KRS Consulting Group

Numbers don't lie - Case Study in looking at the numbers.

Sun, 16 Mar 2025 00:00:15 GMT

The numbers don't lie - case study in understanding them

Understanding Your Business Numbers: A Simple Guide to Financial Clarity

Many people assume my business is successful because I have an innate skill for understanding numbers—true, but there's more to it than that…

I’ve worked with many businesses, and there are simple ways to quickly assess whether they're heading in the right direction or not.

Let me walk you through it with a case study in the construction industry of sole trader

This business is fictional but closely mirrors many of the situations I encounter in the businesses I work with.

The Problem

This business is struggling to pay its obligations to the ATO on time, having trouble with superannuation payments, and generally not affording the lifestyle the owner expects or deserves. So, let’s take a look at the numbers and see what they tell us…

Step 1: Checking the Basics

When I open the Xero file, the first thing I’m looking for is whether the data is up to date.

At this point, I'm not concerned with whether the data is correct—just that it's current.

If there’s any bank data that needs to be processed, it won’t be included in the reports I’m about to view.

Takeaway: Keep your data updated regularly to ensure your reports are accurate and reliable.

Always have the data updated to the date you are going to run reports to eg. If I am running reports 01/07/2024 to 28/02/2025 I need everything processed in Xero to 28/02/2025

Step 2: Reviewing the Accuracy of Data

Next, I review the data, especially if the client processes their own data (and not KRS).

I make sure all items are entered into the correct accounts. Bookkeeping is all about consistency and accuracy.

If you’re doing your own books and haven’t had your BAS reviewed and lodged by your bookkeeper/BAS Agent or accountant, it’s essential to ensure everything you’ve entered is correct.

Takeaway: Consider when your data was last checked for accuracy. If KRS handles your BAS, we review your figures quarterly for accuracy . Too many clients only have their data checked by their accountant when preparing tax - annually and months after the data is entered.

Step 3: Running Reports

Now that the data is entered and reasonably accurate, we can run some reports.

I start with a Profit and Loss report, usually adding the date and last year’s figures for comparison.

I can run this report on a cash basis (what’s been banked) or an accrual basis (what’s been invoiced/billed but not necessarily paid).

I highly recommend processing transactions regularly, as mentioned above!

Step 4: Analyzing the Numbers

Here’s where the fun begins.

Beyond just looking at the bottom-line profit (or in this case, loss), what should we focus on?

The first concern is the loss.

This is a sole trader—no wages to the owner as wages rather they get the profit , and instead of a profit, there’s a loss. Hmm why are there no $$?

To understand this result, I look at sales first. I compare the sales figure with the materials and subcontractors cost to determine the percentage. In this case, materials and subcontractors account for over 50% of the sales figure—that’s my first issue with these numbers.

Next, I look at wages and wages-on-costs (super, workcover, leave plus, etc.). These expenses are 40% of sales.

So, right off the bat, we see a problem. Direct costs—materials, subcontractors, and wages—are taking up 90% of the sales, leaving only 10% for all other expenses. Most businesses also have additional costs, like rent, to consider. So these % are too high for those sales to sustain this business.

Step 5: Expanding the Review

Where do we go from here?

This is where I also look at the balance sheet in conjunction with the P&L. The balance sheet tells me "where" the cash is—or was.

Is it in the bank? Not in this case.

Has it been used to pay off liabilities like car loans? Also, not in this case.

A key area to check is drawings—has the owner taken money out of the business?

And what about debtors—are clients owing money?

To keep this example simple, here are the key questions based on a quick 5-minute review:

Timing Differences: In the construction industry, it’s common for work to be done and costs logged, but not billed to the client yet. Is this the case here? Are sales missing because invoices haven’t been sent? Is invoicing being done regularly or are clients getting 'free credit' ?
Wages: Are wages too high ie is the business overstaffed?
Materials: Are materials being ordered accurately, with no waste ie over ordering , and are the prices from suppliers correct? Could we do better deals on price?
Sales Pricing: Is the business pricing correctly, or are they undercharging for their services?
Indirect Expenses: Are there unnecessary expenses that can be trimmed? A good place to start is reviewing every expense category eg subscriptions one by one to trim any fat. Use the P and L to see this.
Debtors: If a lot is owed to the business, why? If not much is owed, where is the Work in Progress (WIP)—i.e., what’s in the pipeline?

Step 6: Next Steps and Solutions

When was the last time your accountant reviewed your business data?

If it’s been a while, it might be time for a strategic planning session to get you back on track.

The Takeaway: Fixing Cash Flow Issues

There are a number of levers you can pull in business to address cash flow issues.

Numbers do not lie.

Each situation is unique, and for this example, I’ve simplified the key issues to encourage you to take a close look at your own numbers and seek advice.

Often, the first instinctive reaction is to increase prices. But that’s not always the best or only solution.

While increasing revenue—“growing the pie”—is helpful, it’s not effective if the business is leaking cash through other channels (like excessive costs or inefficiencies). It’s about managing the 'pie' and making sure the slices aren’t too big.

At KRS Consulting Group, we’re passionate about the numbers. Our goal is to help you gain confidence in your business’s financials and empower you to seek the right advice so that your business doesn’t just survive—it thrives.

Note : " If KRS handles your BAS, we review your figures quarterly for accuracy" This does not extend to the above review rather it ensures your figures are accurate and up to date enabling this review. This article is designed to prompt you to manage your numbers.

What gets measured gets done

Sun, 18 Jun 2023 03:56:25 GMT

The power of measurement

Like a lot of people do early after News Years comes around – I joined the gym. Rather re joined.

I never really left – just changed tack after Covid.

What’s interesting about this gym is we wear Heart Monitors.

They track when we enter and leave the gym and during the session, our heart rate.

Each session has a different aim of trying to test endurance or strength and get our heart rates to a certain level and keep them there. There are big flashy screens to show everyone in the room who is at what level. There is no place to hide and no where to run. You either meet the goal as you are working/sweating enough or you don’t!

I love it !

The other day I forgot my Heart Monitor at home – too late to run back to get it.

I spent the whole session wondering whether I hit the targets or was working hard enough. You see I love measurement and numbers – I know – what a shocker!

I found the fact I am being measured pushes me to hit my targets and go home satisfied I am working optimally.

When I am not measured I either over extend (usually push it too far) or I don’t get the workout I want and go home feeling like I could have given more.

The same can be said in business.

Measurement of your numbers is critical to understanding if your business is performing where it should be.

Far too many business owners get up each day and judge this like this :

“There is money in the bank and I have enough to pay the bills so I'm doing ok”

Whilst from a basic level this is true – better measurement would deep dive into whether these statements are really accurate.

Let’s unpack those concepts a little

Money in the bank

How much money should be there ?

Lots of business advisors will say that you should have 3 months worth of your expenses in cash as backup. Solid plan.

Realistic ? Maybe not for all but it is a start.

This concept is about the unforeseen quick and dirty problems of cash flow – a staff member leaves and has a payout, a piece of equipment or vehicle dies or needs major repair, you get sick and cannot run the business etc etc. Your business should be able to sustain a short term dip and not cause it to spiral to trading in solvently.

So how do you know what to provision ?

I personally use a system called Profit First – there is book and try googling it as I am not going to get into detail here.

Each week I transfer monies to other bank accounts to provision. The most basic way you can start this is open an Online Business Saver (all banks have these) and move your GST money to this account. If you have employees- move their PAYG W tax and super also. The GST is not your money – you are a tax collector and it will be paid to the ATO on your BAS.

If you want to extend this concept – think about income tax. This is the tax you pay on your income/profits. Often as your Tax Return can be done many months after you have earned this money – this is forgotten about. If I had a dollar for every client that said “But I have already paid my BAS!” BAS will include lots of different taxes – GST being the main one – for others who employ it includes PAYG Withheld from employees (ie the employees tax) and for some PAYG Instalment (a pre payment to their Income tax) but not all. If you do not have an instalment – you have not paid in advance. I encourage you to contact your Tax Agent/Accountant and get an estimate and provision for income tax!

It is also wise to give yourself a personal budget of what you will take from the business monies and how much you need to leave for bills. Far too often we see business owners use their business bank accounts as an account to fund themselves in dribs and drabs paying for daily expenses – rather than setting a stable amount to take and use – holding them accountable to the budget. Not all business owners will be in payroll and have a set wage to take but if you draw bits and pieces it is much harder to keep yourself to a figure of spending. Any money you take from the business bank has an affect on how the Tax Agent/Accountant treats this at year end. Speak to them about the implications and review what you take out of the kitty.

What have you measured to assure you this is correct? What does 'ok' look like?

You need to run some reports and get some solid evidence around how much you should keep aside for materials, utilities, rent, car expenses, wages and wages on costs like super.

These will fluctuate so don’t make this measurement too hard – use round numbers and rough percentages to get started – you can always tweak later.

Running a Profit and Loss report and adding comparisons to prior months/years can help you establish patterns and trends to determine these numbers.

Is it time to do a Business Budget ? This sounds complicated but it really isn’t. A budget is really just another word for a plan – what you want to aim to spend or earn– then you can measure it to what you actually spend or earn.

In Xero you can add the budget and then at end of month run a Budget Variance to see how you did - whether you are meeting or exceeding(!) that budget.

Have a monthly business meeting with yourself to keep yourself accountable - run some reports, grab a coffee and review.

So what is measured gets done - since Feb and I have improved my health and fitness to the position that I can now deadlift 100kg (way more than my body weight!!!). This has only come about through persistence, pain and measurement. And I have not forgotten my heart monitor once since that fateful day!

Happy end of financial year!

Single Touch Payroll 2 (STP2) - what is it and what to do now ?

Mon, 09 Jan 2023 21:15:27 GMT

DEADLINE for Xero clients is 31/03/2023

What is Single Touch Payroll Phase 2?

The expansion of STP, also known as STP Phase 2, reduces the reporting burden for employers who need to report information about their employees to multiple government agencies.

It helps Services Australia’s customers, who may be your employees, get the right payment at the right time.

Benefits of STP Phase 2

Benefits for employers

The ATO will use the STP Phase 2 information to streamline employer interactions. For example:

• You'll no longer have to send the ATO your employees' tax file number (TFN) declarations. Your employees will provide it to you, and you'll need to keep it with your employee records.

The ATO will also share payroll information you report to us in near real-time with Services Australia. They'll use it to streamline requests:

• for you to provide or confirm employment and payroll information about your employees

• from your employees to provide employment and payroll information such as pay slips for prior periods.

You may no longer need to provide separation certificates when your employees leave.

The date and reason an employee leaves will be in your STP report.

You can also voluntarily report child support deductions or garnishees (or both) through STP.

This reduces the need to send separate remittance advices to the Child Support Registrar.

Benefits for employees

Some changes under Phase 2 help the ATO streamline interactions for employees, such as:

Making it easier for employees at tax time now the ATO have better visibility of the types of income received and where it should be pre-filled on their individual income tax return.

Over time, the new information reported will allow the ATO to tell employees if they've provided you with incorrect information that may lead to them getting a tax bill. For example, where an employee hasn’t notified you that they have a study and training support loan.

The ATO will also share STP information with Services Australia so they can streamline interactions with their customers.

Over time, they'll use STP data to improve their services by:

• pre-filling details they already know – saving their customers time filling out claims and reports

• reducing how often they'll need to contact customers – STP will give them some information that they currently need to confirm by phone or online

• streamlining claims – their customers won’t need to supply as many documents
• enhancing Family Tax Benefit processes – by sending SMS and email messages to their customers when
• STP data shows their family income estimate may be too low
• they have a new job
• their employment has changed.

• helping them pay their customers the right amount

• using STP information to improve the customer experience if a customer has debt to pay. STP information allows Services Australia to understand their customers’ recent employment and income history – this helps them assist customers to repay any money owed.

Key changes

Most of the additional information you need to report should already be captured in your current payroll software.

The key changes to the STP report include:

• Disaggregation of gross

• Employment and taxation conditions

• Income types

• Country codes

• Child support

• Business Management Software IDs and Payroll IDs

Disaggregation of gross

Your STP report currently includes a gross amount.

This is the total of many different components and payment types.

Because some of these are treated differently for social security purposes, you will now need to report more detail.

Employment and taxation conditions

There are many factors that influence how you manage your employees in your payroll.

These include:

• their employment basis

• the information on their TFN declaration

• details of when and why they leave.

You currently provide this information in different ways and on different forms.

Phase 2 streamlines this process by including the information in your STP report.

Income types

You already tell the ATO about the type of income your employees receive in your STP report.

The reporting of income types introduced in Phase 2:

• identifies payments you make to your employees with specific tax consequences

• makes it easier for them to complete their individual income tax return

• helps the ATO identify where you are using a concessional reporting arrangement.

Country codes

Sometimes you'll need to report a country code .

For example, if you make a payment to an Australian resident working overseas, you'll need to provide information about the host country.

Child support

You'll have the option to include child support garnishees and deductions in your STP report.

This will reduce the need to give separate remittance advices to the Child Support Registrar.

This is optional and not all STP-enabled solutions will offer this functionality.

Business Management Software IDs and Payroll IDs

You may have the option to provide the ATO with previous Business Management Software IDs and Payroll IDs in your STP report. This might occur when you've changed your business structure or changed software and can't zero out or finalise previous records.

Providing this information will help the ATO reduce and fix issues with duplicate income statements for employees in ATO online services.

This is optional and not all STP-enabled solutions will offer this functionality.

What to do now ?

The Software (Xero) needs to be comprehensively reviewed in Payroll set up and configured (mapped) to allow you to be compliant under STP 2 rules - KRS will be providing this service to our clients to assist them in the transition.

Watch this space for more information !

New Year - New KRS

Mon, 02 Jan 2023 06:03:56 GMT

Happy New Year !

We return to usual programming…….

I have absented myself for a while – lots of reasons and too many to mention here.

The pandemic caused us much stress but also some amazing opportunities and through the 2 years of the pandemic (2020 and 2021) and the year of regrouping afterward (2022) – things had to stop – for me, writing this blog was one of them.

On a personal front - we bought a new home – we moved out of Torquay after 22 years. Big changes - Huge.

KRS sold the office and started the new adventure of looking for a new office. More on this to come ....

We grew, we retracted, we hired, we regrouped.

The 3 years have been a blessing and a huge learning curve.

When I reflect - I often look at the picture above - a rainbow where I saw both ends - start to finish - that I took on my own camera and was able, in the moment, to look beyond the lense and see it in my own frame - right here at Torquay beach in my home town .

It makes me think about beginnings and ends and the magic in between. Like a sort of mediation for my brain.

A New Year brings a new beginning - so here we go with a few top tips to kick off 2023

Book of the month :

The One Page Financial Plan by Carl Richards

Although American – this short book provides information that is translatable to us here in Oz.

If you are scared of the word ‘financial planning’ or simply think you do not have time to create a financial plan – this book is for you.

I stumbled onto it after trying to load up some audiobooks for a recent trip I undertook.

It is no nonsense Financial Plan from a Financial Planner who failed and learnt how to succeed in advising his clients how to write a 1 page financial plan. If you are not a reader - get it on audiobook and put it on in the car!

Xero Tip of the month :

Save time with the inbuilt calculator

Many users do not know about this tool when they are using Xero accounting software.

Xero has an inbuilt calculator that allows you to perform basic math functions directly in certain fields.

Using this calculator decreases the chance of an entry error, not to mention it saves you time looking for another calculator to use for simple arithmetic operations.

The inbuilt calculator has addition, subtraction, multiplication, division and group functionality. To use it, just type in an equation — like 15 * 1.12 — right into a field.

Press enter or tab and Xero calculates the result.

I use it a lot in invoicing when adding 2 numbers together into 1 line

HINT - * is multiply / is divide + and - are add and subtract

Inspiring quick video of the month :

Are you feeling busy ALL the time ? We need to stop to be able to move forward in a strategic manner - don't believe me ? Listen to this quick TED talk on why we feel so busy all the time !

https://www.ted.com/talks/dorie_clark_the_real_reason_you_feel_so_busy_and_what_to_do_about_it

So let's kick 2023 off with a bang !

Checklist for Employers for End of Year

Sun, 13 Jun 2021 21:32:06 GMT

Time to review and tick off the list....

As a bookkeeper - I love a good list ,

I don't always like what is on the list but inevitably I love to tick it off

that I saw it,
considered it and
perhaps did it !

This is my HIGH level brain dump of what I review annually - I am not defining or explaining every term or whether it applies to your business - rather I am sharing some commonalities in approach to what we should be considering for end of year.

Choose the advice that is right for your individual circumstance.

Here is my go to list for end of year :

Single Touch Payroll (STP) - ensure you are opted in, reporting and filing to ATO each pay run in the software.

Pay as you Go Withholding (PAYG W) - check the employees tax that has been with held is being remitted to the ATO (via BAS statements ) IF KRS preps your BAS - we check this for you.

Reportable Fringe Benefits - if you don't know if you have these or what to do - your accountant will be preparing any Fringe Benefits returns so consult them about this.

Superannuation - simply put - make sure you have lodged and paid the 9.5% super guarantee that applies to your employees by the due dates. If you are making personal contributions to your super (outside payroll) ensure you consult your accountant or financial planner about the thresholds and limits.

Superannuation Salary Sacrifice - if you have employees making contributions under these arrangements - ensure that they are set up under payroll correctly and paid. This is the employees money that they have chosen to send to their super fund so it belongs to them and needs to be paid on time.

Superannuation Choice - Use the Super Choice Forms to offer your employees their choice of super fund - if they do not make a choice you must ensure that you send their contributions to the Default fund - if this is not happening - ask us to assist.

Payroll Tax - affects the higher level payrolls - check that you are under the thresholds of State Based Payroll Tax - if you need to lodge and pay payroll tax - we can assist you however check here as to the thresholds https://www.sro.vic.gov.au/payroll-tax-current-rates

Workcover - so many employers just pay the bill as it arrives and do not check the wages estimates and actual numbers. The premium is calculated on your provided estimate and the actuals should be declared each year to update the calculation. This is such a forgotten task. Please review

Employee v Contractor - another black hole - lots of contractors are really in fact employees for the purposes of Super, Tax and Workcover. Use the ATO decision maker tool on the ATO website to accurately review the status of the existing contract arrangements.

Taxable Payments Annual Report (TPAR) - affects only certain industries and certain types of activities BUT the key takeaway here is you need to ensure you have ABN and address of all reportable contractors - at this time of year we see so many invalid and fake ABN's for contractors who are no longer engaged by the business. This is a real problem when we try to complete the TPAR report to ATO .

Use ABN look up tool to check validity of the contractors when they commence.

Entitlement Balances of leave for employees - are the calculations correct ? - run a report to check if any employees are holding excessive leave balances. Correct any mistakes in leave allocation. When an employee leaves employment this can be an expensive pay out - be prepared.

Payslips - are you sending compliant payslips ? - check the Fair Work site as to what is required to be on a payslip

On boarding procedures for new employees - 'the fish rots at the head" - when an employee starts, are you ensuring you get the appropriate information on the correct forms from the very beginning ? This will set you up for success. KRS can provide you with a 'live' link to our best practice onboarding docs - just drop us an email to request the link and password.

Awards and rates of pay When was the last review ? Are you paying under the correct Award and rates? Have you checked for the annual increase ? Huge implications for getting this small detail incorrect - review Fair Work's website to check the applicable Award.

After getting to the bottom of this list - being an employer might just seem so much harder than first thought!

Don't despair - that's why you engage the correct professionals get their advice.

I liken it to a Bus - the business is the 'bus' and now is the perfect time to ensure all the right people are on the 'bus' and sitting the the correct 'seats'.

KRS sit on lots of 'buses' and we also liaise with other 'passengers' like your accountant and financial planner to ensure mutual success. TOOT TOOT !

Oh and Happy end of Financial Year everyone - may your books be balanced and your results merry !

Taking care of business

Sun, 14 Mar 2021 22:26:05 GMT

So the new year is a distant memory and the kids are back at school.... time to... 'take care of business' and ensure the foundations are set in stone.

Time to tick off what you have 'nailed' and what needs some work - here is our guide to the basics.

Get the core bookkeeping under control

Day to day data entry - if you need training - book it !
Is your Xero file set up correctly - do you need a Welfare check by KRS ?
BAS compliance - lodge on TIME - engage a professional if it is all too much - this deadline becomes their responsibility.
Pay your self and your employees - no one should work for free - ensure the business is paying it's way.

Consider the extensions to the basics

Accounts Receivable management - do you need assistance to get paid by your customers ?
Accounts Payable management - are the bills being paid on time - can you get better terms and discounts ?
Payroll liabilities - is the super up to date ? (use Xero Auto super to get this done!) Do you have a current work cover policy ?
Wages rates - are they correct ?
Provisioning - do you set aside the money for tax and GST each week/month ? Do you need advice on how much?

Review and reconcile

Have a budget for the business or at least some earnings targets - enter this into Xero and review to your actuals.
Check the bank is balancing (KRS does this for our clients at end of quarter).
Check the coding of GST items to ensure you are NOT over or under claiming (KRS does this for our clients at end of quarter).

Once you have nailed the basics - Strategic planning need not be scary.

It keeps you accountable, motivates and documents your progress. It allows you to evaluate results and make decisions on FACT not assumptions.

To truly assist you in cashflow and planning - we need the basics nailed.

If the 'bubbacino' of bookkeeping has no froth then we can never make a double shot latte successfully !

No two businesses are the same and hiring a professional to assist you, gives you freedom to concentrate on your business.

A little story ....meet Mike .....he has been in a few successful businesses but ......

he recently wanted to 'go the next level' and get a budget put in Xero. After a great consult - we were able to set and enter a budget in Xero and also re design his reports so all his common accounts were grouped so he could easily compare month to month where the money was coming IN and going OUT.

Now he will measure his progress regularly and be able to take action if the numbers indicate changes.

If there is one thing we all learnt from navigating Co Vid 19 - it was the need to pivot quickly and with little pain.

Nail the basics
Ensure you smash your compliance
Take it to the next level

It's been a CoVid kind of year

Tue, 15 Dec 2020 18:06:31 GMT

What Covid changed for us in 2020 - a reflection

Before I start - this is NOT one of those posts that is all "woe betide me, my life sucks" about the world wide Pandemic that upended our world - this is a reflection of how far we have come and what we did to ensure business survival.

We tore up the rule book, embraced our flaws and damn well tried everything until we sorted out what we needed to do. We have survived - thrived and even made huge changes to how we move forward.

This is our story....

I first heard of this little virus causing issues in China in late Dec, listened keenly to the news in Jan and when off on a mini break in Feb - started to think - "gee this could affect us? Perhaps I need to make some changes." Understatement of 2020!

I called it early - way before lock down - face to face appointments were stopped - Zoom online meetings became our new friend. Some people thought we were over reacting but my gut told me this was not a mere blip on the radar - this was going to be a huge thing. Little did I really know....

Soon - over night staff are being segregated, deployed to different offices, working from home - many a computer screen, scanner and printer was hoisted into the back seat of the Fiat 500 and zoomed off to another location.

The phones were diverted and new message services engaged and deployed. Security protocols and access re written overnight and an existing CLOUD based operation was operational in multi sites. Exhausting infrastructure changes and checking staff welfare became the new normal.

Then the work from home mandate hit - schools sent children home and the words 'family friendly' office took on a whole new meaning.

In the mean time I felt like a tennis player - batting balls back over the net every which way - never feeling that my serve was 'in' or I could manage that sneaky drop shot - life was one big rally.

I was crabby, exhausted, didn't exercise for days, constantly at my computer and up all night learning Job keeper - devising workflows and forms to manage the onslaught of work from financially stressed businesses needing our help.

So enough about the pain - I think you get the picture and many of you had similar challenges in your business - what did we learn and how will we move forward ?

For an existing online cloud based business - we needed to ramp it up - we already had some of these cool tools but they were under utilised and over night we baked them into our business DNA

Online Payment Gateways

We needed to ensure cash coming in the door to keep ourselves afloat - we already used an online link on our invoices where you can pay by credit card - but we deployed better use of another system we had where clients could pay in instalments, up front on acceptance of new services and also direct debit not just credit card. Rethinking how you get paid is crucial in tough times

Think about how easy or difficult you are to get your customers to pay you?

Zoom - client meetings could be booked on line - we found this a better experience from a teaching point of view as screen shots and recordings were better utilised than notes and clients could 'drive' while we took control of the wheel only when the car was veering out of it's lane. From a time perspective - clients and KRS were on time and laser focussed using Zoom. As many schools and other community groups were using Zoom too - we found the client learning was quick and uptake was great.

Think about how you can deliver your service differently

Online bookings - we already used Calendly for online appointments but enhanced it's use in ensuring clients could select a time that suited them and what problem they were dealing with. We were able to curate the appointment types to better cater for clients needs.

Think about what problem your clients are trying to solve using your solution

Phone answering service - Virtual Reception - borne out of sheer necessity given the multi temporary office situation. To be honest I had shied away from these sorts of services due to cost and fears of it being not seen as a personal touch - nothing could be further from the truth. Accurate messages taken with complete details - saved in an email format has meant we are quicker to respond to client queries and document actions taken . I can also send messages to team to share the load.

Re think traditional solutions you may have rejected in the past - they may make sense now

Delete - Defer - Delegate - more so than ever, we had to stop doing the things that were no longer crucial (delete), re organise our work priorities (defer) and pull as a team (delegate). Some clients moved on - we just were not the right fit for them and that was ok . They had to prioritise what was good for them. Equally we had to make tough decisions - every day I asked myself "Is this what I need to be doing right now?"

So what does CoVid normal look like for us ?

It's a work in progress that's for sure. It will evolve but basically we will not move back to the office in the traditional format.

Bookings and meetings will continue to be online and we will treat the office as a service office environment.

Open for appointments when we book them.

We are ready to rip into 2021 as 2020 was a year we would rather forget but as our clients we hope you have time to reflect on your challenges, embrace your mistakes and celebrate your growth in your business mindset.

Happy and Merry and Safe Christmas and a bright New Year - hopefully we are all well rested to tackle 2021 together.

The KRS office will close at NOON 22/12/2020 and re open 04/01/2021 for Job Keeper only

Full staff on deck 11/01/2021

Emergency ? Please email info@krscg.com.au

Do you want to access $1200 of funds for your digital business journey?

Mon, 23 Nov 2020 09:09:50 GMT

Victoria’s Small Business Digital Adaptation Program

The Small Business Digital Adaptation Program will run from 6 November 2020 to 30 June 2021.

Applications for purchase rebates of $1,200 to cover 12 months access to your chosen software product will be open from 1 December 2020 to 11.59pm on 31 March 2021, or until funds are exhausted.

While you’re welcome to spread the $1,200 across a number of subscriptions, you will only receive the one reimbursement.

Want to bundle your software?

Xero integrates with participating software providers, Shopify and Square, so you can fully digitise your business.

Are there any other eligibility criteria that I need to know about?

On the condition that you haven’t used the participating software before, you’ll be entitled to a reimbursement of $1,200 after buying a software subscription (see below for the full process and eligibility criteria).

All of which means that you’ll be eligible if you’re new to Xero’s online accounting software.

The $1,200 rebate can go towards the subscription to any of Xero's Starter, Standard or Premium plans.

In order to sign up for the program, you must :

1. Have held a valid ABN since 13 September 2019

2. Be registered for GST since 13 September 2020

3. Report sales of at least $75,000 in your annual tax return

4. Be a sole trader, micro business or small business

5. Operate your business in Victoria

6. Be registered with the responsible Federal or State regulator

7. Be a new customer to the product

8. Pay for the subscription yourself

So, how does this program work and what do I need to do?

1. Register for the Small Business Digital Adaptation Program on the program website https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-resilience-package/Small-Business-Digital-Adaptation-Program

2. Once registered click on the Xero logo, which will take you to Xero’s dedicated Small Business Digital Adaptation Program landing page.

3. Click the ‘Sign up’ button and fill out your business’ details to start a free 30 day trial.

4. When you’re ready or your trial expires, select the Xero plan that best meets your needs and enter your payment details.

5. You will be contacted one month after signing up through the program to ensure that your business has begun using the software.

6. Once you’ve confirmed continued use, you will receive a purchase rebate of $1,200 to cover 12 months access to your chosen product (The Victorian Government will pay within ten working days of receiving confirmation).

KRS Consulting Group is a Xero Gold Partner and we love setting clients up to succeed in their small business

Why not contact us and we can guide you through the journey into setting up Xero

and configuring it to help manage your small business ?

www.krscg.com.au

Email : info@krscg.com.au

Phone : 03 5243 0453

Cash Flow Fitness - let's get Physical !

Fri, 20 Nov 2020 03:45:46 GMT

2020 was so last year …..

Once we shake off CoVid - we need to look towards 2021 with an increased focus on business cash flow.

Job Keeper (extended to March 2021 for some businesses) , State Government Grants and indeed the cash flow boost will not be there in 2021 to support the income of the business.

So now more than ever it is time to get your Cash Flow Fitness in gear !

The ATO writes

“Cash flow problems continue to be a major issue for small businesses.

Research shows:

almost half of small businesses are under financial pressure within the first year, and this often increases into years two and three of business
60% of small businesses cease operating within their first three to four years
90% of small business failures are due to poor cash flow
small businesses who manage their cash flow effectively are more likely to succeed.

There is a lot to do when starting or running a business.

The financial and cash flow foundations are essential for business viability.”

So how do you achieve an understanding and TANGIBLE results regarding cash flow ?

KRS Consulting Group is building out a comprehensive Cash Flow Fitness Program - launching in late Jan 2021

We plan to collaborate with clients on exploring ways to monitor and improve cash flow. Along the way we plan to educate, inform and generally support the business as advisors.

If you are interested - click here to register

https://zfrmz.com/BvFEQVFkKNnF2tnRecol

In the meantime - here are are some ideas to get you thinking about your cash flow

The Four Key Questions

There are four simple questions that determine the cash flow health of your business. No matter how big a business is or what stage it is at, answering these Four Key Questions are the foundation to set you up to succeed.

1. Profit

Are you trading profitably?

2. Provisioning

Have you put enough aside to meet your regular financial commitments?

3. Liquidity

Does your business have enough to spend on yourself and pay others?

4. Meeting Goals

Is your business improving its financial position?

In the Cash Flow Fitness Program in 2021 - we will be exploring these key questions and more.

We will keep you updated with regular progress as the program launches!

Cash is KING - Let's start with BUDGETS

Sun, 19 Jul 2020 04:08:00 GMT

Time to get your budget set and entered.....let's GO !

Let's start looking to the future by looking at the past ......

So this week I started to execute my July plan.

I have spent the preceding weeks formulating that plan.

I read - a lot - and one of my go to books when thinking about changing cash flow and profitability is Mike Michalowicz’s Profit First.

Tip - if you are not much of a reader - sign up to Audible and get the audio book version - listen to it in your car or on a walk. More on this fabulous book in later blogs.

For me I also had to sit down and look at the year that was 2019/2020 and make some targets and plans.

I completed my data entry to 30/06 and ran a Profit and Loss and a Balance Sheet report.

I added a comparison column to compare previous financial years - side by side.

Then I grabbed a coffee and sat down and read the numbers. Yes ‘read’ the ‘numbers’.

I exported the reports to excel so I could add comments and notes.

I looked at reasons why income or expenses had increased/decreased -

Below are just some of the reasons you might consider as well :

Seasonal issues eg weather
Closure ie annual holidays
Change in circumstances eg CoVid 19 lockdown
Increase/decrease in staff
Addition of new products. To name a few !

I then added a column to set the budget for the Profit and Loss accounts - based on what had happened and what I predicted was possible - always checking the end result ie profit was where I wanted to be.

Setting budgets seems hard - it actually is quite easy - maintaining them is harder.

The budget is the plan - it is the guide to see if certain expenses or income are exceeding the plan or NOT performing - so you have an opportunity to change or guide spending or ramp up revenue in the right places.

No one has a crystal ball so don’t labour over this too long OR get micro in analysis - just get a budget in.

Too many people just procrastinate on this way too much - by failing to prepare - you are preparing to fail!

The very first budget I completed for my business was basic ( a little cringeworthy actually) but now each year I enter into Xero a comprehensive budget that I religiously review each month. To my actual numbers. To turn the levers and ensure I get the most from my business and hard effort.

Instead of putting 1 budget figure in and spreading it equally across all months - I also ensure I enter the expense relative to the month for complete accuracy - for example my accountant charges me annually so I have entered that expense in the month he usually charges rather than divide it by 12 and enter it monthly.

A little word about Balance Sheets - this report shows you where that profit or loss is

Is in money in the bank accounts ?
Spent on large equipment/vehicles?
Spent paying off loans/liabilities ?
Or drawn by you ?

The movement between the numbers in the balance sheet show you this. In Jerry MacGuire lingo "Show me the money!"

It is at this point you may decide to refine how you are classifying your expenses and income.

A word of warning - a lot of accountants and bookkeepers have put thought into this Chart of accounts and use certain accounts for your Tax Returns so perhaps draft your changes and run it by them first ! They will be please to collaborate and advise on this - they LOVE it when you want to talk about your numbers with them!

This will enable you to run reports to compare the budget to the actual figures

Once you have the budget on paper - time to enter it into Xero

https://tv.xero.com/detail/video/5131036429001/using-the-budget-manager-in-xero

That’s it - easy right ? Budget done !

Now to get onto the other cash flow changes I am making in my business in 2020/21 ...stay tuned

I am currently collaborating with some colleagues on a Crash Course in Cash Flow - more on that in the next few weeks

.....so be sure to check back in to come along the journey with me no one wants to walk alone !

Cash is KING - my journey to better cash flow

Wed, 08 Jul 2020 21:33:46 GMT

It's a new financial year - what better time to get the cashflow right...

So the recent Co Vid crisis has got me to thinking….

I have spent many days and hours speaking with clients and assisting them navigate the cash flow crisis that Covid brought to their businesses and lives.

A new normal and lots of new terms to understand .. ahem 'turnover' I am talking about you !

I realised that a lot of people do not understand enough about cashflow and how to measure and manage it.

Concepts that they should know they just haven’t had time to learn.

They have been busy managing their talent and selling their wares.

What we discovered on this journey was : most clients just don’t know where to start.

In times like these - money in the bank and food on the table become basic needs.

So I started to look at my business.

My books should be awesome, my cash flow should be balanced and my business ticking along. Well sort of……

I run a pretty tight ship BUT I realised that even I was guilty of not disciplining myself with my business money !

So I have to practice what I preach and start managing my cash flow better.

Here is where I am going to start ….. right here.

I am going to share with you my journey to great cash flow and hope that you might be able to take away some hints, tips and tricks to help you with your business.

A little disclaimer - I am not giving you financial advice - rather I am going to share with you my progress and what I am doing in the hope it helps YOU in your business.

I also am going to be brutally honest and open to share - I then DO NOT expect the trolls to come out ( honestly some people just have no idea of manners .)

So take this as it is and nothing more - I am not purporting to be an expert , rather a guide to find the right path for mutual success.

So onwards and upwards to Step1 …..

I’ll be posting each Friday or Monday (perhaps even over the weekend) my steps and progress

.....so be sure to check back in to come along the journey with me no one wants to walk alone !

What Covid 19 and JobKeeper taught me about my practice, my clients and the Bookkeeping Industry

Sun, 17 May 2020 21:50:39 GMT

Getting to the 'new normal'......

The past 9 weeks has been a hard climb.

I love a challenge but this pre end of financial year workout has tested the waters - uncharted waters of survival in both business and practice. A marathon I was not trained up for …

The learnings have been deep and will propel the practice to the next level.

I’d love to share them with you in the hope they resonate and have value to you.

Its times like these you need a plan…..

When CoVid 19 struck - like many, we faced some challenges.

Staff were deployed to work from all manner of offices and home offices
Data and equipment was moved and accessed differently
Staff working hours were altered
Self Isolation became a real prospect
Client pulled their work overnight as they were forced to close

We had no disaster plan for this particular situation

Luckily all our systems are online and secured by a secure portal for access

but we had to re write the rough plan - overnight

The lesson learnt is a Disaster plan is/should be a requirement for all businesses .

On the back of CoVid 19 - our business will brainstorm what events we could likely face - anything from a power blackout, internet downtime to a pandemic like CoVid 19 and put some structure in place to deal with the situation.

Like many businesses - I am the key office bearer and I realised pretty quickly that this made me the Drill Sergeant Major and general Fire Warden. At one stage I was wearing so many hats and juggling so many balls I felt like some sort of circus act! Not a good one!

Lesson learnt : Make a plan - even if the event surpasses anything in the plan - have some guides as to :

Staff working hours
Staff working outside the workplace
Opening Hours
Phone and email diversions
Return to work guides
There are so many more,,, gather the team and make a list!

In times like these the plan needs to sometimes change…..

No one foresaw the actual strictness of the restrictions placed on business or the personal mental health impact of isolation and change in our business and our clients.

The financial stress on clients was real!

Every good plan requires an ability to be adaptable and change as circumstances shift.

Case in point - Job Keeper - this subsidy program caused an initial 2 weeks of unfettered phone calls full of panicked and often excited clients all the while KRS undertaking hours of Webinars to get the details right and advise clients correctly. Even at times we were educating accountants and even the ATO on HOW their own system worked! Never mind the poor clients trying to wrack their brains around fortnights!

Half way through the “Job keeper apocalypse” as I have termed it - I threw the rule book out the window.

I was trying to communicate with as many clients as possible and ensure they received much needed Job Keeper funds and my usual methods and planned excel tracker just wasn’t working !

I reverted to the old fashioned notebook - pen and paper and I flew through the applications.

OK OK - there was a sexy spreadsheet behind it - but that came later - after the dust had settled.

I had to react quickly and accurately and my handy dandy notebook was a saviour.

I had a plan - but it wasn’t working - bulk emails to clients was not helping them understand the ATO rhetoric. So I reverted to 1 on 1 phone calls - yes this was super draining (hence the long days in the office ) but it was what my clients needed - they needed me to explain it.

Lesson learnt? Have a plan but be prepared to throw it away and pivot to another plan

In times like these you learn which team you are playing on

CoVid 19 brought with it - uncertainty and change - this perpetuated fear - both in staff and clients.

The past 9 weeks I have had many roles :

Counsellor
Defender
Protagonist
Guide

I have had to bark, cry, whinge, push and shove to get what staff, clients and the Practice needed.

I drew on some deep down resilience I thought I had lost over the past 2 years.

I also drew on my team.

I raised the bar of expectations and they met it

I dumped on them new concepts and they learnt it (JOB Keeper apocalypse anyone ?)

I also expected a lot of my clients

No more face to face meeting - learn Zoom - book online on Calendly.

There were some pretty steep learning curves for some and I am proud at the new way of working we have perfected. Ok - not all clients handled it well - but most gave it their best shot!

(I have some pretty cool shots on Zoom of people’s foreheads!)

I also discovered who really didn’t want to work with us

Those who saw us as an annoyance and a cost.

While on the most part - team and client relations were enhanced - there has been a revelation of who just isn’t the right fit for us.

CoVid 19 enabled us to say nicely “ Perhaps we are just not for you’

Lesson learnt - gather the team, don’t go it alone , if you work alone join a network or Facebook industry group so you have a virtual team.

In times like these you discover who barracks for the team

Job Keeper subsidy has assisted many businesses to survive CoVid 19. Throughout this journey of putting into practice a system the ATO designed overnight - we leaned on some incredible accountants who supported and actively cheered for us.

Never have we felt more in tune with what we offer business and where we sit in the Financial Industry Food Chain (and no - it is not at the bottom ! )

Often we are made to feel like ‘bottom feeders’ - as an industry that we are irrelevant as clients can ‘do it themselves’ or the software will. Certainly this profession has had its challenges for relevancy and worth over the journey.

I once sat next to a fellow Financial Industry Professional (not a bookkeeper) at a conference and he said “Hello, accountant or bookkeeper?” And I said “Bookkeeper” and he said “Not sure why you are here, your profession will be redundant in the next 5 years” Nice! Way to make friends! The rest of the story is interesting but I can’t repeat my response here (LOL) . Anyway…..that was 3 years ago so I guess I have 2 years left ?????

What CoVid 19 Stimulus measures and Job Keeper in particular did was re establish to clients and other industry professionals (read accountants) where we sit, what our skill set is and MOST importantly how we can compliment each others’ services to serve the clients better.

It’s important to have Cheerleaders in your business. People willing to back you up and spur you on.

Lesson learnt - never underestimate the cheerleaders - be that your bookkeeper, accountant, business network group or family.

So where to now ?

I am - guess what - currently devising a return to work plan.

We are embracing the new normal.

There will be changes afoot - some welcomed - some despised but it is what it is.

My Practice has changed forever - welcome to the new normal.

This time is is on MY terms!

Employees and HR during COVID 19

Fri, 03 Apr 2020 21:59:46 GMT

A word on Stand down v shut down and other HR matters ....

In challenging times we currently face in the workplace - take a moment to save this link below :

https://coronavirus.fairwork.gov.au/

Be guided by Fairwork Australia.
Subscribe to their updates https://www.fairwork.gov.au/website-information/staying-up-to-date/subscribe-to-email-updates

In emergency times there are provisions to manage your employees and potentially stand them down without pay.

There are certain criteria to satisfy :
You need to demonstrate a stoppage of work outside your control eg mandated government closure and show that the employees have no useful work to do.

Is a stand down the same as a shut down?

No, a stand down is different to a shut down. A shut down is when a business temporarily closes during slow periods of the year, such as Christmas and New Year. A shut down is also known as a close down.

Consider if this is a downturn in work v a stoppage of work.

Options :

The Employee can take a period of unpaid leave by agreement
The Employee can take paid leave they have accrued
There can be an agreed reduction of hours

If an employee is Stood Down - they can still access their paid leave entitlements.
Worth noting that Long Service Leave is a state based law and is not managed by Fairwork legislation - rather each State Law

How to communicate a Stand Down ?

Make the reason clear eg direction from government
Make it clear that the employees are still employed
Use the language of Stand Down and be descriptive about its length eg temporary measure.

Annual Leave

Check your Award to see the provisions for Directing an employee to take Annual Leave
Consider employees with excessive leave and again check the provisions in the Award regarding this.
If your Award is silent on these matters - ensure your request is reasonable

Can you manage the workplace with included flexibility of work ?

There are a range of flexible working arrangements that employers and employees can explore together that may suit their individual needs and circumstances. These include:

working from home
changing the number of hours an employee works
changing the start or finish times of employees' shifts
changing patterns of work, such as rostering arrangements
changing the type of work done by employees.

Flexibility in the workplace allows employers and employees to make arrangements about working conditions that suit them. Employers and employees need to consider and comply with any requirements under the Fair Work Act, an applicable award, enterprise agreement, employment contract or workplace policy.

Award Flexibility

Fairwork Commission has varied some Awards to include more flexibility

Awards currently varied

Find out more information on current variations:

Pandemic Leave and Annual Leave at 1/2 pay.

Proposed

On 1 April 2020, the Fair Work Commission issued a Statement outlining its intention to update 103 awards during the coronavirus pandemic. Read more at https://www.fwc.gov.au/documents/documents/awardmod/variations/2020/2020fwcfb1760.pdf

The proposed updates would provide:

an entitlement to unpaid pandemic leave
flexibility to take annual leave at half pay.

THIS IS NOT YET LAW - BUT IS EXPECTED TO BE PASSED INTO LEGISLATION - Wednesday 8 April 2020.

The Australian Prime Minister Scott Morrison recently said that this is our 'new normal'.

Our working lives are changed for ever as employees and employers navigate these new working arrangements.

Watch this space as we keep you updated on all the changes as they are made

**Note : This information is current as at 04/04/2020**

Government support for business

Wed, 18 Mar 2020 06:00:07 GMT

What is it - what it is not and what we understand

Stimulus Package - Support measures to assist those affected by COVID-19

Much has been said in the media and here is a summary - PLEASE NOTE this information may change and we keep you updated as details are confirmed - THIS IS WHAT WE UNDERSTAND NOW

All of these measures rely on March BAS being lodged as usual on time - please assist KRS in supplying information in a timely manner so we can lodge on time

Please read the information below and consider :

Key measures:

If you with hold from your employees pay (PAYGW) you will receive 50% of your PAYGW amount of your March PAYGW amount as a credit to your Integrated Client Statement account at the ATO - you are not necessarily receiving a cash refund - rather a credit onto your account - so when we lodge the March BAS and you owe PAYGW - 50% of this amount will be credited back to you.

ACTION : Supply information to KRS as usual by due dates so we can lodge as usual on time - then WHEN the ATO apply the credit your payment amount will reduce. WATCH THIS SPACE

Deferring by up to four months the payment date of amounts due through the business activity statement (BAS) - (including PAYG instalments), income tax assessments, fringe benefits tax assessments and excise

ACTION : Supply information to KRS as usual by due dates so we can lodge as usual on time - then you can access these measures by contacting your accountant or the ATO on

Allow businesses on a quarterly reporting cycle to opt into monthly GST reporting in order to get quicker access to GST refunds they may be entitled to

ACTION : ONLY if you regularly receive a GST refund on your quarterly BAS should you consider this - contact your accountant

Allowing businesses to vary Pay As You Go (PAYG) instalment amounts to zero for the March 2020 quarter. Businesses that vary their PAYG instalment to zero can also claim a refund for any instalments made for the September 2019 and December 2019 quartersACTION : If you have a PAYGI (Pay as you go instalment) - this applies to you - you need to contact your accountant and provide to us (via email) an instruction to vary to zero.

Remitting any interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities

ACTION :Supply information to KRS as usual by due dates so we can lodge as usual on time - then you can access these measures by contacting your accountant or the ATO

Working with affected businesses to help them pay their existing and ongoing tax liabilities by allowing them to enter into low interest payment plans.

ACTION : AFTER lodgement - you can contact the ATO to enter one of these payment plans - Supply information to KRS as usual by due dates so we can lodge as usual on time - then you can access these measures by contacting the ATO

Do you employee Apprentices ? And do you have less than 20 full time employees ? There is a subsidy available of 50% of the Apprentices’ wage. They must have signed a Training Agreement by 1/3/2020 and the wages subsidy will be 50% of the wage from 1/1/2020 to 30/9/2020 up to a maximum of $20000 for the period.

ACTION : This will need to be applied for - applications will start 1/4/2020 - refer below for more information

www.australianapprenticeships.gov.au

PROPOSED : Assets - there has been an increase to the limit of Instant Asset Write off (previously $30000) - this means you can purchase eligible assets (cars, equipment etc) up to $150000 (as long as your turnover is under $50million) and this may be treated as an expense - this is something you need to seek advice from your accountant before proceeding.
This limit will change as at 30/6/2020 back to $1000 per asset so important to consider the timing of any purchases.

ACTION : Assets must be purchased and installed for first use by 30/6/2020 - please consult your accountant prior to entering any finance or contract agreements - KRS will need Tax Invoices and Finance Contracts of all Asset purchases as per usual

PLEASE NOTE

Employers will still need to meet their ongoing super guarantee obligations for their employees. THERE IS NO CHANGE TO SUPER DEADLINES.

We expect to see a increase in the numbers of clients wanting March BAS completed early - given some of the measures have not passed Parliament and they will not be instant refunds - we STRONGLY suggest it is business as usual - provide the information as soon as possible to us to enable lodgement on time and then action as per above.

Now is a great time to have a pro active discussion with your accountant so you have a plan in place.

Watch this space and we will keep you informed!

Latest from ATO RE Coronavirus

Fri, 13 Mar 2020 05:51:12 GMT

What the ATO is offering ....Support measures to assist those affected by COVID-19

Here is the latest from the ATO :

"The Australian Taxation Office (ATO) will implement a series of administrative measures to assist Australians experiencing financial difficulty as a result of the COVID-19 outbreak.

Commissioner of Taxation Chris Jordan is encouraging businesses impacted by the coronavirus to get in touch with the ATO to discuss relief options.

“We know that many businesses and communities are being heavily affected by the challenging economic conditions created by the outbreak of COVID-19,” he said.

“The ATO will work shoulder-to-shoulder with businesses to assist them through this difficult period and do what we can to ease the pressure.

“Once you contact us, we’ll tailor a support plan for your needs and circumstances.

“Support measures could include deferral of some payments, quicker access to GST refunds, and options to enter low interest payment plans for existing or future tax debts.”

We understand this is a time of significant uncertainty and that we will need to be flexible in how we help businesses.

Options available to assist businesses impacted by COVID-19 include:

Deferring by up to four months the payment date of amounts due through the business activity statement (including PAYG instalments), income tax assessments, fringe benefits tax assessments and excise
Allow businesses on a quarterly reporting cycle to opt into monthly GST reporting in order to get quicker access to GST refunds they may be entitled to
Allowing businesses to vary Pay As You Go (PAYG) instalment amounts to zero for the March 2020 quarter. Businesses that vary their PAYG instalment to zero can also claim a refund for any instalments made for the September 2019 and December 2019 quarters
Remitting any interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities
Working with affected businesses to help them pay their existing and ongoing tax liabilities by allowing them to enter into low interest payment plans.

Employers will still need to meet their ongoing super guarantee obligations for their employees.

To make it easier for people to apply for relief we will be increasing our presence in the areas of highest impact. A temporary shopfront with staff specialising in assisting small business will be established in Cairns within the next few weeks. In addition, we will consider ways to enhance our presence in other significantly affected regions, making it easier for people to apply for relief. Additional temporary shopfronts and face-to-face options are currently under consideration.

We will also continue to work with the tax profession, other government agencies and local organisations to make sure other impacted communities are also supported during this time. We will ensure our services are tailored to the needs of the community and will work with taxpayers and their tax agents to tailor support to their individual circumstances.

Outside of business, the ATO will also work with individuals experiencing financial hardship, and their tax agents, and will apply appropriate tax relief measures for serious and exceptional circumstances, such as where people cannot pay for food or accommodation.

Unlike the bushfire relief measures, which applied automatically to particular geographic areas, assistance measures for those impacted by COVID-19 will not be automatically implemented.

Anyone impacted by COVID-19 is advised to contact the ATO to request assistance on our Emergency Support Infoline 1800 806 218 , when they are ready, to discuss their situation."

Not on board with Single Touch Payroll (STP) yet????

Tue, 17 Sep 2019 08:58:22 GMT

It's time - the 30 Sept soft deferral is approaching rapidly ...

Did you know that there are 3.9 million small businesses contributing over $380 billion to the Australian Economy each year ?

Chances are you are one of them !

There are approximately 800,000 businesses employing over 3 million people ....

So you may have heard of Single Touch Payroll (STP) - an ATO requirement that has real time reporting on/when payments happen.

This does NOT mean a change to your obligations as an Employer under Fairwork legislation or Superannuation Guarantee provisions - instead it is designed to streamline the reporting process and provide visibility over your payroll.

There is a $2.8 billion superannuation guarantee gap - that is a lot of super NOT being paid.

Basically under STP Guidelines - the payroll you pay your employees is reported to the ATO when you pay them - not just at end of payroll year.

In addition - super information on what is owed is also reported.

This system has been in place for larger employers for some time now and 01/07/19 smaller employers with less than 19 employees must consider HOW they are going to report this information.

Good news - if you already use computerised accounting software - chances are - it is compliant

Here at KRS Consulting Group - we use and recommend Xero https://www.xero.com/au/why-xero/benefits/online-accounting/

The reasons are simple :

Xero can manage payroll calculations
Xero is STP ready
Xero can collate the data required by the ATO including superannuation
Xero can send this data to the ATO to ensure you comply with STP

There is a low cost Xero payroll solution available for $10 per month (currently 50% off for 6 months) - at $5 a month - that's the price of a coffee for automation, compliance and peace of mind.

BUT - payroll is a complex area of many laws intersecting and here at KRS Consulting Group - we see this as an opportunity to check in that you are meeting your obligations and have a best practice payroll set up. Mistakes in payroll can be costly so it pays to get the right advice.

After 30 Sept - you need to qualify for an exemption, deferral or concession to avoid being non compliant with STP.
If you employ you need to act now to ensure you have the appropriate measure in place.

Unsure what to do next ?

Be guided by your Tax Agent, Accountant, Bookkeeper or BAS Agent - they deal with the ATO regularly and will know what is right for your business !

Audit - is NOT a dirty word

Thu, 22 Aug 2019 02:53:16 GMT

What do you do when the ATO comes calling ? Panic, run ? Or just DO IT !

Last week I had the absolute privilege of sitting in on an ATO Audit of a client - I was invited to attend by the accountant and what I witnessed has got me to thinking...

We live in a self assessment regime - when the ATO comes knocking ....how do you know what to do ?
Are your tax affairs in order - who offers the correct assurance and support?

Your bookkeeper and accountant - that's who !

Before I share the scary story of the audit - fascinating stuff - let's break it down and discover what actually happens and how you can be best prepared.

1. Have an awesome set of books

Reconciled accounts - accurate and concise will impress the ATO - use a bookkeeper if you are unsure - if you do the books yourself - maybe engage a bookkeeper to do a 'welfare check' of your processes pre audit so you know your weaknesses and can promote your strengths to the Auditor.

2. Review your compliance history

Do you lodge on time ? Do you pay on time ?
If not - why ? What are the roadblocks to this ?
Are you time poor? Might be time to outsource this function (bookkeeper or accountant)
Is your cash flow messy ? Time to get tips and tricks from the experts (ahem - bookkeeper and accountant) on nailing this
The ATO look kindly on a good compliance history.
When the audit day comes - this can be a great asset

3. Audit Insurance

Having the right advice and support is crucial - but everyone's time is valuable - consider the investment in Audit Insurance to pay for peace of mind to cover your accountant and bookkeeper's fees

4. Be Prepared (Boy Scouts Motto)

Look at the Audit period = review the Audit letter - have documents in a concise, orderly manner
Show the ATO you take this seriously and have systems and processes in place to ensure compliance
Often they will ask for a sample of documents- have them on hand - this demonstrates commitment and transparency that they will respect

5. Have a team meeting

Pre audit meeting - meet with your accountant and/or bookkeeper to 'review the play'
Often they have been through these meetings before and know what to expect
They are not the tax payer so they can take an unemotive analytical role in your support offsetting your emotion

So ...now to the actual story of what happened - grab a latte and sit back ...its a doozy ...

Client engaged a subby.

Subby complained to ATO that they were not paid superannuation.

What resulted was an audit that encompassed :

GST
Fringe Benefits Tax (FBT) - private motor vehicle usage extensively looked at
Superannuation obligations
Contractors
Payg
Wage rates

It resulted after a 4 hour meeting with 2 A4 pages of follow up questions !

Do you have the confidence in your data that you can survive AUDIT ?

PS Loved the fact that the ATO spent the first 10 minutes congratulating the client for WONDERFUL compliance and engaging the right team !

Single Touch Payroll (STP) - debunking the myths - let's get the truth

Sun, 02 Jun 2019 08:23:34 GMT

Don't be scared - be informed

Single Touch Payroll - debunking the myths and getting the real deal !

Recently I sat in on an amazing presentation on all things STP - so let’s get down to the nitty gritty -

what is it and how will it affect your business?

Under Single Touch Payroll - (hereafter referred to as STP)the ATO will get :

Real time data over payroll and st reamlined reporting this will in turn lead to.....

A level playing field preventing end of year surprises and most importantly will seek to protect Superannuation Guarantee entitlements of employees.

Over 111000 employers are currently reporting with this figure increasing daily.

Over 7 million employees can now see their payroll information in their My Gov accounts !

Employees can also take advantage of the Employee Commencement services - this pre fills a Tax File Number Declaration and Super Choice Form - that employees can then send to new employers. More information here :

https://www.ato.gov.au/Business/Single-Touch-Payroll/About-Single-Touch-Payroll/Onboarding-a-new-employee/

So what trends are the ATO already seeing in the data ?

Incorrect employee information eg incorrect TFN

STP data not being submitted after pay day

Anomalies with Software ID’s (more on this later)

End of Financial Year set to change

The biggest change by far is NO more Group Certificates/Payment Summaries - instead the ATO will generate this information in a new form called an ‘ Income statement ” . Don’t worry KRS Consulting Group will still be balancing the liabilities and payroll, advising your numbers for Workcover Declarations and providing you with information to send to your employees - our role just changes at the final stage.

Rest assured we will guide you as usual through the entire process.

The new process is called Finalisation

The due date this year is 31/07/19 - no not 14/07/19to provide to the employees or 14/08/19 to provide to the ATO - just in the middle .

( Oh unless you have any businesses of over 20 employees who had to report in STP from 1 July 2018 - their due date for finalisation is still 14 July!)

Don’t get comfortable - this is for one year only ! Again - we as always will manage this deadline.

Once we finalise - the employee can view their information in their My Gov account with a status of “ Tax Ready ”. So it is REALLY REALLY important we balance before we finalise - leave it to us - we have got your back.

The ATO will then make the information also available to Tax Agents for pre fill into Tax Returns SO if your employees do not have a My Gov account and they use a Tax Agent - they are still covered - just no more emailing pieces of paper.

Yes I know employees do not believe that it is done unless they receive the magical piece of paper - but these are digital times - and we are All moving with them - that’s why KRS Consulting Group will send you communications to send to your employees to eliminate confusion and provide certainty around the process.

So what do you need to do ?

All of my current clients use STP ready software - over 50% of these clients have opted into STP already - well done - do nothing !

Just file your pay runs and we will take care of the rest as we usually do.

If you have not yet opted in and are using compliant software eg Xero, Quickbooks online - action our instructions and Opt in NOW to be STP ready.

If you are not a client of KRS and do not have STP ready software - here are your options :

Select a low/no cost reporting solution for $10 or less per month - we use and recommend Xero Payroll only at $10 per month - we can set it all up for you !

Take advantage of Deferrals and exemptions - (if they apply to you) -BUT unless you are really stuck for internet coverage - why delay the inevitable - find a solution now - however if you need it - these deferrals exist - contact your Tax Agent to discuss

Quarterly reporting when you complete your BAS - only if 1 to 4 employees - NOTE this can only be accessed through a Tax or BAS Agent - you cannot take this option as a business owner without using an Agent - basically we will lodge the STP information at the time of doing the BAS - this will be a separate lodgement and incur a separate cost.

Additionally this is only available until 30/06/21 - so the overall compliance obligation does not magically disappear - just delayed.

Also - we need to use a STP enabled software anyway to do this - so again - why delay ??

Penalties and Fines - there will of course be an amnesty period - but make no mistake - this is Tax Law and the ATO will begin to police the lodgements and issue failure to lodge notices and fines.

Closely held payees - these are the ‘Mum and Dad’ type wages - special situations will apply - we will advise as we get closer to implementation date - watch this space !

STP is coming - in the short term creating a ‘change headache’ will minimise our paperwork and digitise your data

So grab a seat - buckle up and let’s do this !

For more information or to get an STP enabled software solution - contact us at KRS Consulting Group

info@krscg.com.au

Ph (03) 5243 0453

www.krscg.com.au

Bullies are not bull dogs

Thu, 28 Mar 2019 10:38:39 GMT

Bulldogs look like this...but bullies do not ...

I will give you fair warning that this piece contains a bit dose of cautionary tale and an extreme lack of optimism.

Mostly what I like to write about topics that share my positive business outlook and learnings but this post is unashamedly designed to get something off my chest.

The past year has been extremely tough to be me.

Don’t get me wrong - I am not sitting here feeling sorry for myself - I wish what has happened to my business never took place. However it did happen and my reaction to it is now what I have to contend with.

I found myself placed in a situation where my business, my integrity and my competency were called into question - publicly and by a person who, by design, intended to intimidate and bully me into submission. This person is not and was never a client. They decided to attack my credibility and business without warning and regard for what I do.

Their motives ? I have my ideas on this but I do not want to speculate about that - this is no longer about them - it is about my reaction to this problem they created - instead I want to share the affect it had on me and my life.

Apart from my real babies (who are now kiddults) and my fur babies - my business is my other baby. It is something I have grown from nothing. Nothing.

No office, no staff, no computers, nothing - just me, my skills and education.

So you build a business - systems, processes, policies, methods and you work damn hard. The late nights, early mornings, weekends. You do whatever it takes to make it work.

When you reach a point where you see your version of success - the hard work is all worth it.

Now imagine - out of nowhere - someone decided to tell others that you lack integrity. But they don’t just whisper it - they make sure it is said loudly and publicly and just to rub your nose in it - behind you back. They just make sure it is said to the right people who you happen to work with in your industry. They make sure they throw the grenade from a distance. They smirk at you when they see your distress. They actively push the knife in deeper.

Bear in mind this person - is not a client, has never interacted with you professionally and has no idea that they have effectively just placed your business in crisis. They don’t care that you are an employer - they don’t care that other livelihoods are on the line if your business falters.

They actually just want to break you.

And they almost succeeded.

This is bigger than name calling

This is bigger than ‘he said she said’

This is big.

So after the inevitable falling apart - tears, anger, defensiveness of your business - you break.

You no longer can hold client meetings where there is any sense of negativity, conflict or disagreement. You don’t sleep, you don’t eat - then you eat too much, you pull your car over on the way to the office to retch into the bushes. You become convinced every situation is a negative and is ‘by design’ intended to harm your business. This is after all - your baby.

When someone threatens your child - you come out swinging. When someone threatens your business you fold.

However this business you have created is built on trust and control - clients expect you to take charge and be leading the example - how can you do this when someone has publicly called you into ridicule? You simply put 1 step in front of the other and you try desperately to move forward and not look behind you.

You ignore the vicious rumours that are circulated that you have had a ‘nervous breakdown’ because that is simply not true and you just try to get out of bed each day and nurture your precious ‘baby’ through the sleepless nights.

And you tell no one.

You don’t tell them there were days you ‘disappeared’

You don’t tell them of the self doubt

You don’t tell them of the illness.

When they complain you are hard to contact - you smile and make an excuse

You say ‘sorry’ a lot

You avoid the “How are you’ question

You mend yourself anyway you can

Clients are relying on you, employees are relying on you and a small coterie of friends, staff and family who see what is happening, surround you.

Everyone is entitled to an opinion - but NO ONE is entitled to target your business without reason. NO ONE is entitled to use your occupation as a way to tear you down.

NO ONE is entitled to use excuses to hurt you like this.

You see , when this person did this - they actually had no idea what they were hurting. They knew their actions caused distress and harm - that was their clear intention - they failed to see the affects it has on the 1 person who is the strength of that business - me.

After a long time - and heavily reliant on awesome staff who have my back - I am mended. I don’t listen to the rumours because they are just that - rumours. I no longer run away from difficult situations - I try to deal with them. My methods have changed - I have to actively bring a resolve that always came naturally and now is something I need to conjure.

I changed because I was forced to.

I made decisions I didn’t want to

I decided to ensure that this person would be held accountable for their actions

So almost a year on and my business ‘baby’ is still growing. My parenting skills have changed and it certainly has not been what I expected.

So now I have to fight again - fight the person who caused all this distress - not out of spite or revenge - but to ensure that no one else EVER has to be made to suffer the way I did.

I don’t know if I will win - but rest assured there is a whole pile of fight left in me to action what is right and just. So if ensuring no one else falls to this game of spite and ridicule is a win - I’ll take that.

I am not expecting an apology- this person has never built a business from nothing - they have no idea what that is like.

I am not expecting vindication - because they made damn sure some people still believe the rumours.

I am not expecting remorse - their smirking smile while watching me suffer - sticks with me to this day.

What I am expecting is closure.

Stop re inventing the wheel ...

Wed, 13 Mar 2019 19:50:04 GMT

Start creating new opportunities and STOP reinventing the wheel....

As a business owner - you often feel you need to do everything yourself.

You re-invent the wheel often.

Recently I started to communicate with my clients about Single Touch Payroll (STP) the biggest change to the tax system since GST !
I'm really excited about it - yeah I know - I'm a real numbers nerd!

I collaborated with a colleague and created a bespoke workflow, forms, instructions to clients and documents to enable BEST PRACTICE on boarding for existing and new clients to STP. Yes - to me that's sexy talk!

When we triumphantly finished - we realised - hang on - perhaps this is helpful to other BAS and Tax Agents who face the same problem.

Managing what will be a massive workload
On boarding lots of clients who do not use payroll software
Taking advantage of all the prospective clients out there who will need our help to be digital by default
Marketing to other Practices how they can outsource to us

Goodness - we now had a product!

All of a sudden we were not selling our labour - we were selling a tangible product.

Then the self doubt and the questions started - would someone actually pay for this? What was it worth?

So I stopped and I thought selfishly of myself - what would I do if I could BUY this ?

How much would I pay to NOT re invent the wheel and have these resources handed to me ?

With the internet age - everything is for sale - you can buy your way into almost anything

Why re invent the wheel ?

Instead play a smart game and use resources at your disposal so you are not re inventing the wheel.

Find your product that sets you apart and sell that!

PS I don't expect you to be as excited as I am about the product - after all - most of you do not get as excited by tax and numbers like I do - which actually keeps me in business - thanks !

But in case you are curious - check it out on the link below (KRS Consulting Group collaborating with Biscuit Business Services - because 1 bookie is never enough!)

https://www.biscuitbooks.com.au/online-store.html

Creating a TEST PATTERN in your business TODAY

Mon, 11 Mar 2019 09:23:22 GMT

Excuse me for this interruption.....your usual service will continue shortly.

Some of you will recognise this image - It represents a holding pattern.

It was what happened on your television when life was NOT 24 hours.

Wikipedia describes it as "A test card, also known as a test pattern or start-up/closedown test , is a television test signal, typically broadcast at times when the transmitter is active but no program is being broadcast (often at sign-on and sign-off)."

Yeah - that's me

I have been a human test pattern lately.

I haven't had a voice for a few reasons - possibly you think this is because I have been too busy - no - I wish that was the reason.

I have had some 'incidents' take place in my life - most of which I will happily publicly share in the next few weeks when I am officially allowed to do so without reprisals.

But enough of the unwanted melodrama - time will let the truth out about that - it's not why I am writing today - I'll tell you about that another day.

I am writing to you to say "I'm here". And that I am also not open '24hours".

Have you ever wanted a 'test pattern' in your business - when you just say STOP - I need to get off this roundabout?

How do you get that ?

Here are my top 5 tips for putting up a test pattern in your business

1. Phone - with technology at our fingertips - why are we a slave to our phones ? If you must have a mobile phone in your business it is so you are mobile NOT so you are contacted in the wee hours of the morning - use voicemail, bump messages with an auto text, divert to the office/voicemail, engage an answering service, respond with auto emails - set expectations around your availability .
I carry 2 phones - 1 personal and 1 work related - If you have the personal number you usually do not have the work number - get it ?

2. Email - consider disconnecting your email from your phone - do you really need to be that contactable? - I gotta say - I broke this rule - I still have my email connected to my phone - but that's because I triage - I delegate to staff and I generally swoop in before emails back up - however consider your resources and if you really need this? There are plenty of email out of office replies and auto responders - make your self actively unavailable and set a clear expectation around WHEN you will reply and HOW to escalate if it is TRULY an emergency. Your sense of urgency is NOT my state of emergency. It does not mean I do not care.

3. Unappointed appointments - drop in visitors are cute BUT seriously counter productive to my flow - people think bookkeeping is not a creative process - wrong - most people have NO idea what my day is like - I have to be on the tips of my toes all day, dealing with businesses who are new, on the edge of extinction or just wanting clarity over their numbers - #exhausting - I bring to each conversation my best practices and tool kit of awesome resources - this creativity and bespoke delivery is emotionally exhausting. Drop ins challenge my ability to divert my attention from the rabbit hole I am in .

4. Going dark - every Friday I go 'dark' - the office is not open for appointments - I am free to make client visits, percolate my latest ideas and generally be free of the constraints of a To do list , a schedule and meetings - if I choose.

5. Delegation - if you are going to institute a Test Pattern in your business life - who is on deck to deal with queries, questions ? Can you delegate to a staff member or colleague ? Just a tip on delegation - set expectations upfront and clearly so there are no disappointments. I recently engaged with an accounting practice who expected I was at their 'beck and call' yet when I contacted them I was very often unanswered or wanted weeks for follow up. They saw this as normal - I saw this as dysfunctional . Needless to say I don't think I will make their Xmas Card list - oh well !

So be a human test pattern in your business - take the pause - reconnect and be a better business person

#watchthisspace

"The beauty of truth ; whether it is good or bad, it is liberating" Paul Coleho

Your business success = bookkeeper + accountant + Xero = dream team

florian.glinserer@worldhost.group — Wed, 11 Jul 2018 21:30:34 GMT

Will bookkeeping become a thing of the past? Do you even need a bookkeeper?

As a business owner – you need to ‘do the books’. It is unavoidable.

You have to pay tax, perhaps GST and of course you aim to make profit.

Some businesses will seek out the assistance of a bookkeeper to assist in these tasks.

We live in a world of delegation, outsourcing and subcontracting out what we do not want to do in our lives. So, given we agree bookkeeping has to be done, and perhaps we do not want to do it ourselves, bookkeeping will never die. Right? Wrong.

Bookkeeping is becoming a new profession with disruption at it's heart.

Ok – little disclaimer here – I am a passionate qualified bookkeeper and I own and run a bookkeeping practice.

Automation and self service have already radically changed bookkeeping as we used to know it. I don't really feel the description of bookkeeper describes what we do.

I sat and listened to Mark Bouris (of ‘The Apprentice’, ‘The Mentor’, the ‘home loans bloke’) speak at a Conference recently. His biggest message was ….

Know what business you are in

When he owned a successful Home Loans business he was trying to sell to Kerry Packer, Kerry asked him "Son, what business are you in?"

Mark Bouris replied "I sell Home loans " Feeling like it was a somewhat easy question.

Kerry responded - "No you are not - you son, are in the business of peoples' hopes and dreams'."

I am NOT in the business of bookkeeping. I am in the business of CHANGE development.

Part – only part, of how I do this for business owners - is keeping an awesome set of books. But that’s only part of it.

I connect business owners with great software and awesome accountants.

The passion I have for clean, compliant numbers, drives a result to the business – not only of compliance but also of analysis.

The team at KRS Consulting Group is able to assist business owners make decisions that avoid loss and drive profit.

Now I want you to think about your accountant

Picture them in your mind.

How do they intersect with a bookkeeper? Why do you need both? Didn’t we just predict that bookkeeping is maybe dead?

A bookkeeper who works with an accountant in a clear tangible relationship adds value to the business. They ensure there is no duplication of effort. They protect the numbers. Together they help you leverage the numbers. As an owner this drives your purpose. You went into business for a reason – there was a purpose.

Then comes great software. What does that look like ? Hint : it is BLUE.

A great accountant and bookkeeper team will ensure you have the BEST in breed software running the numbers. Not all software is equal. What we are seeing increasingly this year is that the businesses running Xero as their accounting package, utilising a bookkeeper to train and set up processes and drive compliance – then connecting with a great accountant for financial and tax planning are ahead of the game. They know where their business is performing well and where there are opportunities for improvement. More importantly – they are up to date so they can action strategies and make changes ahead of their competitors.

Bookkeeping has changed remarkably whilst I have been in the ‘game’ and it is becoming a new industry - together with innovation offered from Xero and in forming great partnerships with progressive accounting practices – we are a DREAM team !

Want to know more about how you can be on the team ? Contact us at KRS Consulting Group and we will start you on a journey for your business.

I crossed over to the dark side.........

florian.glinserer@worldhost.group — Thu, 17 May 2018 23:29:53 GMT

Sometimes in business you have to look backwards to go forwards.

Recently a great client asked me to be involved in setting up software for a new venture he was involved in.

Unfortunately for me it involved using a product I no longer support.

Now I have very strict rules about finding the right ‘fit’ in my business – I want the best products available and want to work with clients who are the best fit for both of us. This would involve breaking 1 of those rules.

I thought long and hard but decided that I owed the client the favour of helping them.

I can safely say that some standards are not made to be broken!

The software required numerous hours downloading to my computer – I left it over night and after it crashed my computer, it finally installed – With true cloud software like Xero – this is NOT A THING!

The software is accessible anywhere, any device, anytime – going back to downloading software locally is inefficient and time consuming. It also means that you need to update that software. So my nightmare is on going!

With Xero – you are constantly up to date – automagically – no downloading, uploading and messing around!!

I also needed to subscribe to the software – I thought I’d be clever and start a trial version, get the data in and balanced and then subscribe and upload to the cloud.

Bad idea.

The subscription process took 3 - I repeat 3 - 20 minute phone calls to get an account, a log in and then a password. To top that off I paid double what Xero costs to subscribe to this brand!!! That alone gave me the cold sweats even though I was using the clients credit card!

The sales department handballed me to the tech department who handballed me to the partner program who handballed me to the sales team who thought I needed the tech team – you get the picture. Need I go on ??

At this point I just wanted to close the laptop (yes - the client dropped off his laptop to me to access this nightmare) and go home!

People ask why I love to work with Xero – it’s really quite simple - the experience - from subscription, access online, to after sales support, is in 1 word BEAUTIFUL.

I don’t leave the office with my fist in my mouth biting down because I have wasted hours trying to access a file and dealing with huge sales departments. I feel comfortable, relaxed - in Zen.

People have remarked to me in the past that Xero seems a little like a cult, with its passionate advocates like myself extolling it’s virtues to whoever will listen.

Often I have indeed also questioned my Xero journey and wondered if ‘I just drank the cool aide’. After last nights experience with another brand - I can tell you …..

If you value your business – use Beautiful software, that is easy to access, seamless to operate and creates efficiency and value to your business .

Afterall your business should be your main priority. Not installing inefficient software.

No more backwards looking for me – I know I made the right choice to use and love Xero in my business and that's what I want for my clients!

Love is a 4 letter word - XERO

florian.glinserer@worldhost.group — Wed, 25 Apr 2018 08:37:07 GMT

I am in love......

Xero - why am I so in LOVE ?

Often I am asked why I am a xero zealot ?

It’s simple - I want the best for small businesses and simply - Xero is the best software for small business

Why ?

Let me give you my top 5 ‘money shots’ that sell Xero EVERY day of the week

Inbox of Xero - also known as FILES - you can email in, you can drop and drag - use the app - upload - so easy to go paperless and increase efficiency
Ease of access - no downloading software to local computer - that is NOT a thing !
Ease of use - Xero Auto super - 2 clicks - done - Payment Summaries - lodged online - no worries - TPAR - its all there - collaborate with accountant - already done !
Ability to grow with your business- most small businesses start with a handful of employees - Xero’s scaled use it as your grow model - grows WITH a small business - use what you need - no lock in contracts
Ability to connect - to me - accountants - to other add ons - the power is in the ability to add specific models you need not buying features you don’t need

Xero is a program that combines ease of use with functionality and best in breed support when you need that little bit of guidance - it is intuitive, easy to use and it is simply beautiful business.

Don’t put up with inferior products - do beautiful business with XERO - let me show you how….

Zen and the lost art of work life balance...

florian.glinserer@worldhost.group — Wed, 18 Apr 2018 09:24:36 GMT

Work Life Balance – is this achievable ? Is this a goal we should strive for ?

It's been a while since blog posts - just couldn't see the clouds for the sky to get time to write - Lately I’ve been a slave to the office - not always voluntarily. I've been doing the late nights and early mornings and burning the candle at both ends.

It’s got me thinking to lifestyle and choices and how we can achieve the elusive work life balance. Do we even need to ?

Then a few things happened - I was attending a funeral of a family member and reflecting on the ‘end of life’ and achieving goals, in business and in life. Also facing the reality of NOT meeting these goals – then I listened to a great podcast….

It was titled ‘Fixing your Work Life Balance’ and was presented by Valerie Koo and Rob Stone for Xero In - here is the link – a 30 minute listen – well worth it ! https://www.xero.com/au/resources/podcasts/xero-in/2015/work-life-balance/

They interview Billy Tucker – and apart from a soothing accent – Billy offers great insights into how to react when the work life balance rug is ripped out beneath you.

He talks through his journey of ‘getting it wrong’ at pace and scale. More importantly he talks through his journey of how to triage and when to put the brakes on growth.

So many businesses fail early – some meander along without a plan and others just seem to have their ‘ducks in a row’ - regardless successful businesses rely on strong leadership and smart plans. When the wheels start to fall off the bus – one of the first casualties is the owners' work life balance.

I was one of those owners.

I had to work harder – there simply was no time to work smarter. I think the key word Billy used was ‘unforced errors’ and I think, when business is not going the way you expect – having that control taken away from you is even more diminishing and has a profound lasting affect on your ability to let go and ‘be’ away from the coalface when you finally get a break.

So what are my top tips for work life balance ?

Be kind to yourself – a wise colleague often says to me “Be kind to yourself” - blame is a hefty burden – guilt is even harder – try not to beat yourself up that you failed and instead look at what is going right, however small.
Take time – even if a small grab – a 5 minute walk outside in the sunshine to blow off the pressure and disconnect from the stress can do wonders. Get up, walk away - re connect.
Music – often we neglect our sense of sound – music can calm, soothe or pump us up and motivate us – spotify is free (of course there are some annoying ads) but suggested playlists are curated for your mood!
Visually sort out your workspace – take 10 minutes to renovate your space – it might be a few new pics of that holiday you are planning – or those great kids you have – I have a ‘trophy shelf” of small knick knacks I have souvenired on my travels that are in front of me that remind me of where I have been and where I want to go.
Sleep – repeat after me – sleep is medicine - get enough – wear a sleep mask – buy comfy sheets (I love a good thread count !) – change your sleep habits to induce comfort and promote rest. Your business needs you and so does your health.
Hit the bottle = water is life. I am a camel most days but in the past few weeks I have trained my body to accept water as fuel.
Talk to those around you – often this isn’t your partner – it may be the most unlikely person – but don’t carry the burden of what is wrong with your business alone – sometimes you can even talk aloud – I have been known to do this in my car- and you will find saying it aloud makes it explainable and sometimes reinforces the NOW.
Use tech to try to make the burden less heavy – isolate the problem – for example if the accounts are taking up hours and late nights, talk to your bookkeeper, ask them to carry some of the load temporarily or introduce you to tools that assist in making your more efficient.
Give back – treat yourself – after all the hard work – I have 3 ‘candy moments’ - small medium and large – which one I treat myself to depends on how successful I was at achieving my goal. I always get one of them no matter what!
Do what works for you – don’t worry of people tell you to sleep at 2am – if you are up and firing and this works for you like I am – do it – just remember to ‘be kind to yourself’ and remit back this time elsewhere.

Hey I’m no expert – I have probably broke every rule in the book in the past 10 weeks but in the end I love my business and I love my work which means work life balance to me is a real achievable goal.

“Love what you do , the rest will follow”

Make a list ....check it twice...

florian.glinserer@worldhost.group — Sat, 17 Mar 2018 07:03:57 GMT

Time to make a life list in your business ?

Today I wrote my ‘life list’.

I put down in paper my life’s accomplishments – all the ups and the downs

The failures
The challenges
The moves I have made.

I didn’t believe my list would be either long or comprehensive.

I was WRONG

What surprised me most was which one was the longest.

For me it was the ‘moves’ - who would have thought I was such a mover and shaker

Then I drew a LINE

Then I listed the Where I am at ? list - The Good - the Bad - The Happy - The Sad

and finally the Life Goals.

(I also added the names of people who were non negotiable in my world – cheeky but true - They need to know who they are!)

Now I love lists – checklists, to do lists , ticklists. Any kind of list

That’s why I am perfect to work in this industry -

But this - this ………. is the ultimate list

I am filing this one away and I’ll re write it in 3 months – then I will pull this one out and compare - watch this space - let’s see the passion beneath the purpose ….

‘ Don’t think I ever fell for you, or fell over you. I didn’t Fall in love , I rose in it” Toni Morrison

Transition to Xero ? Climb aboard....

florian.glinserer@worldhost.group — Mon, 12 Mar 2018 03:15:21 GMT

Strategies for a successful transition to Xero..... OR come and join the cool kids in accounting!

So you have heard all about Xero and how it is the next BIG thing in accounting software - well you would be correct !

Do you want to get on board – come and play with the ‘cool kids’ of accounting to manage your small business…

A successful changeover needs planning so I gotta ask ….

Are the odds in your favour?

Here is how to tip the balance in your favour to get it right!

Key ingredients

Clear start date – also known as a conversion date - let’s be sure we get this right from the get go - no confusion - a clear plan
Manage expectations – what is the end result? – what is the time frame? Who is doing what ?
Cleaning starting point – garbage in – garbage out - make sure you tidy up the old file before converting
Harness the power – once you are onboarded– don’t lose momentum – use it – be guided by your bookkeeper or accountant to ensure you are set to succeed.

Now onto the plan :

Stretching

Get the basics nailed -

bank feeds
reconciliations
payroll processing

Flexing muscles

Are the wages balancing ?

Has the super been processed ?

Are you opening balances correct ?

Are we OK ? Time to check in with the experts!

Workout - rinse and repeat

Processing – daily, weekly, monthly – do you have your workout schedule organized ?

Compliance – lodging IAS and BAS – is this planned to be executed by due dates? Who is in your 'corner"?

Super – check it is paid and lodged in Xero

Finally

Manage the emotional - fear, hope and excitement - contain it but let it breathe!

We are here to help you – bookkeepers and accountants can do conversions in their sleep – they are the experts at ensuring you can execute the transition seamlessly!

Harness that power and the odds will always be in your favour

What's your 'fight' song ?

florian.glinserer@worldhost.group — Sat, 10 Mar 2018 08:23:58 GMT

When you start a business they don't talk about anxiety...

… I don’t really care if no one else believes

Because I still have a lot of fight left in me”

I want to talk to you about anxiety .

Particularly anxiety in business.

Have you ever gotten up in the morning - with a lump in your throat, butterflies in your stomach, sweaty palms and just feeling you do not have this in control.

That you simply ‘do not got this?

In life we are meant to be in control.

As a bookkeeper – clients look to me to have ‘control’. I am meant to be in control, calm and living the self employment dream.

Then life gets in the way.

Things don’t go as you planned, and the sense of panic creeps in.

Recently I had what I am terming a ‘2 week long panic attack’.

Let’s be clear – I don’t get panic attacks, I just do not ‘do’ anxiety, I don’t understand depression, ‘black dog’ - what dog ? Generally I like dogs ?

My business philosophy is that when you face a problem in your business – you work harder, you work smarter and then you work harder again. You throw people at the problem, you just get it done. There is a deadline – suck it up princess, put on the big girl panties – there is no room for ego in this business.

So what do you do when your ago old ways of coping just don’t work ?

The panic sets in again – the sweaty palms start again – the shortness of breath – the irrational behaviour….

Recently in my business I was faced with a problem that I could not fix – I just couldn’t do it anymore – I couldn’t face my office, and no matter how hard I worked – nothing went right. We all face those watershed moments in our businesses - trust me if you haven’t - it will come. I do not wish it upon you and the reason for me baring my business ‘anxiety’ is to possibly be a part of ensuring it does not happen to you …

It has changed my attitude to my business, my health and my relationships.

I didn’t start out in business to feel like I failed- fundamentally my first step was to re visit my ‘why’.

I wanted 3 things

Live a great life
Earn a decent living
Help people using my skills

I was failing at all 3.

What the last few weeks have taught me is how to deal with anxiety, how to recognize the triggers and how to actually re learn to achieve my 3 point life goals.

So - let’s climb into the trenches with me (I’m still there!) and get down to the “down and dirty” of business anxiety.

Don’t let people tell you to stop worrying

“All those things I did not say., the wrecking balls inside my brain”

If you suffer from being a ‘worrier and overthinker’ like I do – don’t let people tell you to stop it. That’s akin to saying – don’t breathe air – it does not work and will drive you MAD

Instead you need people who give you something to ‘do’, ‘think’ or ‘say’…you need a strategy, a hope, an ‘out’ of those feelings.

For weeks I avoided anyone in my life that could potentially make me feel guilty about my anxious state, definitely anyone that would make me cry and clung to those who just ‘got’ it. Who let me be

2. Don’t answer the ‘how are you?” question

“Losing friends and I am losing sleep”

3 little words that can decimate you – - the 3 “t’s” tears, tanties, tirades – they can bring the whole gamut of emotion in 3 little words. A wise colleague told me (whilst I was pulled over, in my car contemplating pitching my phone out my car window) – don’t let them ask you that – ask them how they are – get them talking about them – works every time - OMG she was right !! Just do not go there with the ‘how are you’s’ because chances are it is not great. Instead concentrate on the other ‘here and now’.

3. Harness the power of people that matter

“Like a small boat in the ocean, sending big waves into motion”

Recently I posted on facebook

I love my circle ... they tell me to breathe
They calm my crazy
They put up with my Kermit typing
They endure my motor mouth
They are my kind of wonderful

They know who they are

Real people saw my ‘twitchy eye’ – they recognized the nausea and hidden trips to the bathroom , they saw that I was ‘not ok’ and they didn’t turn a blind eye – instead they did simple things that were very powerful. They didn’t ask, they didn’t tell, they listened, they were just there, they prioritized me and my need to just be, speak, rant, whinge, complain and most of all they told me to ‘breathe’

In, out and in again.

4. Don’t be afraid to lose your cool – just make sure to find it again

“can you hear my voice this time ?”

There are times in your business when what people do is not ok – their expectations, their demands – their sides of the story – they are not fair, they are not true and they can crucify you.

Lose you cool – however this looks – it may means you go for a long walk, run uphill, burst into tears, throw a tanty – let it out – let the poison out – you have no ability to counter it whilst it is built up inside you.

5. Don’t be afraid to cut your losses

“my power is turned on, starting right now, I will be strong’

In the depths of my despair -= I saw triggers everywhere – certain people, certain work – that just did not bring out the best in me and I had to let them go – I had to say “this is not a fit for me”. Breaking up is hard to do and especially when one of your goals is to help people - sometimes you need the raft to be cut free!

6. Accept the failure and weakness but do not let it define you

“…like a single word can make a heart open”

I think I have read nearly every book published on mindfulness, business coaching and listened to every new self help guru imaginable.

What I take from them is - not to make my failures the new norm . My failures are there – I am human – but they should not define me. They are NOT the narrative.

OMG that's 6 points and I usually have '5' - breathe.....

What I took from my ‘2 week business panic attack’ was these techniques.

Ironically that first appointment that I was dreading attending was a client with her own vulnerabilities.

2 garbage bags of paperwork - screwed up - messed up and a complete disaster - to be precise.

She was feeling so vulnerable she likened it to being ‘naked’ in my office. So what did I do ? I got naked with her - that's how I roll.

I tipped out those 2 bags of paper and sent her off on some errand – just to distract her, keep her calm and meanwhile – I unfolded, I sorted, I organized, I scanned. I just did what I DO.

I made sense of what was overwhelming her. So when she returned I had it DONE!

I realized then and there that this was her ‘panic attack’ – this was her ‘sweaty palm’ moment not mine.

This was my gift – to make her not feel anxious about this. This was what I could bring.

A little while later – a colleague passed by the office and said “Whoa – that’s a pile of headaches” and I said “No that’s a challenge and I got this!”

What he saw as a headache I saw as a a way to be naked and be comfortable!

“It only takes one match but I can make an explosion”

So - tell me - what’s your fight song?

How to survive tough times in business without losing your mojo.

florian.glinserer@worldhost.group — Thu, 22 Feb 2018 10:43:35 GMT

Don't ask "How are you?" unless you are ready for the answer....

I have lost count of the times in the past week someone asked “How are you?” and actually listened to the answer.

The past few weeks have thrown me some hurdles . Seriously high jumps - the Winter Olympians in Korea would be proud of.

So it got me to thinking of other small business owners I know and the challenges that they face and how I could help them not suffer as I have done.

Here are my top 5 advice strategies when you face challenges and hardship in your business

Discover your allies - when I dropped my bundle - there was a coterie of people to pick me up, hold me, listen to me whinge and tell me to ‘do what I do = just better”. Never underestimate who is in your corner . People are humans and most will hear the human side of your story.
Protect against your enemies - not everyone is your friend - particularly in business - do not fall for this! People will lie cheat and steal to compete with you - your challenge is to see friend from foe - to see that some see you as a commodity rather than a friend.
Celebrate the wins - however small - when life serves you lemons - try try try to make lemonade - try to see any positive no matter how small to propel you forward
Commiserate the loss - its ok to cry, throw a tanty or yell - just expel the negative energy somehow - my favourite is to run - long far and uphill. Choose your poison and do it.
Look up to see the rainbows - think about the positives that come from weakness, fear and change and try to see the greater good.

Most of all understand that you started a business because you saw an opportunity, you had a skill, you developed a product - believe in yourself and the rest will come!

What cheese has to do with change

florian.glinserer@worldhost.group — Fri, 16 Feb 2018 10:27:36 GMT

How to see the change coming and what to do.

Who moved my cheese ? Dr Spencer Johnson

Recently I have been taking a lot of trains – so I have been doing a lot of reading

Here is a little gem of a book written by Dr Spencer Johnson in 1998. All about how we as human face change in our lives.

It is a parable of what happens as humans when we face change and what pathways we could take.

The Cheese is a symbol of what we want in life – a new job, a new business, to live in another location… The Maze is where the action takes place – The Maze is our environment - where we live and work – and where we go looking for the magical cheese.

Why cheese you ask ? That’s because the 2 main characters are mice. In keeping with the theme - we are mice in a maze always seeking the cheese.

I’ll let you read the story for yourself but needless to say the short story talks about the concept building a life around what you presume will be there and what you presume will make you happy.

It ponders how you can predict change and look upon it positively and actively look for new ‘cheese’. It emphasizes the human resistance to change in our environment and urges us to pay attention to the small changes that foreshadow major change in our lives.

When we resist change - we as humans often become angry and frustration – the ‘why me’ syndrome. If you were not hampered by these feelings – the idea of change would make you feel invigorated and free.

The other key concept I enjoyed in this parable was the notion of ‘smelling the cheese often so you know when it is getting old”. In other words – change is everywhere – do not become complacent.

The old ‘kodak’ moment when Kodak failed to understand that the business they were in was not film - it was images and failed to adapt to the new emerging digital market – and when they did it was too late.

So here are my top take aways from a Classic book

Decide if having Cheese makes you happy

Understand that it is human nature that the more important cheese is to you – the more you will want to hold onto it when you get it

If you were not afraid of change – how would that alter the way you reacted to change

Smell the cheese often to know if it is getting old

Often movement in a new direction will help you find new cheese

The quicker you let go of old cheese – the sooner you are free to find new cheese.

“Change could surprise you only if you didn’t expect it and weren’t looking for it”

Falling in Love for the second time.

florian.glinserer@worldhost.group — Sun, 07 Jan 2018 10:55:05 GMT

Falling in love with your business - again

I am in love - Italy has crept up and inhabited my soul.

It has made me sleep better, think better and even take time to breathe.

I love the food, I love the language, I love the Italian way of life.

If Paris is the City of Lights - Venice is the City of Love.

Not gonna lie - there were times in 2017 when I hated my business.

I found it hard to get up in the morning and face the day.

If you know me at all my usual routine is - up early (very early) off to gym, office emails and generally setup the day - all of this usually takes place prior to 7am. I'm not a martyr - I love it.

Then I feel I am ready for my day. It's not for everybody and I am certainly in bed by 830pm most nights but it works for me.

In 2017 I let myself slip into a 'rabbit hole'. I couldn't do it.

I let others make decisions for me and my business and I felt I had no control.

I questioned my leadership, my abilities and my whole 'why'. I let people talk about my leadership - I let them have opinions of me that were not fair or just not 'ok'.

It affected my business and it affected my life. It turned what I love - my business - into something at times I hated.

So what do you do when you are running on a treadmill like the hamster on the wheel - how do you see the light for the clouds ?

Having money in the bank, cash in the till, food on the table are provided by your business. But is it enough ?

I simply had to fall in love with my business again. I had to re find that energy. Or it would break me.

So I tried a few things....

I made a deadline - I pushed through the pain of being a technician in the business to the Xmas closedown. That was my deadline I gave myself - I decided that was when I would act. Pick a time in your business when you are going to say "STOP" I want to get off this crazy ride and reverse the journey. Make it achievable.
I took time away - I left the country, I left my phone, put an 'out of office' on my email and mentally checked out of my business. You need to let go before you move forward - check out of your business, turn off the phone and email - just create a space to think. It may just involve having a a day off - a mental check in to your self and your business.
I gathered my confidence - Usually the people causing the unrest in your business are strong willed and hard to navigate. That's why you don't have the awkward hard conversations - with clients, with employees, with colleagues. I knew I had some awkward hard conversations to have on my return so I needed to build my self belief. I did what works for me - I read, I read, I read and then I wrote. I read blogs, I found quotes I connected with and I listened to inspiring stories from other business leaders who had also 'fallen into the rabbit hole". Some I identified with - others I disagreed with - but it framed for me how I felt about my leadership and my business. Work out what makes you feel 'supreme' and do it - is it relaxing with a massage, pampering yourself, running that hill, taking that thrill ride? Just do it and feel good - get the positive endorphins flowing. Then you will have the courage to face the difficult.
I wrote it down - I wrote down everything I hated about my business - a list of hurts - it was seemingly a big list - then I broke that down into WHO was responsible for these events happening and HOW they happened - that clarified to me who I had to have the awkward conversations with. I also ranked these list of hurts into what was most emotional to me, down to the least. Some of them I had to decide were simply a part of my business and I need to suck it up and just stop whining about them. Others I determined the action plan.
I sat on it - thats where I am now - I have folded the list of hurts and actions and placed as a bookmark in my travel diary. I have another 2 weeks in Italy to continue to rest, recuperate and recover my love of my business. I have time to think about these hard decisions - I have time to lose a little of the anger when I wrote the list. I need to rediscover a love and a passion for what I do and a part of that involves not only saying NO but also saying YES with confidence to stop holding myself back.

No one dies wanting to have "I wish I spent more time at work' on their headstone. Equally we spend a lot of time at work and 'in' our businesses. I want to fall in love again with my business - not like I fell in love for the first time - all giddy and stupid - I want to love it so I wake up wanting to be the best I can be. For me my business shouldn't just pay the bills, it should make me smile.

"You may have the universe, if I can have Italy" Giuseppe Verdi

2018 - a New Year and time to re think your business

florian.glinserer@worldhost.group — Mon, 01 Jan 2018 09:36:25 GMT

Let's start the year off with a bang and get your business giving you the results you deserve.

It's no secret that January is the time when a lot of businesses are either

1. on Holiday

or

2. Working so hard they can't see the sky for the clouds.

It's a perfect time to rethink old models and ways of doing business and make sure your business is delivering you the profits you deserve.

It's New Year so I am going to be blunt with you - here are 5 little ways to make instant improvements in your business

1. Let's build the right team ... ...

Get a great accountant - not a good one - a GREAT one - there is a huge difference - getting a GREAT accountant is like falling in love - you think you know what it feels like but until it happens and the ground literally shakes between your feet - you have no clue until you feel it.

A good accountant will keep you compliant - a GREAT one takes this to a whole new level of holistic business planning.
They take the numbers, they analyse them and they provide the best advice around how to leverage profits.

A good accountant lodges your tax return. A GREAT accountant coaches your numbers.

If you don't have a GREAT accountant - ask KRS Consulting Group - we have a list of the best !

2.Let's get real about your financial tools .....
This one is easy ..

Use Xero - forget Excel - this is not an accounting package, ditch those other programs - you deserve the best in your business and Xero is it .

You get what you pay for and using Xero pays for itself - once we have you on Xero we can bring into your business so many other add ons and gateways to be more efficient and embrace the latest technology. Basically we can fly!

Not on Xero ? No problem - we can quote to convert you over and train you so you are up and running!

3. Let's be honest about your processes....

Re think all your processes - don't just accept them as this is how it has always been done. Review Review Review

I recently packed for a vacation and out of habit, I packed my super expensive camera with all the extra lenses. I love it and it takes amazing shots.
Now normally, day to day, an I Phone would do but when I am on a special trip I always take my camera. ALWAYS
It's a habit and a choice. Yet this year I also gave myself an early Xmas present of an I Phone 10.

Ok so the camera has not yet made it out of the bag - the I Phone 10 camera has been barely out of my hands, taking the most amazing photos I can upload direct to social media (No SD Card!) . Don't believe me - check out Katrina's social media (facebook and instagram) - amazing pics right there - all on an I Phone 10 !

Just because it is what I have normally done doesn't mean I shouldn't have re thought the process.

4. Lets get Rhythym.....

Reports - you should run them - you need a goal and you need a plan but you then need to measure whether you are hitting the mark .

Here at KRS we have a list of reports we think you should be running - weekly, monthly and quarterly. Ask us and we are happy to share!

5. Let's have a relationship .......

Business is all about having the right team and the right tools

Great Accountant - tick ?
Great Software ie Xero - tick ?
Great bookkeeper/consultant/BAS Agent/ - tick ?

I have been on the business journey with hundreds of businesses and in 2018 I want to help so many more.
That's what gets me out of bed in the morning.

Don't make resolutions you don't keep - rather pack your deck with the best team and we will leverage that business to be the business you dreamed of.

"A goal is a dream with a deadline" Napoleon Hill

What does your 'naughty chair' look like?

florian.glinserer@worldhost.group — Thu, 14 Dec 2017 09:56:02 GMT

Being put in 'time out' is sometimes a good thing for business growth.

A little while ago, I was put in the professional naughty chair.

Did I deserve it ….maybe …..but none the less it was not a pleasant experience.

I didn’t want to be there and everything that came out of my mouth sounded like a lame excuse for the reason I was there in the first place.

It killed my vibe for the whole day.

Then I realised - when I am in the naughty chair - I wear it - loud and like a badge. You can’t miss it.

It’s bright and fancy and unavoidable.

When I am in it I am feeling like everyone is looking at me and my big arse chair…not focussing on all the good things I do. It gets me down about my business and my ability to do my work. It makes me feel exposed and isolated.

So it made me wonder ?

What do other people's ‘naughty chairs’ look like ? So I asked around…

One colleague said hers was a bean bag - because when she’s in it she wants to be comfortable.

Another said hers was too small, uncomfortable and heavy.

A third said hers was sharp, metal and had straps on the arms - ouch!

It got me to thinking …..why do we feel that we have a ‘naughty chair’ , how do get into it and how the hell do we ditch the chair ?

I have a ‘naughty chair’ so I can contain my guilt. If I am in my psychological naughty chair then I am going through the process of guilt, feeling embarrassed, and the fall out of what I have or have not done.
I need to visualise my ‘naughty chair’ to move beyond these feelings and start the reparation process. I need to repair the damage, deliver the result or say sorry for my misgivings
I ‘lose’ the naughty chair by achieving a positive from the negative feelings of guilt, sorrow and embarrassment. I actively feel like I have created a space that I then can move forward from.
I am really putting myself in a ‘time out’ - I’m mentally taking time to think and re group - it invariably results in a new event of business and emotional business growth.
Its a reflective mindset re boot.

In business I often end up in the naughty chair because I make the fatal mistake of trying to please everyone and accept their deadlines. I have learnt to say “No” this year - I have learnt to accept work on my terms and most of all to only let myself feel disappointed by my own boundaries NOT other peoples'. Fair to say I have spent less time in the naughty chair this year.

In 2018 I plan to be on Santa’s nice list not his naughty list BUT regardless I will still have a naughty chair - it just might look more comfortable and accommodating - it might have a drink holder and a footrest for those times I might need to stay there for a while.

But in 2018 I plan to try to spend less time there !

What does your ‘naughty chair’ look like ?

Christmas tree 'vomit'.

florian.glinserer@worldhost.group — Mon, 11 Dec 2017 05:51:07 GMT

Sometimes we have to accept that life and business are not perfect

Christmas means trees - Christmas trees to be precise.

I love putting up the decorations but I have 1 hard and fast rule - well 2 actually.

They cannot go up until 1 Dec and they must be down 1 Jan. This is a family rule as my daughter's birthday is 4th Jan and I refuse to share her special day with Christmas.

The unspoken rule is that the decorations must be colour co ordinated and if any thing is 'arranged' in a haphazard way - then it needs to be deliberately skewed just so. Yep I am a little OCD.

What really made my week this week was when I arrived home from a business trip AFTER the 1st Dec and the tree was not only arranged but sparkling in a sea of beautiful silver and blue baubles with bright white twinkly lights. My daughter had culled all the ugly non matching tinsel and created a 'winter wonderland' right in my living room. By herself. My heart leapt.

Then - later in the week in stark contrast - I was leaving a client's home office - the client's wife was sitting near the front door , placating a grumpy 5 o'clock toddler near the Christmas tree. I stopped to chat and couldn't help but notice the decorations that had seemingly 'vomited' all over the tree. There was christmas chaos right there - and I thought it was beautiful.

Real, natural and authentic.

The frustrated tired mother expressed her dismay at how un perfect her tree was and that just made me smile even more.

You see - people want this perfect life, perfect business, perfect experience. Often they will delude themselves until they get it. They put up walls, the deflect and they lie to themselves.

My business is not perfect. Am I good at what I do ? Yep I'd like to think so but there are times in my business when I truly suck at the business part.Let me show you how :

Lately I have been looking at my work space and thinking that I want the perfect space - not the paperwork 'vomit' that inevitably exists in the space. I want the colour co ordinated decor - the clean fresh desk with a succulent pot plant and an candle and maybe even a laptop. Mac of course.

But just like that mother with the christmas tree vomit - that is not my business reality.

My business reality means I get down in the trenches - there are files, paperwork, shredded paper, clips, bags, paper , sticky notes etc etc etc

I don't have the luxury of a reception nor a file room but what I do have is a team who laugh, joke till we cry and inhabit a space that enables is to serve our clients. It doesn't stop me wanting the perfect christmas tree. In fact my next step is to be able to create a space where I am out of the war room and able to fulfil my OCD soul. A calm area to think, process and just be.

As business owners we tell ourselves many lies - as humans we do too - we all want the best tree, the best Christmas feast, the awesome presents and the enviable summer holiday or vacation. We will post photos on social media and drool over the others who seemingly have the perfect Christmas trees without vomit in sight!

In our businesses we lie to ourselves daily about the profit, the cash flow and the reality. We want perfection but perhaps our business doesnt give us what we want.

Why do we do it ? Pride, perhaps fear but what we don't want to accept is the reality.

So how do you let go of perfect Christmas and embrace the Christmas 'vomit' as your reality?

In business I believe that there is what you want, what you have and what you can acheive.

1. What do you want ? More clients, more income, bigger reputation, ability to sell the business ?

2. What do you have ? How is the profit looking ? What is the cash flow? Do you have the right products or services - are you fitting a need in the market ?

3. What can you achieve? Where are your cash reserves, your time reserves, your energy. How can you place them in a position to maximise the reality?

I want a LOT - I want to laugh, cry and be authentic. Most of all I want to be that Mum who embraces the 'not so perfect christmas tree' because it is where she is now - knowing that one day those toddlers will grow up and she can have the 'perfect' Xmas tree she wants. I want my business to be perfect - but most of all this Christmas I just want it to be real.

Let's spend a few weeks off with our loved ones and then re visit our business reality - bring on 2018 so we can assess

What you want

What you have and most importantly

What you can achieve ??

Never look back

florian.glinserer@worldhost.group — Thu, 30 Nov 2017 13:58:46 GMT

Don't regret.

When life forces you to make tough decisions - you just have to do it and not look back.

I don’t want to be Lot’s wife

Confession : I am catholic and as a result - at school - we read a lot of the bible

Lot's wife basically - she looked back - she was told not to - but she looked back and you know what - she turned into a pillar of salt.

Now - the bible is not a real physical story - a woman can’t turn into salt right ? Its basically a giant metaphor for - DONT LOOK BACK

Do not regret and always move forward.

This is the time of year we traditionally reflect on what went well and what was um err- a little regrettable. I have a few - I have to admit.

In business we need to assess - we need to make a list and check it twice

We need to not be Lot’s wife - we need to reflect and move forward - don’t look back.

That's hard

We regret

We think about what we have done

What could have been

instead we should think of what IS

I’ve made some major decisions in my business in 2017 - today as I reflect they shape what I will do next.

I gained a mentor and I walked away from that mentor - geez I wanted so much to look back. I realised I needed that Mentor to want to never look back from me - I needed me to drive that conversation and that was just not able to happen.

So I'll find another, or I'll go it alone or I'll re establish it on mutual terms.

So I gotta ask ….

What did you do well in 2017 ?

What do you regret?

What will you do in 2018 that will cause you to NEVER LOOK BACK ?

Regret is a sad word - Don’t be Lot’s wife - Never look back - move forward - even if it is bunny hops - small leaps become great bounds

Don't expect applause

florian.glinserer@worldhost.group — Fri, 17 Nov 2017 22:22:56 GMT

How I stopped 'playing for applause" in my business.

I have been running the treadmill this week – at the gym and in life

Like most small business owners – I have had a deadline and I have been running.

I have felt defeated, deflated and definitely beaten - under siege by my cashflow, my deadlines, unrealistic expectations – feeling I am not good enough. For anyone or anybody.

In the midst of all that – I had a Birthday.

Now – I am the first to say – I don’t understand birthdays – yeah so we celebrate the day we are born – big deal – so many other events and moves shape us and our lives – being born – surely our birth mothers should be celebrated not us! The pain, the sacrifice ….

Any way – what was super interesting was the people who reached out to me this week. Sure Social media makes this easy but I was truly touched by were thoughtful gestures by some ‘almost strangers’ who wished me well on a special day . There were some notable omissions and some who sent private messages (they are even more special to me) and I am sure some who were just being polite .

I think I realized that Birthdays cause us to reflect – who is in our lives - who is no longer a part of our journey and why.

Birthdays are all about who gives us 'applause' for being born.

It got me thinking about business – my business and yours

When do we take the yearly reflection? When do we decide who to work with and who to walk away from - how do we seek applause?

I was feeling a wee bit melancholy about the whole experience so I opened a book that never ceases to inspire me - Seth Godin “Whatcha gonna do with that duck ?” Now I read A LOT and I discovered Seth’s blog a few years ago – so imagine my delight when I found his book in a discount book store – wow – here was my hero – in print and for a discount price #inheaven.

So today I opened pg 69 (stop it – stop it right now!) http://sethgodin.typepad.com/seths_blog/2012/04/dont-expect-applause.html

“Don’t expect applause”

“Accept applause, sure, please do.

But when you expect applause, when you do your work in order (and because of) applause, you have sold yourself short. That's because your work is depending on something out of your control. You have given away part of your art. If your work is filled with the hope and longing for applause, it's no longer your work--the dependence on approval has corrupted it, turned it into a process where you are striving for ever more approval.

Who decides if your work is good? When you are at your best, you do. If the work doesn't deliver on its purpose, if the pot you made leaks or the hammer you forged breaks, then you should learn to make a better one. But we don't blame the nail for breaking the hammer or the water for leaking from the pot. They are part of the system, just as the market embracing your product is part of marketing.

"Here, here it is, it's finished."

If it's finished, the applause, the thanks, the gratitude are something else. Something extra and not part of what you created. To play a beautiful song for two people or a thousand is the same song, and the amount of thanks you receive isn't part of that song.”

Wow – just wow

Seth nailed the key principle of birthdays and of reflection in your business – I have got to play to the audience but not play for their applause

Indeed, in your business you need to please your customer yet do it for yourself

It made me reflect on the reasons I do what I do

I had 2 important interactions this week that brought the applause theory back to me

A new client – referred from an accountant - said “I don’t know why I need your help – I set it all up myself – why should I pay you to look over it”

Needless to say – we booked some time and she came in and after 30 minutes she said “ I’m so glad I found you - my figures are upside down, I have made ‘pigs ear’ of it and now I see what I need to do”

Wow – just wow – there was my applause right there - her ensuing success is my applause.

The second interaction as an accounting practice taking over an existing client (many accounting practices are bundling bookkeeping services now). The complete lack of understanding by the CPA of the ‘micro help’ we give clients was amazing.

They really had no clue what they had pitched.

This client has placed her trust and numbers in the hands of someone who has demonstrably no understanding of what she does. I didn’t expose the newbie’s misunderstanding to the client and I certainly did not alarm the client about the choice she had made - my role is about building and enhancing relationships – not severing ties. What I did reflect upon was the ‘applause’.

The client doesn’t know what she has lost – the newbie doesn’t understand what she has taken on - but that’s ok – I don’t need to be thanked and have a ‘standing ovation’ for doing my job – I know what I handed over was my work (and it was awesome) and that is applause enough.

So another year – another birthday will happen – more clients will come and go – but I am no longer playing for the laughs, itching for the applause - I am going to play to the audience and acknowledgement that my best work is done is applause enough.

In my business – my key mission is to help small business understand their numbers – that is my applause.

So – in your business - what is your applause ?

Entrepreneurial Depression is a 'thing'

florian.glinserer@worldhost.group — Wed, 25 Oct 2017 01:38:20 GMT

Trying to 'choose your own adventure' in business.....

Entrepreneurial depression is a 'thing'.

I met a client the other day and she said something profound.

“I have entrepreneurial depression.”

It got me thinking ….. is it just this client or do other businesses owners feel this lost ?

So I did what I usually do - I googled

About 1,300,000 results in 0.50 seconds tells me that Entrepreneurial Depression is very real.

So I did a little more reading …..

The stats just got more and more revealing

“Depression was the highest-reported reported condition, being present in 30% of all entrepreneurs. ADHD (29%) and anxiety problems (27%) followed close by.” WOW

Well, well - it seems like owning your own business can be a health hazard and also turn you into the bouncy person in the office that does everyone’s head in….guilty as charged!

So rather than read on about all the symptoms and diagnosis I decided to reflect upon how I tackle those inevitable feelings of despair, dread, failure and defeat in my business.

I thought about how I think about getting out of bed each day to deal with difficult decisions in business and what I do to re invigorate my entrepreneur journey when I am staring into the abyss.

Here is what I came up with :

Don’t lose sight of the why

You created a business for a reason - you had a why

You set up shop, opened the doors and did it for a reason.

It may be money, lifestyle or Kudos - but it was the fire in your belly that got you started.

To move out of the dark - you need to see the light.

You can’t see that light if you don’t know what it is

2. So where did the why go ?

So now we know what the ‘why’ was - where did it go wrong ?

Did you make a decision that forced the ‘why’ to the background?

Did life creep up and get involved in your business dream ?

List the factors, reasons, the gut feel - the burning reason you get out of bed each morning and go to ‘work’ and what is changing how you feel about them .

3. Brainstorm what action you can take to get back your ‘why’.

So we know what the why is and where it went - let’s address changing, stopping , starting or banishing the factors that sent the ‘why’ to the wall.

Get out the butchers paper and draw the roadmap. It will define your action plan

4. Start the action

If it is a big list - break it down into bitesize pieces - make the goals and deadlines achievable.

5. Measure measure and measure some more

How do you know you have made change to the journey ?

Measure your progress - reflect on the list and strike off what is completed.

The real life example I can give you regarding Entrepreneurial Depression stems from a money perspective - of course !

If your business is not providing you what you need from a financial perspective - let’s analyse the figures.

Measure what is coming in, what is going out - where is the cash coming from ?

Do sales need to increase or do costs need to be cut.

Let’s make a budget - let’s document what it costs to run this business and how it measures up to the dream.

Discuss and analyse - your accountant and bookkeeper are invaluable here - they love the numbers and their job is to make sure that they tell a story - now it may not be the story you are hoping for BUT it will be a story you can change.

When I was a child, I loved those “Choose your own adventure” books - I loved that I had control of the ending - that I could re read and re choose the path and the ending if it didn't satisfy me.

I want my business to be like this - if I head down a path and it is not right - to have the strength and energy and guts to re invent the story.

Running a business, being an entrepreneur and chasing your dreams is not easy and there is a lot at stake - not least of which is your mental health.

Let’s make time to re discover our why and re invent the story so it is OUR adventure on OUR terms.

“Running a start-up is like chewing glass and staring into the abyss. After a while, you stop staring, but the glass chewing never ends.” Elon Musk

– Eating Glass and Starting Up [2015]

Global Bookkeeping Week - why I love my job

florian.glinserer@worldhost.group — Tue, 17 Oct 2017 20:40:12 GMT

Or WHY I am up at 5am each day ....

It’s Global Bookkeeping Week

Yep we have had ‘take your dog to work day’, ‘International Secretary’s Day’ and ‘Dry July’

Now it’s the bookies turn - no one sent me flowers today - boo hoo - so instead I will express my joy here.

I am going to unashamedly tell you why I love my job.

First off - Let’s be honest - I fell into this - then I tried to claw my way out - kicking and screaming - I knew nothing about small business - I wasn't even really good with numbers. I just saw an opportunity and I went for it. Along the way I made sure I was good at the ‘numbers’’ thing - I learnt, I failed, I adapted.

I thought my dream job would be in a corporate office - wearing a suit to work each day - my own little cubicle. Instead it was a home office - crammed into the side of the baby’s nursery often with my fingers racing across the keyboard while my foot rocked the cradle. It paid the bills and it fed the kids and the clients were counted on 1 hand. I loved every one of them and I ran their businesses like they were my own.

Life sends you curveballs and you hit them out of the park !!

(The analogy should have been “life gives you lemons - you make lemonade “ but my kids are not lemons - they are my pride and joy. )

I learnt on my feet - I crashed hard - I got back up again - I did what every small business does - I survived.

Along the journey I have met some incredible businesses, I have seen businesses start, prosper, waver, sometimes fail but never give up.

It takes courage to start a small business and sometimes we have to kiss a few frogs. Just like my career choice - you find your rhythm - you find your feet and you learnt to do what you love.

I digress - why do I love my job ?

I get to take businesses on a journey , I get to experience the nervous starts and the late night emails and relish in the ultimate highs. I get to make the numbers easy - to make the finance stuff the least of their worries. The numbers are critical but organising them is my job.

I love the human element of my job - I love the passion, the emotion - good, bad and ugly . If you know me well, passion is the fire in my belly - it is also the emotion most likely to get me in trouble. :)

I live for the relationship

This is also the hard part of my job

I am human - I err - I stumble - I have bad days - I have a personal life that transects my business life. Hey sometimes I even get it wrong.

Being a bookkeeper is like being someones best friend, mother, confidante, business coach…. it’s intense at it’s best, emotional at it’s worst.

It takes strength and energy to be able to face new businesses every day and relish in the thought of creating value to existing businesses. I love that the numbers do NOT lie - they tell a story. Sure sometimes we don’t like the narrative - but the beauty is - we have the ability to change it.

Debits will equal credits. The left will equal the right. Most of all the Bank will never lie.

I love the structure - the complexity and the sheer simplicity the numbers tell me.

I love engaging with BRILLIANT accountants to bring even deeper meaning to these numbers. A passionate bookie and an intelligent accountant is a secret business weapon. Now if you can get the 2 to collaborate - that’s the secret sauce.

So bookkeeping is not dead - it is something you can do yourself - but bookkeeping as a career and a mindset is a whole new ball game.

I love being a bookkeeper - I don’t miss the cubicle - I don’t need the corner office - I need to feel I offer value and I can bring something to the table (and flowers are always nice!)

So in the week of celebration of Global Bookkeeping I want to say - I get up each morning at 5am because - I love my job.

“CEO’s pick up the newspapers by the door, Founders wipe the counters”

florian.glinserer@worldhost.group — Sat, 14 Oct 2017 03:52:41 GMT

What I learnt about 15c burgers and the business I am in.....

I read a quote recently

“CEO’s pick up the newspapers by the door, Founders wipe the counters”

It’s a lazy weekend at home and time for a DVD and some quiet time on the couch.

I’ve picked out – The Founder - the story of Ray Kroc – the man responsible for McDonalds – or so I thought….

I strongly recommend you watch the movie (Spoiler alert!) .

The movie follows the journey of Ray from Milkshake mixer salesman to CEO and owner of one of the most successful franchise juggernauts the modern business world has seen.

Ray had a vision and what he saw was beyond the 15c hamburger. He saw an opportunity.

Just like Steve Jobs of Apple didn’t invent the technology for the iPod, Ray didn’t invent hamburgers or fast food restaurants. He saw a system and marketed it.

Just like Steve made the tech of the iPod accessible and downright sexy, Ray took the McDonald’s system and marketed it to the world.

The film covers off the story of the McDonald brothers and Ray’s journey from 1 store and 15c burgers to world domination. The most poignant part for me was Ray’s ability to never lose sight of the business he was in - he wasn’t in the business of 15c burgers – he was in the Real Estate business.

The character was at times portrayed as quite unlikable - cut throat and downright disagreeable. You could not, however dismiss his perseverance, courage and blind faith. He saw an opportunity and he took it.

Another key take away (pardon the pun) was the way Ray surrounded himself with Lieutenants - sage and trusted advisors yet he never stopped acting as a Founder. Until his death at age 77 – he was still wiping the counters.

For me it makes me think about our businesses and the lessons we can learn about being the sort of Founder we want to be and how to structure our working lives to be able to grasp the opportunities as we see them. It also reinforces that not every decision we will make in business will make us the ‘cool kid’ or the most popular.

Ray's story makes me want to always remember the business I am in and be swayed to believe what others may think this business to be.

For me, in the end, it is about having a vision and seeing that come to life.

The art of knowing "where to tap"

florian.glinserer@worldhost.group — Sat, 07 Oct 2017 22:44:21 GMT

Experts are called experts for a reason. It's all about finding the right ones.

"A giant ship engine failed. The ship’s owners tried one expert after another, but none of them could figure how to fix the engine.

Then they brought in an old man who had been fixing ships since he was young. He carried a large bag of tools with him, and when he arrived, he immediately went to work. He inspected the engine very carefully, top to bottom.

Two of the ship’s owners were there, watching this man, hoping he would know what to do. After looking things over, the old man reached into his bag and pulled out a small hammer. He gently tapped something. Instantly, the engine lurched into life. The engine was fixed! He carefully put his hammer away.

A week later, the owners received a bill from the old man for ten thousand dollars.

“What?!” the owners exclaimed. “It’s ridiculous! He hardly did anything!” So they wrote the old man a note saying, “Please send us an itemized bill.”

The man sent a bill that read:

Tapping with a hammer ………………….. $ 2.00
Knowing where to tap ………………….. $ 9,998.00"

I often get asked why I do not charge hourly - given that my work is 100% labour.

Well actually it isn't 100% labour.

What people don't see are the overheads, the training , the insurance, the up skilling and the development that goes into my fees. This extends to training my team.

Sure other occupations still charge hourly - they build this into their rates - everyone has an hourly rate in their head - doctors, accountants, plumbers - it's just what that 'hourly rate' includes.

I can look at a set of accounts for a business and know in a very quick review where the problems are and how best to fix them.

Don't be embarrassed at your bank balance - I am not looking at the numbers - I am analysing their validity, their relationship to the other numbers and a whole pile of other internal lists of audit in my brain.

What you see is sometimes NOT what you get - you see a bookkeeper, a numbers nerd, a processor.

I am all that yet I am also - passionate about numbers, determined about balance and ensuring we have all the correct processes to capture the information.

Then I get all unnaturally excited about analysing those numbers and workflows and making them even easier.

In this analogy my 'hammer' is my laptop and my 'knowing where to look' is years of experience with businesses starting their business journey, faltering along the way or growing their business and outgrowing their existing processes.

Then and only then can we engage the next experts in the chain to take this even further - usually in my world this is an accountant.

They are the next expert who also will not quote you an hourly rate. You will see someone who understands tax, finances, compliance.

What I see is a numbers guru - someone who can deep dive into your numbers and ensure your financial planning encompasses compliance, tax effective strategies - all wrapped in a nice bow!

So forget hourly rates - yes always ask about price - as a business owner you need to know what you are getting for your money. Just don't focus on the hourly rate, engage the suitably qualified professionals that match your business needs

and they will know exactly where to tap!

Risky Business

florian.glinserer@worldhost.group — Mon, 02 Oct 2017 08:10:53 GMT

Balancing risk in your business

Lets talk about risk….

The word risk comes from the Italian root verb 'risicare' ……… to dare. And to dare is to dream.

At times in business we will not make the correct decision but at least we can try to not make the wrong one. To do so we need to assess risk.

There will be times in business when you actually need and want to take risks -

....hey starting your own business is a risk in itself!

Consider then that taking risks can actually be an opportunity. Just be warned that ultimate reward does not segue into ultimate price!

Here are two recent examples where risks were taken and perhaps not assessed thoroughly and opportunities explored.

The Commonwealth Bank recently found themselves subject to some unsavoury media coverage over breaches to consumer legislation. They allowed deposits to ATMs of up to $20000 where their competitors allowed only $5000 and the trigger to report such transactions was $10000. They blamed computer software but who was approving the limits? Who assessed and was responsible for the risk ?

http://www.abc.net.au/news/2017-08-07/commonwealth-bank-how-smart-atms-and-coding-error-caused-mistake/8781066

The risk was not identified and assessed adequately. The result is a serious money laundering publicity nightmare for the CBA.

Interestingly, the Commonwealth Bank also recently found themselves in hot water over a risk being turned into an opportunity - that resulted in a breach of the consumer legislation. Clients take risks in taking out credit cards - the CBA offered such clients insurance against defaulting on their cards.

Although the Credit Card applications were processed with this ‘automatic’ insurance - there was a small problem - this ‘product’ was imposed upon customers who could neither afford the product and to whom it was also not suitable, students, unemployed, elderly! Ultimately they were ineligble to claim under the policies under which they had been sold - to protect them ! Irony much?

Whoever decided that this 'opportunity' of selling the insurance and profiting from it clearly didn't do their homework on who this opportunity was being presented to.

http://thenewdaily.com.au/money/your-budget/2017/08/15/cba-junk-insurance/

2. At Dreamworld 2015 - a tragic accident occurred where the supervision of the ride was in question. Who assessed the risk of having a relatively inexperienced employee monitoring this ride ? The tragedy and its consequences affected many lives - support to employees and counselling of staff were a priority placed high above the business - as they should have been ! However it raises questions as to who assessed risk of supervision and training ?

So you might say - with devastating examples such as Dreamworld - why take the chance ?

Good risk management is all about how we take risks within a framework rather than risk avoidance. In your business you must assess risk everyday. You cannot just opt out.

You make decisions about this risk and how you will manage it. You assess how this risk changes over time.

The types of risk you face are very different but in business there are some common risks. Let’s name just a few…

Product Liability
Products Liability
Workcover
Income Protection
Life Insurance
Cyber Risk

Consider also that risks to your business can be tangible or intangible. Some such as products insurance are logical. Others are less visible.

The recent recall of frozen berries contaminated with Hep A sold in Australia (grown in Vietnam) created a massive reputational risk in addition to the very tangible risk of products being destroyed and flow on affect to profits. Many brands have taken risks in production and when they fail, the subsequent recalls and fall out have sent them to the wall.

Risks also change how humans behave.

A great analogy here is seatbelt in cars. In the 1970’s seatbelts were NOT compulsory. It was not even a thought to wear a seat belt - now it is hard to imagine getting in a car without automatically putting on a seat belt. Over time it has been recognised that ‘seatbelts save lives”. The risk was assessed and over time by society and the risk framework and management of the risk has changed as a result.

As a business owner you need to consider your “Risk Appetite”.

What I consider as a risk - you may consider to be an everyday business decision.

If I cross the road while the ‘little red man’ is flashing, I might not consider this to be risky behaviour.

I will innately assess the weather conditions, the traffic, I will be influenced by who I am with and who is watching. If a policeman is standing in the middle of that intersection directing traffic, my ‘Risk Appetite” might instantly change.

So who do you look to to assist in risk strategies in your business

1. Advisors - engage professionals in their area of expertise - if compliance with Tax Law is a financial risk to your business - engage a great Tax Agent - other professionals who deal with mitigating risk in business include : BAS Agents, bookkeepers, accountants, financial planners, bankers. Did I mention bookkeepers and accountants ? Oops - Better than oops than a 'what if'! Make sure that they are qualified to provide you with advice and strategies in their field of expertise.

2. Insure against the risk - some insurances are mandatory eg Workcover insurance if you employ staff - others are an option - assess the risk, weigh up your risk appetite and act accordingly.

3. Review risks in your business over time - remember that risk changes our behaviour and society is an ever changing medium.

Most of all dare to dream .....

How to build a 'layer cake' of cool tools in your business

florian.glinserer@worldhost.group — Sun, 24 Sep 2017 09:50:33 GMT

'Must have' ingredients in the tool box for your business.

Creating a great base for your small business is a bit like baking a cake - we need the best quality ingredients, all combined in the correct order and quantities and left just long enough in the oven.

Let’s start with the base.

Xero - an online accounting software program that forms the basis for the best recipe. To add on all the other tools - we first need to have a Xero file customised to the business and running correctly and efficiently. https://www.xero.com/au/

Let’s add some flavour.

Receipt Bank - captures all those bills and receipts - stores them electronically and eliminates paper. Automates data entry and creates effortless bookkeeping. This is the flavouring of the cake. Sure - we can just have plain old vanilla cake but add Receipt Bank to Xero and the flavour pops! https://www.receipt-bank.com/

Lets finish off with the icing.

Which flavour would you like ? There are many to choose from they all achieve different outcomes to decorate the cake - here are my faves in 3 broad categories

Money - let's get paid

Chaser - automatically reminds clients to pay you. Links to Xero and ensures your clients receive copies of invoices and statements automagically. https://chaserhq.com/

Ezidebit - offer credit card payments to clients - you can absorb the fee or choose for it automatically to be handed onto the client. https://www.ezidebit.com/en-au

Social - let's power your social game

Buffer - automate your social media posts for your business - decide when and where your social media posts about your business https://buffer.com

Feedly - Drive reading material direct via an app to you - no need to worry about being stuck somewhere with nothing to read. https://feedly.com

Pocket - 1 click will save articles and posts to read later when you have time https://getpocket.com/

Productivity - let's DO this

Remember the Milk - recurring or adhoc reminders to do ‘stuff’ https://www.rememberthemilk.com/

Zendesk - creates ‘tickets’ to ensure every email is actioned or divided amongst the team https://www.zendesk.com/

Hubdoc - fetches bank statements, bills and other documents - no need to log in and retrieve anymore https://www.hubdoc.com/

So there you have it - the ingredients, the method and the baking to deliver a multi layered 'cake' of tools in your business.

Just remember to save me a slice.....

#xerocon17 my key takeaways for practice

florian.glinserer@worldhost.group — Thu, 21 Sep 2017 10:23:41 GMT

What Xero has in store to delight out clients even more....

Life is too short for BAD software

Xero are releasing even more functionality into their core product (Xero blue)

It will bedazzle and declutter our clients lives and our practices.

There is just NO reason to use bad outdated and clunky software. To harness these changes - the clients need to be on board with Xero and here is a wee bit of what is ahead……

Expense Claims - has had a major overhaul - the app will be even more friendly and useful to clients who spend money from personal accounts and require reimbursement. It will rock the world of paperwork right here. We will be able to submit on behalf of the client, analyse their spending and manage unplanned expenses. This functionality will grow legs and morph into even better experiences for collecting data.

Projects - a foray into managing time and billing on projects for service based businesses - it will in some cases remove other time keeping software and time sheets for recording and managing billable time. It is available to partners now to try before it is unleashed onto clients so I am planning to use it in my practice to see how it can eliminate some of the time tracking I currently do.

Life Long Learning - a core set of modules to train up new staff in the accounting industry with REAL data in Xero blue. It will up skill new entrants so they come to the practice already skilled in Xero. A bonus for the industry.

Users in Xero - getting a much needed overhaul so we can easily manage what clients can see and do in a Xero file.

Payment Services - forget BPAY - think QR codes and ability for the PAY NOW button to practically entice clients to pay their bills when the invoice is issued from Xero. A major selling point to those clients on old software.

Auto Super - has also been overhauled to make super payments even easier and stress free when payments bounce back and need to be re submitted.

Bills and Batch payments - the future is automatic payments direct to bank - no more download the ABA and upload in bank - it’s not there yet but it is coming.

Fixed Assets - OH MY - there will be an ability to set a Private Use % - woo hoo!

Bank rules - yep they now include Bank transfers between accounts - pretty darn cool to eliminate clients mucking up transfers and doing what we call as ‘double entry accounting gone mad”

Find and recode has been pimped to allow to make bulk changes to journals amongst other functionality. No matter how predictive Xero gets - and it is getting smarter by the day - we will still have to fix client mistakes.

Finally - Xero Discuss - collaborate with clients on a whole new level - start a tracked discussion so you can assist them where and when you can and ask questions - it is the Discuss tab on steroids and you need to see it to believe it.

2. Forget work/life balance - what we are actually after is a Third Space .

We need to develop behavioural agility.

There was a wonderful speech from Dr Adam Fraser (go ahead and google him) around creating a happier self through focus and clarity - I am not going to go in-depth here - needless to say - check out some of his writings and perhaps even his book - his ability to show us a roadmap to achieving balance is mind-blowing. Its essential in this instant-gratification world our clients are born into.

3. Efficiency - it is the new driver for your practice.

Yep I thought disruption was the over used buzz word in the accounting industry - now its efficiency . However what I learnt at a session hosted by Emma Crawford-Falekaono, is that we need to rethink our existing accounting workflows and find the opportunities to eliminate waste. I took some awesome shots of the process she tells us to follow with our teams to actually achieve this - I plan to implement this program of change with my team in the coming weeks. We are good at what we do but I can now see ways to be even better.

First we need to get the customer feedback, then map our current workflows as a team - end to end - identify the waste - then map our ideal state and implement in a continuous improvement culture.

Obviously this topic has a whole more detail in-between but you get my drift.

4. The machines are going to radicalise our world but the human interaction will become more crucial than ever.

Rod Drury (founder of Xero - and a demi god in my opinion) explained that Artificial Intelligence (AI) will create efficiency, automation and monitoring but it will be the humans who provide the inspiration, purpose and empathy.

5. Xero HQ is about to explode into APPS.

9 core apps will PLUG in to Xero HQ - the flow of Receipts to Receipt Bank for example will be alerts in Xero HQ so we know exactly how behind our clients are with their paperwork without even logging into their file. Reporting apps like Fathom, cash flow forecast programs like Futrli will TALK back and forth to Xero - seamless integration and delivery of even easier analysis of clients numbers - at your fingertips.

BOMA will revolutionise the social media space for accounting practices. Xero will curate content that is relevant to your clients and allow Boma to push it out there with practice branding direct to them.

Xerocon is all about getting the heads up on where the accounting industry is headed and how machine learning, AI and awesome software is going to allow us to delight our customers.

I can’t wait to get back to the office and get my hands dirty with all these brilliant new tools.

So you have started a business - now what ?

florian.glinserer@worldhost.group — Sun, 10 Sep 2017 04:29:27 GMT

How to cover off the basics - my 3 top tips when starting out.

Perhaps you have been an employee - since forever - and you have decided to move to the 'dark side'?

Buckle up - get ready - we might experience some turbulence !

Ideally starting a small business should be easy - right ? You have a brilliant idea, you see a gap in the marketplace and you GO for it!

Well good on you .....I don't want to dampen your enthusiasm but there are a couple of things you should consider...

1. Entity, structure, legalities - choose the correct base model then add the accessories.

Do you have an ABN ?
Will you need to be GST registered?
What permits or laws will you need to comply to ?

It's no secret that bookkeepers and accountants deal with a multitude of these laws and implement structure and planning around this area of business. Compliance is a large part of their work.

There may also be some specific industry guidelines - seek advice and be clear on what is required.

2. Software, back of house, admin - fill up the car with premium fuel

Gone are the days when you signed a lease - opened a shop front and employed someone to 'be' in the shop. This of course is still a valid business model but times have changed. Businesses can exist solely online - no premises required!

Bookkeepers and accountants know software and systems like the back of their hand. They navigate it daily.
If you need point of sale software - you are no longer restricted to an eftpos machine - there are many other options out there.

The Accounting software you choose is the Engine room of your business yet it drives so much more. If you choose it well, it will open doors, grow with you and allow expansion to help your business thrive.

3. Do what you do best - sometimes you need to hire a driver

A successful business owner knows when to jump in and take control and when to call in the experts.
Delegate and automate.
Choose smart software and tools that take the heavy lifting out of compliance.
Consult industry experts when needed.
Let them quote you fixed fee services to do what they are good at while you get on with what you are good at.

Most of all take time to breathe - both in and out.

Establish a balance between your work, your passion and yourself.
Learn to say 'no' when it is not the right fit for you but most of all congratulate yourself on have the sheer guts to take the leap into self employment.

Well done you !!

Ducks need to be in a row!

florian.glinserer@worldhost.group — Thu, 17 Aug 2017 09:13:45 GMT

How lining up your ducks can help you succeed in business...

Starting a business ? Get your ducks in a row…..

So you have an idea, a skill, a need…..

Then you set up a business

Welcome to the world of self employment.

Being self employed for the best part of my entire career - I personally told both my children to work for the ‘man’ or indeed the woman as the case may be.

It’s just that being self employed is TOUGH.

And as a mother you want to protect your children and create the best opportunities for them possible. So you reflect on your challenges and your battles and you want them to avoid these pitfalls. Its kinda like when they first walk - you want to save them from every fall until you learn that they need to fall to enable them to learn their boundaries and most of all to discover their achilles heel.

And so it is in your business - the great idea permeates into a shop, a factory, a van, an online site.

Now its time to get those ducks in a row.

Start well and finish strong.

Get advice - engage an accountant who understands business and who you relate to. Not all accountants were born equal Engaging an accountant is like speed dating. The date doesn't have to be love at first sight but it needs to have relationship potential - you need to know when the bell rings that you can know that you WANT to have coffee with that accountant. Why? Because you want to marry their brain!

Be attentive to details - and if you are not - engage a bookkeeper - they are PEDANTIC about 2 things - DETAILS and DETAILS - they are determined that the numbers need to balance and make sense. They are the absolute go to for a great number 1. They work together to ensure your figures are accurate and complete. Get this speed date right and you will be in heaven. Number 1 will thank you too !

Fail - most of all be prepared to SUCK at something - have a crap product, an awkward customer, a nasty review - this will teach you so much more about yourself and your business than surrounding your self with people who tell you how great your idea is. If in doubt consult 1 and perhaps 2 - they will tell you the UGLY TRUTH - that's their job!

Be brave - know that not everyone has the sheer guts to put themselves on the line to do this - its takes a special person to risk.

Embrace tech to do the ‘heavy lifting’ - engage number 1 and 2 to ensure you take the ‘heavy lifting’ out of the grunt work in small business. They have endless ideas on how to make your business efficient. Buzz words - Xero Receipt Bank Bank feeds - you name it - they know it

Its all about process, structure and relationships - this leaves you to create and foster those great ideas.

How I fought and lost to a bully

florian.glinserer@worldhost.group — Mon, 07 Aug 2017 12:22:29 GMT

Fight the fight that matters AKA putting on my BIG girl panties....

Today I lost - I picked a fight with a bully and the bully won

I lost my cool - I lost my train of thought - I really just did a little girl thing and threw a hissy fit and stormed out of a meeting. Inappropriate language may have been used - so I am not feeling proud of myself right now. I can't believe I let it get under my skin.

Ever had one of those moments when you are so angry - so incensed that you react . So passionate about the cause you lose sight of the reality ?

Then you stop - and you think - they got me ! I succumbed to their whim! So what do you do ..... you cry….

Then I stop and think about all the times I am respected and consulted and I feel hope - I remember that these are the people I want to have relationships with - these are the people who 'get' me.

I hate to say it but when girls are passionate - they cry - they scream - they shout - if they are not emotional - if they don’t fight you - then they don’t care - I love with abandon and I care beyond scope - I think some people confuse passion with hysteria. More fool them.

Let me be clear - passion is a virtue not a vice - I have a voice and I intend to be heard.

You may not like the message but don’t shoot the messenger.

In the end my passion will find it's voice and the big girl panties will be worn proudly!

In life and business - be kind

florian.glinserer@worldhost.group — Fri, 28 Jul 2017 07:44:17 GMT

Simple acts of understanding and kindness go a long way in developing relationships

Today I arrived home from a tiring, testing week of mistakes and complaints to a lovely surprise. Not from whom I would expect.

A simple bunch of flowers - co incidentally my favourites - with a note "Have a great weekend".

It was all I needed to re invigorate my soul. It brought me to tears.

In life, it is the little things that matter. Those simple gestures and ideas that create kindness to others.

Looking at my business - it is easy to think I don't care - "You didn't reply to my email when I wanted you to ", You didn't call me straight back even if you were with someone" "You didn't fit me in when it suited me"...

The problem is I DO CARE - I care so much I will work day and night to meet my commitments in my business.

In your business there will be times perhaps when your clients/customers think you don't care - your product didn't meet their expectations, you didn't seem to 'go the extra mile'. At these times I ask you to try a little kindness. Think about what they are seeing - is your Latte late because they are trying to keep everyone happy ? Does that extra minute you had to wait while they finished serving someone else lose you anything precious ?

Kindness involves empathy and thinking about what the other person is experiencing and feeling. it's hard to do when you are on a deadline. It's hard to do when others use it to take advantage. It's hard to put aside your own needs.

In the past I have been guilty of being unkind. I have been guilty of putting my needs first. Most of all I was guilty of putting the needs of those who were the noisiest first! To the detriment of those who didn't!

A kind word, a wink, a small gesture - hell even a "How are you?" and a moment to actually listen and CARE about the answer - go a long way.

How can you be kind in your business and not be stampeded by the needs of others?

1. Make fences and witches hats with your time and attention. I am not talking about obstructing your workflow - rather to direct the traffic. If you don't perform well in the morning or late in the afternoon - refuse to book time then. Be ruthless and honest that even if it suits their needs - they are not getting you at your best.

2. Say NO - fast, loud and firm - NO I will not drive to collect your paperwork - that is not what we agreed - you agreed to bring it to me - NO I can't take your phone call while someone else has my attention - NO you don't need to speak to me, one of my staff is just as skilled and actually sometimes even specialist in what you want! Trust me - I only surround myself with the best.

3.Give back - be kind to who is kind to you - be especially kind to those who are not - they do not see the human value of what you are doing - model the correct behaviour. Take the high road. Pay it forward - rent the movie - you get the picture!!

4. Surround yourself with the good eggs. You know the sort - they irrepressibly make you smile - when you see them you just want to throw them a wink. The bad eggs - sorry they are harder to spot - they usually bring you down , negate your vibe and suck your energy - It's not their fault - they always have to find someone to blame or complain to - seek them out, identify them and repeat step 1 2 and a 3 !

I'm not perfect - I often get it wrong - but I sleep well at night because I know my intention was always to be kind.

Mentors in business - thats a good thing right ?

florian.glinserer@worldhost.group — Wed, 12 Jul 2017 13:13:26 GMT

Think carefully before you mentor ...

What to look for in a business mentor ?

I have kissed a few frogs in my time in my quest for business advice. When you choose to have mentor they must commit to you as much as you do to them - they need to be on the same page with values and honesty and they need to demonstrate the following qualities…..

Passion : Do they have belief ? You don’t just want a mentor just to thump their chest and pout about meaning - you want them to demonstrate meaning and underlying commitment - you need them to show they ‘get’ you. You need to breathe their belief - you need to feel that they are passionate about YOU

Belief : Do they understand your belief system and values ? Or are they just walking the walk ? Talking the talk ? Do they back YOU when the chips are down ?

Guts and determination - will they force you to face your fears and admit your misgivings - they are not there to stroke your ego but equally they are there to protect your interests ? They dance a dance of loving you and driving you - not all mentors can achieve this.

Being a mentor means running the tightrope of friend and foe - they need to know when to love and when to set you free. Get it right and the relationship builds - get it wrong and it is a disaster!

When you go looking for a mentor -YOU are always ready -YOU went looking — the problem is …are they ???

Lightening the Load

florian.glinserer@worldhost.group — Sun, 11 Jun 2017 01:48:02 GMT

How packing 'light' can help re think business processes...

I just left for a quick break pre end of financial year madness

I was duped - duped into packing carry-on luggage only.

It wasn’t about the cost - more about the freedom and flexibility of no luggage to cart about.

It’s a quick trip, why be weighed down with luggage? It may also have something to do with ALL my luggage going AWOL on my last trip ….anyway…..

If you know me well, you will know 2 things about me

I am a planner
I am a packer

I like STUFF. I like to have my things.

Forcing myself to pack into 7 kilos has been a major struggle - my laptop bag alone weighs 3kgs!

So here I am packed to 7kgs - ok so it was about 10 kgs - and if they stopped me, I was prepared to layer on my clothing to get it through!

Thankfully they didn’t force me to become the Michelin Man and I made it.

How did I feel ?

FREE

Did I need the extra STUFF ? No, not really….

I managed to feel great, read half a dozen e books loaded into my phone, wear clean clothes, and generally not let my ‘stuff’ get in the way.

So here it comes…..how does this relate to my business ?

In business, we have ‘stuff’. We stick to your ideas around our processes, our products and our ways.

The last 2 years in business has taught me to not be defined by the ‘stuff’ - to rethink the necessity.

Let me show you an example….

Each year at this time I used to make the inevitable stationery order. Lots of paper, ink, folders, tab dividers.

Every client had a new folder prepared for the coming financial year.

These days Officeworks does not have my number on speed dial. I spent way less $$$ and let’s just say there is more and more shelf space and less and less folders.

The methodology I used year-on-year with clients has changed. Technology has brought with it the ability to be paperless - NOT paperfree. i will always need my notes and files!

The freedom of less ‘stuff’ in my business is paperwork and procedures. - it opens doors for me to be able to do more for my clients.

I no longer need paperwork dropped into my office. It can be uploaded through an App - Receipt Bank.

Receipt Bank not only frees them from the ‘stuff’ - it means we BOTH can work anywhere, anytime.

They buy a new car - no longer do I need to wait for the invoice to claim back the GST - its at my fingertips as soon as they drive it out of the car yard.

I see an amazing opportunity for business owners to free themselves of their ‘stuff’ - both physical and mental. Processes that worked in business years ago are now clunky and outdated with the tools like Receipt Bank we have available to us.

I want to onboard clients with the latest Apps, add ons and best process behind them.

I want to talk to clients about

Xero - for online accounting software

Receipt Bank - to eliminate paper receipts and automate data entry.

Banking - working with their bank to create more automation around banking.

Together this will lighten the load.

Here is 1 small story I want to leave you with….

I spoke to a prospective client during the week. They set up Xero years ago.

Their bookkeeper stills comes in every week to process their data, piece by piece, manually into MYOB.

But they have Xero right ?

Their bookkeeper refuses to use Xero and duplicates every task manually into MYOB.

Thats just nuts !

This is double entry accounting taken to a whole new level.

So now - together - we are going to take this business owner on a journey. We are going to STOP all this double handling and harness the power of Xero - we are going to implement Receipt Bank and push this business into a new realm, leaving all the old ‘stuff’ behind.

When I first started a business in bookkeeping - I knew that connecting the business owner with the right tools was the key. Increasingly now I understand that change, albeit scary, is inevitable and even critical to business prosperity and pure survival.

So in 2017 - how are you going to lighten the load in your business ?

PS I did survive the trip without the 5 pairs of bikinis ! Load lightened!!

Burden of proof

florian.glinserer@worldhost.group — Mon, 15 May 2017 11:20:54 GMT

How do you know what you know ?? Better yet - how do you prove it?

I’ve been running a small business for far too long now. I’ve seen a LOT

I’ve been through the ‘Can I do this stage?” and can safely say - I have seen your situation and 9 times out of ten I have seen what journey you need to take and would love to take you on that journey. You just need to trust me.

But what if you have to prove you know what you know ?

My 2IC has been with me for FAR too long - she is my confidante, my rock and my general go to -she has managed to replicate my gut feel and tempers my tempestuous nature. She hauls me in when I need restraining - she is my wind of caution yet encourages me when I need to feel the freedom and ride with the ‘top down’ . So she’s pretty amazing right ?

Yet - TECHNICALLY she doesn't have that magical piece of paper that proves she knows what she does yet in her mind she does. In my eyes she’s amazing!. So the past 2 years she has studied to get the ‘piece of paper’. Today she got it !!! I am so proud of her - sheer determination and GUTS.

How many of us as business owners work in an area of expertise where we do not hold that magical piece of paper ?

So let’s focus on what is important :

Legally to trade do you need this qualification? In her case - the answer is NO - as an employee she does not - yet the industry encourages her to have it.
Does it authenticate what you do ? Does it give you credence in the industry ? I joined the Institute of Certified Bookkeepers because I felt I needed to ‘prove’ I had an industry body behind me - if it gives you comfort and standing - then why not?
Does it COMPLETE you ? Often certifications just prove and validate what we know what we know - and although this can be seen as ‘ticking’ boxes - this validates our knowledge
Does it VALIDATE your experience ? Or do you think it will ? These are the deep questions to ask your inner self - ask others - self perception can be self limiting!

Let’s face it - leaving school it is easy to qualify in a ‘trade’ but does that mean that you know the industry, the clients, the trends…..does it equal your passion?

In business I am all about the passion - it is why I am up at 5am each day - off to the gym and then into the office - the weeks I don’t feel the passion are the weeks I struggle. I once thought I needed the piece of paper but now I realise sometimes you don’t need to follow the usual path to your dreams. My 'piece of paper' whilst relevant would have strictly sent me down a different path had I have followed the usual avenue !

If someone had sat me down at 20 and told me the path I would leave today I would never have believed them - hey if someone told me that in the last 6 months I would be doing what I am doing now - I would not have believed them

So apart from my reflections and posturing - what can you as a business owner take away from this ?

Sometimes you just need to ask - opportunities are everywhere just don’t say NO
Never assume you need the piece of paper
Live your dreams - no one else will
Never under estimate your gut - If you can validate you don’t need the certificate
Surround yourself with the right people - it doesn't matter if they don’t have the piece of paper - often their experience ‘talks”

Be sure of yourself - surround yourself with the best experts - and most of all - LOVE what you do !

You gotta know when to hold 'em - you gotta know when to fold 'em!

florian.glinserer@worldhost.group — Fri, 05 May 2017 11:45:35 GMT

When to 'jump' in business....

I have a dilemma.

I have reached a point when i don’t know the answer. And if you know me, I always want to have the answers.

My gut says one thing - and I rank my gut - its instincts have served me well in business and in life over the years. Then my heart and my head say otherwise …

So who do you believe ? Who do you listen to ?

In the past year, I have listened to so much advice - some good, some bad and some downright ugly - and as a result I have reverted back to what I know. My gut feel , my like of people and who I think I trust and love.

Do I listen to my business mentor? Do I believe my strongest supporters? Do I champion my colleagues?

As many of you know I am the proud mother of 2 beautiful kids - now almost adults - and this is feat achieved by little old me - who is so scared of pain - I did that ! Twice ! The midwife saw the fear in my eyes and jumped right up next to me and hollered instructions in my ear. That was exactly what I needed - someone to say - just jump! Trust me - believe me - follow me and JUST GO! Someone who worked out I needed a PUSH

In business - we live in fear - will we get paid? Will we have enough $$ to pay the rent, wages - even ourselves …it is so hard to know when to hold tight and when to throw in the towel.

I’d like to think I can help - I’d like to think that no matter what is going on - I can hold your hand and help you to breathe - in and out - and jump with you - just remember sometimes I am also contemplating my own leaps of faith !! Being in business takes energy and passion - it exhausting but ultimately rewarding - I know , because I live that rollercoaster every day and sometimes I too want to get off.

Embracing the trolls in my life...

florian.glinserer@worldhost.group — Fri, 28 Apr 2017 11:44:32 GMT

What Trolls have taught me about my 'tude' towards my business

Do you have what it takes ? I think I do and then sometimes the doubt creeps in ….

When you are a business owner - you spend a lot of time in your own head - living and breathing your business

Sometimes you just need to break this tension.

Tonight my 11 year old niece chose the family movie - Trolls - not my choice - I struggle to relax and watch a movie at the best of times. Always thinking there is something else i should be doing….

Who would have thought an animated feature would mimic my business life and make me smile ?

The story line goes that the Trolls are the happy people - they sing, they dance and the Burgens (can’t help but think of burgen bread) are the unhappy energy zappers. Negative, mean and dark.

Long story short - too late - the Burgens invade the trolls happiness party and steal away some of the happy trolls. Princess Poppy - a troll - decides to go rescue her friends and takes her reluctant friend Branch - also a troll - with her.

Now Branch is a dark cloud. He is all doom gloom and negativity. He is that person in your business life that you want to like but their negativity and energy draining exhausts you. He won’t do hi 5’s , he has a negative view on EVERYTHING. Poppy is happy, positive and a real go getter. She’s the sunshine to his rain.

Branch on the other hand says “I don’t sing and I don’t relax - this is how I am” Some business weeks I can relate to Branch!

The Burgens want to achieve ‘troll happiness’ - yet they are so bent on their mission to dominate happiness will never come.

A lot of drama interspersed with dancing and singing ensues but basically it all ends well for the happy people.

As I watched, I couldn’t help but think about my business life and the Trolls and Burgens I have.

As a business owner I have to engage my inner Poppy and not let the negative thoughts get to me - I have to wake up committed to my business to be positive and do great things.

And it’s ok for me to be a little like Branch - I have to question, disagree and think ‘what if’ - but whatever I do, I don’t want to be a Burgen - bent on revenge, hungry for power and caught up in my own drama.

I have what it takes - so do you - we have businesses that survive for a reason - sometimes it takes a troll to tell us that !

Bookkeeper - Accountant - who does what ?

florian.glinserer@worldhost.group — Wed, 05 Apr 2017 12:04:58 GMT

Can you 'eliminate' your bookkeeper?

So much has been written in the past few weeks about bookkeepers and collaboration with accountants that of course - being me - I cannot help but weigh in on the debate. It is easy to react but after some pondering... here are my thoughts....

First of all as a client - let’s get your perspective - after all you are the reason we do this!

What’s the stink about ?

Who do you engage with ? Is the accountant the HOLY GRAIL or do you listen to the bookkeeper who you see day in - day out ?

I feel for you - WHO to believe - WHO to listen to ?

The end result is - BOTH

If the accountant and bookkeeper relationship is working correctly BOTH will be able to provide you - the client - with awesome results and advice

Let’s face it - bookkeepers and accountants have different end games but ultimately their aim is to service you as a client - to ensure your business success. In my world we have mutual respect and are truly 'client focussed'.

In a perfect world I see it like this …

YOU as a business owner have a problem - you engage with EITHER your bookkeeper OR accountant and either REALISE who DOES what and ensure you get serviced by what you need .

END OF STORY

No more accountants cold calling clients telling them to “Eliminate their bookkeeper”

Instead in my world they would engage you in activating an immense opportunity of resources at your disposal

Bookkeeper - accountant - client - ITS ALL ABOUT COLLABORATION

We as accountants and bookkeepers have an amazing opportunity to provide our clients with immense value - we need to NOT fight about the toys in the sandpit - we need to NOT lose sight of the fact that the client is our core mission!

End of story - the end - Fine!

And as a client it's the triple win !

Bookkeeping is more than just BANK FEEDS

florian.glinserer@worldhost.group — Sat, 25 Mar 2017 02:03:32 GMT

So you have connected the bank - now what ? Game over for bookkeeping ? Ah not quite......

When automation of the accounting software allows for banks to ‘feed’ transactions into the software - this streamlines work flows.

It creates EFFICIENCY and AUTOMATION

Connecting your bank to the accounting software is now the norm rather than the exception.

But - does that mean the end of bookkeeping?

NO ! Far from it. We are just getting started with the 'cool stuff'.

Bookkeeping is a process and Bank Feeds form a part of this process.

Time and time again I see clients in my office who have subscribed to a piece of software and linked the bank feeds. Perhaps they may have even started to ‘code’ some of these transactions.

Then ….that’s it ! Bookkeeping over ? No.. not at all.

Here the real bookkeeping begins - BEHIND the bank information.

Record Keeping - documents, receipts, Tax Invoices - these are required by law to substantiate deductions.

How are they stored? How do they come into the business ? How are they matched up to bank feeds?

Business Flow of information - How does the information derived from the bank feeds get verified so we understand ‘what’ it is e.g. an expense or a personal purchase ? Who is the decider?

Computers can feed in lists of information and recall how the information was dealt with last time - but who is making the judgement call?

Here is where an external bookkeeper can help you make the magic happen - they can use tools like Receipt Bank to ' get in between ' the paperwork and the bank feed to store documents and code transactions - its a smart use of the technology available to your business. Hey and that's us - the bookkeepers in the YOU part of the picture - its a triple win for business!

Whether you complete your own bookkeeping or contract some to do it for you - harness the power of automation that bank feeds provide but whatever you do - remember to consider the bookkeeping process underlying this information.

Is the success of your small business the luck of the Irish ?

florian.glinserer@worldhost.group — Fri, 17 Mar 2017 05:47:19 GMT

It's St Patrick's Day so let me tell you a little story ........

Happy St Paddy's Day !

Yesterday I had the privilege of working with a client in the Construction Industry. They have been using Xero for approx 2 years. They came in to see me as they were just taking the step away from engaging contractors to engaging employees.

Now remember I said that they are in the construction industry. What was a simple catch up turned into a 2.5 hour 'chat' about all the steps they needed to complete to become an employer.

We covered : tax file numbers, wage rates, Fairwork, Co Invest, ABN lookups, Super Choice Legislation, Privacy Act, Registering for Workcover, becoming an employer for super funds, employee v contractor, 17.5% leave loading, overtime, penalties, engaging the owners as employees, timesheets, payroll processing and so much more.

Now - most clients would have glazed over and, in a fit of pain, decided to change their mind about employing - these clients decided to face this business challenge head on.

What was truly great about this attitude was - it didn't require luck.

It required clear decision making and connection with the right advice.

It resulted in a great conversation the next morning between me, as the BAS Agent and the client's accountant about how we could better serve the client's needs in providing advice about the business profit. How we could be 'in front' of the 30/6/17 deadline.

The client's choice of software, commitment to keeping their bookkeeping 'clean' and an overall passion for their business was not the result of luck either.

Being a success in small business takes guts - you need to take risks, learn on your feet and be open to new processes.

Luck will get you so far - hard work will consolidate your gut instinct - but great advice will help you succeed - no luck required!

Labour Day - A celebration of the 8 hour Day ?

florian.glinserer@worldhost.group — Sun, 12 Mar 2017 05:19:21 GMT

8 hours for work, 8 hours for rest and 8 hours for what we will

This Monday we have a Declared Public Holiday in Victoria to commemorate Labour Day . A celebration of the 8 hour day.

As a small business owner, I can't recall doing an 8 hour day for many months!

Times have changed in business and the strict 8 hour day - Monday to Friday - 9 to 5 routine has been turned on it's head.

Often I work early mornings - late nights, have afternoons off instead, my working life like many other business owners is varied and not consistent.

So - is the message and achievement of the 8 hour day an outdated concept or should we take some reflection on the 8 hour day movement to our current busy working lives?

The 8 hour day is celebrated on different days in different states of Australia as it was 'achieved' at different times. The origins came from the British Socialist Robert Owen who coined the term "8 hours work, 8 Hours sleep, 8 hours recreation". After the Australian Union movement began their campaigns in the 1850's - the 'short time' movement succeeded in declaring a Public Holiday in Victoria in 1879 in celebration of the 8 hour day.

The recent change to penalty rates in the Retail, Hospitality and Restaurant industries acknowledges that times have changed. Demand to shop and eat outside 'normal' hours has driven these changes. It questions the need to compensate employees for working outside 'normal hours' and as a deterrent to employers to schedule work outside these 'normal hours'.

Funny part about it is that in 2010 the standard working week was changed from 40 hours to 38 - no co incidence that 40 is divisible by 8 ! Now we have to deal with multiples of 7.6!

The working world is changing - whether it be remote working spaces, hot desking, bootstrapped start ups working from their garages in their pyjamas - our need to 'have it now' affects how we treat our working hours. I am often personally criticised for working after hours, on weekends, 5am starts - what people don't see are the other times I don't work - when I choose to go 'off grid'.

So it's ultimately all a balancing act - the overall celebration of limiting our work lives is an admirable concept - taking a day off to celebrate 'containing' our working lives is a great idea -

BUT maybe the magical number isn't 8

Automate! Automate! Automate!

florian.glinserer@worldhost.group — Wed, 08 Mar 2017 10:56:04 GMT

What's all the fuss about ?

Recently I was at an industry roadshow and I kept hearing these words exclaimed "Automate Automate Automate !"

The person doing the exclaiming is a progressive leader in the accounting space - so it grabbed my attention

Whilst as a bookkeeper it may be tempting to poo poo this idea - thinking it will deny us work - it will mean the end to data etc etc

The automated bots are coming and in some instances they are already here.

I feel qualified to speak to you on these changes because as a small business I have been through the journey myself and with many clients.

So - as a business owner - what does automation look like ? And how can it assist small business ?

LEAVE THE NEST

1. Start with a great tool box

MOVE to online accounting software

GET up and running on the latest platform and start changing your workflows

DO A TRAINING FLIGHT

2. Ensure your set up, transition and day to day running is smooth - consider engaging professionals as required

Make sure you are keeping the week-on week work completed confidently and correctly.

GOING SOLO

3. Time to spread those wings and really harness the automation

It's time for the funky and cool stuff to happen

Use the the tools available ..e.g

Receipt bank -effortless bookkkeeping
Payment gateways - Use Stripe, Paypal
Industry Specific Tools - Vend, Kounta, ServiceM8 etc etc

So how do you harness the AUTOMATE AUTOMATE AUTOMATE message - you engage with GREAT accountants and AWESOME bookkeepers who DRIVE this automation.

Taking it to the cloud....

florian.glinserer@worldhost.group — Sun, 05 Mar 2017 02:57:27 GMT

When you reach the end of the road its time to celebrate the journey.

It’s Sunday, the sun is shining and I am in the office ...don’t feel sorry for me – I’m celebrating.

You see today is the end of an era.

Today I converted the very last of my clients using desktop accounting software to the CLOUD.

Now I know for many of you this is not sexy talk. But for me and my journey this is a wonderful feeling of satisfaction and relief.

In recent months I had a personal tragedy occur in my personal life.

Some people knew about it – others just thought I went on an overseas trip to celebrate my long service leave.

In truth the trip served as a time to compartmentalise my life and reflect that life is

1. Too short to work with things and people that do not inspire me

2. Too short to break promises to myself

3. Too short not to celebrate every moment.

2 months later I am still trying to pick up the emotional pieces that have affected my work, to ensure I don’t disappoint anyone. The list of people that are annoyed with me is down to under 10 – most of whom I haven’t shared my past few months journey – so I apologise in advance.

But I digress....

I started my bookkeeping business with a Business Degree, a dash of enthusiasm and a whole lot of passion. I evolved it and made EVERY conceivable mistake a young business does.

1. I took on clients who were not the right fit with my personality and values

2. I undercharged

3. I gave away services for free

4. I undervalued my worth

5. I undervalued my product

But most of all I let people make me feel guilty about it.

In the meantime I grew a business based on desktop software – I was constantly in my car – running from place to place – trying to be everything to everybody and please everyone.

Then came the change I needed.

In 2011 I remember sitting in my car, I pulled over, rang my 2IC (she’s never 2nd in my eyes – she’s number one !) and said “We are doing this. We are moving all the clients to the cloud!” I had found a product that inspired me - that made me smile again!

What followed was a roller coaster ride of ups, downs, 360 degree loops and derailments.

And I’m not the sort of person who likes roller coasters! I need to coax myself into being strapped down into that seat with sweaty palms and a beating heart.

Yet for once I loved the thrill of the ride – I loved transforming clients’ old archaic ways and showing them the ‘cool’ stuff. I loved seeing their business thrive. I loved seeing the accountants I care about get dragged along the journey and the change it made to their practices.

Yet the guilt remained.

What if I failed? What if cloud based software was not the next big thing?

What if I was just a fraud? Full of puff and wind and marketing spiel.

I am sure some clients thought that I was making these changes to make life easier for myself and truth was – yes - partially. It was ultimately a business decision.

However if you know me you also know that apart from passion – I am incredibly loyal. I can keep your secrets, share your secrets and keep you to myself when I have to and share you when it's required.

I had built a business on 1 brand of software and had been their loyal servant for years! Now I was spruiking a different sort of tool for businesses. Their competitor.

What happened over the next 5 years has taught me that sometimes you need to place your passion in places you never thought possible and balance your sense of loyalty with what inspires you and makes you smile.

Often this is not the people you think it should be nor the products you think you should sell.

So as I upload this last file to the magical cloud and delete the desktop files that tie me down – I think as always of the client - they are blissfully enjoying their Sunday afternoon – unaware of the ride we are about to take. I feel relief, excitement and pure joy that this part of my life is over – this dependency on obsolete data that provides no worth to the business beyond compliance – and I look forward to being able to finally provide this client my true worth.

And to the company I am leaving behind:

I’m sorry

1. That you couldn’t align to my purpose

2. That you couldn’t see my vision

3. That you let my clients down in your narrow minded thoughts

But just like I can’t change what happened to me and those I care about 25/12/16 – I can look upwards and guess what....

It’s all Clouds BABY!

.....If you still don't have your 'head in the clouds' - drop me a line - I'd love to hear about your business and share my passion.

Show me the money !

florian.glinserer@worldhost.group — Wed, 01 Mar 2017 10:40:50 GMT

Where’s Wally ? Nope forget that - let’s play where’s my money ?

A common question I get asked all the time is - if I have made a profit - Where is all that magical money and why don’t I have it ?

To answer this question we need to explain how to understand 2 reports that are VITAL to your business

First thing to understand however is that - EVERYTHING - that is entered into your accounting software goes to an account in the Chart of Accounts - either an account that lies in the Profit and Loss report or an account that lies in the Balance Sheet report.

Righto -

Profit and Loss

This report shows your sales/turnover/revenue/income at the top and then subtracts your expenses/costs/cost of sales.

The end result is a profit or a loss.

FYI a loss is often shown in brackets.

We can see in this report what you have earnt and what you have spent.

Its a great report to look at month by month to see trends and growth or decline.

A key thing to look at in this report is your Gross Profit - don’t just scroll to the bottom and look at the end result - spend some time analysing the top end!

To be able to see a Gross Profit you need to see your total sales then your direct costs - so think of it this way - to make those sales, your direct costs are the materials etc that you HAVE to BUY to ensure you can invoice those sales

For example - if you are a builder - it would be your materials - if you are a cafe it would be your food costs.

Everything else is an expense e.g. telephone, rent, etc.

When in doubt - ask your accountant !

So many businesses do not show a Gross Profit in their Profit and Loss report - they list everything as income then expenses.

Renovating your Chart of Accounts in your software will lead to being able to see this gross Profit in your Profit and Loss Report - we strongly recommend you seek advice from a professional before you change your Chart of Accounts - remember it is the back bone of the accounting system !

Indeed once you have this Gross Profit figure - you can compare to month on month, year on year and even in your industry! The ATO create benchmarks - a fancy way of saying that they have record of Gross Profit figures for many industries.

The ATO use the information in Tax Return data to create the Benchmarks - they can be found at https://www.ato.gov.au/business/small-business-benchmarks/

So now that you know what your profit is - the next biggest question is - WHERE is it ??

To delve into this - we need to understand the other VITAL report in your business

The Balance Sheet

If the Profit and Loss shows income minus expenses - the Balance Sheet shows the worth of the business - i.e. movements in where the profit is .

This is where most businesses do not look at their Balance Sheet - indeed in times gone past Balance Sheets in software do not match what is lodged in your Tax Return - but more on that later…

First let’s understand this report .

It shows Assets less Liabilities equalling Equity - so what does this mean ?

Assets - Items of worth e.g. money in Bank accounts, vehicles, equipment, property…

Liabilities - things you owe - loans, ATO debts, overdrafts, credit cards, repayments

Equity - if you paid off the assets - this shows how much your business is worth - it also brings in the Profit from the Profit and Loss as an item called Retained Earnings.

So although the Profit and Loss shows you your position - I think the Balance Sheet tells you so much more about the state of your business.

Now - I know some of you will crack open this report and the numbers will be confusing and seem not quite right ? There is a really good reason for that .

Each year when you complete your Tax Return - you are effectively declaring the Profit as Income and the Tax Return is you paying Income Tax on the Profit - but before you even get to that point - there are some adjustments your Tax Agent needs to make.

I am not a Tax Agent - I am a BAS Agent - so here is Brendan Cole of HJC Accountants, a Geelong based Tax Agent AND Accountant to explain what happens here - in a simple way without all the intricate steps so you get the idea….

“To produce a Tax Return there are a number of checks and balances we need to undertake.

Firstly we need to check the data and make sure that what has been entered into the software is balanced to the bank and represents the figures we see.

We may need to reclassify some items

We then apply depreciation to assets - simply put we put in a further expense to show the decline in value for the year of the assets.

We also review and decide how to distribute the profit especially if there is more than 1 Director or the business is a Trust.

We look at tax minimisation, tax planning for future years and cash flow of the business. We also apply the latest rules and Tax breaks the government may have on offer to ensure the business has the optimal result.

Often these changes require Journals to be posted into the software to align the figures to the Tax Return.

In years gone past, clients would use desk top software and provide us with a copy of the file to work on the Tax Return whilst they keep using the software in their day to day business.

Now a days - a lot of clients are using Online Cloud based software - the data is LIVE and we are looking at the same accounts. So we can load in or adjustment journals to bring the figures to account.

We love working with clients whose numbers are clean as it helps us get on with the job quicker and in turn add more value to the client.”

Brendan Cole

HJC Accountants

http://www.hjc.net.au/

So back to the initial question ……where is the profit ?

To find the profit we need to look in the Balance Sheet

There are a number of places to look :

Bank accounts - have the bank balance increased since last year - if so there is your profit - it is sitting in the bank - alternatively if you have an overdraft - has money being deposited into bank to reduce the overdraft from the same time last year - again this is where money has gone.
Liabilities - did you pay off debt ? Have your car loans decreased ? Have you paid off credit card debt
Did you pay off personal debt? Pay mortage payments? Draw money for living expenses ?

The analysis of the Balance Sheet can be a challenging exercise - what we aim to do here at KRS Consulting Group is to work with you as a client to maintain a healthy file of data that is correctly allocated and balanced to provide to the Tax Agent/Accountant for year end so they can get the best information to do their Year end. In turn they are the professionals you should turn to to understand your profit and where it is.

The next conversation is planning around - tax on the profit and increasing profits to meet your goals. Not to forget planning for the INCOME tax you will owe on the profit. Talk to your accountant - they are a great resource

Our aim as Bookkeepers and BAS Agents is to make best use of their time and skills to ensure what information you have is accurate and reliable so they can get on with their task of assisting your business to succeed.

What's LOVE got to do with it?

florian.glinserer@worldhost.group — Mon, 13 Feb 2017 11:33:06 GMT

Can you have more than 1 love in your life ?

It’s Valentines Day

Some see this as a cheap commercial gimmick, designed to commercialise the raw emotion that is love.

Others see it as an excuse to shop in shops they would never visit, for presents they would not normally buy and openly express their emotions to pay homage to their ‘love’.

Around the world, flowers will be bought, chocolates given and cards exchanged. Cash registers will ring with the sound of dollars and businesses will sell “Love”.

Like it or hate it - it is a date that inspires positive emotions and expressions of sentiments often not spoken. It’s about red hearts and bleeding hearts.

St Valentine let’s not forget was a martyr - as legend has it, to love.

Love……often an overused word - bandied about freely and with abandon. Too freely for my mind....

I am glad Facebook and other social media selected ‘like’ as their positive affirmation. “Love" would have been just too passionate - too personal.

Recently Mitsubishi had an entire ad campaign around the song with lyrics “I don’t care, I love it”!

Even the software companies got on board with a big campaign of “Love your work”.

And I still often sign off my phone calls with “Love your work”.

But what is love ?

and can you love more than 1 thing in your life?

I love my family

I love my dog

I love my work.

I love LOTS of things and lots of people - some obvious and some private and deeply personal that I just won't share.

I love - freely and passionately - I wear my heart on my sleeve - that's what love is - free willing pure emotion.

My relationship with my work is often like a relationship - at times I am giddy with love, all silly and happy and giggly like a school girl, other times I am in awe, proud of its achievements and keen to spend quality time with it.

Other times I feel the sting of our first fight - the way we don’t talk anymore and just co exist until one of us breaks the silence and we start over.

Sometimes I have to treat my work like a first date, a new meeting, where I have to step back and act like I have never heard the same story before. Smile and be supportive to it’s demands even when the times are really tough and I really don't feel the love.

Confucious says “ Choose a job you love and you will never have to work a day in your life “

Unfortunately most of us have to kiss a few frogs before we find that magical prince - we all start out in jobs and careers that perhaps we thought would be our passion - until we finally find our niche.

Can you love your work and also have room for the other 'loves' of your life ?

I firmly believe that you can - if you set boundaries, clearly communicate the limits and devote the time to your passions and loves - they can all have a space in your life. It's ensuring that you dedicate the time to your 'loves' that counts. It's making sure you follow your passions and don't make them 'work'.

Moreover what I have realised that what I like about love is the surprise

The mystery - the not knowing - will I make it - can I do it ? Then the elation when I achieve that goal.

I guess I am lucky that I stumbled into doing something I love.

It’s like the secret Valentine - it’s the mystery of being thought of, the wondering of who it is and why they picked you. It’s about feeling the love. Raw and real.

So on a day when there is all this outpouring of emotion about in the world - all the flowers being sent and secret valentines cards…….

do you love what you do ?

I do.

Business Owners - Accountants - Bookkeepers - its a 3 way partnership for success.

florian.glinserer@worldhost.group — Wed, 08 Feb 2017 21:25:34 GMT

Why GREAT bookkeeping might just be your secret weapon in business.

As a business owner you have to ‘do the books’.

It is an unavoidable part of your business life - whether you like it or loathe it, to comply with the law - be it GST or income tax law - you need to bookkeep.

You didn’t necessarily set out to be in business to keep the books - yet you must.

The Law says so.

So do you

1. Do it yourself

2. Engage an accountant to do the bookkeeping

3. Engage a bookkeeper to do the bookkeeping

OR do you indeed need all 3??

This is where it gets interesting for you.

I am a bookkeeper - that means I keep the books for many different businesses.

I have built a business from keeping the books for businesses just like yours.

Here is what I see out there in the field…..

Some business owners will choose to do their own books

Some business owners will engage their accountant to do their books

Some business owners will seek out a bookkeeper - perhaps when the going gets tough even perhaps from a referral from

their accountant.

Other business owners will ignore compliance and hope that it goes away.

Let’s presume that because you have read to here - that you are not a number 4.

So what do you do?

Door number 1 - Do it yourself.

No shame in this. I actively encourage all business owners I deal with to know and understand their books.

Just like you doing a simple oil change on your car yourself, with the correct instructions, you can do your own books.

My advice to you if you choose this option is

1. Get a great piece of software that does the heavy lifting for you and has checks and balances to ensure you don’t get it

wrong.

2. Get trained in the software - you will pick up shortcuts and tips and tricks along the way

3. Invest in setting it up software and business paperwork and systems so they are customized for you, your business and are tight processes that ensure correct flow of information.

Don’t forget to get a ‘health check’ periodically too - this ensures you stay on track! Laws change, software is updated and generally you ‘don’t know what you don’t know’!

Golden Rule - although you can ask friends and/or google the basics - just like that oil change, you wouldn’t undertake a full engine rebuild without consulting an expert.

Door number 2 - Engage an accountant to do the bookkeeping.

I love accountants - they are generally a smart, savvy group of professionals adept at assisting you navigate the financial aspects of your business.

Just remember - not all Accounting practices do bookkeeping. Do not presume that when you engage an accountant that they will also be doing the bookkeeping.

Accountants give great advice on tax matters, organization structure and other financial aspects of your business. They are all different and you need to find the correct fit for you and your business.

They can do so much more than lodge your Tax Return. Sadly most clients I meet do not harness the resource they already have in their accountant.

A good accountant will assist you to comply, a great accountant will go on your business journey with you and offer extensive resources to assist you.

Here’s my tips for a GREAT relationship with your accountant

1. Agree on the scope of work - what are you engaging them to do?

2. Charge rate - annual, monthly, quarterly - what does it include?

3. How does their bookkeeping service differ from their accounting service?

4. Will the work be completed in-house - will you get to meet the bookkeepers?

5. If the accountant doesn’t offer bookkeeping - can they provide a referral ?

But don’t take my word for it - I sat down for a coffee with Mark Lawry of Suntax - a progressive Accounting Firm and asked his thoughts on what a ‘perfect match’ between accountant, client and bookkeeper could look like & why when you get it right it could be the ‘secret sauce’ for a successful business.

Here were his thoughts….

“It is no accident that business success is directly linked with the financial understanding that the business owners have about their business. This is where bookkeepers are essential in business, not only do they keep your bookkeeping up to date, but because of their regular interaction, they are able to highlight areas of concern generally before the it is on the business owners radar. These areas of concern generally include cash flow shortages, accounts receivable that are getting 'out of control' and general profitability of the business. From my point of view, bookkeepers not only help businesses survive, they help businesses thrive."

“

Mark Lawry

Partner

Suntax

www.suntax.com.au

For me, I only partner with GREAT accountants

Door number 3 - Engage a bookkeeper

My pet peeve with this option is when business owners automatically assume when they start a business - that they need to engage a bookkeeper to sit onsite in their office for a set number of hours and automagically their compliance is taken care of. Maybe…..

The cold hard reality is that bookkeeping is a regulated profession these days. Depending on whether the bookkeeper is employed by you or contracted - and also considering the tasks they undertake- they may be required to be a BAS Agent.

Just as we have Tax Agents - we have BAS Agents who are suitably qualified to provide BAS services. It has been recognized that you need specific skills to undertake most aspects of traditional bookkeeping - including payroll.

I could write page upon page on engaging a bookkeeper but for the sake of brevity here are my key take aways when engaging a bookkeeper

1. Don’t just ask about experience - ask about qualifications

2. Get references or read client testimonials

3. Look your potential bookkeeper up on Google, Facebook, Professional Associations Member Directories like ICB, and software websites who also have partner directories - stalk them!

4. Consider their fit with your business e.g. size of practice, the bookkeeper’s business ‘personality’.

5. Set clear expectations of what you will do as a client, what you want the bookkeeper to do and where the accountant fits in

So if bookkeeping is more than simply compliance - where is the secret weapon?

A good set of books will:

Ensure you comply with relevant legislation and further avoid penalties for non-compliance.

Keep your accountant happy at tax time so they can get on with on time lodgment

Let you sleep easy at night knowing you comply

A great set of books will:

Enable you to analyze your figures - and further enable planning for increased growth or profit.

Allow you to extend the conversation with your accountant beyond compliance and into tax planning and tax effective strategies.

Enable you to bed down the basics and reach your end goals - be they increased profit, sale of your business or future proofing the financial survival of your business.

When is the bird ready to leave the nest.....

florian.glinserer@worldhost.group — Wed, 08 Feb 2017 08:31:57 GMT

Is it time to fly the coop ?

So today I had a moral dilemma.

Here I was jogging along and stopped to change my music - when a baby little birdie scrambled under my feet.

He was cute, a little fluffy and clearly just out of the nest.

Now - normally I would have scooped that little birdie up, taken him home, hand fed him until he could make it on his own.

Instead - I crouched down next to my new little noisy friend and assessed the situation.

He was fresh out of the nest - but he wasn't flightless - he just hadn't flown yet

His mother was fluttering about in the tree over head - and it was entirely possible she was having mother-guilt of her own!

I knew with my limited knowledge of Evolution Theory - that Survival of the Fittest was something that had held the animal kingdom in good stead for years.

So as I weighed up whether it was immoral to walk away and leave that little chick there - I thought of 3 things

1. He was being watched over
2. It was his time to leave the nest and make his own way.
3. No amount of my care could guarantee his survival unless he had the guts to hop off that pavement and find his first worm.

And so it is in business :

I can watch over you as a client
I can push you out of the nest and ensure you manage your bookkeeping on your own
But no amount of my support alone can ensure your business survival unless you want to succeed.

I can provide advice as to the best software - install it and train you in it - I can even make sure it is working efficiently but I cant enforce you use it regularly.

What I can do is advise you about what I have seen other businesses do that works and what definately does not work.

You and your business are the little birdie and the nest - and I want you to be able to fly !

Facing your fears - real or imagined

florian.glinserer@worldhost.group — Fri, 13 Jan 2017 18:25:45 GMT

I have a confession to make.....

Confession time - I have a deep fear - it is an irrational fear of confined spaces.

Its not smart, its not logical, its not even due to any past incident or reasonable reason - its just an uncomfortable reaction to being in tight, sometimes cramped spaces.

I never used to be this way - it’s an irrational fear that has developed over the past few years. If anything I would like to think I am the opposite type of person - I’d like to think I would at least try most things…. but when faced with a closed in space, I break into a cold sweat. My heart rate begins to spiral and I just cannot cope.

Recently I had to face this fear and acknowledge just how irrational it is.

There I was in Florence Italy in the Campanile - basically a Bell Tower built in 1344 - it rises 414 steps to a beautiful view over Florence. In the early morning the tower is not too crowded so I made the climb to the first landing - the stairs are straight but a tight climb but no sooner had I begun, I started to feel closed in. I could see the light of the landing and was greeted with a spectacular view. My heart rate decreased and the fear was gone.

So after a few selfies and other photos of the view - I was off again - another claustrophobic staircase to another level - a higher view - same reward. It was the third level that caused the problem. The staircase was tiny - and no straight runs of stairs - all in a circle - there were people everywhere crowding the stairwell both up and down.

Nope no way - I couldn’t do it - the fear had consumed me. So I baulked - at some point the reward of a spectacular view at 85m was not enough to get me over the line.

However there was 1 problem - I now had to get down - back through those flights of stairs with an elevated heart rate and sweaty palms. I did 2 laps of the floor of the bell tower considering my options and made a break for it.

I started to count.....in Italian....

Uno

Due

Tre

Quattro

Cinque

Sei…..

All the way - step by step to 30 - the counting focussed me on remembering the numbers in Italian - until at Trenta (30) - again the heart rate quickened. So I started to count backwards …

Trenta

Venti- nove

Ventotto

Ventisette

Ventisei…...

The declining numbers brought me closer to the bottom - the closer to sanctuary. My heart rate decreased. The rhythm of the counting, the mind having to focus on another task was able to partially conquer my irrational fear.

You would think I would be happy - but I had not reached the top - I was not rewarded with the view and I had not conquered my fear entirely.

So I tried again - The Cupola of the Duomo in Florence is famous for its unique construction. It was designed and built by Brunelleschi - he devised a new form of construction to build the Cupola in the year 1436 - so revolutionary that it still stands today as the largest masonry dome constructed in the world.

The beauty of the design was the 2 skins of arches made of brick - the climb to the top of the cupola is 463 steps to a height of 114m - spiralling around the dome - entering inside under the frescoes in the interior of the church - then another climb inside the spine of the dome to the very top of the tallest building in Florence and of course an amazing view.

I started the climb but unlike the Campanile - I reached only the first staircase and my mind took over. I backed away. As quick as I could - no ’scusi signora’ from my lips - I pushed shoved and hustled my way out of there. The fear is so irrational that even if my loved ones were on those stairs my fear for myself takes over and I at all costs need to remove myself from the situation.

You would think that a supportive hand squeeze or words of comfort from a loved one would be enough to get me over the line - ironically this actually drives me to flee even faster.

So there I was feeling dejected and like a failure.

In my life I have always believed that if you put your mind to it and worked hard you can achieve what you seek. No matter how I talked to myself I could not seem to conquer this fear. I was going to have to accept that it had beaten me.

Or so I thought…..

A few days passed and I found myself in Pisa. Home of the Leaning Tower - another Bell tower built in 1372 of 212 steps - of course it leans - the gradient is steep - 4.5m from the base to the top - it was closed for 10 years due to concerns over the movement and the fact that it may well fall over!

Ok - so I steeled myself - this was the most famous tower I would have the ability to climb - it would also mean I would need to deal with not only an internal stone staircase filled with other climbers but also a steep gradient lean on the climb up.

The Guard explained that your visit is timed to 30 minutes only to climb and view and only 40 people at a time were allowed to be in the tower.

Great! This building was completed in 1100’s - clearly had issues with its foundations and I was going to climb it.

Second thoughts raced through my head. As I waited in the line for my timeslot I began to think about home and invariably business.

My job, my passion, my mission is to educate small business owners about bettering their businesses and meeting their goals. I take what they fear and I train and systemise to ensure that they have no fear. I am no role model and have no credibility to lecture if I indeed couldn’t meet my fears - however irrational.

I was going to have to do this - i was going to have to find a way to work through the fear in my mind and put 1 foot after the other and get to the top.

So it began - what I didn’t understand was that the centre core of the tower is hollow - duh - of course as it’s original function as a Bell Tower was to communicate the time to the people in the town. I entered the circular stairs and put 1 foot in front of the other. Everytime I felt the heart beat start to quicken or my palms begin to sweat I looked up away from my feet and upwards towards the landing I approached. Again I resorted to counting - and whenever the number I counted started to overwhelm me - I counted backwards. When counted backwards I again lost focus - I forced myself to then count in French - positioning my mind to concentrate on something other than the tiny cramped space I was stuck in that was scaring the life out of me.

I realised 2 important things about my irrational fear :

If I can see a way forward - or conversely a way ‘out’ it quells my fear

I can tell myself - don’t worry if you want to leave you can

If I can focus my mind on something I have to solve, to remember or recount - it makes my mind forget about the irrational part and trains in on a the rational part of my mind.

So the view at the top of the Leaning Tower of Pisa - over the Piazza dei miricoli (Square of Miracles) was spectacular. The reward was immediate.

Was I satisfied? In part - but now after looking at the beautiful view - I need to be able to climb back down. No point getting up there if I couldn’t get down!

What greeted me was a view of tiny cramped spiral stairwells where I could see the small space I needed to enter.

I don’t remember how I got back down - I think I just waited until everyone was busy taking photographs with the bells on top and made a dash for it. Round and round and round - till I reached the bottom.

Have I conquered my fear? - perhaps not - but I did manage to learn to control it - to focus in on what is important and see beyond the fear itself.

I have discovered a technique to enable me to control the irrational part of the fear enough to get myself through it. I discovered that my fear is not held by others and indeed their fears are not necessarily held by me.

In business and in life - we are dealt all manner of fears.

Fear of failure

Fear of loss

Fear of judgement

Fear of looking foolish

As small business owners the thought of the consquences can be the fear itself.

My job is to take those fears and use techniques to assist clients to get past the fears. To make their numbers clear and easy and make sure there is no fear - real or imagined.

The 7 Deadly sins of business - Gluttony

florian.glinserer@worldhost.group — Mon, 02 Jan 2017 20:04:42 GMT

Great food and fine wine - how to feed your business soul

Here I am in the land of pizza and pasta on vacation - Rome Italy - The birthplace of complex carbohydrates and 1 shot espressos as a meal.

I have got to confess that I love food.

I love the way it smells, the way it tastes and the way it brings people together.

I also see the downside of my love. There is no happy co incidence I am always at the gym or running up hills. I need to balance this love of food with my health.

Gluttony can mean overconsumption but also has a real connotation of voracity and insatiability.

In work and business this voracity can be a positive driver to achieve goals and positive outcomes.

I know that if I set my mind to something I can feel this insatiability keenly.

How do you ensure you do not overdo it ?

The past few days I have been watching the modern day Romans go about their daily grind.

First stop - a morning espresso - always standing up - never sitting - perhaps accompanied by a sweet pastry. I struggled to get orange juice that wasn’t sweetened and eggs that were not salted. Italian breakfast is not for the faint hearted. Day 3 and I converted to the Roman way of life -

coffee short and strong.

I see the Italians using this time to connect with each other - to have that quick 5 minute FaceTime with their friends and acquaintances. There is no lengthy sit down time - they have work to do - the morning is all about connecting and re connecting - there is time later in the day to really focus on each other.

Then as we meander the day into lunch, I see the Italians close their businesses and take time out of their day to stop for a meal.

I often used to think this as an indulgence - now I see that it is an importance. They rest, re fuel and re focus without the interruptions of their working lives. Both physically and mentally.

Me? - I was in a food induced heaven - little Bars overlooking cobbled piazzas - so different to cafes back home - more akin to the New York style Deli’s - serving beautiful fresh food. A simple plate of rucola (rocket), fresh tomatoes, and buffalo mozzarella with a drizzle of olive oil and topped with a sprig of basil. Five minutes to prepare but needs to be enjoyed slowly and almost guiltily.

I found I had to stop, sit and enjoy. Somehow in the back of my mind I felt this guilt. Was I guilty of gluttony ? Or purely enjoying a well deserved moment?

Of course I was being indulgent but should I feel guilty about stopping to enjoy this moment?

In our business I think we are constantly busy and trying to stem the next flow, predict the next cycle, build the next product or purely get the work done.

Do we stop and take the time to use the spare moments to our advantage?

Every morning in my office we invariably reach for the coffee and gather informally in the staff kitchen - chewing the fat over our weekends, our work, our families.

All of a sudden it struck me - This is our 1 shot espresso moment. This is our 5 minute FaceTime.

What I have learnt over the past few days watching the Romans is their ability to fuel their bodies and their minds and voraciously guard this time. If it means they close the doors - then so be it ! Customers will come back later. Work can be recommenced later.

So in 2017 - at lunchtime, the phones in my office will go unanswered and the emails will not be checked. They can wait. We need to stop, breathe and re fresh to be able to do our jobs effectively.

Perhaps I can even extend this voraciousness to guard my time with people in my life. If I learnt one thing from the Romans, it is that if you partake in anything, particularly in a meal - you do it properly!

So my take on gluttony in business….if you master the ability to feed yourself and your team and voraciously guard the time - this will feed your business….and maybe even your soul.

Keep the change

florian.glinserer@worldhost.group — Fri, 30 Dec 2016 03:14:23 GMT

2017 - the power of change

Someone recently said “Keep the change”.

It was $3.50 - I remember it vividly because it bounced around in my back pocket all night.

When I pulled it out later – I jingled these 3 coins in my hand and thought about these 3 simple words

“Keep the change”

Now I know that he was talking about the $3.50 but as usual I was thinking deeper than that. my thoughts turned from the physical 'change' in my pocket - to the change in my life. The english language is funny like that - two words in different contexts with completely different meaning.

So I started to think about the change I couldn't feel in my back pocket.

I have seen enormous change in my life and work in 2016 – so how will I “Keep the change: in my world in 2017?

1. I am going to commit to what I started in 2016

2. I’m going to learn a new skill

3. I’m going to finish something that will change my business

4. I’m going to find a new toy.

5. I’m going to celebrate the change I see

So 2017 will be a big year.

I’ll be finishing a new qualification, learning to ride a bike (with gears), furthering the new business relationships I have made, I’ll be walking from Aireys Inlet to Torquay for charity and after all that I will celebrate with you and your achievements.

So it’s 2017 and the time of year we make resolutions to ourselves - what does your 2017 look like?

Merry Christmas to you all and to all a good night!

florian.glinserer@worldhost.group — Fri, 23 Dec 2016 19:46:37 GMT

KRS is off to get some Christmas cheer !

Every Christmas I read 1 book and watch 1 movie - I read Pride and Prejudice and I watch Bridget Jones Diary.

Both ironically have a similar story of girl meets boy, girl likes boy but neither can overcome their pride nor their prejudice to see each others position in society and ultimately - to ‘hook up’.

I find the opening scenes of the movie depict snow, christmas cheer and embarrassing family get togethers - all traditional parts of Christmas.

I think we can all relate to Bridget Jones as we often feel we just bumble along , getting it all wrong, not seeing what is right in front of us.

Besides who wouldn’t want to feel that they have their Mr Darcy?

Perhaps our businesses are full of : Push/pull relationships, verbally incontinent employees or customers.

At Christmas I feel that ridiculous buzz in the air - the manic present buying and last minute adrenaline rush at the supermarket to ensure we have ‘everything’. We shop like the shops are never going to re open !

So it’s ironic at Christmas in business that we feel incredible pride in our business and what we have achieved for the year.

Yesterday I locked the door to the office and headed off with the team for a well earned Christmas lunch and a few drinks - we reflected on what we have achieved for the year - commiserating the down times and laughing (way too much laughter!) about the funny stories.

Invariably this involved you ! We marvelled at what some clients have been able to achieve in the space of 1 short year and how far you have come.

We put aside our Pride and try and contain any Prejudice to think about how we can help you succeed in business. Just like Elizabeth Bennet in the book and Bridget Jones in the movie - we don’t always get it right, but we would like to think you know that our hearts are in the right place.

So enjoy a wonderful christmas 2016 with your love ones and we look forward to doing beautiful business with you in 2017

Cheers

The Team at KRS

The 7 sins of business - 4. Greed

florian.glinserer@worldhost.group — Wed, 21 Dec 2016 14:39:37 GMT

What do you covet ? Can greed in business be a good thing ?

" Greed is the desire for material wealth or gain, ignoring the realm of the spiritual. It is also called Avarice or Covetousness."

Its the word COVET that gets my attention here.

When I was 8 I went to a very strict catholic school. I was the new kid - worst of all my Dad was the new Top Cop in town - great new gungho Melbourne Cop in a small country town with 4 daughters - we were whispered about before we even got there.

But I digress - I started at the school and it was time for Friday Mass - and the usual pre mass confession - now I was new to this - I had barely dealt with my first confession at my previous school and here I was - confronted with the whole thing again.

My previous school was modern - we had alter girls, we sang rock songs in church and had face to face reconciliation (confession was a negative word invoking a very negative connotation).

So I went and knelt in the dark in the very musty confessional box. As a child I dont think I had ever felt quite so scared and alone. Suddenly this sliding door whips open and I deep voice says “Bless you child”

I nearly jumped out of my skin - I started reciting the words the Nun had instilled into me not 5 minutes earlier - “Bless me father for I have sinned….” lucky I have a great memory !

I dutifully thought of a few sins - hey I couldn’t go in there with nothing ? And as i left to kneel by the alter to ‘say my penance’ - I looked up I saw the 10 Commandments in the pictures spread above the alter.

Now - numbers 1 to 8 I could understand but 9 and 10 always got me - they were all about coveting - coveting others' wives and goods - as an 8 year old I barely understood the word covet - I didn’t understand why wives were ‘coveted’ and husbands were not !

So it got me thinking about what we covet and what we are greedy about.

In business (and in life) sometimes we need to channel Gordon Gecko “Greed is good” mentality. We need to take time for ourselves and protect that with care.

This is where the fundamental difference between coveting what someone else has and greed differ.

If I covet what you have - I want it - i want it with great desire and longing. Almost to a sense of jealousy. If I am greedy - i keep to myself.

A balanced sense of greed in business is not a bad trait if kept in moderation.

I am incredibly giving of my time - yes I charge by the hour but often i do not charge for my time and expertise. I give freely knowing that the favour will be returned.

Recently in business I have been lucky enough to have met some incredible people who have been able to put greed aside and give me their time. They have not jealousy coveted the spoils of what this has produced - rather celebrated with me the victories.

It takes a lot of guts to know when to be greedy in business and when to be giving - the temptation is always to look to covet what others have - but the key strength is knowing that sometimes greed is indeed good.

The seven sins of business - 3. Sloth

florian.glinserer@worldhost.group — Sat, 17 Dec 2016 10:20:13 GMT

Is laziness our hidden energy in business ?

Ok - so gotta admit - initially I can't relate to this ‘sin’ - the best definition I could find was “habitual disinclination to exertion”.

So laziness? Maybe - that's my dog Harvey in the picture - he's an English Mastiff and I picked him as they are the laziest dog breed. they are happy to laze around with their 'pack'.

When you are self employed as I am - laziness is not really an option - many of you know this - we live it day to day.

So I looked deeper - into how sloth could be related to business and my world that I share with you

Incidentally a Sloth is also an animal - here is what they look like - clink the link to see a really cute sloth ...

https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcSUQ-aUT_zrHIK7DkO9vr566T2cobV4BhtorCGP3fPykSP_...

They seem to have very small heads for the length of their arms ! Lets also not forget those very sharp claws…They can take a month to digest 1 meal - such is their ability to retain energy.

So my first thoughts of sloth being laziness and a ‘sin’ - a negative - turned to the thought that perhaps sloth is a positive ability to retain energy.

How do you retain the energy in your business ?

Do you look for the opportunities ? Can you see the new product everyone will want this year?

I was recently in Myer and buying a jar of Nutella and personalising your name is a BIG stocking filler (read sales opportunity) for MYER this festive season.

2. Do you see what others don’t see ? Can you look at your team and see the under achiever and their hidden talents. Great - how do you now bring that to the fore ? Can you harness the innate gifts they have.

3. Does you energy radiate from you ? Or do you prefer to absorb the rays from others. Find people in business that inspire you and jump on board - energy is infectious and contains laziness.

So I simply have to share with you the story of Jane Lu who founded Showpo

A brilliant student- top of her class who obtained her commerce degree and graduate job at KMPG ( A big 4 firm in the Accounting world) - she had fufilled the role of dutiful daughter and her dream job but her mind was always ticking…..

“I just got so sick of being stuck in that boring grey cubicle,” she says.

“There was this moment where I looked at my phone and I thought: Three hours have just passed, I’m literally three hours more dead than I was and all I’ve done is remove the circular referencing from this spreadsheet … how is this my life?

“So I quit.”

In the coming weeks, she lied to her family - put on her suit - went to the city and pretended all was ok - then after a chance meeting with a like minded soul she started her ‘pop up shop” - Show Po

Incidentally Show Po turned over $10 million US dollars last year.

“There is no prescribed way to achieving success,” she said. “Go against the grain and follow your gut. I’m a good example of ‘if I can do this anyone can.'”

Her social media handle is @thelazyceo

Go on - have a look - her entire mantra is about facing her laziness head on and using it to enhance her business. She also founded a business women's business group "Like minded bitches drinking wine" which says a lot about her community she has created around her.

So what can we learn from the Sloth - the inherent lazy part of our psyche -what can it teach us about our business and indeed ourselves? If we take inspiration from Jane Lu - we need to think and risk and when we achieve start to set up procedures that scale and grow - this may involve invoking laziness to delegate to others but no matter the form - our inherent laziness can inspire us to great heights.

The 7 Deadly Sins of business 2. Envy

florian.glinserer@worldhost.group — Thu, 01 Dec 2016 09:45:24 GMT

Envy - don't measure yourself by those side ways glances

This ‘sin’ of business is easy for me. I often fall into the trap of the sideways glance.

The old “I want what she’s having!”.

I am not a jealous person by nature BUT I found the only way to temper the envious feeling in my business is to think about what I have.

When you are so busy looking at other people, you can easily forget to look inside yourself.

Self belief is NOT something I am good at and I am still really surprised to hear what people perceive about my business.

There are days when I feel I am the swan - gracefully swimming across the lake - yet under the water the legs are pounding the water !

So how do you stop those inevitable sideways glances in business ?

Actively look at your ‘competitors’ and see what they are doing - more importantly what they are NOT doing. Are you prepared to go where they won’t ?

What do you like about what they do ? What don’t you like ?

Now - take the do’s and don’ts and decide if you want to ‘go there’. Set a goal to change based on this information - it will re focus you back to your own business rather than envying someone else.
Indulge in a little bit of envy - hey sometimes when you are sad, you have a good cry and then you are done with the sadness. When I am angry, I need to punch things, throw things and have a good old tanty - then I am good ! Actively read, look, search what you think you are envious of - list what and why - then close the book, put it away and come back and read it in a few hours or days - gives you perspective.
Remove the source of the envy - this emotion can be very irrational - perhaps you just need to remove the distraction? Stop following that person on social media - do you really need to see what they are up to ?

Here’s a story about my perceived envy.

When I was at University - my course group was small - we all knew each other - were we friends - I suppose friends is the word - yet I don’t catch up with any of them now. Perhaps if Facebook had been around I might have - indeed I am now Facebook ‘friends’ with some of them.

It was a competitive group - vying for limited graduate jobs in our field. There was 1 person that I always internally grappled with. Let’s call her NV. A strong personality and innately ‘perfect’ in my eyes in all facets of her life. Well that was my 21 year old self talking there.

In our final year we had to do a group project ( I used to dread group assignments - judge me on my merits not those of the group!) - it was to be filmed ( so I was well out of my comfort zone ) - we were being assessed on interview techniques. When it came time for my interview, NV was the interviewee and I was the interviewer. Her time in the interviewer chair was already ‘in the can’ and I had been the dutiful interviewee. My type of interview was Employee Discipline interview. NV decided at the last minute that it would be really dramatic for her as the employee to get really angry and storm out. I don’t know how the assessment went - certainly I passed - I have the tape but have never been able to bring myself to watch it.

For certain though I would say I never quite forgave her.

Time passes - and years later I see her on social media - we both married, have 2 kids and live our lives - both in different directions. Social media means I always see a glimpse here and there of her life. And I suppose her of mine.

Ironically last week I get called into a Client meeting to conduct an Employee Discipline interview and I do so with minimal preparation and nail the meeting ! I thought of my 21 year old self and all the doubt and envy I had of those who seemed so confident.

Later that week I take my usual jog down to the local beach and whilst the sun is shining I chat to a friend also enjoying a beautiful day on the surf coast .

Then I see them ! A guy walking towards me - he looks familiar ? Then I see NV - of course he looks familiar - he is the face in the pics on social media with NV - must be the husband . My blood goes cold. All of a sudden here is the person who caused me stress anxiety and downright envy walking on MY beach, in MY hood!!! All of a sudden I am reduced to that 21 year old ‘failure’.

I smile - plug in my ear phones and run. Yep pretty sure she didn't see me and I just don’t want to go there. All of a sudden I am reduced to that 21 year old ‘failure’.

- feeling exposed, raw, stupid and lacking all the confidence I usually have.

I do my best Taylor Swift and “Shake it off’ and get on with my day.

Later that week I am in a Training Course and I am informed we will need to present to the class - so for the second time in a matter of weeks - my blood runs cold. WHY ? I can do training sessions on my ear - it is what I do - why do I fear this ?

Old fashion envy had got in my head again - I was too busy looking at the other participants and their fabulous presentation ideas to critically look at my own and realise that “I have got this”.

I was rattled by NV. I had let her perfect persona get in my head AGAIN.

Who said she was perfect - she never did

Who said she was successful - she never did (Although I am pretty sure she is - and good luck to her!)

Who said I was not worthy? No one except that little person inside me.

The Envy I felt got in the way of my preparation. So I took my own advice - I had a little fume about how unfair this all was and how nothing in the world had changed since those gawky Uni days. Then I wrote a list - a list of everything I didn't think I could do and I thought others were champions at. I closed the book - opened a page from the back and got started on my presentation. I blocked all the other class members and their perfect presentations out of my mind and focussed on me.

The day arrived to present our material. I steeled myself with a short macchiato and some wise words from one of my peers. I went into the training room shaking like a leaf. I was a fraud, I didn't know this stuff and I definitely couldn't present it to others …who was I kidding ?

My normal reaction would have been to go last - wait out the others to see their work - check I had everything and obsess over the finer details - more importantly ponder and stress over what I would do if someone railroaded my delivery like NV had done all those years ago.

Instead I jumped early - my phone beeped with messages of encouragement - I stopped letting the negative emotion of envy consume me and I took the floor. I was going FIRST.

After 20 minutes that seemed like 20 years, I was done. The feedback was immediate and reassuring - the words ‘you’re a natural’ and ‘excellent’ were doled out liberally.

Hey, I even forgot part of the presentation order and improvised. No one knew !

The opposite emotion of sheer delight and ecstasy took over from the envy and associated lack of belief. I realised that I wanted what the others had because I did not think I had it. My envy of others had blinded me to the good gifts I had to offer.

I realised that envy can be an incredible driver - an oft missed opportunity to re focus and re purpose our mission.

I hope I see NV again in my ‘hood’ because I think I need to actually stop and thank her.

The 7 deadly sins of business - 1. Passion

florian.glinserer@worldhost.group — Mon, 21 Nov 2016 09:25:30 GMT

How do balance your passion with your love ??

I’ve had a few family milestones in my life this year and I can’t help but reflect on how passionate I feel about my business and my life.

Yes - I wear my heart on my sleeve - but I also know that passion is a driver - it forces you to confront obstacles and embrace change.

So how do we bottle this passion into a resource for your business ?

…..A place where we expose ourselves everyday.

We expose ourselves to ridicule, judgement and observation.

We all have passion - we just need to be able to talk about it.

Pop quiz - Can you do the elevator pitch?

Can you tell someone in 11 seconds what you do and why you do it ?

and NO

“I”m an accountant” does NOT cut it !

WHY do you do it ?

Go on - try it !

I am verbose and I struggled - To succinctly describe WHY I get out of bed most days at 530 am and head into the gym then the office to push myself to my limits in the pursuit of happiness and satisfaction - I struggled with the WHY ?

The easy answer is $$$$$$$

Sometimes when you are building a business - as much as it is all about the $$ - it is even less about the $$. Its about the fear of failure and judgement that tempers our passion.

So -yes it partly about $$ - not gonna lie - $$ buys stuff and I like stuff.

But it has to be so much more than that ….what ? and why did I care ??

Its about that connection - that burning feeling in your gut - when you engage with a client and you know that you can transform their business and provide VALUE. You don’t care about their tightly held beliefs because you know you can make a difference in their life. You know that IF they are willing to trust you, that you can provide enormous insight into their business. You know that you can work with their accountant to ensure that the accountant can provide awesome advice - because the numbers ‘add up”.

So what’s your passion?

Do you live it everyday ?

Or are you stuck in that elevator - unsure what to say ?

I am a scorpio - by the way - I think the whole star sign thing is a slightly wonky religion - but recently I read this

SCORPIO - DO IT WITH PASSION OR NOT AT ALL

Lightbulb moment - that is ME!

So how do you generate passion in your business ?

You find what you love, what you are great at and you invest in this area of your life.

Say for example - Rainbows - lately they give me great feelings of passion - why ?

They come after the storm - they are interchangeable, beautiful examples of the colour in our world - they represent happy things found at their end. So I need to find the rainbows in my business.

One of my software companies in recent years had a marketing campaign about loving what you do. I still often sign off phone calls with “love your work “ But somewhere across the journey I lost the focus of this statement.

I no longer believed in their passion - it didn't spell the truth. The words were empty promises.

So I started to look for the passion - where was the truth ?

What did passion look like ?

I found it in the most unlikely of places.

I found it in a simple formula of connecting what I was good at and what I related to.

Clients

The driver behind my passion were the very people that gave me the $$ to get out of bed in the mornings. (My obvious passion - remember?)

They were also the very source of my insecurities and fear - yes but what’s passion without a little bit of risk on the side ?

I stopped worrying about what people thought of me and just started to do what I was good at - what I was passionate about. Training clients to be their best.

Last week I started a Certificate 4 in Training and Assessment so I could be qualified in training. I developed a patience and a smile with those who were starting their journey in the business world. I listened to their stories and I honestly felt humbled to help them. I had found a new rainbow.

I never thought I would go back to study after so many years in a post uni haze of late nights and study notes.

Of course there was some down and dirty data entry and bookkeeping still to be done - but rather than dread doing these parts of my job, I enjoyed it as every BAS I reconciled led me to more time to devote to my passion - training.

I have seen many business owners passionate about their products - you can touch it, move it in your hands and market it. I always felt innately jealous of their tangible product. Having a service business makes your ‘product’ more intangible. Harder to grasp and relate to.

What I think I realised now is that passion has no rules, it has no logic, it is a innate desire that you cannot explain - it drives our actions - good and bad and when you harness it you achieve power beyond comprehension.

SO what’s your passion ?

Time to get out of the elevator and find out

Purpose - finding it...losing it then finding it again

florian.glinserer@worldhost.group — Sat, 12 Nov 2016 08:11:37 GMT

What happens when you lose sight of the WHY ??

We all have had days where we just can’t be bothered…we lose the vision of why we get up and do our jobs. The job may be work, personal relationships or our unpaid roles in life.

In times of anxiety and stress - some people dance like no one is watching, sing like no one is listening - I run - like someone is chasing.

Yesterday I lost the purpose - I forgot why I was doing what I do - no one seemed to be listening and I felt defeat. So today I went running - its nothing special my usual Saturday routine.

I run the same boring track - its risk free - I know each bend and hill and I know how long it will take, how tired I will be and when I will arrive.

Ironically I realised I run to the very spot that was causing me to rethink my purpose.

I am a volunteer on a Board of a not for profit. I am the treasurer - no surprise there. I got the role by default - someone left and there was a need and I like being needed.

When I reach the beach I always stop briefly, recoup, stretch and take breath to continue.

This time I sat on the grassy hill and looked around. I saw a family - Dad in a wetsuit, surfboard on the sand, Mum in her bikini - self consciously tugging at the straps and pulling her rash vest over her non existent baby tummy and 3 small kids. Two of the kids went into the water with Dad - the 12 year old with the baby G Board and the 10 year old girl with her boogie board. The little fella stayed by mum, kicking at the sand in the shallow water. I watched as Dad pushed each child onto wave after wave, praising their efforts. Mum took some happy snaps and knelt down to talk to the youngest child.

I smiled at this beautiful scene but also looked upwards at the storm clouds forming above the shore. You see what this family probably didn't know was that a week ago on this very beach - this very spot - a man in his 70's took his ritual morning swim and never came back. He was a member of the Club that I am a Board member of. He drowned on the beach he loved. I thought of him, his last swim and the little family growing into a life of spending days on this same beach.

I had lost the reason I volunteer my time, I couldn't see why I was offering free services when I was already busy with my business life. I thought the answer was to perhaps focus on my business and delegate the volunteer role to someone else when I thought of the little family I had seen.

Lifesaving - its really 2 words - life and saving - thats what the Club stands for - it is its purpose.

Let’s face it - I am not the person you pick to have around in a life crisis - in the office the girls joke that “my job is to do the panicking” in the event of a crisis. Thats why I stepped up and volunteered my skills - to make a difference and to support the purpose of the organisation. I can’t save lives but I can support a club to empower people who can . Was this little family the people to be protected or perhaps could they be the next generation of lifesavers? I realised that my purpose was to help the club with my financial knowledge so they could help the community ensure they enjoyed all their days at the beach. It is a special privilege I have been given to serve my community.

So I had to think about this in my business - what was my purpose ?

Why do I do what I do ?

Recently I have been taken under the wing of a business mentor - yep, I know, me of all people, who thinks mentors are a really dumb idea. Well I took him on - is how I like to tell it!

He tells me to find my end game …re discover my purpose and re think the WHY. He clarifies the vision and helps me define the purpose - everything I do needs to have a REASON. The reason doesn't have to be good but I have to have one.

So my reasons for my job, my business, my career …in no apparent order

Money - not gonna lie - money buys stuff and I like stuff
Feeling needed - I want to help people in their business - just like nurses want to help sick patients and teachers want to inspire learning in their students - I want to empower business owners around their numbers
Personal satisfaction - the smile I get when a business succeeds is dazzling - it starts at corners of my mouth and is a toothy grin. Its like I have slept with a coat hanger in my mouth.

So how did I find purpose when it seemed I had lost my way ….

I took an ally - I talked to a person who felt the same way - who had the same vision - who felt equally thwarted
I consulted the ‘Boss’ - I talked to the leader - he re focussed me on what is important and what to let go
I thought of my purpose - of who I served - the little family of beachgoers wanting to make sure there was no danger

So given that I am the Boss in my business - how do I do this?

I create a picture in my mind of that family at the beach - I realise that in my business I need to be the person who is the confident dad - relentlessly pushing and encouraging but then the self conscious mum who worries how she looks in a bikini. I need to be the brave kids not scared of the Southern Ocean and willing to give it a try, fall off and get back on. But most of all I need to be the little fella who sits and watches and takes it all in and waits for his turn to shine!

He looks to find help - he admits he needs his mother’s comfort and acknowledgement and is not afraid to take his time in the shallows before he dives in.

So all this reflection was deep and moving - and as I ran back home - this time not feeling like I was being chased - I flicked apple music to shuffle and heard 3 songs

“Dumb Things” Paul Kelly - yep been there

‘Don’t” Ed Sheeran - yep just don’t

“It’s a beautiful day’ U2 - yep it sure is

It’s a beautiful day on the Surfcoast, to re ignite your purpose and re visit the WHY

Visibility

florian.glinserer@worldhost.group — Mon, 31 Oct 2016 09:09:42 GMT

Do you want to stand out or blend in? What I learnt when I googled my business.

I was bored at my desk the other day - so I googled my business. Ouch

I was incredibly visible on some media and virtually a stranger on others ......and my look ?

Lets just say its not my best hair day ! If you know me well then you will get the ‘hair’ reference …

So I did a quick assessment of my business and its ‘cloak of invisibility’

Where did I want to be seen ?
Where were my clients ?
Where did I need to hide?

Recently I made the decision to add signage to my car

Here it is

Cute right ? Great marketing idea for sure ….Does this visibility of my business come at a hidden cost?

Don’t get me wrong - I love my little Xero car

It tells anyone who cares to look, that I support this brand - hey I might even be in love with it.

It may just be ‘the one”.

It ‘outs’ me as a proud BAS Agent and bookkeeper. As the Xero Zealot that I am.

I park outside my house so now all my neighbours know what I do.

They no longer see me leaving in the dark and returning in the dark thinking I am some sort of ‘shift worker’ - they know I am a numbers nerd.

I can’t wave quickly and scurry inside - I am the friendly Xero - the bubbly fun loving BAS Agent that tries to make bookkeeping COOL.

Confession - at school I was NOT one of the cool kids - I was the serious, uptight , studious girl who gave the death stare to those who wasted her time - not much has changed although these days this reality is served with a smile and a side of laughter!

Everytime we post on social media or write a blog or indeed sign write a car - we expose our business.

We are visible everywhere - every time I change lanes I now think about the image of my business.

One of the accountants in my life said “watch out now when you drive” - so true !

My P Plater daughter jumped into the Xero car and I had to channel the Frozen theme song and “let it go”.

Our brand is our business and our reputation is EVERYTHING as Steve Jobs pointed out …

“This is a very complicated world, its a very noisy world. And we are not going to get the chance for people to remember much about us. No company is. So we have to be clear about what we want them to know about us.” Steve Jobs

So all this VISIBILITY got me thinking about other businesses …..and it opened my eyes.

First I looked at my competitors in social media and on google.

What a revelation - go on - do it now - list your 3 top competitors and check them out.. Just maybe check me out when I am NOT having a bad hair day....

Some of my ‘competitors’ were INVISIBLE. Unless I knew their exact business name or location -they were impossible to find.

I am the first to admit that my profile needs some ‘work’. Note to self - I need to ‘pimp my ride’.

SO….

What advice as a potential customer would I give them ?

Decide WHERE you want to be seen …

Having a website with links to contact you - is this enough in your business ?

Do you need to be on social media ? Is this where your ‘followers’ are ?

2. Decide HOW you want to be perceived ?

Does your business have a straight, logical, professional feel ?

OR is your vibe humorous, funky and relatable ?

What theme or message is your ‘visibility’ projecting ?

Does this align with your business ‘personality’?

BUT most importantly….

3. Decide where you need to HIDE ?

I set up a personal twitter profile until I realised I only looked at twitter for business pages that related to my business - so i deleted it - why bother ? I clearly only used twitter as a business/work tool.

Being VISIBLE as a business gives us incredible power but it also presents us with the ultimate dilemma …

So I'm back to the drawing board - time to finesse the website and perfect my look - and maybe stop the 'bad hair days' in my business.

It's a work in progress....watch this space.

Mistakes - Samsung made a 'Biggie"

florian.glinserer@worldhost.group — Tue, 18 Oct 2016 11:09:57 GMT

Have you made a 'mistake' in business ? I have ....

Mistakes...

Samsung made 1 mistake and lost $3 billion.

Mistakes. We have all made them. Some of us can’t admit to them.

So how do you move on in your business when you have made a ‘biggie’?

Samsung released their Galaxy Note 7 phone in response to the Apple i Phone 7. Was it rushed through design and production processes to get it to market? Possibly.

What ensued is nothing short of a financial and public relations disaster.

Every plane you board announces to the 200 or so customers, I mean passengers, that these devices are banned due to defects so serious that their batteries can explode. They are labelled in the USA as “forbidden hazardous material”! Production of the phone has ceased due to consumer outcry and regulatory action. Exploding batteries? No laughing matter. On every flight the brand is ‘outed’ and Cabin Crew remind us of Samsung’s mistake.

So how do you reconcile the mistakes you make in business ?

If you are a small business, you don’t have access to huge PR departments and endless resources with unlimited budgets to mitigate this loss. How do you rebuild trust after you make a mistake ?

I am no expert and am guilty of some really stupid business mistakes and much to my embarrassment I will admit 1 to you.

I grew my business too quickly too soon

I didn’t have my processes in place. I didn't have my team consolidated and my mojo was not even in the building.

I saw growth as an incredible opportunity and as the competitor I am - I grasped it with both hands, tucked it under my arm and went ‘long’.

What I failed to see while my head was down was the outside world

I didn't see outsiders critquing my business

I chose to ignore clients losing focus and trust

I let my work hours spiral out of control

Ironically my business growing at such an exponential rate began to dwarf it’s very purpose.

Hey, it wasn't all doom and gloom,

I was meeting fabulous people, engaging with really interesting businesses, honing my craft and making $$ and I was happy ?

Or was I?

The critical key mistake was to abandon my procedures and structure in that race to grow and that was the very reason I felt successful in the first place. Ironic?

Hell yeah!

Here I was at my “Samsung moment”.

So what did Samsung do? How did they address their mistake ?

They faced it head on and recalled the phones (35 phones found as at September 2nd 2016) - so we are not talking about a large number.

They didn't deny it.

They publicised it and apologised for it.

So I decided to do 3 things

Own my mistake - come clean and admit the mistake
Apologise for it
Fix it - no lip service - provide a tangible solution

It was time to be honest - to my clients, to my staff and most of all to myself:

“Yes. Your email was not handled in a timely manner.”

“Yes. I didn’t return your call.”

“Yes. It seemed I forgot to care about your business”

Most of all I said ‘sorry’.

Then I told them it was fixed. Well, sort of……

What had to happen was then very painful - I had to sacrifice weekends, sleep and most days off to implement technology to stop this mistake in its track. I had to ‘’cease production’ as Samsung had done until I solved it.

I perfected an internal job management system (Zendesk)

I implemented a filter to my email (Sane)

I changed the telephone answering system (Hell, I even started answering it - shock horror!)

I moved myself to a new desk in the office and re branded myself as “Client Satisfaction Officer” - CSO.

I incorporated Xero Workpapers into my internal workflow to manage production.

I came to work with a smile on my face and a skip in my step (yep I’ll admit at first it was forced).

My enthusiasm and manic behaviour was infectious - albeit highly annoying to my team.

The tech quickly took over. It started working. It cleared my intray, my inbox, my calendar so i could focus on my clients. Most of all - I was HAPPY!

Most of all I reconciled my mistake with myself. I made peace with the fact I had disappointed people and that I firmly believed that my growth was an enormous asset to them so if they saw it as a negative then it was not my job to prove it to them.

I decided that as much as I cared about peoples critiques - I didn’t care. I didn’t care about the criticism, negativity and selfishness. I knew who I wanted to satisfy and who I owed an apology.

Thankfully it was not a $3 billion mistake that brought me to my “Samsung moment”

So how did Samsung react fully to this mistake ?

They let the press ‘do their job” and blog and post about this issue. They went back to the drawing board and they regrouped. Did they ‘throw their toys out of the pram” ? I don’t believe so.

I think that they

Identified their mistake
Admitted they got it wrong
Decided to do something about it

Business is all about success and failure, mistakes and decisions. I for one eagerly await Samsung’s next move.

Author : Katrina Spinazzola

I admit I have never owned a Samsung - but never say never - we all make mistakes.

Why I wrote my business plan 15 years after I started my business...

florian.glinserer@worldhost.group — Sun, 09 Oct 2016 16:54:41 GMT

It's now 2am and I can’t sleep - thats not a new thing - insomnia has been my best friend for the better part of my career.

So why on earth would I choose now to write a Business Plan?

I have been running my own bookkeeping business for the past 16 formal years since the introduction of the GST (and less formally since graduating from University).

It may shock you to know that I have never had a formal, written Business Plan. This goes against all my training in my Business Degree and all my personal attributes of being a ‘serial planning pest”

I’m the sort of person who plans her travel itineries to the absolute minute! Much to my family’s annoyance.

So why do it and why now ?

I, like so many business owners, started to get clients/customers, and just ‘got on with the business’. I opened the doors, clients came in, it paid the bills, it seemed to work and it was moving FAST.

I always felt in professional circles like a bit of an imposter. Like I just didn’t belong there when I was really just running with my gut.

But lately something has changed. My industry has been turned on its head. Technology has brought immense sweeping change to how I conduct my business and where my clients and indeed competitors are.

Here is a brief list of some of the ‘disruptors’

Technology automating what I do and taking away traditional data entry and compliance work.

Clients increasing their need to cut costs and self serve

This need to ‘have it now, do it now” - the immediacy affect

The 24/7 mentality - I want to contact you when it suits me

The marketing from software companies that reinforce the ‘its easy - do it yourself mentality’.

The increasing outsourcing overseas of bookkeeping work - YES I NEVER thought this would be a ‘thing’ -

yet incidentally I never thought that bottled water would take off either!

Oh and I could go on and on and on. We all have them in our businesses - whether it be cheap Chinese imports, or cash wages paid to workers on section 457 visas, outsourcing overseas - these industry disruptors are all about.

So I was beginning to become increasingly paranoid. I was reading blogs about the end of the bookkeeping industry. Here was an industry and profession I had developed all my attention to for over 15 years - it was my baby - my third child and I felt it slipping away from me. I felt out of control until I started to THINK…..

Where do I go ? Do I expand my services? Change what I am offering ? Sell and go do something else? Where was my passion ?

I toiled with this internally for a while until an accountant I highly respect recently asked me 1 little question...

“What’s your end game?”

Now usually I have no trouble with words (as most people know I never shut up) but I was all umm and err and really could not eloquently answer a very simple question.

What was my end game ? Why was I doing this ? and even more importantly - If I was so worried about my future and that of my business and my industry- what was I going to do about it ?

SO I did what I always do - I ran - I put on my running shoes and I ran and ran and ran - I was running like I was being chased - I was running away but also ‘to’.

I stopped at my favourite haunt near the famous Torquay Point and I looked out to sea - I put my hands to the sides of my face and blocked the peripheral view of the land, the beach goers, the surfers and looked right out into that blue ocean - that extended forever. Then I knew what i needed to do.

I needed to sit down and write my Business Plan - the thing that was inside me guiding me all these years that i had never put to paper.

So after another few hours tossing and turning that night - I got up - grabbed the laptop and began. What had been something I had ‘meant to get around to’ just ‘fell’ out of me.

Here is where it got really interesting …..

As I moved through the sections of my plan - all the time questioning whether i was even documenting this correctly….I began to see clearly a pattern. By writing down where my business had evolved from and analysing its market, its competitors, its trends, its threats and even its goals - I could see what i needed to do. I could see what I wanted and then how I was going to need to work to get it.

I often pull out the old phrase “If you fail to plan - you plan to fail “ and here I was -doing just that and being scared to admit to anyone let alone myself that all this time I had been relying on my gut.

Now clearly my gut had been ranking ok but in the future so uncertain and given my track record of not realising that ‘bottled water would be a thing’ - my gut was not going to cut it.

So the plan is written - spell checked - formatted with pretty fonts and laminated (hey I’m OCD so what do you expect!) but it is more than a Mission Statement and some fancy words about my business.

It is an analysis of the good, the bad and the ugly and more importantly it has a guide to what I need to do to get to that 'end game.'

And the Accountant - he is most likely sleeping soundly in his bed, blissfully unaware that 1 question stirred up all this angst and created all this flurry of activity. Will I tell him ? Maybe …Will he get to read this epic work of planning that is my Business Plan - most definitely NOT …to me this Business Plan is a personal journey of where I have come from in my business life complete with all my inadequacies and more importantly where I want to go .

And some secrets even I don’t need to share

Author Katrina Spinazzola (Who , while you read this, is really tired and off to bed now)

Inspired by 1 of the awesome Accountants in my life (you know who you are and by the way - thanks!)

Trust me I'm a professional

florian.glinserer@worldhost.group — Fri, 07 Oct 2016 09:28:41 GMT

Would you let someone touch your finances who was unqualified?

Would you use a doctor (or lawyer or any other professional) if they weren’t trained or registered?

So why then would you trust your finances with a professional who is not certified or registered?

Book keeping is a profession - it requires in-depth knowledge of numerous laws.

Pop quiz :

How do you rate your knowledge of the following ?

Fair Work Act 2010

Tax Agent Services Act 2009 (TASA)

A New Tax System (Goods and Services Tax) Act 1999

A BAS Agent in their day to day life needs to be across this legislation and so much more

BAS Agents are more than just bookkeepers - they are qualified, insured,, certified and registered

They are BAS experts

They can be consultants - business advisors - payroll officers and business financial specialists

They are qualified to explain your data to you.

They are registered to review and lodge your BAS

Digital by default - what's the scoop ?

florian.glinserer@worldhost.group — Fri, 23 Sep 2016 20:22:09 GMT

What does 'Digital by default' strategy of Banks & Government have to do with my small business ?

'Digital by default' is a term you will hear bandied about by Government and other organisations - but what does it all mean ??

Its about removing the queues in public offices, going online to lodge forms and making our dealings with Government and other organisations ‘digital’.

Hey - its about time.

Banks are well onto this concept - they understand we don’t want to go into a branch. In fact I personally will actively avoid it. I will deposit cheques into the ‘smart ATM’ rather than queue and talk to a human. Why? Its quicker and more convenient - any time of the day or night. When I feel like it and on my terms. Nothing personal but my time is finite.

Have you noticed that newer bank branches now look more like hotel lobbies - they have concierges rather than tellers. When you approach them you feel like you are sitting at their personal desk rather than standing in line behind a rope talking to a teller in a booth behind glass. The banks realised that people usually only come into the branch to talk to a human - when they have to - and usually this does not involve cash. So they took away the glass screens and brought the staff out the front - leaving 1 lonely cashier tucked away behind bulletproof glass to dispense the cash - just in case - almost as an after thought.

Banks will actually have an employee standing in the vestibule guiding customers on how to use the machines - to do what machines do best and accurately. I often bank cheques into clients accounts on their behalf. I don’t have a card to their account and invariably this meant I needed to get to a branch in business hours and queue to deposit. Now at a ‘smart ATM’, I can use careless deposit to enter the bsb and account number, deposit the cheque in the clients account and get a receipt with a printed cheque image on the back ! All at whatever time it suits me.

So why has it taken government so long to jump onto the ‘digital by default’ bus?

Complex legacy systems and policy seem to be the answer.

The Government also have the privacy of our information to guard. Look at the experience of the recent Census. Whether the website was compromised or not - it created doubt and fear in the minds of the public about ‘going online’ to complete the Census.

They are making steps in the right direction. When you call the ATO you can leave a ‘voiceprint’. So next time you call you don’t need to go through the tedious steps of identifying yourself - the computer reads your ‘voiceprint’ and advises the ATO that you are who you say you are. Pretty cool use of tech.

It will be slow progress for the Government to catch up to what we can do as small business. We can make rapid decisions to take on new technology - we can be nimble. Compare an Accounting Practice to a Bookkeeping Practice - systems in an Accounting Practice are well established and expensive and there are usually more staff. Changing their internal systems can be more complicated and time consuming than a Bookkeeping Practice with less staff and newer systems. The organisation is flatter and I can make decisions to take on new tools at will. So too many small businesses have this opportunity.

So as a business you should rejoice in the Digital by Default model - it is going to make your interactions with Government, Banks and other businesses more efficient.

You should look internally at your practices and determine where the current inefficiencies lie.

One big efficiency I like to share with all my clients is digitisation of their paperwork and receipts. The app on our phones can snap photos of receipts and send them to Xero in seconds - no more shoe boxes of paperwork required.

The bills emailed to you can be forwarded to a special email address in Xero to add them into Xero so you no longer need to keep the email of bills.

Hey using Receipt Bank we can even ‘enter’ some of these receipts for you!

No more paper, no more printing, no more files and files of paper.

Its not about taking the human away from the process - rather it is about us providing better value so we can do the jobs the computers can’t. Its about automating the easy and boring and us being able to advise you on the more complex aspects of your business. Ask us how we can help you be ‘Digital by default”.

Why I brought my team to Xerocon 2016

florian.glinserer@worldhost.group — Mon, 12 Sep 2016 07:04:11 GMT

There is no 'i' in team

I never wanted a team.

I’m an introvert .

I seek people out yet I get to my limit very quickly

But now I have created a team - I love them

I love how they:

protect & love my business to support my clients

I love how they :

see the vision I want to create - through the madness of my method - and roll with my ideas

and the brands I align with

Most of all I love how they :

embrace all that is my business

Xerocon can be an expensive exercise - there are the flights, the accom , the wages , the lack of CHARGEABLE time - but in the end the team bonding that occurs outpaces any training or professional development I could enrol in

The ability for the team to ‘see’ each other outside the office at Xerocon is a once in a year opportunity -

and one i would never miss

Not your usual Xerocon wrap up

florian.glinserer@worldhost.group — Sun, 11 Sep 2016 12:59:03 GMT

What does a plane crash and a hero have in common with Xero?

I had planned to write all about the Xerocon amazing announcements and innovations including the journey automation, artificial intelligence and robotics is going to take us on…..but….

Then I went to the movies.

So disclaimer here …if you haven't seen the movie ‘Sully’ and plan to - maybe save reading this blog until afterwards as there are a few spoilers in here.

Sitting in the dark waiting for the movie to start, mind mapping all the changes and enhancements I am going to bring to my business and my clients from Xerocon, I started to see before me the story of Captain Chesley Sullenberger, his First Officer Jeffery Skiles and courageous crew.

You no doubt remember the pilot and the plane that landed in the Hudson River in a emergency crash landing (now there are 3 words no one likes to hear together) - 155 passengers on board - all souls survived - minor injuries but alive

The Captain “Sully” hailed in the media as a hero…. or so I thought.

The movie depicts the back story - the human doubt - the questionability of whether the decision made to land in the river was correct. Sure the result was joyous but was it correct.

BAS Agents, Bookkeepers and Accountants can be like pilots.

We have detailed checklists - physical and mental . We have procedures . We know that 1 plus 1 will equal 2. Just as pilots go to work with the lives of their passengers and crew in their hands - we go to work with our clients businesses in our hands.

That was Sully’s first response after the rescue from the icy Hudson began - he wanted to know ‘his numbers’ Bless him a man after my own heart!

The numbers he wanted was how many passengers were accounted for.

Almost to obsession - hey, he and I could be buddies !

The story doesn't end there - you see Xerocon brought to us in the Accounting industry news about Facebook Chat bots and machines that will take away data entry errors for good - more than just predicting - actually correcting - seeking changes to data, like heat seeking missiles.

SO as I am thinking about my future and that of my team and my clients and the affect this will have on their businesses, I’m watching a movie that depicts the investigation into the plane crash - analysing the pilot for his actions.

Now here is where the story had me open mouthed in a cinema where you could hear a pin drop.

The Computer simulators conduct alternate landings in same conditions and parameters as the Hudson ‘landing’ with 2 alternate courses of action. Both land successfully and safely.

Sully has maintained he would not make the airport landing and that was why - putting the lives of his ‘team’ first - he chose the course he did.

Minor problem - the data and the computers said different.

Do we trust the human advisor advice or the robots ?

Sully is able to point out 2 key components that the humans did not account for when simulating with the computers….Human reaction and human need to practice.

SPOILER ALERT - look away now if you don’t want to know the key point to the movie - Sully states that it took 35 seconds after the initial bird strike that caused the dual engine failure - in which time he processed the situation, assessed the risks and decided on a course of action.

He did have a fantastic mental checklist to boot.

The humans conducting the testing had failed to input this into the computers doing the testing. The robots didn't stand a chance to simulate the situation - both repeat tests failed miserably with plane crash in both instances.

Sully questioned how many times the simulators had practiced the turns required to land safely. He knew he had only 1 chance and 35 seconds to decide on a course of action. It turns out the tests had 15 practice runs!

Sully was indeed not just doing his job - he was a leader, a decision maker and a hero.

It did not go unnoticed by me that I was watching this on Sept 11!! Footage of planes flying low in New York made the hairs on the back of my neck stand up.

The quote that resonates with me is Sully (Tom Hanks) when he says

“to find the human error, you have to be human”

You need to factor in the 35 seconds it took to decide.

Of course what would have even been better is if the machines had been able to land the plane themselves - but then of course we wouldn’t have much of a story would we?

My key take way was that yes the automation is still coming - the robots and artificial intelligence will dominate the data - but as Rod Drury said in his keynote speech at Xerocon ….

“Automation and machine learning are improving traditional services by streamlining compliance processes and creating new business opportunities, many of which are either no-touch or limited-touch.”

The future is exciting and Xero see this future and embrace it head on so that we can act like Sully - we can lead our teams and clients, protect them from harm so they arrive safely in the land of business success and the machines are going to help the humans to do it.

Author : Katrina Spinazzola

Dedicated to the brave men and women whose lives were taken in New York 9/11

And to Captain Chesley Sullenberger and his crew.

Oh and of course Rod Drury - Xero guru.

Help I need a new accountant ?!

florian.glinserer@worldhost.group — Wed, 17 Aug 2016 08:34:14 GMT

How I answer this question.....while balancing my own expectations...

It's that time of year when we as BAS Agents often hear this phrase out of client's mouths.

I do 2 things :

1. Respond

2. Reject or refer.

BUT...... I have to ask the difficult question - why?

What is the reason you think you need a new accountant ? Why do you need to 'break up'?

The most popular answer is one of mis matched expectations.

The client thinks they know how the accountant's practice works.
They have lots of expectations about the relationship. Some valid and others perceived.

Their main expectations seem to be centred around:

When their Accountant will contact them?

Clients often expect help after business hours or on weekends - our society is becoming used to solving problems NOW
What do they do with that burning question or unsolvable problem at 10am on a Saturday ?
I feel their pain but as a fellow business owner I too need to hold my time as sacred and define my working hours.

How their Accountant will contact them ?

Clients vary in opinion of whether they want phone contact, face to face appointment or email answers to their questions.
A lot of dissatisfaction can stem from mismatched expectations in communication.
I also find this a challenge to get this balance right - when does an email suffice? Is it reasonable to answer the phone to every client all the time - interrupting other work ? How do I prioritise work ?
In my practice I am still trying to use systems and programs like Zen Desk to prioritise client requests.

What value the accountant can offer them apart from compliance ?

Clients often do not seek out their Accountant prior to making pivotal decisions.
We see many opportunities for clients to access the wealth of knowledge that is their Accountant . They often do not consult the Accountant prior to purchasing assets or indeed making changes in entity structure.
Tax Planning is also another area we actively encourage them to engage in conversation pre 30 June with their Accountant.

Often when we have this conversation with clients they decide they don't need to change Accountants - they need to define their expectations.

There are instances where the expectations are not going to meet - this is when we refer.

It makes our job so much easier to have a group of Accountants with different practice models to refer clients so Accountants and clients alike get the maximum from the relationship.

We also understand that Accountants are one of our best referral sources - they are already trusted advisors to their clients.
We want them to understand that we also need to have the correct 'fit' with the client.

Book keepers and BAS Agents are increasingly trying to manage client expectations themselves in their practices.
Email is a constant source of communication yet it can swallow up a lot of time responding to it.
The ringing phone is important to business yet can be a source of interrupting work already in progress.
Clients have important problems and they need to attended to but how do we set down boundaries without appearing disinterested ?

In recent weeks as I drove to work my constant thought was "Who will I disappoint today?" It's not a nice place to be especially when all you want to do in business is to help as many clients as possible. Over the past few weeks I have said "no" when I could see the expectations were not going to be realistic. I have referred to clients to others who are more specialised in that area. I have not answered my phone on the first ring. I have not taken some new clients on where I know their expectations will not align with mine. I've taken time away from work - so I can be at my best, give my best to clients.

If a client insists on a Friday 4pm appointment - these days I will say no - you are not getting me at my best so I'd rather not book the time.

Its a work in progress and the expectations will shift and move and I am certainly not the expert. My aim is to re align expectations and provide a win-win experience for all.

My Personal Xero Journey

florian.glinserer@worldhost.group — Sat, 13 Aug 2016 05:51:18 GMT

Here's the story.....

I officially signed on as a Xero partner 12th March 2011

After being in the industry for many years after university, building a practice and honing my craft - I decided to try Xero and see what all the 'noise' was about.

By 20th Jan 2013 I was a Xero Silver Partner - at the time that meant I had 20 clients using Xero.Mostly these clients were existing clients using other software that was all desktop based. I had built a business around compliance and all my systems catered to desktop software and on site client relationships. 1 to 1.

Xero cured a few pain points right from the get go. Here are the top 2 ....

1. Transfer of data files - using Cloud and single ledger means we are ALWAYS on the same page as the client and the accountant.In our practice - 'file confusion' was a noun. It was a living breathing thing where we had to check who had the 'live' file - did the accountant send us a back up to restore ? We developed whole check lists and systems around not getting this wrong. BAM - with Xero this was a non issue !

2. Accessibility - I could use my MAC, upgrade office PC's without upgrading software, use my i phone, ipad and even the Xero app - I was in techie heaven. I could streamline the office workflow making us more efficient - saving the client money and scaling the practice.

16th of September 2014 was a pivotal point in my journey - I became a Xero Gold Partner - as a book keeper/BAS Agent we 'touch' the clients by minimum quarterly (some more so!) so it can be more difficult than an Accounting practice to service more clients - ours is generally not an annual engagement. Scaling a book keeping practice can seem like a mountain.

At the time I was underwhelmed - I just got on with the job.Over time I began to realise the commitment I had made to clients, to my team , to Xero and to myself and the growth I had endured.Xero was now an intrinsic part of my practice, my clients and my life. I no longer said "Xero with an X"!

Clients were coming to me asking for Xero. I had passed the 'conversion bubble'. I didn't sell, I didn't have to . The conversation turned from 'which solution' to 'how we were going to best leverage Xero for their business". In my usual day to day networking with peers in the industry I didn't realise I no longer talked about Xero - It was in my core, an innate part of my business self that I no longer noticed any other tool. Xero was the logical choice for my clients and we all knew it.It was a testament to Xero

Xero build beautiful software - it just works. I look back at how we used to train clients, process data and liaise with Accountants so much so I see incredible growth and opportunity.

Over this journey I have been able to surround myself with an awesome team and assist small business owners in their own journey. Xero is an integral part of this story.

The Future ? As Xero continues on their trajectory of building a great product - I see increased opportunities for my team and I to reach more businesses and establish our craft as book keepers and BAS Agents to truly make a difference in the business world.

PS Im still a Xero Gold Partner - Platinum is in the distance !