85 episodes

Your Bookkeeping Matters is a no fluff, short and sweet podcast with weekly snackable tips about all matters bookkeeping and your business to guide you to do things the right way.

Your Bookkeeping Matters Lisa Turner

    • Business

Your Bookkeeping Matters is a no fluff, short and sweet podcast with weekly snackable tips about all matters bookkeeping and your business to guide you to do things the right way.

    The Power of Personalised Reminders to Get Paid Quicker

    The Power of Personalised Reminders to Get Paid Quicker

    Are you facing late payments from clients, and getting that panicked feeling about having to chase them up? I get it - and I know so many other business owners do too. In an earlier episode, I took you through my exact process for timely payments. Today, I’m diving a little deeper to discuss the power of personalised reminders and guiding you through the process to get paid quicker. 

    The first step in creating an effective reminder system is to turn on automated reminders in your accounting software. In this episode, we focus on Xero, but you can adapt these strategies to your own software. Once you've enabled the automated reminders, you need to determine how many reminders to send and how often.

    While automated email reminders are extremely effective, generic templates won't grab your clients' attention. Personalising your reminders is a much better way to get them noticed, and I share an example of my own personalised reminder to show how you can infuse your personality and tone.

    So, you’ve turned on automated reminders, and you’re feeling great about it. However, this is only half the battle. Often, we forget to actually receipt the payments that come through. This can result in unnecessary reminders being sent to clients and potentially awkward situations! To avoid this, stay on top of your receipting or take advantage of integrated payment options like Pinch or Paypal. 

    Finally, if you still haven’t received a payment after two reminders, I encourage you to jump on a phone call and check in with your client or customer. Perhaps your emails never reached them, or they’re facing a personal issue that has prevented them from making payment. It’s likely they’re more stressed about the situation than you are about calling them. 

    So, be calm, kind, and know that the more streamlined your invoice process is, the easier it will be to get to the bottom of any payment issue you may face. 


    LINKS

    Previous episode mentioned: My Exact Process for Timely Payments

    Join the waitlist for The Bookkeeping Matters Blueprint here

    Connect with Lisa Turner:
    Instagram:     @accountedforyou
    Website:         https://accountedforyou.com.au/


    Join my Numbers List for small business news and fun, helpful tips here
    Grab some FREE Resources here
    Check out my blog here

    • 15 min
    5 Ways to be a Better Business Owner

    5 Ways to be a Better Business Owner

    Welcome to another short and snackable episode of Your Bookkeeping Matters. Today we're looking at some core practices that can take your business from good to bad. Whether you're a seasoned business owner or just starting, these actionable strategies will equip you with the tools and insights you need to elevate your business game.
    1. Mastering Your Numbers:
    Understanding your financial metrics can be transformative for your business. Start with your Profit and Loss Statement and Balance Sheet Reports, which provide crucial information about your revenue, expenses, and overall financial health. You also need to identify and understand the KPIs that matter most to your business's success. These metrics aren’t necessarily financial, it depends on what's important to you and your business goals. 


    2. Ensuring Legal Protection and Compliance:
    The importance of solid legal foundations cannot be overstated. DIYing your legals can lead to costly mistakes, such as removing crucial clauses in contracts that result in financial damage. Instead, seek the guidance of a solicitor who will create legal documents that perfectly suit your business needs.


    3. Standing Out Online:
    Having a strong online presence is a must for business success. To stand out from the competition and capture your target audience's attention, you need a great brand strategy. Define who you are, what you stand for, and the problem you solve. Then, get creative with your website design, social media content, and online advertising. 


    4. Nurturing Company Culture and Team:
    Your team is your greatest asset as a small business owner. Investing in their happiness, well-being, and professional development is crucial for both their growth and your business's success. Define your company values and culture, and create a positive work environment where everyone can thrive. 


    5. Prioritizing Work-Life Harmony:
    Striking a balance between personal and professional life isn’t always possible. Instead, prioritize work-life harmony by setting boundaries, taking regular breaks, and making time for hobbies and interests outside of work. This is essential to preventing burnout, improving your mental health, and enhancing your overall productivity.


    I work with so many businesses daily. Not only my clients, but my clients’ clients. These five practices are things I’ve seen work time and time again to help people become better business owners. So start implementing them today and watch your business thrive.

    LINKS
    FREE Pricing Calculator
    Join the waitlist for The Bookkeeping Matters Blueprint here


    Connect with Lisa Turner:
    Instagram:     @accountedforyou
    Website:         https://accountedforyou.com.au/
     Join my Numbers List for small business news and fun, helpful tips here
    Grab some FREE Resources here
    Check out my blog here

    • 17 min
    Beyond Profit: Why Adding Value Matters Most

    Beyond Profit: Why Adding Value Matters Most

    Welcome to another short and snackable episode, where I’m diving into why value matters most in your small business. Today, we’ll explore the idea that while earning money and making a profit is crucial for your business, it shouldn't be the driver behind it. I believe profit should be the result of what you're doing in your business and why.

    As a small business owner myself, I understand the overwhelming nature of keeping things in the business running smoothly, and how easy it is to lose sight of its true purpose. However, there’s a secret to creating a thriving business that goes beyond making money. By prioritising value in what you bring to the table, you can make a meaningful difference in the lives of your customers, build stronger connections and ultimately, achieve long-term success.

    So, what exactly does "adding value" mean? I talk about it being more than just delivering a product or service and more about solving problems, meeting needs and enhancing the overall experience for your customers. Because let’s face it - business owners who lead with the one goal of making money can be a total turn-off! 

    Changing your mindset from a profit-focused approach to a value-based one can be challenging, but don’t worry - there’s a simple way you can start to make this shift. It all begins by revisiting your purpose - why did you start your business in the first place?

    Remember, your business is not just about the numbers; it's about making a lasting impact. Let's embrace the value-driven approach together and build a thriving business that benefits not only us but the customers and communities we serve!


    LINKS

    FREE Pricing Calculator
    Join the waitlist for The Bookkeeping Matters Blueprint here


    Connect with Lisa Turner:
    Instagram:     @accountedforyou
    Website:         https://accountedforyou.com.au/
     
    Join my Numbers List for small business news and fun, helpful tips here
    Grab some FREE Resources here
    Check out my blog here

    • 13 min
    My Exact Process for Timely Payments

    My Exact Process for Timely Payments

    Today, I want to talk about something that every business owner can relate to - cash flow. Specifically, I want to dive into the topic of getting clients to pay you on time. I'll be sharing my exact process, the lessons I've learnt from past mistakes and some practical tips that have helped me ensure timely payments from my clients.

    To help get you started, I share my top tips on optimising your invoice and payment processes:

    1. Online Payment Options

    Making it easy and fast for your clients to pay you should be a top priority. I discuss the importance of providing user-friendly online payment options and share my personal favourite, Pinch Payments.

    2. Automated Recurring Invoices

    Say goodbye to manual invoicing! I explain how automated recurring invoices have been a game changer for me. I walk you through the process of setting up repeating invoices in your accounting software to save time and ensure consistency in sending out invoices to your clients.

    3. Automated Reminders

    Even the best clients can sometimes forget to pay. That's why automated reminders are a valuable tool to have in your invoicing process. I take you through how they work, the benefits of using them and the importance of finding the right balance in sending reminders.

    Streamlining your invoicing process will not only save you time and energy, but it will also ensure your clients have the best experience possible.

    So, if you're tired of dealing with late payments and want to improve your cash flow, then this episode is for you!


    LINKS

    Join the waitlist for The Bookkeeping Matters Blueprint here


    Connect with Lisa Turner:
    Instagram:     @accountedforyou
    Website:         https://accountedforyou.com.au/
     
    Join my Numbers List for small business news and fun, helpful tips here
    Grab some FREE Resources here
    Check out my blog here

    • 20 min
    Paying Yourself as a Sole Trader

    Paying Yourself as a Sole Trader

    As a small business owner, it is crucial to wear many hats and outsource areas that require expertise. However, one aspect that often gets overlooked is paying yourself. Though it might not initially appear as a top priority, paying yourself serves as both a reward for your efforts and a means of securing a financial return from your business.
    So, How Much Should You Pay Yourself? Unfortunately, there is no one-size-fits-all answer to this question. The amount you pay yourself depends on various factors such as your sales, expenses, and upcoming financial obligations. I’ll guide you through the variables to consider and provide tips on how to determine the right amount to pay yourself.
    Once you have determined how much to pay yourself, it is crucial to understand the process of actually withdrawing the funds. I’ll walk you through the steps of withdrawing money from your business bank account and transferring it to your personal account. I also highlight the often-overlooked issue of superannuation and the need to address it as a sole trader. 
    Tax implications are another critical consideration. We'll explore income taxes and emphasize the importance of setting aside funds for tax obligations. I'll clarify the distinction between owner drawings and wages, and dispel the misconception that sole traders can't hire team members. You definitely can employ others, you just cannot employ yourself.
    Paying yourself as a sole trader is an integral part of running a successful business. It not only rewards your hard work but also ensures the viability of your venture. While there's no magic formula, my goal is to leave you feeling confident in navigating the complexities of compensating yourself effectively as a sole trader.


    Connect with Lisa Turner:
     Join the waitlist for The Bookkeeping Matters Blueprint here
    Instagram:     @accountedforyou
    Website:         https://accountedforyou.com.au/
     Join my Numbers List for small business news and fun, helpful tips here
    Grab some FREE Resources here
    Check out my blog here

    • 15 min
    What Does Know Your Numbers Mean

    What Does Know Your Numbers Mean

    We’ve all heard the phrase, “know your numbers” but what does it actually mean? Understanding your numbers can transform your business so today I’m sharing which numbers you need to know and how this knowledge can empower you to make strategic decisions and keep your business healthy.

    When I talk about knowing your numbers, I mean having a clear understanding of the financial aspects that matter to your specific business. It could be analysing your Facebook ad spend, monitoring your product levels, or examining your overall business financials. It really does depend on your unique business and the industry you’re in, but by knowing the numbers important to your business, you will gain valuable insights into your business's financial health and be able to make informed decisions. 

    To truly grasp the health and profitability of your business, there are key financial metrics that you should be familiar with. Firstly, revenue or sales. While revenue alone doesn't indicate profitability, it is the lifeblood of any business. Understanding where your revenue comes from and the various revenue streams you have is crucial. Next, expenses, both fixed and variable. Fixed expenses remain consistent, while variable expenses fluctuate based on your sales. By understanding these expenses, you can identify trends and make adjustments to ensure financial stability.

    One of the most important numbers you have to be across is your taxes. The two big taxes in Australia are GST (goods and services tax) and income tax. Staying on top of these numbers will ensure you have enough money set aside when it comes time to pay your bill. 

    While there are key financial metrics that apply to all businesses, it's important to tailor your focus to your industry and goals. Different industries have unique nuances, revenue streams, and expense structures. Therefore, it's crucial to identify the specific numbers that matter most to your business. 

    You don't need to be a financial expert to grasp these concepts. Through the right tools, resources, and training, you can equip yourself with the knowledge to embrace and utilise these numbers effectively. So, start your journey towards unlocking the power of knowing your numbers today and watch your business flourish!


    LINKS
    Previous episodes Mentioned:
    Understanding Your Fixed and Variable Spending

    Connect with Lisa Turner:
    Join the waitlist for The Bookkeeping Matters Blueprint here


    Instagram:     @accountedforyou
    Website:         https://accountedforyou.com.au/
     
    Join my Numbers List for small business news and fun, helpful tips here
    Grab some FREE Resources here
    Check out my blog here

    • 16 min

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