Does your Accountant and Bookkeeper have access to your Xero?
Hello, Sue here, your Xero Hero.
I wanted to share with you one easy thing you can do to help you with your Xero File, and that’s give NGR Accounting (or your bookkeeper) access to view it.
Your Online Accounting Software is one of the most useful tools available to businesses. Not only does it let you have access to your accounts from anywhere in the world, but it means you can collaborate with others remotely.
This collaboration speeds up your accounting and bookkeeping work. This means that:
- Your bookkeeper and/or the team at NGR Accounting can review your file at any time, allowing us to confirm that your books are balanced.
- It gives us the opportunity to make sure you’re meeting all your compliance needs, from ATO reporting, BAS reconciliation and even Super Guarantee payments are being made on time.
- It reduces your travel time, by allowing us to review your file, without you even leaving your office.
- Improving efficiency within your business if you have an internal bookkeeper or office clerk, where you (the business owner) will be able to overview, every entry reconciled.
So, the next question is:
How do I give my accountant access to Xero?
After you have completed all the above steps, your accountant or bookkeeper will receive an email with the invitation link. They will need to accept the invitation so that they can access your Xero. This access is provided immediately.
Note: This invitation is only valid for 14 days. If your accountant or bookkeeper does not accept the invitation within this timeframe, you can resend the request by following these steps:
- Click on the organisation name and select Settings.
- Click on Users.
- Click on the name of the pending user.
- Click Resend
- Optionally, you can add a message or use the default text.
- Click Send invite.
Next Steps:
If you have any issues setting this up, want to confirm what email address to use, or any other questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at info@ngraccounting.com.au
If you ever need a quick refresher on how this is done, we will also be adding this guide in our Resources page on our website.
FULL DISCLAIMER:
The information provided by our firm is of a general nature and does not consider your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
Dated: 12th February, 2024
JM
Have you nominated NGR Accounting as your Agent with the ATO?
Hey guys, Nathan here.
I want to take some time to guide you through an update from the Australian Taxation Office (ATO) that could impact your business – the Agent Nomination Process.
So, Let’s Go!
1. What is nominating NGR Accounting as your Agent all about:
The agent nomination process is a new requirement to ensure only your authorised tax agent (in your case, the team at NGR Accounting), BAS agent, or payroll service provider can access your accounts and act on your behalf for your tax and superannuation affairs.
This process applies when you change an agent or alter the authorisations you give your existing agent.
2. How Do You Know If This Process Applies to You?
Navigating through the criteria is crucial to determine if the agent nomination process applies to your business.
As of November 13, 2023, the ATO has expanded this process to encompass all types of entities with an ABN, excluding sole traders. This inclusive approach extends to various entity types, including:
- Companies, including strata title bodies.
- Partnerships
- Trusts
- Not-for-profits.
- Joint ventures.
- Cooperatives
- Self-managed super funds (SMSFs).
- APRA-regulated Superannuation Funds
Additionally, the ATO had already rolled out the agent nomination process to these specific categories:
- Public and multinational businesses included in the Top 100 and Top 1,000 – effective from 19 June 2022.
- Most public and multinational businesses – effective from 13 December 2022.
- Businesses in our Top 500 privately-owned wealthy groups, where that group has a significant level of ownership – effective from 13 December 2022.
- Government entities – effective from 24 February 2023.
The new requirement does not currently apply to individual taxpayers or sole traders.
If your business falls under any of these above-mentioned categories, it’s time to set up the agent nomination process.
This move ensures that NGR Accounting becomes your designated representative, facilitating smooth interactions between yourself, the team at NGR and with the ATO.
3. Why Did the ATO Make This Change?
Understanding the motivation behind the ATO’s decision to implement the agent nomination process is crucial.
The ATO introduced this change to address the evolving security and fraud landscape, which poses increasing risks of identity theft and fraud.
Enhanced Security Measures: The ATO is committed to the security of your tax and super information. Given the shifting security and fraud environment, the change aims to strengthen the security of online services. This is particularly important as there are growing attempts to commit identity theft and fraud.
Protecting Your Information: Registered agents play a vital role in managing your tax information and lodging returns on your behalf. The new process ensures that only your nominated agent will have access to your information and can perform tasks on your behalf. This step adds an extra layer of protection to safeguard your sensitive data.
Interactive and Secure Process: The ATO is introducing a step in which you securely nominate your registered agent when changing to a new registered agent or updating authorisations. This process, done through online services, enhances the interactive and secure nature of the relationship between you, your nominated agent, and the ATO.
Mutual Confidence: By completing the agent nomination process, your registered agent can be confident that they are interacting with you, and the ATO can be confident that the actions taken by your registered agent are genuinely on your behalf. This mutual confidence is vital for the integrity of the tax and super information exchange.
In consultation with businesses, agents, and industry representatives, the ATO is actively considering taxpayer and agent needs to ensure a smooth and effective implementation of this enhanced security measure.
4. When Should You Complete This Process?
Determining the right time to complete the agent nomination process is essential for a seamless experience. Here’s when you should consider taking this step:
Engaging a New Partner:
- If you’re bringing on board a new registered tax or BAS agent, like NGR Accounting.
- If you’re partnering with a new payroll service provider to represent you.
Changing Authorisations:
- If there’s a change in the authorisations from an existing agent to NGR Accounting.
- For instance, if we start representing you for a new obligation, such as income tax or a new entity in your business group.
Status Quo? No Action Needed:
- If you’re already represented by an agent from NGR Accounting and there are no changes in your representation details, there’s no need to take any additional action.
Completing the agent nomination process is a proactive step to ensure that NGR Accounting remains your designated representative for all tax-related matters. It’s a straightforward process that ensures our representation aligns seamlessly with your evolving business needs.
5. What You Need to Do:
Now that you understand the ins and outs of the agent nomination process, let’s dive into what you need to do to ensure a smooth transition to NGR Accounting as your designated representative.
Nominate Your Agent Online:
- You need to nominate NGR Accounting as your registered agent in Online services for business before we can access your account and act on your behalf.
Follow the Client-to-Agent Linking Steps:
- To nominate us, follow the client-to-agent linking steps. These will guide you through the nomination process and assist in setting up Online services for business if you haven’t done so already.
Need Support? The ATO has assistance:
- If you require assistance during this process, the ATO is here to help. You can reach out to them at 13 28 66, or directly contact your registered agent. While the ATO cannot complete the agent nomination process on your behalf in online services, they can offer guidance on the necessary steps you need to take.
Taking these steps diligently will not only facilitate a seamless agent nomination process but also ensure that NGR Accounting can continue supporting you effectively in all tax-related matters.
6. Notifying Your NGR Accounting Agent:
Once you’ve successfully submitted your nomination, it’s time to take the next proactive step and inform your designated agent at NGR Accounting. This ensures a swift transition and allows us to promptly add your business or organisation as a client or include any additional tax accounts.
Timely Notification is Crucial:
- Your nomination gives us 28 calendar days to officially add you as a client. To ensure a smooth process, it’s crucial that you notify us promptly after you’ve submitted the nomination.
No Automated System Notification:
- Unlike automated notifications, your nominated agent, in this case, NGR Accounting, won’t receive an automatic alert about the nomination. Therefore, your timely advice is essential to initiate the next steps.
By notifying your designated agent promptly, you contribute to a seamless transition, allowing NGR Accounting to efficiently manage your tax-related matters. Your cooperation is appreciated as we work together to ensure a smooth and effective representation.
Of course, if you have any questions, or want to check if this is something that you need to complete, please feel free to contact the team at NGR Accounting on 02 9011 6669, or email us at info@ngraccounting.com.au.
FULL DISCLAIMER:
The information provided by our firm is of a general nature and does not consider your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
UPDATED: 12th January, 2024
JM
Setting SMART Financial Goals for Your Business in the New Year
As we step into the new year, it’s the perfect time to set the stage for financial success. In our journey toward achieving business excellence, we’ve previously explored the importance of short term and long term strategic planning (https://ngraccounting.com.au/are-you-planning-short-term-or-for-the-long-term/) and the SMART criteria for goal-setting (https://ngraccounting.com.au/smart_planning/).
Today, I’d like to delve deeper into your financial aspirations, guiding you through the process of setting SMART financial goals for your business.
Understanding SMART Financial Goals
Before we dive in, let’s revisit the SMART framework. SMART stands for:
These points ensure that your goals are well-defined, quantifiable, feasible, aligned with your business vision, and have a clear deadline.
Specific Financial Targets
When setting financial goals, being specific is key.
Rather than having a broad goal like “increase revenue,” consider a target such as “increase monthly sales by 15%.”
The more precise your goal, the easier it becomes to create a roadmap for achievement.
Referencing our previous discussions on strategic planning, your financial goals should align with your overall business strategy. If your strategic plan emphasises market expansion, a specific financial goal could be related to entering new markets or launching new products.
Measuring Progress and Success
Using key performance indicators (KPIs) and metrics relevant to your financial objectives. For instance, if your goal involves cost reduction, track monthly expenses against your target. Measuring performance enables timely adjustments and keeps your team focused on the end goal.
Building on our exploration of financial statements (which we will be looking into soon), use financial data to quantify your goals. Whether it’s revenue growth, profit margins, or return on investment, make your goals quantifiable and tied to specific financial metrics.
Achievability and Realistic Expectations
While I know that your ambitious goals can inspire greatness, it’s crucial to set targets that are realistically achievable. You should be reviewing and assessing your business’s current capabilities, resources, and market conditions. One thing I would like you to remember: setting unattainable goals can lead to frustration and demotivation.
Take a moment. Review your business and your personal achievements over the last 3 months, 6 months, 12 months… Write down the achievements you’re proud of in that time.
By reflecting on past achievements and challenges, you are drawing insights from historical data. This analysis will help you set goals that can push your boundaries without jeopardising the stability and sustainability of your business.
Relevance to Your Business Vision
Have you written your business vision and mission statements?
Do you know where you want to be in 1 year, 5 years, and even 10 years from now?
Every financial goal should contribute meaningfully to your business’s overall vision and strategy. Ask yourself these questions:
- How does this goal align with our long-term objectives?
- Will achieving this financial milestone propel us toward our ultimate vision?
Consider the interconnectedness of your goals. If you’re aiming to increase profits, ensure that it doesn’t compromise customer satisfaction or employee well-being. An integrated approach ensures that your financial pursuits contribute positively to your business ecosystem.
Time-Bound Targets
The element of time is crucial in your goal setting. Without a clear timeline, your goals will lack urgency and focus.
By establishing realistic deadlines for achieving your financial objectives, this helps make them more attainable. Whether it’s a quarterly target or an annual milestone, setting a time limit creates a sense of urgency and facilitates strategic planning.
Refer to our insights on short-term and long-term planning (https://ngraccounting.com.au/are-you-planning-short-term-or-for-the-long-term/) to align your financial goals with the appropriate time. Short-term goals should support long-term visions, creating a cohesive and dynamic business strategy.
So, Let’s Get SMART!
So, as we embark on this journey of financial goal setting, remember the SMART criteria as your guiding principles. Specificity, measurability, achievability, relevance, and timeliness are the pillars that will support your business’s ascent to financial excellence.
By setting SMART financial goals, you’re not just navigating numbers; you’re crafting a roadmap for success. Refer to our previous discussions on strategic planning and SMART criteria to enrich your understanding and seamlessly integrate financial objectives into your broader business strategy.
So, let’s go and make 2024 a year of strategic financial triumph!
If you want to be kept in the loop with all our news, register for our Newsletter today (if you haven’t already):
https://mailchi.mp/f3174721dae7/ngraccounting-newsletter
If you have any questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at info@ngraccounting.com.au
DISCLAIMER:
The information provided by our firm is of a general nature and does not consider your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness, or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
Updated 8th January 2024
JM
Festive Financial Hangovers
Hey guys, Nathan here.
It’s coming up to the Festive time of year, of course for most it starts from the Melbourne Cup, and before you know it you’ve been to four, five, sometimes 9-10 Christmas Parties.
And for a lot of us, Christmas and New Year is an exciting time of the year, not only celebrating, but being social, having parties, and then there is the expensive act of gift giving.
As exciting as this time of year is, many individuals tend to overspend and overindulge in the festivities, leaving them financially hungover as we head into the New Year.
So, today I would like to share a few strategies to help you spread the festive love without breaking the bank! So, let’s go.
1. Start early and plan ahead
The main key to avoiding the financial hangover during the festive season is to start early.
Get a jump on your gifting well in advance. Create a comprehensive list of everyone you plan to buy for and allocated a budget for each person. Starting early also allows you to take advantage of the off-season sales, making sure you’re finding the perfect gift at the best prices.
By planning, you not only reduce the stress associated with last-minute shopping but you’re also gaining a better control over the finances. It’s a win-win situation that sets the stage for a smooth festive season. So, let’s go… and get that gift list organised. (I’m happy with chocolate presents!)
2. Take advantage of Off-season Sales
Hint: Who said you can only shop for Christmas gifts in December?
Embrace the savvy shopper in you by taking advantage of off-season sales throughout the year. Many retailers offer discounted prices on various items during off-peak times, allowing you to grab a great deal on plenty of gifts.
Consider purchasing gifts that aren’t time sensitive, such as decorations, wrapping paper or even non-perishable treats. By spreading your gift shopping over the months heading into the season, you’re not only saving money, but also avoiding the financial strain of a single big-ticket spending spree.
So, be on the look out for those sales – it’s a budget friendly game changer.
3. Create a Christmas Gift Fund.
Let’s talk about creating a dedicated Christmas Gift Fund.
This simple yet effective strategy involves setting aside a small amount of money each month specifically for gift purchases. Treat it like a savings account dedicated to spreading joy during the festive season.
By consistently contributing to this fund, you’ll build a budget cushion that makes gift shopping a breeze. It’s an easy and practical way to manage your finances, ensuring you have the funds you need when it’s time to purchase those thoughtful presents.
So, why not start building your Christmas Gift Fund today?
4. DIY and Personalised Gifts
I’m not going to lie, sometimes the most meaningful gifts don’t come with a hefty price tag. Consider do-it-yourself (DIY) gifts or personalised items for your loved ones. Not only are these gifts cost-effective, but they also carry a special touch that can’t be replicated by store-bought items.
Get creative with your gift ideas. Personalised photo albums, handmade crafts, or even a thoughtful letter can make a significant impact. The joy is in the effort and the personal connection you create through your gifts. So, let’s get those creative juices flowing and make this festive season extra special.
Spreading the festive love is not just about the gifts themselves, but also about the thoughtful planning that goes into those gifts.
Remember the goal is to enjoy the holiday season without the financial stress that often accompanies it.
If you’re wanting to discuss your finances, and your financial goals for the new year, please feel free to contact us on 02 9011 6669 or via our email: info@ngraccounting.com.au
Please know that if you’re feeling overwhelmed and need to speak to someone about your financial situation, please know that there is help available. If you don’t know where to start, you can call the free National Debt Helpline on 1800 007 007. The helpline is open Monday to Friday, 9.30am – 4.30pm.
More information can be found at https://moneysmart.gov.au/managing-debt/urgent-help-with-money
FULL DISCLAIMER:
The information provided by our firm is of a general nature and does not consider your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
Updated 06 December, 2023
JM
Unlocking Business Growth and Profit Potential Through Self-Improvement and Training
Hey guys, Nathan here. Let’s discuss how self-improvement, training, and coaching can turbocharge your business for bigger profits and growth.
In today’s fast-changing business world, staying ahead is a must. We will look at where to get this crucial know-how and how it can supercharge your business and your profits.
Where to go for your Self Improvement, Training and Coaching
The best thing about taking that first step towards your Self Improvement, is that there are so many options, that you can customise your journey.
- Self-Improvement Courses.
- Courses with Registered Training Organisations (RTOs)
- Business Coaches
- Networking Events
I want to go through each of these, so, let’s go.
Self-Improvement Courses:
The journey towards business success can often begin with an investment in yourself.
Have you considered enrolling into self-improvement courses designed specifically for business owners. It might be something that might be about marketing, social media, cash flow, accounting, leadership… the list is endless.
Our very own “Profit Generator Course” is a prime example.
These programs are structured to offer
- specialised insights and hands-on training,
- equipping you with business skills, and
- knowledge to implement systems like financial management, for example Profit First, effectively.
But where do you find these? Easy. You look at local networking groups, small business support services, industry leaders and associations, your state government bodies, even your local council.
Courses with RTOs:
First, let’s talk about the term Registered Training Organisations or RTOs.
RTOs are accredited to provide training programs, everything from a Statement of Attainment to an Advanced Diploma to Masters and Doctorates.
So, where are you looking for these courses? Trade Colleges, TAFE, Universities, and even private colleges.
These programs provide a comprehensive and recognised education in various facets of business. Not only are they giving you the skills and knowledge you need, but they can also provide you with formal accreditation.
Business Coaches:
A business coach serves as a compass guiding you through the complex terrain of business ownership.
A business coach helps by:
- Understanding the psychology of you as the business owner
- Understanding what drives and motivates business owners
- Understand and questioning the choices their clients make as a business owner. It could be as simple as the indecision or non-action we unconsciously make.
- Providing us the opportunity to become more aware to our self-limiting beliefs in ourselves and the destructive patterns we get into.
Business Coaches bring to the table a wealth of industry experience and tailored advice. You can find a reputable business coach through professional organisations, referrals, or online directories.
Networking Events:
I am a big supporter of Networking Events. I have also been a member of several networking and local organisations that hold networking events.
What you are looking for are:
- Networking centric groups like Bx and BNI
- Events from Industry groups, Industry leaders and local groups.
- Local Commerce and Business Groups.
I am really enjoying being a Board Director and Treasurer of the Sutherland Shire Business Chamber (SSBC). Not only is there the opportunity to meet formally at Breakfast/Lunch events (known as the Shire Thrive Events) with well-known Keynote speakers, but we also have the more casual monthly After 5s where there’s an opportunity for members to mingle and hear from one another with a Member Spotlight.
Of course, my favourite parts of the Business Chamber is:
What’s in it for me?
Of course, all this self-improvement, training and coaching comes with amazing benefits for both you and your business.
Mastering Skills and Obtaining Knowledge
One of the standout benefits of self-improvement courses like “The Profit Generator Course” is understanding and implementing the methodology, and in this case, the Profit First methodology.
Profit First:
This financial management system is designed to transform your approach to business finances, ensuring a healthier bottom line, and providing a roadmap for sustainable profitability.
Well, this is the same with any self-improvement course. And do you know why you will get so much out of it? Because you decided to complete that course. You intentionally applied and signed up for the course. This is great!
Of course, I would make sure that you are prepared to take notes, be able to ask questions and interact with the trainer/facilitator and the rest of the participants (if in person) to get the most out of these courses.
Invaluable Guidance
The benefit of using a business coach is that they offer a guiding hand that can significantly impact your business.
Their insights and advice lead to enhanced strategies, streamlined operations, and ultimately, increased profits.
This guidance is invaluable for identifying blind spots and optimising your business’s performance. The benefit of working with a business coach is that you realise that most of the answers to all your challenges are usually right in front of you.
Solid Foundations
Courses provided by Registered Training Organisations (RTOs) lay a solid foundation for informed decision-making.
They provide structured knowledge in various aspects of business management, and these programs empower you to make decisions that lead to improved financial outcomes and more efficient business operations for you, your business, and your employees.
Professional Connections
Networking events with expert speakers expand your professional network. This network can open doors to potential collaborations, partnerships, and mentorship opportunities, all of which contribute to business growth and profitability.
Leadership and Team Dynamics
Training in leadership and emotional intelligence fosters a positive workplace environment. This, in turn, boosts team morale, collaboration, and productivity, all of which are pivotal in contributing to business success. A harmonious work environment leads to a happier, more engaged team that is instrumental in achieving your business objectives.
Adaptability and Innovation
In an ever-changing business landscape, adaptability and innovation are critical.
Recently there has been an influx of AI knowledge, Cyber Information and Mental Health processes and recommendations.
Training ensures that you remain agile and responsive to industry changes, enabling you to adapt your business model, implement new technologies, and maintain a competitive edge. This translates into higher profitability.
Customer and Client Relationships
Business success is linked to customer satisfaction. Enhanced interpersonal skills, developed through training and self-improvement, leads to a stronger client relationship.
Happy clients are more likely to stay loyal, bring repeat business, and refer new customers. This not only improves your financial bottom line but also solidifies your reputation and fosters growth.
Personal Fulfilment
Investing in personal growth as a business owner goes beyond financial benefits.
I know, I am an accountant, and financial aspects of your business is my core business. Of course, I am also aware that your journey as a business owner impacts your financial outcomes.
It leads to a sense of personal fulfilment, which in turn positively influences your work. When you’re passionate about what you do and continually seek improvement, it reflects in your business operations. Your enthusiasm is contagious, inspiring your team and attracting more clients.
In summary, self-improvement, training, and coaching are not mere personal investments but are vital steps toward the financial success and personal growth of your business.
You’re enhancing your capabilities as a business owner, whether you choose to:
- embark on courses,
- seek guidance from coaches,
- enrol in accredited programs, or
- network with industry experts.
This, in turn, directly influences your business’s prosperity.
To see just how much self-development can improve you and your business, check out our Case Study here: Case Study: Self Improvement and Training
So, let’s embark on this transformative journey together. Remember, a better you means a better business!
If you have any questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at info@ngraccounting.com.au
FULL DISCLAIMER:
The information provided by our firm is of a general nature and does not consider your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
Updated: Saturday 4th November, 2023
JM
Unlocking Success: The Power of Peer Groups in Business Growth
I want to dive into the world of Peer Groups and how they can bring significant benefits to your business.
Networking is crucial, but building a Peer Group takes it a step further by fostering deep connections with like-minded individuals who can provide valuable insights and support. In this blog, I want to explore the advantages of being a member of a peer group and provide you with a step-by-step guide on how to set one up effectively.
The Power of Peer Groups
Peer Groups, which can also be known as Mastermind Groups, are a gathering of individuals with similar professional or personal goals who come together to share their experiences, insights, and challenges. These groups offer several key benefits:
- Diverse Perspectives:
When you surround yourself with people from different backgrounds and industries, you gain access to diverse perspectives. This can lead to fresh ideas and innovative solutions for your business challenges.
- Accountability:
Peer Groups often have a structure that encourages members to set and track their goals. Being held accountable by your peers can boost your productivity and keep you on track toward your objectives.
- Knowledge Sharing:
In a Peer Group, members freely share their knowledge and expertise. This collaborative learning environment can help you acquire new skills and stay updated on industry trends.
- Mentorship:
Peer Groups often have members at various stages of their careers. This means you can find mentors who have already achieved what you aspire to. They can provide guidance and support as you work towards your goals.
- Networking Opportunities:
While networking was the topic of my previous blog, Peer Groups take networking to a deeper level. These relationships can lead to valuable business connections and partnerships.
Setting Up Your Peer Group
Now that we’ve covered the benefits, let’s discuss how to set up your own peer group:
- Define Your Purpose:
Start by clarifying the purpose and goals of your Peer Group. What do you hope to achieve, and who would be the ideal members? Be specific about the industry or interests you want your group to focus on.
- Select the Right Members:
Choose individuals who share your goals and values. Look for people with complementary skills and experiences. It’s essential that everyone in the group can contribute and benefit.
- Establish Group Guidelines:
Set clear guidelines for how your Peer Group will operate. Define meeting frequency, format, and confidentiality expectations. Having structure ensures that meetings are productive.
- Utilise Technology:
With today’s technology, you can connect with peers from anywhere. Consider using video conferencing platforms to host virtual meetings. This allows you to reach a broader range of potential members.
- Agenda and Facilitation:
Each meeting should have a defined agenda and a facilitator. Rotating the role of facilitator among members can keep meetings engaging and ensure everyone has a chance to lead.
- Encourage Open Communication:
Foster an environment where members feel comfortable sharing their challenges and successes. Encourage open and honest discussions. This is where the real value of Peer Groups shines.
- Set Goals and Milestones:
Help each member set specific goals and milestones. Regularly review progress and provide support and accountability.
Building a peer group can be a game-changer for your business.
The benefits of diverse perspectives, accountability, knowledge sharing, mentorship, and networking are invaluable. If you’re looking to take your professional development to the next level, consider creating or joining a Peer Group. It could be the key to unlocking your full potential and achieving your business goals.
I hope you found this blog informative and inspiring. If you have any questions or would like more information about setting up a Peer Group, please feel free to reach out. Your success is our priority!
Stay tuned for more educational and supportive content coming your way.
FULL DISCLAIMER:
The information provided by our firm is of a general nature and does not consider your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
Updated 25th October, 2023
JM
Mental Health Month: Financial Goal Setting for a Positive Mindset
Hey guys, Nathan here, The Profit Generator. This month is all about Mental Health Awareness, and today, I want to talk about something that can truly transform your life: financial goal setting and its profound impact on your mental wellbeing.
In a world where financial stress is all too common, taking control of your financial destiny through setting and achieving goals can be a game-changer. So, let’s go and explore how setting financial goals can pave the way for a more positive mindset and a brighter financial future.
The Power of Financial Goals
We all have dreams and aspirations, whether it’s
- buying a home,
- starting a business, or
- taking that dream holiday.
Financial goals are the roadmaps that turn these dreams into reality. They give us purpose and direction, helping us navigate the complex world of personal finance.
Boosting Self-Esteem
Setting financial goals and accomplishing them can significantly boost your self-esteem. When you set a goal and work diligently to achieve it, you prove to yourself that you are capable and in control. This sense of accomplishment can also translate into increased confidence and a more positive self-image.
Consider the client I worked with, Sarah. She had always dreamed of starting her own bakery but felt overwhelmed by the financial aspects. Through careful goal setting and forecasting cash flows, we helped her create a step-by-step plan to fund her bakery. Achieving each milestone along the way not only brought her closer to her dream but also boosted her self-esteem and her belief that she could succeed.
Reducing Anxiety
Financial anxiety is a significant contributor to stress and poor mental health. However, when you have clear financial goals and a plan to achieve them, it can significantly reduce this anxiety. You have a roadmap, a sense of control, and a vision of a brighter financial future.
Don’t forget, when we start working towards SMART goals, and plan to achieve them, we’re looking at goals that are:
- Specific
- Measurable
- Achievable
- Realistic and
- Timely
How to Set Financial Goals
Now that you understand the power of financial goals, let’s discuss how to set them effectively.
1. Define Your Goals Clearly
Your financial goals should be specific, measurable, and achievable. Whether it’s paying off credit card debt, saving for a down payment on a house, or building an emergency fund, make sure your goals are crystal clear.
2. Break Down Your Goals
Large financial goals can be intimidating. To make them more manageable, break them down into smaller, achievable milestones. This step-by-step approach not only makes your goals less daunting but also provides a sense of accomplishment at each stage.
3. Create a Budget
Budgeting is a critical tool for achieving your financial goals. It helps you allocate your income effectively, ensuring you have the resources to work towards your objectives. Be sure to track your expenses and adjust your budget as needed to stay on course.
One effective method controlling your bank balance is to divide your periodic pay cheque into different bank accounts. For example, dividing your salary paid into bank accounts that are primarily there to fund based on pre-determined percentages:
- rent/mortgage,
- in case of emergency,
- social and recreational, and
- a holiday fund.
4. Seek Professional Guidance
Working with a financial advisor, like the team here at NGR Accounting, can be invaluable. We have the expertise to help you set realistic goals, create a customised financial plan, and provide ongoing support and guidance.
Real-Life Success Stories
To show the power of financial goal setting, let me share a few success stories from our clients:
Emma’s Homeownership Dream
Emma had always wanted to buy her own home, but she felt overwhelmed by the prospect. After working with us to set a budget and create a savings plan, she not only bought her dream home but also gained a newfound sense of security and happiness.
Lisa’s Debt-Free Journey
Lisa was trapped in a cycle of credit card debt. With a clear plan and achievable goals, she not only paid off her debt but also learned valuable financial habits that transformed her relationship with money.
Financial goal setting is a powerful tool for improving your mental wellbeing and achieving your dreams. When you set clear, achievable goals, break them down into manageable steps, and create a budget to support your objectives, you take control of your financial destiny.
So, let’s go and start setting those financial goals today! The best time is now for anyone who not yet started their financial journey!
Remember, you don’t have to do it alone.
Our team at NGR Accounting is here to support you every step of the way. Together, we can turn your dreams into reality and pave the path to a brighter financial future.
If you have any questions or want to share your own success story, feel free to reach out. We’re here for you!
If you have any questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at info@ngraccounting.com.au
FULL DISCLAIMER:
The information provided by our firm is of a general nature and does not consider your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
Updated: 17th October 2023
JM
Unlocking Success: The Power of Networking for Your Business
Hey guys, Nathan here. I wanted to chat to you about Networking for your business, and its benefits. So, let’s go!
In today’s business world, networking has become an indispensable tool for fostering growth and success. It’s not just about exchanging business cards and shaking hands; it’s about building valuable relationships that can propel your business to new heights.
In this blog, I want to dive into the world of networking and uncover and share with you:
- Its benefits,
- Share 5 best practices for effective networking, and
- Provide recommendations on finding the right networking group for your business.
Benefits of Networking for Your Business:
Networking is more than just socialising – it’s an investment in your business’s future.
Here are three key benefits I see for your business, to participate in networking:
- Expanding Your Reach: Networking opens doors to a vast pool of potential clients, partners, and collaborators. By connecting with individuals from diverse backgrounds and industries, you can tap into previously untapped markets and opportunities.
- Building Credibility and Trust: Building genuine relationships within your industry and your local area, can enhance your business’s credibility and trustworthiness. When people know and trust you, they are more likely to refer clients, offer partnerships, and vouch for your expertise.
- Access to Resources and Knowledge: Networking introduces you to a wealth of knowledge and resources. You can gain insights into industry trends, learn from the experiences of others, and access valuable advice that can help you make informed decisions and avoid costly mistakes.
Best Practices for Effective Networking:
Successful networking requires more than just showing up at events… it involves strategic and thoughtful approaches. Here are 5 best practices to make the most of your networking efforts:
- Set Clear Goals: Before attending any networking event, define your objectives. Are you looking for new clients, seeking partnerships, or simply gathering industry insights? Setting clear goals will help you focus your efforts and measure your success.
- Be a Good Listener: Networking isn’t just about talking about your business; it’s also about listening to others. Show genuine interest in their stories, challenges, and aspirations. This fosters authentic connections and opens doors for future collaborations.
- Follow Up Promptly: After making initial connections, I recommend that you follow up promptly. Send a personalised email or message to express your interest in staying connected. Timely follow-ups demonstrate professionalism and commitment.
- Offer Value: Networking is a two-way street. Share your expertise and resources to help others, and they will be more inclined to reciprocate. Offering value can range from sharing a helpful article to making introductions to potential clients or partners.
- Diversify Your Network: Don’t limit your networking efforts to people within your immediate industry. Branch out and connect with professionals from diverse backgrounds. Sometimes, fresh perspectives and ideas come from unexpected sources.
Finding the Right Networking Group for Your Business:
Choosing the right networking group can impact the success of your networking efforts. Here are 5 recommendations to help you find the perfect fit:
- Define Your Objectives: Determine what you want to achieve through networking. Are you looking for:
- Industry-specific groups,
- Local business associations, or
- Online communities?
Having a clear objective will narrow down your options.
- Research and Attend Events: Attend a few events as a guest to assess the group’s dynamics and whether it aligns with your goals. Pay attention to the quality of connections, the level of engagement, and the overall atmosphere.
- Seek Recommendations: Reach out to your existing network and ask for recommendations. Colleagues, mentors, or industry peers may have valuable insights on reputable networking groups.
- Online Networking Platforms: Explore online platforms like LinkedIn and industry-specific forums. These platforms provide opportunities to connect with professionals worldwide and access virtual networking events.
- Evaluate Membership Costs: My last recommendation is the most important. Consider the costs associated with joining a networking group, including membership fees and event expenses. Ensure that the potential benefits justify the investment.
Networking is a powerful tool for business growth, offering a so many benefits when approached strategically. By expanding your reach, building credibility, and accessing valuable resources, networking can be a game-changer for your business.
Remember to follow best practices, set clear goals, and find the right networking group that aligns with your objectives.
Start making meaningful connections today and unlock the potential for your business’s success.
If you have any questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at info@ngraccounting.com.au
FULL DISCLAIMER:
The information provided by our firm is of a general nature and does not consider your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
Updated 06th October 2023
JM
The Profit First Revolution: Transforming Small Business Finances
Hey guys, Nathan here.
Today, I want to dive into a financial strategy that has been a game-changer for countless small and medium-sized businesses – Profit First.
You might be wondering, “What exactly is Profit First, and why is Nathan so passionate about it?” Well, I’m here to answer those questions and show you why this system is the key to transforming your business’s financial health.
What is Profit First?
First things first (pun intended), let’s break down what Profit First is all about. It’s not just another accounting method; it’s a revolutionary way to manage your finances that puts profitability front and centre.
Traditionally, businesses follow a model where they prioritise expenses, taxes, and everything else, hoping that there’s something left over for profit. The problem? Often, there isn’t much, if anything, left for profit, and this can lead to financial stress and even business failure.
Profit First flips this model on its head. It starts with the fundamental principle that profit should come first, not last. With Profit First, you allocate a percentage of your income to profit from every deposit you receive. This simple shift in mindset and approach changes everything.
Why I’m Passionate About Profit First
You might be wondering why I’m such a big advocate for Profit First. It’s not just because it’s a buzzworthy term in the financial world. It’s because I’ve seen its incredible impact on businesses, and I believe it’s the path to financial success for small and medium-sized businesses.
When I started NGR Accounting, I was on a mission to help businesses not just survive but thrive. And that’s precisely what Profit First does. It can transform your business from just getting by to truly thriving.
But it’s not just about the numbers; it’s about the people behind those numbers – you. I’ve seen the relief and joy on my clients’ faces when they realise that their hard work is translating into real, sustainable profit. It’s about peace of mind, security, and the freedom to grow your business without financial worry.
Benefits for Small to Medium-Sized Businesses
Now, let’s talk about why Profit First tailor-made for small and medium-sized businesses (SMEs) like yours. These businesses face unique challenges, and Profit First addresses them head-on.
Cash Flow Management:
SMEs often struggle with cash flow issues. Profit First’s system ensures that you always have enough cash to cover your expenses and taxes while still setting aside a healthy profit. It’s like a financial safety net for your business.
Stress Reduction:
Running an SME can be stressful, especially when finances are tight. Profit First takes the guesswork out of your finances. You’ll know exactly where your money is going, which eliminates financial stress and uncertainty.
Financial Stability:
SMEs need a solid financial foundation to grow. Profit First establishes that foundation by making profitability a non-negotiable part of your financial strategy. This stability is crucial for long-term success.
Growth Opportunities:
Profit First not only secures your business but also provides the financial freedom to explore growth opportunities. Whether you want to:
- expand your product line,
- open a new location, or
- invest in marketing
Profit First gives you the means to do it.
How to Get Started
Now that you’re excited about Profit First, you might be wondering how to get started. Well, the good news is that it’s not as complicated as it may seem. Here are the first steps:
Assessment:
Start by assessing your current financial situation. Understand your income, expenses, and debt. This will be your starting point.
Setting Up Accounts:
Open separate bank accounts for your different financial purposes:
- Profit,
- Owner’s pay,
- Taxes, and
- Operating Expenses (OpEx).
Target Allocation Percentages (TAPs):
Determine the Target Allocation Percentages (TAPs) that will go into these accounts. This will depend on your specific financial goals and needs.
Consistency:
Stick to the plan consistently. Make these allocations with every deposit you receive.
Regular Review:
Periodically review your financial accounts to ensure you’re on track and adjust as needed. Even better, get a Profit First Professional (like myself) to coach you through your business journey!
and… That’s just the beginning of your Profit First journey.
In upcoming blogs, we’ll delve deeper into each step and provide you with more insights and tips. So, stay tuned for more Profit First goodness that will transform your business’s financial landscape.
Profit First isn’t just about making money. It’s about securing your business’s future, reducing stress, and giving you the freedom to focus on what you do best – growing your business.
– Nathan Rigney, The Profit Generator
If you have any questions or want to learn more about how Profit First can work for your specific business, don’t hesitate to reach out to us at NGR Accounting. We’re here to support you on your journey to financial success.
If you have any questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at info@ngraccounting.com.au
FULL DISCLAIMER:
The information provided by our firm is of a general nature and does not consider your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
Updated: 28th September 2023
JM
Dealing with Business Fraud: Your Action Plan When Suspicions Arise
Hey guys, Nathan here.
Fraud in business is a serious matter that no one wants to face, but unfortunately, it can happen to even the most well-managed companies. As a business owner, it’s essential to know what steps to take if you ever suspect or realise that fraud is occurring within your organisation. In this blog, we’ll dive into the actions you should take when faced with this challenging situation.
Recognising the Signs
The first step in addressing fraud is recognising the signs. Here are some common red flags that may indicate fraudulent activities within your business:
Inconsistent Financials: Notice discrepancies in your financial statements or irregularities in your cash flow that can’t be easily explained.
Unexplained Expenses: Employees or contractors submitting expense reports that lack supporting documentation or seem excessive.
Changes in Behaviour: Sudden changes in the behaviour of employees or colleagues, such as becoming secretive or defensive when questioned about financial matters.
Missing Documents: Documents, receipts, or invoices related to financial transactions mysteriously disappearing.
Unusual Transactions: Unfamiliar transactions appearing in your bank statements or financial records.
If you observe any of these signs or suspect fraudulent activity, it’s crucial to act swiftly but cautiously.
Immediate Actions
Maintain Confidentiality: Keep your suspicions private. Prematurely accusing someone without evidence can harm your business and your relationships.
Gather Evidence: Begin collecting evidence discreetly. This may involve reviewing financial records, monitoring transactions, or consulting with professionals who specialize in fraud detection.
Consult with Legal Advisors: Reach out to legal advisors experienced in business fraud cases. They can guide you on the legal aspects of addressing fraud.
Engage a Forensic Accountant: A forensic accountant can help investigate the situation, trace financial discrepancies, and gather evidence to support your case.
Consider HR Involvement: If an employee is involved, consult with your HR department or professionals to ensure you follow proper employment procedures.
Investigation Process
The investigation process is critical in establishing the facts and determining the extent of the fraud. Here are key steps to follow:
Document Everything: Maintain meticulous records of all evidence, conversations, and actions taken during the investigation.
Interview Suspects: If necessary, conduct interviews with individuals involved, always with the guidance of legal advisors.
Engage Law Enforcement: In cases of significant fraud, involve local law enforcement or appropriate regulatory agencies.
Prevention Measures
Preventing fraud is as important as addressing it. Once you’ve resolved the issue, take proactive steps to prevent future occurrences:
Implement Financial Controls: Work with experts like NGR Accounting to establish robust financial controls that reduce the risk of fraud.
Regular Audits: Conduct regular financial audits to identify discrepancies early.
Employee Training: Educate your staff about the importance of ethical behaviour and the consequences of fraud.
Whistle blower Programs: Consider implementing a whistle blower program that encourages employees to report suspicious activities anonymously.
NGR Accounting’s Support
At NGR Accounting, we understand the stress and challenges that come with discovering fraud within your business. Our experienced team can assist you in both the investigation process and implementing preventive measures. We specialise in helping businesses like yours maintain financial integrity.
If you find yourself facing fraud or wish to protect your business from potential threats, don’t hesitate to reach out to us. We’re here to support you every step of the way.
Discovering fraud in your business is a tough situation, but taking immediate and informed actions is crucial. Remember to maintain confidentiality, gather evidence, consult legal professionals, and engage experts like NGR Accounting to navigate this challenging journey. We’re here to help you protect your business and its financial well-being.
Stay vigilant and proactive, and together, we can ensure the financial health and success of your business.
If you have any questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at info@ngraccounting.com.au
FULL DISCLAIMER:
The information provided by our firm is of a general nature and does not consider your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
Updated: 22nd September, 2023
JM
