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Save Your Money by Getting Organised

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As you grow up and move out of the nest, it can be tempting to let tidiness and organisation go out the window.  The truth is, being messy can cost you money!

Good organisation is the keystone to making and saving money and if you want to do either, you’ll find that you can easily make some progress by organizing your life.

Schedule Your Bills

The first expenses you have to worry about each month are your household bills like the rent or mortgage and utilities. It’s all the more reason to be organised so you can manage your money to pay these on time each month.

  • Use a calendar, planner, computer program, or online banking account to schedule when your bills need to be paid. Any delay can cost you substantial late fees and finance charges.
  • If you set up electronic banking, make sure you understand exactly how the system works. Some programs will not allow you to make a payment on weekends or holidays while others may need a few days to process the payment.
  • Pay your taxes on time or early.  Penalties as well as late charges are added if you don’t file the proper extensions. Hire an accountant to help with your preparation, especially if you work independently.
  • If you work independently, you may also want to consider paying your taxes quarterly so you don’t have to worry about them at the end of the year.

Organise Your Paperwork

All of your paperwork should be organized so you know exactly where your receipts, financial statements, and bills are filed.  There’s nothing worse than going in search of a needle in a haystack when a question arises.

  • Everyday take a look at your desk area and think about what pieces of paper you can immediately get rid of.  A wastebasket by your desk is essential, as is a shredder to prevent identity theft.
  • Utilise file folders or a portable file container instead of having piles of papers on your desk or countertops. This will prevent you from losing important pieces of paperwork under a landslide of unimportant junk.

Consult with a Financial Advisor

Whether you have a substantial investment portfolio or just want to get started, consult with an expert who can help you reach your financial goals. By organizing your finances, you’ll not only save money, but make it too!

  • If your current investments aren’t performing well, an advisor can help you move the money around to better performing funds that earn a higher yield or give you greater dividends.
  • If you don’t have any investments, an expert can listen to your financial goals and recommend an investment plan for achieving those goals. Even starting off modestly will often bring you some annual dividends. Every little bit helps!

Consolidate Your Debts

Get in control of your money by consolidating large debts with one loan. Research which banks or credit cards will give you the lowest interest rates and consolidate your payments into one. This will save you money by paying fewer interest fees, but you must also limit your spending until the debts are paid off.

  • Ask a mortgage broker about refinancing your home or taking out a home equity loan to consolidate debts.

Be in control of your money and your life by evaluating your accounts regularly and staying organised. A little bit of work each day and regularly monitoring your progress will help you reach your financial goals.

Your Money Management Survival Guide

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All money management survival guides will tell you the exact same thing. There’s only one way to be profitable in business and in life: make more money than you spend.

This might sound so obvious that it’s ridiculous to have to say it, but think about how many of us really don’t make more than we spend. People often carry huge amounts of debt and, even if they’re making the minimum monthly payments, they still owe more than they make between the principle and interest.

Pay Off Debts Quickly

Deficit financing can actually be done successfully, but the idea is not to stay in debt forever. Sure, we might have to borrow at some point when we’re putting together our business or just getting started on our own after we graduate, but we have to do all we can to minimize our debts and pay them off as fast as possible.

We need to maximise our income for prosperity, although this can be easier said than done for many people. But equally important, we have to minimize expenses. This is even more difficult for even more people!

Consumer Envy

While consuming can make life fun, our society is caught up in the cult of consumerism. People are driven to spend every last penny they make in income, especially if they see neighbors or coworkers with the latest trendy “thing.”

If they have spent their money on the things that are necessities in our society – housing, groceries, personal health, utilities, transportation, and communication tools – they are now enticed to spend even more money on discretionary goods and services like going out to eat instead of cooking, taking elaborate vacations or weekend getaways, more elaborate stereo systems, satellite televisions, giant-screen TVs, a larger house, a new car, a boat… the list is endless!

Salesmen are trained “not to leave money on the table” and marketers are trained to compete for every last dollar in the fear that, if they don’t get the sale, somebody else will beat them to it.

If you want to have money for something that will really add quality to your life in a lasting way, some part of your money must be set aside either in savings or investments that are not too risky for you. This also means you have to keep your expenses to a minimum.

Here are some practical tips for minimising your monthly expenses:

  • For your business, consider a virtual office. You’ll save on rent, permanent employees, and commuting. Plus, try marketing on the Internet as much as possible.
  • For your personal life, cook more and eat out less (even for lunch). When you go shopping for groceries, look for sales and use coupons when possible.
  • Take more recreational trips closer to home and see your hometown through the eyes of a tourist.
  • If you need to finance something that’s not an absolute necessity, think twice about it; take better care of what you have now so you don’t need to replace things so frequently.

Smart money managers are those who take the time to understand their finances, research ways to cut expenses, and communicate with their families about why it’s necessary to cut back. By exercising control over your money and determining if you really need to buy something, you will suddenly see extra money in your bank account at the end of every month.

3 Top Wealth Building Strategies

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Are you searching for strategies for building wealth?

Many people don’t realise that strategies for building wealth actually requires you to build up your life mentally, emotionally, spiritually, and financially. The words “health” and “wealth” actually come from the same root, which means “wholeness” in the sense of being complete. When we do things to make our lives wealthier, we should also be doing things to make our lives healthier.

Surely, to attract wealth we have to be in business in some way, shape, or form. If we aren’t doing some kind of work, we aren’t attracting wealth.

Attract Wealth by Working

It’s necessary to do some sort of work in order to attract wealth. This is even true of those who are financially independent. Granted, financially wealthy people don’t need to work on anybody else’s clock, but don’t be fooled, they’re still overseeing to ensure that work gets done.

Also remember that people don’t get wealthy overnight. Yes, there are your lucky lottery winners who wake up rich after buying a single ticket, but more often than not, wealth is earned by hard work. Patience is just as important as charting your progress toward wealth. If your current job isn’t meeting your needs to reaching financial freedom, then take action and look for a job that will pay you more.

Attract Wealth Spiritually

Wealth is energy, and energy by its nature must flow. The independently wealthy people who keep money working for them are creating, maintaining, and growing an energy flow, and that is a spiritual endeavor. Another spiritual principle for wealth creation that is widely recognized amongst those who are financially successful is tithing, which isn’t necessarily tied to any religion.

Tithing is a principle that instructs a person to give away at least 10% of his money whether it’s weekly, monthly, quarterly, or annually to noble causes that have nothing to do with seeking profit. These causes are supposed to be things such as charities and philanthropic projects.

Those who are financially successful say that what you give away returns to you in greater measure. So when they do noble things with their money, they not only benefit others, but they benefit themselves, because that spiritual energy returns to them and brings them even more wealth than they give out. It’s an endless and beneficial cycle.

Take a look around your neighborhood for non-profit causes to support. Local schools, libraries, places of worship, park and recreation departments, or children’s organizations are all deserving of your support.

Attract Wealth with Positive Thinking

Mentally, we attract wealth by creating a positive mental state where we fully understand and believe that we deserve to be wealthy. Once we have created this positive image in our minds, we must have a clear vision of what our lives will be like when we are wealthy. What will we be doing with our time? Where will we live? What things will we do? What will we give to others?

Emotionally, we create within ourselves an attitude of gratitude. Having an attitude of gratitude (even for wealth that we don’t actually have yet) charges up our wealth attraction magnet and helps to bring about that which we know is coming to us.

Practice Update 1 – Tax Returns with refunds will need bank account details

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A quick post today, but a very useful one.

According to the ATO, the fastest, most secure way to receive a tax refund is to have it paid directly into a nominated Australian bank account using electronic funds transfer (EFT).

From 1 July 2013, individual tax returns will generally require bank account details, including BSB and account number, to be entered, where a refund is expected.
Joint accounts and trusts accounts will be acceptable.