Why virtual bookkeeping works

Balanced Advantage provide virtual bookkeeping services only, which means we don’t provide on site bookkeeping. This doesn’t mean that we never visit our clients – we love seeing our clients!  It means that the majority of our work is done off site using cloud technology.  We are often asked by potential clients why we choose to work in this way. Interestingly, we are never asked this question by our own…  Read more

Client Case study: Creating the perfect virtual accounting system.

We love the freedom of a virtual business and enjoy working with business owners with the same sense of adventure. Recently we have been working with a virtual not-for-Profit who has been growing rapidly and now employs a team of 30 staff located across NSW. Our aim for this client was to centralise the accounting function , collect the financial information from various locations, create a paperless audit trail, create…  Read more

Do you know your break-even point?

All business owners need to be aware of their break-even point — that is, the number of units they need to sell in order to cover their operating costs. Once you’ve reached your break-even point, it’s time to celebrate: your business is no longer in the red, and you are officially earning a profit. This article will show you how to calculate your break-even point so you can make wise…  Read more

Payroll – keeping the wheels of your business turning

Payroll is usually the least popular member of business process family but is the one that quietly keeps your employees happy and the wheels of your business turning . It’s also the process that can cause your business problems if you get it wrong, which is sometimes tricky with the ever changing technical requirements. Here are our tips for staying on top of your payroll.  Use accounting software that makes…  Read more

Why a holiday should be part of your business plan

I’m at the end of a fabulous family holiday after a year of working through without a break. While I have always tried to squeeze in an annual holiday, this year seemed different … I didn’t just want the holiday, I needed it. After a busy year of growth , taking on new clients, employing new staff , I have realised that the break has had benefits for both me…  Read more

5 questions to ask when you are reviewing your profit and loss report.

It is the first week of the new month and this is the perfect time to be reviewing your results from the previous month. My tip is to keep your accounts up to date throughout the month so that you can run a profit and loss at any time and get a snapshot of how your business is doing. So how should you do it ? Here are my 5…  Read more

App in Review – Deputy

App in Review Deputy Deputy is a team management tool that has been around in the app marketplace for a while, so you might wonder why I am writing about it now. For a long time, I shied away from using Deputy, incorrectly believing that it was an expensive solution to the ongoing headache of scheduling staff. It was only after my client and I had battled through spreadsheets and…  Read more

What to do if you get audited

No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by the tax authority to review your accounts and confirm your taxes have been paid to date – don’t panic. Prepare. These four steps will help you get through the process with minimal stress and the best possible outcome. Respond promptly If…  Read more

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