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News

Inline Partners Is Growing

Inline Partners Pty Ltd in an exclusive interview with Eleven Media have announced that Neil Elliott and his clients has joined their practice as a consultant. Inline Partners are Sydney based. They are Chartered Accountants and trusted advisors. Inline Partners offer bookkeeping, taxation, accounting and consulting services. They help their clients to reach their full potential with their professional and caring service.  David Mah Chut, Director of Inline Partners said this when interviewed by Eleven Media, “We are delighted to welcome Neil Elliott and his clients to our practice. Our expansion plans are progressing as planed with rebranding, new online presence and office relocation for better client experience also occurring in tandem”.  Neil Elliott founded NW Elliott & Associates in 1978 in Strathfield. In recent years Neil was the Founding and Senior Partner at Elliott Chee Sun & Khoe Pty Ltd (ECSK) accounting, tax & business advisory based in Drummoyne.   Neil specialises in providing expert advice on a wide range of business issues with a focus on family-owned businesses and high net worth individuals. Industry experience and specialisation include: Family-owned businesses, property, media, manufacturing, fashion, retail and wholesale distribution. Neil’s focus is on high quality client service and creating long standing relationships.  Inline Partners can set up clients bookkeeping software and systems, help them save time, money and headaches. They manage everything from accounts payable to BAS lodgement and payroll. Reducing the business owners stress, allowing them to gain back their freedom.   “We are a team of highly qualified Chartered Accountants focused on giving clients peace of mind so they can focus on what’s important. We offer a wide range of interrelated accounting and taxation services. With our end-to-end service clients never need to worry about things falling through the cracks between their bookkeeper and accountant” said David Mah Chut  Inline Partners welcome all of Neil Elliott’s clients and assure them that they are supported by a now expanded team of caring professionals.  Learn more about Inline Partners and their array of their online bookkeeper,  accounting and consulting services via their website here: https://inlinepartners.com.au or their Facebook profile here: https://www.facebook.com/inlinepartners  About Inline Partners  Inline Partners Pty Ltd is Sydney based and have decades of combined experience in all aspects of bookkeeping, accounting and financial consulting. They strive to understand all client needs, like a true business partner would. They do this by forging a strong relationship understanding intimately their client’s needs.   They provide online client bookkeeping, financial reporting and tax needs in one comprehensive end to end service. Client services are offered in affordable fixed-price packages to suit their needs as their business grows.  David Mah Chut   Company: Inline Partners Pty Ltd   Phone: +61  (02) 8310 5493   Email:  contact@inlinepartners.com.au   Address: Level 2, 135 Victoria Road, Drummoyne Sydney NSW 2047   Website:  https://inlinepartners.com.au  

News

Inline Partners – Business Growth

Inline Partners Pty Ltd in an exclusive interview with Eleven Media have announced that Parramatta based Abacus Bookkeeping Centre has joined their practice. Inline Partners are Sydney based and an online bookkeeper, Chartered Accountant and trusted advisor. They help their clients to reach their full potential with their professional and caring service. David Mah Chut, Director of Inline Partners said this when interviewed by Eleven Media, “The Abacus Bookkeeping Centre are a well-respected bookkeeper and BAS agent that has been servicing clients in the region for over 20 years. We are delighted to have them join our growing practice.” Inline Partners can set up clients bookkeeping software and systems, help them save time, money and headaches. They manage everything from accounts payable to BAS lodgement and payroll. Reducing the business owners stress allowing them to gain back their freedom.  “We are a team of highly qualified Ahartered Accountants focused on giving clients peace of mind so they can focus on what’s important. We offer a wide range of interrelated accounting and taxation services. With our end-to-end service clients never need to worry about things falling through the cracks between their bookkeeper and accountant” said David Mah Chut Inline Partners welcome all Abacus Bookkeeping Centre clients and assure them that they are supported by a now expanded team of caring professionals. Learn more about Inline Partners and their array of their online bookkeeper,  accounting and consulting services via their website or their Facebook profile.  About Inline Partners Inline Partners Pty Ltd is Sydney based and have decades of combined experience in all aspects of bookkeeping, accounting and financial consulting. They strive to understand all client needs, like a true business partner would. They do this by forging a strong relationship understanding intimately their client needs. They provide online all client bookkeeping, financial reporting to accounting and tax needs in one comprehensive end to end service. Client services are offered in affordable fixed-price packages to suit their needs as their business grows. Media Contact David Mah Chut Company: Inline Partners Pty Ltd Phone: +61  (02) 8310 5493 Email:  contact@inlinepartners.com.au Address: Level 2, 135 Victoria Road, Drummoyne Sydney NSW 2047 Website:  https://inlinepartners.com.au 

Bookkeeping

Get Help With Your Business Bookkeeping

We get it; you like to have oversight and control of all the parts of your business. However; as the business grows this becomes increasingly hard and your need to control and do it all, means growth will slow as new opportunities will be missed and the skills needed to handle the increasing complexity of the business will not be there. There comes a time when every business owner needs to decide on which parts of the business could benefit with a new level of support. The feedback we continually get from business owners who have made the decision to get their bookkeeping done is “Why didn’t I do this sooner!”. So WHY is bookkeeping is one of the parts of the business that could benefit from having an external bookkeeper? As a business owner; have you ever: Felt disorganised with your receipts? Felt overwhelmed every Business Activity Statement time because the accounts are not up to date? Lodged a Business Activity Statement late? Wanted to know if the business is making a profit but not sure where to start? Wondered how to grow your business? Felt like you spend more time on admin of your business rather than focusing on growing the business? Wanted to hire a new employee but unsure where to start? Felt unsure of your obligations as an Employee? Lodged and paid your employee super late? If you answered yes to any of the above questions…then it’s time to consider a professional bookkeeper for your business. So; let’s look at some of the key benefits of using a bookkeeper to look after you accounts for you. You don’t have to do it! You can use the time to work ON the business. After all, I bet you did not go into business to enter bills into an accounting system! No need to fumble (or google) your way through how to do the bookkeeping. Good bookkeepers are well educated in the field, they are registered as BAS agents with the Tax Practitioner Board (https://www.tpb.gov.au/) and therefore, are also required to undertake ongoing training and development to maintain their registration with a minimum number of hours required each year.  Why not leave it to the experts. Most of us would not fix our own burst pipe in our bathroom – we would call in a plumber…same goes for the books…there are experts in the field for a reason. Use them! You won’t miss a deadline! Bookkeepers are all over deadlines, it is their job to make sure you are on time with all your obligations.  As a business owner it is hard to keep on top of all the due dates for super, BAS, IAS, STP, TPAR, and all the other reporting and payment obligation acronyms that non bookkeepers do not usually get excited about. Tax time will be a breeze Most good bookkeepers will have a relationship with your Accountant.  At the end of the financial year, they can communicate with them for you to ensure everything in your accounting file is ready for the tax return to be completed.  What may have previously been a big task that gets put off can be something you do not even need to think about anymore. Support your growth plans If you are looking to grow the business; or just wanting to know how the business is performing then having a bookkeeper can be a huge advantage! Great bookkeepers will be able provide you with reports and guidance about the performance of the business and how to step up to the next level. If you would like to discuss your bookkeeping requirements, please book a free initial consultation.

A vCFO can make your accounts work for you
Bookkeeping

Small Business Bookkeeping Myths

Small Business Bookkeeping Myths In your small business, it feels like you have 101 things to do. And depending on the size of your small business, that might include Bookkeeping. But is that true? And what other myths about Bookkeeping are out there, that actually hinder your accounts being accurate and relevant to you as the business owner? Our post on Small Business Bookkeeping Myths will show you some of the misunderstanding that Small Business owners might have about Bookkeeping and Bookkeepers. We’ll cover these three areas, and you can see what Bookkeeping myths about Small Business are holding you back from having your business work for you: 1. You have to do everything yourself.2. The Software does it for you.3. Bookkeeping is simply a conformance issue. 1. You have to do everything yourself When you start your business, there are a list of jobs to do, and as the owner, you often volunteer yourself or a staff member to do them. After all, it is cheaper for you to do it, than to pay someone else. Right?Well, sort of. It won’t literally cost you dollars up front, if that is what you wanted to hear…But it will cost you – you’re doing something that you aren’t skilled in, or have a passion for. Do you think you will do it faster or more accurately than someone who enjoys Bookkeeping (you didn’t think they existed did you?) and is skilled at it?Of course not. Now there will be a size where it is better for you to do it, especially if you are a left-brained analytical thinker who enjoys technical processes. But even then, as it isn’t your passion, and you aren’t experienced in it, are you certain that you should be doing it? You got into business because you had a dream or vision. Was keeping your accounts accurate that passion that gets you out of bed in the morning?Probably not. But we love doing the Bookkeeping and leveraging that part of your business to help it to thrive and flourish! 2. The Software does it for you, right? With the advent of superior quality accounting software, you don’t need to bother with a Bookkeeper, correct?Well, the short answer is: no.The long answer is: no, because….What the software does it helps forwards the data to the right location, to get meaningful output information. But if you don’t know what information to put in, or where it goes, or what it means when it gets there, then no the software isn’t helping you. I know what the Software sellers say, but there is an asterisk next to them saying that the software does it for you. Imagine this, you have a Piano. A cheap one. It has all the keys, and even the foot pedals. Whenever you press the keys, you get a sound. Now imagine you have a beautiful Grand Piano, and whenever you press those keys, the sound is much more beautiful. So you can see quality matters.But that is only part of the equation. Imagine a normal child playing that Grand Piano – would you pay money to see them play it? No, because they can’t play notes, let alone an instrumental piece. This is the way it is with the software. Your rendition of chopsticks will sound better on the Grand Piano, but if chopsticks is all you can play, then you are not getting the maximum potential out of the Grand Piano. Likewise, if you aren’t well versed in Bookkeeping and Accounts, then you are never going to get the maximum potential out of the software. That is why having a Bookkeeper who is fluent in Bookkeeping is always going to get more out of the software than you can. It isn’t that you are not able – but the Bookkeeper has already spent thousands of hours in getting good at Bookkeeping. It makes sense they’re good at it. 3. Bookkeeping has to be done so I don’t get in trouble. That is quite true. If you don’t lodge your BAS, and pay your taxes, wages, superannuation, insurances, etc. you will get in trouble. But that is really selling short what having a skilled Bookkeeper doing your accounts gives you. If you only see it as essentially a time and money tax that you have to pay to keep everything above board, you are not making the maximum potential out of the accounts side of your business. All those numbers and fiddly tables literally mean something. Now, it might be presented in a format that makes your eyes glaze over, but what the information means is actually juicy and can change the life of your business.A quality Bookkeeper will be able to tell you what that data means, and give you ideas as to how to address it. What is your wages bill – and why? How much does it cost to sell 100 units of item X, why are we getting in trouble financially even though we are selling lots of our product (that could be because of your billing cycle – the money IS coming in, but not coming in before you are having to use that money you don’t have to pay something else, such as mortgage, loans, etc.), what are we actually making money on, what is easy for us to make some money on, what is losing us money, etc. Would you know where to find all of that information? By having an expert Bookkeeping Firm in charge of your financials, they can give you the answer to your problems, or at least show you where and what the problem is. If you cannot do that, you are really stumbling around in the dark, hoping the find the light switch to see what are those things you are stumbling over. You’ll probably get there eventually, but we can zero in on all the relevant information quickly and concisely. I hope you have enjoyed Small Business Bookkeeping Myths. Over to you…. Thank you for reading our Blog

Business

Small Business Failure Rate in Australia

Business failure rate in Australia As a small business owner, you are no doubt aware of the statistics surrounding small businesses and the high business failure rate in Australia. 60% of businesses will fail in the first three years, and of those who fail, 50% are profitable. The fact is, many small businesses do not survive for very long, and definitely do not thrive in their industry. And sadly, business failure can happen even if you’re profitable due to many other factors. While these are grim statistics, it’s important to remember that, as the business owner, there are several steps that you can take to ensure that your business survives and thrives, instead of collapsing like so many others. At Inline Partners, we care about our clients. That’s why we’ve compiled a list of the top reasons for the high business failure rate in Australia … so you can avoid these mistakes in your own business! Starting a Business for the Wrong Reasons Why did you start your business? Was it to make a lot of money? Was it out of necessity, or did you have a passion for your industry? Believe it or not, the reason that you start a business (and your mentality!) can make a huge difference in the success of your business. While being a business owner is incredibly rewarding, it is also hard work. Having a strong foundation, and solid reasons for starting a business can be a huge advantage. Start a business based on a strong passion for your business, and the knowledge that your business is filling a real need for your customers. Consider your personality; if you have drive and determination (not to mention a positive attitude and resilience to failure), your business will often thrive. Business owners who are independent and good at coming up with solutions, and face challenges with integrity and honesty, are going to have a better time as a small business owner. Poor Financial Management Poor management is a killer in any aspect of business, especially finances! Many business owners go in with the idea that they can manage all aspects of their businesses themselves, especially since outsourcing can seem like a financial luxury. This is a major problem contributing to the high business failure rate in Australia. However, having a solid financial foundation is vital to the success of any business, especially a small business. If you don’t understand finances, bookkeeping and accounting, then you should absolutely outsource this. It doesn’t mean you need to hire an in-house bookkeeper yet, but you should definitely get a professional onboard to make sure everything is running smoothly. This also allows you to have a good understanding of your finances, so that you can make the best possible decisions for your business. It’s a worthwhile investment that will improve the overall health and profit margin of your business. Poor Planning increasing Australia’s rate of business failure Planning is absolutely critical for business success. If you fail to plan, your business will not last, no matter how great the idea is. Make sure that you have performed a market analysis, created a business plan, made a list of potential problems and solutions, analysed your competition, accounting for marketing, advertising and company growth, as well as considered your workforce needs (and this is just the beginning). No Online Presence In the past, you might have been able to get away without a website, or without a steady stream of social media updates, but that doesn’t work anymore. Now, you absolutely need to have a website, and some sort of presence online if you want to succeed. That doesn’t even include eCommerce, or other online sales methods (although this is often a good idea). If you don’t have a website, many people won’t find your business (as online searches are a very popular way to choose a store to visit). If you don’t have a social media presence, potential customers will find it difficult to reach out to you. Don’t underestimate the importance and value of this step! In conclusion, it’s important for small business owners to spend time on planning and presence, to make sure that their business is soundly run and accessible to customers. If you are considering outsourcing your financial department, don’t hesitate to contact us for a quote. Our team of experienced accountants in Sydney is here to determine how to best serve your business and keep your finances on track.  >>> Please click here.

Accounting

Hiring The Right Staff For Your Small Business

As a small business owner, finding the right staff for your business is absolutely imperative to your success. In this post, we’ll look at a few strategies and tips for hiring and keeping good staff members in your small business.