
Speaker 2: might have one other employee you consider yourself as an employee,

522
00:29:59,040 --> 00:30:02,040
Speaker 2: but you are technically, you know, the business owner, being

523
00:30:02,040 --> 00:30:07,120
Speaker 2: a sole trader or partnership. Also, when we talk about superannuation,

524
00:30:08,080 --> 00:30:10,719
Speaker 2: so SUPER as a business owner is also dependent on

525
00:30:10,760 --> 00:30:13,880
Speaker 2: your business structure and how it gets claimed in it.

526
00:30:14,560 --> 00:30:18,560
Speaker 2: For example, you can actually pay yourself SUPER and claim

527
00:30:18,640 --> 00:30:22,120
Speaker 2: a tax deduction as a wage owner or sole trader.

528
00:30:22,760 --> 00:30:27,240
Speaker 2: So let's forget about being a business owner. If you

529
00:30:27,480 --> 00:30:31,360
Speaker 2: are a wage earner and you're like, Okay, I feel

530
00:30:31,400 --> 00:30:32,960
Speaker 2: like I just want to put a little bit of

531
00:30:32,960 --> 00:30:36,200
Speaker 2: extra cash into SUPER, you can still claim that as

532
00:30:36,240 --> 00:30:39,920
Speaker 2: a tax deduction, regardless if you own a business or not.

533
00:30:40,760 --> 00:30:42,440
Speaker 2: So I think a couple years ago they recently changed

534
00:30:42,440 --> 00:30:44,280
Speaker 2: the rules. They had this funny rule where you couldn't

535
00:30:44,280 --> 00:30:46,880
Speaker 2: claim a tax deduction as a wage owner. But they

536
00:30:47,040 --> 00:30:50,440
Speaker 2: change the rules to sort of encourage people to contribute

537
00:30:50,480 --> 00:30:54,880
Speaker 2: to SUPER if they wanted to. So when it comes

538
00:30:55,000 --> 00:30:58,200
Speaker 2: to paying SUPER under the structure of a company or trust,

539
00:30:58,200 --> 00:31:01,120
Speaker 2: it gets a little bit more complex. You know, whether

540
00:31:01,200 --> 00:31:04,120
Speaker 2: that SUPER is a deduction to be claimed as part

541
00:31:04,120 --> 00:31:07,120
Speaker 2: of the business or the individual's tax return. So yeah, again,

542
00:31:07,600 --> 00:31:10,040
Speaker 2: got to talk to your taxation about what to do

543
00:31:10,080 --> 00:31:11,040
Speaker 2: in that scenario.

544
00:31:11,800 --> 00:31:15,520
Speaker 1: Awesome, Okay, thanks for cleaning that up. And also, so

545
00:31:15,600 --> 00:31:19,280
Speaker 1: you were talking about when you have an employee, So

546
00:31:19,360 --> 00:31:22,480
Speaker 1: when you want to bring on an employee in your business,

547
00:31:23,160 --> 00:31:24,880
Speaker 1: what are the sort of things that you need to

548
00:31:24,960 --> 00:31:25,520
Speaker 1: check and do.

549
00:31:25,880 --> 00:31:30,080
Speaker 2: So you obviously need to consider their status, whether you're

550
00:31:30,120 --> 00:31:32,800
Speaker 2: going to put them on casual, part time, full time,

551
00:31:33,560 --> 00:31:35,440
Speaker 2: their rate, so what you're going to pay, if you're

552
00:31:35,440 --> 00:31:37,000
Speaker 2: going to pay them an hourly rate or if you're

553
00:31:37,040 --> 00:31:40,200
Speaker 2: going to put them on salary. You've got to think

554
00:31:40,240 --> 00:31:44,360
Speaker 2: about workers compensation, you know, if it's a pitble to you,

555
00:31:44,480 --> 00:31:48,200
Speaker 2: and insurance is around that. And then when you talk

556
00:31:48,240 --> 00:31:51,320
Speaker 2: about paperwork, you've got to be providing them with the

557
00:31:51,360 --> 00:31:55,320
Speaker 2: correct form. So if you've got a and your employee like, okay,

558
00:31:55,320 --> 00:31:56,640
Speaker 2: what do I have to give them? You've got to

559
00:31:56,640 --> 00:31:59,480
Speaker 2: give them, you know, TFN declaration so they can give you,

560
00:31:59,480 --> 00:32:04,880
Speaker 2: you know, TEARF and details superannuation form and then information

561
00:32:05,040 --> 00:32:08,680
Speaker 2: regarding their awards and contracts and that sort of thing.

562
00:32:08,800 --> 00:32:10,440
Speaker 2: So there will be like a stack of paper, like

563
00:32:10,480 --> 00:32:13,320
Speaker 2: anyone who's you know, been employed would get that little

564
00:32:13,360 --> 00:32:16,480
Speaker 2: stack and there's this little like colored form TARFM decoration

565
00:32:17,280 --> 00:32:20,640
Speaker 2: to fill out. So it's pretty yeah, pretty standard process

566
00:32:21,240 --> 00:32:25,400
Speaker 2: and obviously outside the scope of accounting obviously consider you know,

567
00:32:25,800 --> 00:32:27,840
Speaker 2: compliance with health and safety and that sort of thing.

568
00:32:27,880 --> 00:32:28,840
Speaker 1: But I like to sort of.

569
00:32:28,760 --> 00:32:31,480
Speaker 2: Like write a little check this for my clients to

570
00:32:31,520 --> 00:32:33,480
Speaker 2: be like, oh, here's like the accounting stuff, but don't

571
00:32:33,480 --> 00:32:35,400
Speaker 2: forget the other things, because you know it's pretty easy

572
00:32:35,480 --> 00:32:35,880
Speaker 2: to forget.

573
00:32:36,920 --> 00:32:41,000
Speaker 1: Yes, of course, thanks for that. And so let's talk

574
00:32:41,040 --> 00:32:46,600
Speaker 1: about bas baths and so obviously, as a business owner,

575
00:32:47,000 --> 00:32:50,520
Speaker 1: how does someone lodge this? Can they lodge it themselves?

576
00:32:50,600 --> 00:32:51,640
Speaker 1: What do they do around that?

577
00:32:51,880 --> 00:32:54,800
Speaker 2: So as a bus owner, you can lodge your own

578
00:32:55,040 --> 00:32:58,680
Speaker 2: baths and you can do it by the ATO Business Portal,

579
00:32:58,800 --> 00:33:01,600
Speaker 2: So you can register access this portal and it's really

580
00:33:01,600 --> 00:33:05,720
Speaker 2: awesome because it's you know, we can electronically lodge certain documents.

581
00:33:06,360 --> 00:33:08,239
Speaker 2: If you're like, oh, no, I think I'm going to

582
00:33:08,520 --> 00:33:11,640
Speaker 2: get some assistance with my bus. Yeah, definitely talk to

583
00:33:12,200 --> 00:33:15,280
Speaker 2: your account of bookkeeper to help you. But you know,

584
00:33:15,280 --> 00:33:17,920
Speaker 2: I tell clients there's no reason why they can't prepare

585
00:33:17,960 --> 00:33:21,840
Speaker 2: their own bus. I just you know, instull on them

586
00:33:21,880 --> 00:33:25,720
Speaker 2: with more complex things to you know, get my advice

587
00:33:26,040 --> 00:33:28,120
Speaker 2: or if they want some training. You know, I've got

588
00:33:28,160 --> 00:33:30,600
Speaker 2: clients who're like, oh, Michelle, like you know, I really

589
00:33:30,600 --> 00:33:32,040
Speaker 2: want to do my own bass. Can we you know,

590
00:33:32,120 --> 00:33:35,080
Speaker 2: sit down and do some training just so you know

591
00:33:35,320 --> 00:33:37,840
Speaker 2: I'm on the right path and doing the right thing.

592
00:33:37,920 --> 00:33:40,120
Speaker 2: And then when those tricky little things come up, I'll

593
00:33:40,160 --> 00:33:42,480
Speaker 2: give you a call. And that's awesome, Like you know,

594
00:33:42,560 --> 00:33:46,160
Speaker 2: I like it, and business owners take control and go, yeah,

595
00:33:46,200 --> 00:33:48,320
Speaker 2: I'm going to do this and I'm going to ask

596
00:33:48,360 --> 00:33:50,640
Speaker 2: the right question when it needs when it comes time,

597
00:33:51,080 --> 00:33:53,440
Speaker 2: just so we don't have any like costly issues to

598
00:33:53,480 --> 00:33:54,520
Speaker 2: fix down the track.

599
00:33:55,440 --> 00:33:58,040
Speaker 1: Exactly. I love that. I love what you just said about.

600
00:33:58,440 --> 00:34:01,200
Speaker 1: You love when they take control and sort of have

601
00:34:01,320 --> 00:34:06,720
Speaker 1: some idea before they make any mistakes, which is always

602
00:34:07,160 --> 00:34:11,200
Speaker 1: a good thing. And so as we are talking about

603
00:34:11,280 --> 00:34:14,520
Speaker 1: common mistakes, can you just talk about what are some

604
00:34:14,640 --> 00:34:18,279
Speaker 1: common mistakes that we often make around tax.

605
00:34:18,960 --> 00:34:23,399
Speaker 2: I think overclaiming to tax deductions, so again not having

606
00:34:23,600 --> 00:34:26,799
Speaker 2: an understanding of what's legitimate tax deduction and what's not.

607
00:34:27,880 --> 00:34:33,239
Speaker 2: Also not quite understanding tax obligations. So obviously we've got

608
00:34:33,280 --> 00:34:35,960
Speaker 2: to do our tax retain each year, but people are

609
00:34:36,000 --> 00:34:39,880
Speaker 2: forgetting about not considering if they should be registering for

610
00:34:39,960 --> 00:34:43,359
Speaker 2: GST or if they've got they've got to do their

611
00:34:43,400 --> 00:34:46,080
Speaker 2: bass each quarter a month or whatever. They don't know

612
00:34:46,120 --> 00:34:49,640
Speaker 2: when it's due and when to pay, so they kind

613
00:34:49,640 --> 00:34:52,840
Speaker 2: of like get in this like this whole of buses

614
00:34:52,920 --> 00:34:54,960
Speaker 2: keep piling up, and then you've got to like go

615
00:34:55,000 --> 00:34:57,200
Speaker 2: find someone to help you out so it can be

616
00:34:57,320 --> 00:34:59,480
Speaker 2: you know, a little costly and timely if you sort

617
00:34:59,520 --> 00:35:01,640
Speaker 2: of go, oh, I think I've got an issue, but

618
00:35:01,719 --> 00:35:06,880
Speaker 2: I'm not sure, and then yeah, and then probably people

619
00:35:07,120 --> 00:35:09,600
Speaker 2: like to assume that they'll get the same like tax

620
00:35:09,640 --> 00:35:13,880
Speaker 2: refund each year. The tax legislation changes all the time,

621
00:35:14,080 --> 00:35:16,759
Speaker 2: and you can't assume that if you work the same

622
00:35:16,840 --> 00:35:18,920
Speaker 2: job and claim the same deductions that you'll get the

623
00:35:18,960 --> 00:35:24,600
Speaker 2: same tax result. The rates change and the ability to

624
00:35:24,640 --> 00:35:29,000
Speaker 2: claim deductions change all the time, so you know, you

625
00:35:29,040 --> 00:35:30,879
Speaker 2: can't go, oh, yeah, I got a five hundred dollars

626
00:35:30,880 --> 00:35:32,520
Speaker 2: refund last year, so I'm going to get a five

627
00:35:32,560 --> 00:35:36,479
Speaker 2: hundred a refund this year. Like, No, it doesn't work

628
00:35:36,560 --> 00:35:36,879
Speaker 2: like that.

629
00:35:37,480 --> 00:35:41,759
Speaker 1: So so I go out and spend money thinking that

630
00:35:41,800 --> 00:35:43,400
Speaker 1: you're going to get from that.

631
00:35:43,840 --> 00:35:48,160
Speaker 2: No, do not pre spend your tax refund money, because

632
00:35:48,160 --> 00:35:51,160
Speaker 2: you're going to be very disappointed when or if it

633
00:35:51,200 --> 00:35:52,000
Speaker 2: doesn't come around.

634
00:35:53,040 --> 00:35:55,120
Speaker 1: I remember when I was working full time and it

635
00:35:55,120 --> 00:35:57,680
Speaker 1: was around tax time and I had a holiday coming up,

636
00:35:57,680 --> 00:36:00,400
Speaker 1: and I like thought myself, oh oh good, like somebody

637
00:36:00,400 --> 00:36:02,880
Speaker 1: back from tax that could be my spending money. And

638
00:36:02,920 --> 00:36:05,400
Speaker 1: then like turned out that I actually had to pay tax,

639
00:36:05,760 --> 00:36:06,640
Speaker 1: and I was like, oh.

640
00:36:06,560 --> 00:36:11,600
Speaker 2: God, yeah, definitely an issue it's to remember.

641
00:36:12,160 --> 00:36:15,320
Speaker 1: Also, well, thank you for that. So the last question

642
00:36:15,560 --> 00:36:18,879
Speaker 1: that I want to ask you, and I guess these

643
00:36:18,920 --> 00:36:22,960
Speaker 1: kind of have to be quite general, but for everyone listening,

644
00:36:23,120 --> 00:36:27,959
Speaker 1: can you give three important tips to remember when they're

645
00:36:28,000 --> 00:36:30,759
Speaker 1: trying to take control of their finances.

646
00:36:31,239 --> 00:36:35,440
Speaker 2: Tip number one would probably be keep records so your

647
00:36:35,480 --> 00:36:38,480
Speaker 2: wage earner. That could be as simple as saving copies

648
00:36:38,520 --> 00:36:41,799
Speaker 2: of your receipts to a separate email folder or into

649
00:36:41,880 --> 00:36:45,520
Speaker 2: something like dropbox, so you know, have a routine where

650
00:36:45,600 --> 00:36:47,440
Speaker 2: you know you've got a receipt, just just pop it

651
00:36:47,480 --> 00:36:50,239
Speaker 2: in there and come and to tax you they're all

652
00:36:50,280 --> 00:36:52,680
Speaker 2: there and you know you can total them up, review

653
00:36:52,719 --> 00:36:55,920
Speaker 2: them whatever, and you know you're not scrambling around in

654
00:36:55,920 --> 00:36:59,080
Speaker 2: your filing cabal in emails and files trying to find

655
00:36:59,120 --> 00:37:01,479
Speaker 2: you know, that receipt that you thought you had such

656
00:37:01,480 --> 00:37:04,680
Speaker 2: a good time. And then for business owners, definitely look

657
00:37:04,760 --> 00:37:09,759
Speaker 2: at investing in a cloud accounting system, especially for startups

658
00:37:09,800 --> 00:37:12,560
Speaker 2: and new small business They're like, okay, Michelle, like how

659
00:37:12,600 --> 00:37:14,920
Speaker 2: do I track my records? And I'm like, look at

660
00:37:14,920 --> 00:37:16,759
Speaker 2: cloud accounting systems. So like you would have had like

661
00:37:16,800 --> 00:37:20,440
Speaker 2: MiB in quick books and zero, I say, look at those,

662
00:37:21,080 --> 00:37:23,800
Speaker 2: see what sort of like you get a feel for,

663
00:37:24,320 --> 00:37:27,239
Speaker 2: and let's get you set up because that's going to

664
00:37:27,440 --> 00:37:30,560
Speaker 2: take away some of the pain points in bookkeeping when

665
00:37:30,600 --> 00:37:32,479
Speaker 2: you've got a system that's going to really like help

666
00:37:32,520 --> 00:37:36,120
Speaker 2: you and automate some of that processing. Tip Number two

667
00:37:36,480 --> 00:37:39,560
Speaker 2: I would say keep up to date. So especially as

668
00:37:39,600 --> 00:37:41,320
Speaker 2: a business owner, you want to keep on top of

669
00:37:41,400 --> 00:37:44,040
Speaker 2: your bookkeeping. You want to be doing whether it's a

670
00:37:44,040 --> 00:37:47,319
Speaker 2: little bit each week, each month of quarter, you're going

671
00:37:47,400 --> 00:37:50,600
Speaker 2: to be less stressed than if you left it. You know,

672
00:37:50,880 --> 00:37:52,759
Speaker 2: at the end of the financy, like twelve months is

673
00:37:52,760 --> 00:37:55,600
Speaker 2: going you're like, what have I done? And it can

674
00:37:55,640 --> 00:37:57,680
Speaker 2: get costly, Like if you just go, oh, go to

675
00:37:57,680 --> 00:38:00,160
Speaker 2: your account, here's a stack of receipts either you're I

676
00:38:00,239 --> 00:38:02,480
Speaker 2: cannot is going to go tell you to sort of

677
00:38:02,640 --> 00:38:04,759
Speaker 2: go away and make that all you know in a

678
00:38:04,800 --> 00:38:07,440
Speaker 2: system that they can understand. Put it in a spreadsheet,

679
00:38:07,520 --> 00:38:09,560
Speaker 2: something that's going to be easy for them to import

680
00:38:09,880 --> 00:38:13,200
Speaker 2: to complete your year end or that talent's going to

681
00:38:13,239 --> 00:38:16,680
Speaker 2: take that and charge you hours and hours of you

682
00:38:16,680 --> 00:38:20,120
Speaker 2: know to get that organized. So if you just do

683
00:38:20,200 --> 00:38:23,080
Speaker 2: a little bit, you know, periodically keeping up today, that's

684
00:38:23,120 --> 00:38:25,960
Speaker 2: going to save you so much like pain in the

685
00:38:26,000 --> 00:38:26,560
Speaker 2: long run.

686
00:38:27,520 --> 00:38:30,319
Speaker 1: I absolutely love that, and that's actually something that I do.

687
00:38:30,440 --> 00:38:33,759
Speaker 1: So I have on my calendar every Friday a little

688
00:38:33,800 --> 00:38:37,440
Speaker 1: alarm that pops up, and Friday afternoon I do my

689
00:38:37,480 --> 00:38:38,840
Speaker 1: red Oh that's so awesome.

690
00:38:39,360 --> 00:38:41,200
Speaker 2: Yes, I love I love it when a client so like,

691
00:38:41,239 --> 00:38:43,520
Speaker 2: oh I do it, you know at this time every week, mischeide,

692
00:38:43,560 --> 00:38:45,960
Speaker 2: I'm like, duh, I'm so proud. I'm like a proud mom.

693
00:38:47,200 --> 00:38:49,920
Speaker 1: Well, otherwise I have to do it weekly because like

694
00:38:49,960 --> 00:38:53,279
Speaker 1: I'll see something in my bank statement and I'm like,

695
00:38:53,480 --> 00:38:55,200
Speaker 1: I'm a bit of a gold fision. I'm like, I

696
00:38:55,239 --> 00:38:56,240
Speaker 1: have no idea.

697
00:38:56,480 --> 00:38:59,120
Speaker 2: Oh yeah, yeah, that's me too. I'm like if I don't,

698
00:38:59,160 --> 00:39:01,000
Speaker 2: if I forget to do it week, I'm like, oh, Michelle,

699
00:39:01,040 --> 00:39:03,239
Speaker 2: You've got to find that receipt and it's just oh.

700
00:39:03,360 --> 00:39:05,880
Speaker 1: Just you know, y no, And then I remember I

701
00:39:05,960 --> 00:39:08,319
Speaker 1: once I left it, I was being lazy, and it

702
00:39:08,400 --> 00:39:10,279
Speaker 1: was like it was not even it was like a

703
00:39:10,360 --> 00:39:12,640
Speaker 1: month and I was just like, oh, this is the worst.

704
00:39:12,640 --> 00:39:16,200
Speaker 1: So yeah, I literally have an alarm and I reconcile

705
00:39:16,320 --> 00:39:19,839
Speaker 1: weekly and then monthly I do like my other sort

706
00:39:19,840 --> 00:39:22,600
Speaker 1: of bills and stuff, and I make sure I put everything.

707
00:39:22,800 --> 00:39:26,680
Speaker 1: I do the drop box thing because last year, like

708
00:39:26,800 --> 00:39:29,080
Speaker 1: I just didn't know any of this and I had

709
00:39:29,160 --> 00:39:32,600
Speaker 1: such a hectic time like just getting my finance together,

710
00:39:32,800 --> 00:39:36,200
Speaker 1: and so this year I'm like, nope, I'm doing it right.

711
00:39:36,360 --> 00:39:39,000
Speaker 1: And all these like little things like you said, yeah,

712
00:39:39,000 --> 00:39:40,560
Speaker 1: they just make the biggest step totally.

713
00:39:42,200 --> 00:39:46,920
Speaker 2: And tip number three I would probably say, review your

714
00:39:46,960 --> 00:39:51,279
Speaker 2: current financial situation, so you know, kind of like set

715
00:39:51,280 --> 00:39:53,840
Speaker 2: aside some time and go, you know, what's going in

716
00:39:53,880 --> 00:39:56,560
Speaker 2: my going on in my business or what's going on

717
00:39:56,760 --> 00:39:59,120
Speaker 2: you know personally, like how much money am I making

718
00:39:59,120 --> 00:40:02,440
Speaker 2: from my you know, plumbing income. So you know, a

719
00:40:02,440 --> 00:40:06,200
Speaker 2: lot of business owners get really overwhelmed with like reading

720
00:40:06,239 --> 00:40:10,319
Speaker 2: their numbers or really not prioritizing a time to sit down.

721
00:40:10,360 --> 00:40:11,640
Speaker 2: You know, you don't have to do it every day

722
00:40:11,680 --> 00:40:13,840
Speaker 2: every week. It's going, okay, maybe the end of the

723
00:40:13,880 --> 00:40:17,560
Speaker 2: month or every quarter, go what's going on? You know,

724
00:40:17,640 --> 00:40:20,759
Speaker 2: am I actually killing it? Am I not? And am

725
00:40:20,800 --> 00:40:23,880
Speaker 2: I making enough money to cover costs? Because you know

726
00:40:24,000 --> 00:40:26,920
Speaker 2: that information is going to be so valuable in making

727
00:40:27,040 --> 00:40:29,160
Speaker 2: those business decisions moving forward.

728
00:40:30,120 --> 00:40:34,879
Speaker 1: It's kind of taking that responsibility and realizing even if

729
00:40:34,920 --> 00:40:39,399
Speaker 1: you're not a math or like a money or even

730
00:40:39,440 --> 00:40:41,719
Speaker 1: the numbers sort of side of things, like I'm definitely

731
00:40:41,760 --> 00:40:43,879
Speaker 1: not and like I said, last year was like a shit.

732
00:40:45,719 --> 00:40:48,799
Speaker 1: I had no idea and I honestly couldn't tell you

733
00:40:48,840 --> 00:40:51,239
Speaker 1: like how much I made or anything like that, just

734
00:40:51,239 --> 00:40:54,560
Speaker 1: because like that's not something I look at or worry

735
00:40:54,560 --> 00:40:57,200
Speaker 1: about or like for me, that's not kind of how

736
00:40:57,239 --> 00:41:02,879
Speaker 1: I work my business. But it's definitely important because if

737
00:41:02,880 --> 00:41:04,880
Speaker 1: you do have a business, you need to know like

738
00:41:05,080 --> 00:41:07,640
Speaker 1: are you actually making a profit? Where is all your

739
00:41:07,680 --> 00:41:11,200
Speaker 1: expenses coming from? And that's something when I actually sat

740
00:41:11,200 --> 00:41:12,880
Speaker 1: down and had to look at the reports, I was like,

741
00:41:13,000 --> 00:41:17,239
Speaker 1: oh wow, Like it's it's interesting, and it's stuff you

742
00:41:17,400 --> 00:41:21,000
Speaker 1: need to know to make next steps and to progress totally.

743
00:41:21,040 --> 00:41:25,080
Speaker 2: Like numbers are powerful, so once you can understand them,

744
00:41:25,440 --> 00:41:27,839
Speaker 2: you can really like go for gold business wise.

745
00:41:28,360 --> 00:41:31,960
Speaker 1: Yes, one hundred percent, and thank you so much for

746
00:41:32,000 --> 00:41:35,120
Speaker 1: those three tips. They were like so on point. So

747
00:41:35,320 --> 00:41:37,799
Speaker 1: thanks for that, and I want to say thank you

748
00:41:37,840 --> 00:41:41,120
Speaker 1: so much for just taking the time to tell us

749
00:41:41,120 --> 00:41:43,040
Speaker 1: about this. Like I said, I know it's not the

750
00:41:43,080 --> 00:41:47,919
Speaker 1: most interesting subject, but it's definitely as women we need

751
00:41:47,960 --> 00:41:53,640
Speaker 1: to take control of our finances and just be present

752
00:41:54,200 --> 00:41:57,520
Speaker 1: with like numbers and finances and that sort of side

753
00:41:57,520 --> 00:41:59,880
Speaker 1: of things, because I often feel like it's a bit

754
00:41:59,880 --> 00:42:02,560
Speaker 1: of stigma that, you know, women just don't really know

755
00:42:02,920 --> 00:42:07,280
Speaker 1: what's so I think it's really important to take control

756
00:42:07,760 --> 00:42:10,520
Speaker 1: of app finances and be in control and know what's

757
00:42:10,560 --> 00:42:14,799
Speaker 1: happening with them modernly. And so for all the audience

758
00:42:15,080 --> 00:42:17,919
Speaker 1: who wants to know where they can find you, where

759
00:42:17,920 --> 00:42:20,759
Speaker 1: to follow you, and all that good stuff, can you

760
00:42:20,880 --> 00:42:21,319
Speaker 1: let us know?

761
00:42:22,239 --> 00:42:24,600
Speaker 2: So, yeah, I've got I'm on most of the social

762
00:42:24,680 --> 00:42:28,120
Speaker 2: media platforms, you know, my website or the Miss Bookkeeping

763
00:42:28,200 --> 00:42:31,520
Speaker 2: dot com, dot a u, Instagram or to Miss Bookkeeping.

764
00:42:31,800 --> 00:42:35,200
Speaker 2: You can search me on Facebook. Hopefully I'll have my

765
00:42:35,280 --> 00:42:38,919
Speaker 2: YouTube up by the time this is so that to will,

766
00:42:38,960 --> 00:42:40,799
Speaker 2: I think you'll be able to search search for me

767
00:42:40,920 --> 00:42:45,600
Speaker 2: under my name Michelle Knight. And then just wanted to

768
00:42:45,680 --> 00:42:48,759
Speaker 2: let everyone know that I'm working on a little project.

769
00:42:49,440 --> 00:42:53,320
Speaker 2: So I am in the middle of creating a online

770
00:42:53,560 --> 00:42:58,440
Speaker 2: course called Finance Yourself. So that'll be business bookkeeping and

771
00:42:58,480 --> 00:43:02,920
Speaker 2: accounting based basics for startups and small business in Australia. So,

772
00:43:03,400 --> 00:43:05,960
Speaker 2: you know, over the last few years i've been working

773
00:43:06,040 --> 00:43:08,960
Speaker 2: with small business, I've found that there's a lot of

774
00:43:08,960 --> 00:43:11,759
Speaker 2: the same questions and I'm constantly like answering the same

775
00:43:11,800 --> 00:43:14,000
Speaker 2: things or writing the same emails, and I'm like, oh, like,

776
00:43:14,480 --> 00:43:17,120
Speaker 2: I need to create something that people can go to

777
00:43:18,040 --> 00:43:21,279
Speaker 2: and it's all there. It's you know, a resource that

778
00:43:21,320 --> 00:43:26,040
Speaker 2: they can review and understand everything better. So yeah, I'm

779
00:43:26,080 --> 00:43:29,279
Speaker 2: trying to get that up and running hopefully later this year.

780
00:43:29,800 --> 00:43:33,520
Speaker 2: So if you're starting a business already in business and

781
00:43:33,600 --> 00:43:35,239
Speaker 2: kind of want to know the basics, you know, we've

782
00:43:35,239 --> 00:43:39,000
Speaker 2: spoken about GST and BASS and business entities like, it'll

783
00:43:39,040 --> 00:43:43,160
Speaker 2: be a more depth, in depth discussion and information about that.

784
00:43:44,000 --> 00:43:44,239
Speaker 1: You know.

785
00:43:44,400 --> 00:43:46,960
Speaker 2: I don't want you go go away and read a

786
00:43:46,960 --> 00:43:50,719
Speaker 2: textbook about GST like boring. I want to create you know,

787
00:43:50,920 --> 00:43:56,120
Speaker 2: amazing videos that you know it's really quite easy to

788
00:43:56,200 --> 00:43:57,280
Speaker 2: understand and digest.

789
00:43:57,960 --> 00:44:01,719
Speaker 1: Oh that's awesome. Thank you so much for being on

790
00:44:01,760 --> 00:44:04,120
Speaker 1: the show, Michelle. I will make sure I put all

791
00:44:04,160 --> 00:44:07,200
Speaker 1: those links in the show notes so the audience can

792
00:44:07,320 --> 00:44:09,919
Speaker 1: find you. But yeah, thank you so much for being

793
00:44:09,960 --> 00:44:12,560
Speaker 1: the show, and thank you so much for those insights.

794
00:44:12,800 --> 00:44:14,399
Speaker 2: Thanks George, I really appreciate it.

795
00:44:14,760 --> 00:44:20,480
Speaker 1: Bye, Michelle, Bye, Thank you so much for listening in.

796
00:44:21,160 --> 00:44:23,680
Speaker 1: If you like this episode, make sure you subscribe to

797
00:44:23,719 --> 00:44:25,960
Speaker 1: the Rise and Concer podcast so you don't miss the

798
00:44:26,000 --> 00:44:29,400
Speaker 1: next one. Also, if you found this podcast valuable, it

799
00:44:29,440 --> 00:44:32,000
Speaker 1: would mean the absolute world to me if you wrote

800
00:44:32,000 --> 00:44:35,319
Speaker 1: the podcast a review. Plus, if you know someone who

801
00:44:35,400 --> 00:44:38,239
Speaker 1: would benefit from listening to this episode, make sure you

802
00:44:38,280 --> 00:44:40,800
Speaker 1: share it with them. If you want to go beyond

803
00:44:40,800 --> 00:44:45,360
Speaker 1: this episode, check out our official instagram at Riseinconquer dot

804
00:44:45,480 --> 00:44:50,239
Speaker 1: podcast or my personal instagram at Georgie Stevenson. I hope

805
00:44:50,280 --> 00:44:53,000
Speaker 1: you have an amazing day or night whenever you're listening in.

806
00:44:53,640 --> 00:45:02,160
Speaker 1: Bye for now, and I'll talk to you soon. Speak

807
00:45:02,239 --> 00:45:07,680
Speaker 1: of the best, but speaks the spot for