BOOKKEEPING 101 THE BASICS OF HOW TO GET PAID AND PASSING AN ATO AUDIT JIms Group Induction June 2021 Disclaimer This presentation is for general use only and YOU should seek professional advice before implementing any items ID: 1015021
Download Presentation The PPT/PDF document "JIm's Group Induction June 2021" is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
1. JIm's Group Induction June 2021“BOOKKEEPING 101”“THE BASICS OF HOW TO GET PAID AND PASSING AN ATO AUDIT”
2. JIm's Group Induction June 2021Disclaimer: This presentation is for general use only and YOU should seek professional advice before implementing any items
3. JIm's Group Induction June 2021BOOKKEEPERREGISTERED BAS AgentPrepare and lodge BASGST adviceLodge BAS laterPay BAS laterSingle Touch Payroll
4. JIm's Group Induction June 2021Who is starting their franchise business soon?What’s important?IMPORTANT:MAKING MONEYGETTING PAIDCLAIMING ALL EXPENSESPAY THE LEAST AMOUNT OF TAX LEGALLYPASS ATO AUDIT
5. JIm's Group Induction June 2021Should YOU register??ATO Law >$75,000Recommended- you should earn more than $75,000GST refund typically on franchise purchase first BASRefer your franchise agreementGovernment grants. i.e. COVIDGST will not be able to claim on expenses unless registeredGetting loans in futureNeed to invoice with GST, if registered
6. JIm's Group Induction June 2021What bank accounts should I OPEN?Franchise business accountBusiness savings accounts % of turnoverBusiness credit cardWE DON’T WANT TO SEE PRIVATE EXPENSES
7. JIm's Group Induction June 2021What Accounting package should I use??Check with your regional franchisor firstXEROMYOBQuickBooksJim’s Jobs only works with XEROJim’s Bookkeeping offer monthly discounts
8. JIm's Group Induction June 2021I want to employ staff, what are the requirements?Seek professional advise before employingAWARDSPAYGINSURANCERECORDS
9. JIm's Group Induction June 2021Do I need to keep all those paper receipts?GST receipts over $82.50 Inc GST Keep business records for 5 years and survive an ATO auditNO PAPER RECEIPTS APPS
10. JIm's Group Induction June 2021LIVE BOOKKEEPING??Cloud Accounting softwarePayment APP – Stripe, Square, GoCardless (This is how you get your money in)Receipt collecting APP Hubdoc, DEXTOperational APP - Jim’s Jobs
11. JIm's Group Induction June 2021ADVANTAGES LIVE BOOKKEEPING?Reduce end of year Tax return costsKnow how you business is travellingWhat you can measure you can manageKeep on top of your accounts receivable reduce bad debts Know your KPI’s and improve them
12. JIm's Group Induction June 2021Do I need a Bookkeeper?NO - But recommend to get set upJim’s Bookkeeping Offer to Start up Franchisees$5 a day plus GST for 4 months one BAS lodge + accounting software
13. Jim's Group Induction June 2021Guide to Starting business Tips & Tricks
14. Jim's Group Induction June 2021Guide to Starting businessTips & TricksRegister your Business – ABN, Name, TAXPrepare your Finances – Organise finance, options, pricing strategy, invoicing & paymentsKnow the Law – Legal essentials, Fair trading, ContractsProtect your Business – Health & safety, Business Insurance, Emergency, Cyber ThreatsPrepare for Tax – Record keeping, Understanding TaxSet Up Operations – Hiring, Marketing – How toPLUS A LOT MORE ++++
15. Jim's Group Induction June 2021Jim’s Bookkeeping 131546
16. Jim's Group Induction June 2021Questions?Talk to our bookkeepers at LUNCH