The driving force behind everything I do in my business is to free purpose-led business owners from financial stress while consciously fulfilling social and environmental responsibilities. This podcast certainly helps achieve this vision and having started as a platform for sharing knowledge, it has evolved into a powerful marketing machine for my business.  After some careful consideration, I’ve come to realise that I need to slow the machine down and press pause on releasing episodes for the time being.Despite the success and impact of this podcast, I feel a calling to deepen my engagement with my clients and free up time to give 100 per cent to my bookkeeping mentees in the Bookkeeping It Real mentoring program. I also need to be there for my team as they gear up for the next level of growth in my business, Straight Up Bookkeeping on top of the normal family commitments. As I reflect on my podcasting journey, I feel a deep sense of gratitude for your support and engagement. I am so glad that I started this podcast. It has changed my business, strengthened my credibility and been so rewarding on many levels. While the future remains open-ended, I am committed to keeping the conversation alive, sharing industry insights, and connecting with you in new and meaningful ways.I hope this episode also serves as an inspiration to you, knowing that you too have permission to look at your current situation and change things up. You don't need to keep doing things in your life or business just because you’ve always done them.Until we meet again, take care, stay inspired, and please feel free to reach out to me if you would like to work together or simply stay connected. I truly appreciate your support.Where to Find Bec:Website:    https://straightupbookkeeping.com.au/ Instagram:     @straightup_bookkeepingFacebook:     @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

Getting your numbers right is crucial for business success, which makes having the right bookkeeper and accountant by your side all the more paramount. Many of my clients came to me following a bad bookkeeping experience elsewhere, where they received a lack of communication, errors in their bookkeeping, and they were left wanting a more solid relationship with their numbers person.Finding the right bookkeeper or accountant for you and your business requires more than a quick Google. One of the first things to bear in mind is that bookkeepers and accountants do very different things. Bookkeepers focus on organising financial data at a transactional level and maintain a close relationship with you as the business owner. I like to say that bookkeepers are in the trenches with you, up close and personal with your day-to-day numbers. This is why it’s important to find someone you can trust and be vulnerable with. Accountants, on the other hand, especially tax accountants, offer high-level strategic services like tax planning and compliance. They are less focused on the minutiae, cost a lot more than a bookkeeper due to the extra qualifications and compliance they undertake, and accountants often don't have a close relationship with their clients.  Some of the key considerations when choosing a numbers person for your business are:1. Qualifications: Ensure your bookkeeper or accountant holds the necessary certifications and registrations, demonstrating professional competence. 2. Experience: Look for professionals with industry-specific experience to better cater to your business's unique needs. It makes a world of difference when your numbers person has prior experience working with businesses similar to yours. 3. Recommendations: Seek referrals from trusted sources to find a numbers person who aligns with your requirements. Don’t take just anyone’s word for it. Make sure you do thorough research and ask questions to any questions you have. 4. Location: While virtual services are prevalent these days, consider whether the physical location of your numbers person is essential to you. While it might seem preferable to be able to pop into an office to chat, from my experience, you can still build a wonderful relationship with your bookkeeper online.  5. Vibe and Values: Evaluate the cultural fit and values of the bookkeeper or accountant to ensure a harmonious working relationship. Look at their website and social media to really get a feel for the person and the way they work. Choosing the right bookkeeper and accountant is a critical decision for any business owner. By considering qualifications, experience, recommendations, location, and compatibility, you can find a numbers person who fits your needs and contributes to the financial health of your business. Remember, a well-informed decision today can pave the way for long-term success tomorrow.Where to Find Bec:Website:    https://straightupbookkeeping.com.au/ Instagram:     @straightup_bookkeepingFacebook:     @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -In today's fast-paced business world, having a clear understanding of your company's performance is essential. A business dashboard is a powerful data visualisation tool that displays key performance indicators (KPIs), metrics, and other relevant information in a visual format. I think they can be so beneficial to a business, which is why we’re diving into them in today’s episode. I’ll share the benefits of having a business dashboard, the metrics to consider, and how to design one.The benefits of having a business dashboard: By providing visual representations of key metrics they make it easier to quickly understand complex information. With real-time data updates, we can stay on track, identify areas for improvement, and respond confidently to changing situations. Having all your data in one place saves the time and effort you would spend collecting it, and ensures your team members are working off the same information. Choosing metrics for your Dashboard: When designing a dashboard, it's important to focus on metrics that are relevant to your business. Unnecessary data will muddy the water and make it difficult to understand the health and performance of your business. It can be hard to figure out what to include, but don’t worry! I’ll take you through all of your options and share a practical example within my business. How to set up a Dashboard: Setting up a business dashboard would be hugely beneficial for any business, but that process and the end product are going to differ greatly. There are multiple approaches to designing a dashboard, and the appropriate one for your business will depend on your business needs, your budget, and your team's capacity to update the dashboard. I’ll layout these options so you know where to look, whether you want to invest in some software, use something you already have, or take a DIY approach. A business dashboard is an invaluable tool for improving performance, efficiency, and decision-making in any business, regardless of size or industry. So, what are you waiting for? Start designing your business dashboard today and unlock the potential for growth and success.Where to Find Bec:Website:    https://straightupbookkeeping.com.au/ Instagram:     @straightup_bookkeepingFacebook:     @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -Welcome to episode 100 of the Straight Up Small Business Podcast! This has been an incredible journey, and I'm so grateful to all of you for your support and listenership. Today I want to give you a guide to payment plans with the Australian Taxation Office (ATO). Payment plans can be a lifesaver for sole traders or business owners struggling with cashflow, so I think it’s crucial to have a good understanding of what they are, how they work, and how to set one up. I’ll also discuss the rules you’ll need to follow, and share some tips for getting out of a cycle of debt.What is a Payment Plan?:A payment plan allows you to break down your tax debt owed to the ATO into manageable installments. These installments can be spread weekly, fortnightly, or monthly until the balance is cleared. Payment plans can be set up for business activity statement (BAS) debt, installment activity statement, or income tax debt.Setting Up a Payment Plan:Individuals, sole traders, and/or businesses, can typically apply for a payment plan with the ATO online. This is done where you usually handle your taxes. So for individuals and sole traders that’s through myGov, and for companies, it’s online services for business.Sometimes you might not be able to set up a payment plan online. This might be because the debt exceeds $200,000, or you have overdue debts, or you have previously defaulted on a payment plan. In this case, you can still set up a payment plan, but you will need to contact the ATO by phone. Once a payment plan is in place, there are a few important rules to follow:Firstly, you can only have one payment plan per lodgement type at a time. In other words, you can have one payment plan for income tax debt and another for activity statement debt, but not two payment plans for different activity statement quarters simultaneously. Secondly, installments must be made by the due date, and all future tax lodgments or payments must be made on time. If you are struggling to meet due dates it is crucial to communicate with the ATO and explore alternative arrangements, before your debt becomes overdue. Mindfulness and Planning Ahead:While payment plans can provide temporary relief in times of cash flow strain, it is essential to avoid relying on them for an extended period. The goal should be to free yourself and your business from payment plans as soon as possible. To achieve this, it is important to understand your tax savings needs and maintain a tax savings account. Navigating tax debt can be scary, but it shouldn’t be. This episode shares everything you need to know about payment plans with the ATO which can help you overcome cash flow strain, and work towards financial freedom. I want you to be empowered to make informed decisions that improve your financial situation and build a thriving business! Where to Find Bec:Website:    https://straightupbookkeeping.com.au/Instagram:     @straightup_bookkeeping

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -Numbers can be scary, but they are not our enemies. As entrepreneurs numbers can be some of our strongest allies, providing us with a wealth of information to pave the wave to success. My guest today is Chris Edwards, an entrepreneur who has founded multiple successful businesses, and we share a conversation about the importance of numbers for entrepreneurs. Chris shares valuable insights about her approach to managing finances, the importance of building a strong financial foundation, and the lessons she has learned along her journey. Learning from Mistakes:As many business owners are tempted to do, Chris tried to manage her own books when she began. Despite having a commerce degree and accounting knowledge, it was harder than she expected, and she ended up making costly mistakes. Chris encourages entrepreneurs to learn from her experience and emphasises the need to seek expert help early on to avoid such setbacks.Choosing the Right Accounting Software:Chris shares her experience using invoicing software when she started out in business. It was helpful, but insufficient for managing the finances of her business. She then transitioned to using Xero, which provides her with more comprehensive tools for tracking revenue, expenses, and financial performance. She even has separate Xero accounts for each of her ventures, allowing for a clear and accurate overview of each business's financial performance. The Power of a Well-structured Chart of Accounts:We also discuss the value of having a well-structured chart of accounts. While it may be tempting to create account codes for every little expense, Chris recommends consolidating and grouping expenses into meaningful categories. This allows for a clear and concise overview of financial metrics, making it easier to identify trends and potential areas for improvement.Overcoming the Fear of Numbers:There’s a common mindset Chris has observed over her years working with entrepreneurs, one of fear and negativity surrounding numbers. Many business owners express discomfort or even avoid dealing with financial matters, often citing a lack of confidence or math skills. She shares her personal journey in overcoming this fear and embracing numbers as allies. Chris encourages entrepreneurs to lean into their numbers, seek help from professionals, and develop a positive association with financial metrics.Chris has a wealth of experience juggling various ventures and she’s learnt the importance of her numbers the hard way. By picking up on her missteps, tapping into accounting tools, and staying organized with your finances, you can set your business up for success. So, whether you're at the beginning of your entrepreneurial journey or looking to level up your financial management skills, remember that numbers are your ally, not your enemy. Where to Find Chris:Instagram:     @Chris_Edwards_AULinkedIn: chrisedwardshoneycombersWhere to Find Bec:Website:    https://straightupbookkeeping.com.au/Instagram:     @straightup_bookkeeping

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -Today, I'm talking all about director's loans - a topic that has many business owners in a bit of confusion. This episode is geared towards business owners operating a company business structure, however if you’re a sole trader or in a general partnership, it’s important to stay on top of the ins and outs of business so that you can continue to make informed decisions.When a working director receives a salary from their company, the process is similar to that of any other employee. The salary is processed through payroll, ensuring that taxes are withheld and super is calculated accordingly. This legitimate method of withdrawing money from a company offers a range of advantages. However, I see so many directors of companies lacking clarity around the correct ways to receive or use company funds, and therefore put themselves at risk. We’ll explore the best practices for receiving a loan from your company and the considerations you need to be aware of to ensure compliance with financial regulations.Now, there’s more to director’s loans than a director taking money out of the company. Conversely, a director may contribute funds to their business bank account from their personal one - another type of director’s loan. For example, when I first started my business, there wasn’t enough cashflow in the business bank account to buy a car for travelling to see clients. So, I transferred my personal funds to the business to make the purchase, creating a loan to the company that was in my favour. In this episode, I dive deeper into tackling repayments of loans before tax time, give you an overview of what franking credit is and why it is the most effective way to distribute profit to shareholders. But don’t worry - I keep it short and sweet so you can digest all the information easily!Director's loans are significant, especially in the eyes of the ATO. Remember, the company’s money is not personally yours, and treating it as such has the potential to land you in some hot water come tax time. So, join me today and stay educated on how to keep doing good business.LINKSPrevious episode mentioned: Business Structures: Which one is right for you?Where to Find Bec:Website:    https://straightupbookkeeping.com.au/ Instagram:     @straightup_bookkeepingFacebook:     @straightupbookkeepingLinkedIn:  @straight-up-bookkeeping

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -As a business owner, keeping accurate and up to date records of your transactions is not only a legal requirement but also crucial for the success and growth of your business. So in this episode, I’m sharing some essential record-keeping responsibilities that every business owner should be aware of and why establishing good record-keeping habits is essential.Understanding Record Keeping ObligationsIn Australia, you are legally obligated to keep records of all your transactions related to tax and superannuation matters. This includes revenue and expense records such as invoices, bills, and receipts. You must also maintain documents that outline decisions, choices, estimates, determinations, or calculations made for your business's tax and superannuation affairs. In short, every transaction and relevant documentation must be recorded and retained.Maintaining accurate and complete records is not just about meeting your legal obligations; it also has a range of benefits for your business. Effective record-keeping allows you to monitor the health of your business by keeping track of your income and expenses and helps you comply with any regulatory requirements. Keeping accurate records will also keep you well-prepared for tax time and ATO audits, should they come knocking. Trust me, The Australian Taxation Office has robust data-matching capabilities and conducts regular audits to ensure compliance. Use Accounting SoftwareI highly recommend using Xero as your accounting software to streamline your record-keeping process. This software allows you to link your business bank account, ensuring all transactions are automatically recorded. On the topic of bank accounts, make sure you separate your business and personal expenses to simplify your financial management and also protect your privacy.Have Support Documentation for Each TransactionWhile the bank feed in your accounting software provides a great overview of your transactions, it is essential to support each entry with relevant documentation. For sales, provide invoices sent to clients or data from underlying sales systems. For expenses, keep receipts and tax invoices from suppliers. Remember, to claim GST on expenses, you need to have a tax invoice from the supplier.Leverage TechnologyTake advantage of innovative applications like Hubdoc or Dext to streamline your record keeping. These tools allow you to capture and store documents electronically, providing a centralised location for all your records. They also extract relevant data, facilitating smooth bookkeeping into your accounting software.Organise Your DocumentationEstablish a systematic approach to document storage using cloud-based platforms such as Google Drive, OneDrive, or Dropbox. Create folders for different areas of your business, such as finance, HR, legal, and insurance. Within each folder, organise documents by financial year or relevant categories. This structured approach ensures easy retrieval of information when you need it.By adopting good record-keeping practices, you not only ensure compliance with regulatory requirements but you’ll also gain a clear understanding of your business's financial health. So stay organised, follow the rules, and keep proof of your compliance. These small steps will protect you from potential penalties, make financial management more efficient, and contribute to a good night sleep every

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -Today, we dive into bookkeeping skills and how to best record your business transactions in Xero.  The foundation of accurate bookkeeping in Xero is an understanding of the chart of accounts, which is a comprehensive listing of all the accounts in your business accounting system. It consists of five categories: Assets, Liabilities, Equity, Revenue, and Expenses. Xero provides default account codes for each of these, but it's essential to customize your chart of accounts to fit your business.  I’ll share the key things to consider for each of these categories: 1. Revenue Account Codes:A single revenue account code may suffice for some businesses but, if you have different revenue streams in your business or revenue streams that attract different tax rates, then you might want to set up additional revenue account codes. Individual accounts will help you to make better, more informed business decisions, but be wary not to go too granular and create confusion. 2. Other Income Account Codes:Other income refers to income received that is not part of your normal trading activities. It could include interest income, grants, or any other income unrelated to your core business. Creating separate account codes for these income sources will give you a better understanding of their impact on your business. 3. Expense Account Codes:Coding expenses accurately is crucial for effective bookkeeping. Xero provides default account codes for common expenses such as rent, cleaning, and insurance. However, our businesses are not default, so purposefully grouping expenses will provide valuable insights, and better reflect how we operate. 4. Direct Cost Account Codes:Direct costs are expenses directly incurred in producing or providing your goods or services. Whatever industry you’re in it's important to distinguish direct costs from other operating expenses. Create separate account codes for direct costs to calculate your gross margin accurately.  5. Assets and Liabilities:Assets and liabilities are essential components of your balance sheet but are typically best left in the hands of your bookkeeper. Still, it's important to familiarize yourself with the asset and liability account codes, to help you navigate these sections effectively.Mastering transaction coding in Xero is essential for effective bookkeeping and financial reporting. By understanding the chart of accounts, customizing it to suit your business's unique needs, and coding transactions accurately and consistently, you can generate insightful reports and make informed business decisions. Where to Find Bec:Website:    https://straightupbookkeeping.com.au/ Instagram:     @straightup_bookkeepingFacebook:     @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

As we kick off the new year, it's a perfect time to explore the power of Xero Reports for managing your business effectively. In this episode, I’m diving into the most useful Xero Reports that every business owner should consider running regularly. These reports will provide valuable insights into your financial performance, cash flow, and overall business health. 1. Profit and Loss (P&L) Report:The Profit and Loss report, also known as the P&L, is the ultimate report for assessing a business's financial performance over a 12-month period. It shows revenue, expenses, and ultimately the profit or loss of your business. I recommend running this report regularly, at least monthly, to give you a clear picture of your profit situation and help you identify areas for improvement.2. Balance Sheet Report:The Balance Sheet report showcases the financial position of your business by displaying your assets, liabilities, and equity. It helps you understand the health of your business and ensure that your bookkeeping is accurate. By reviewing this report monthly, you can identify any inconsistencies in coding or liabilities that require attention.3. Aged Receivables Detail Report:The Aged Receivables Detail report is crucial for monitoring unpaid invoices from your customers. This report is one not to ignore as it will help you identify overdue invoices that need follow-up for payment. It also helps you investigate any anomalies, such as incorrect coding or missing payments.4. Aged Payables Detail Report:Similar to the Aged Receivables report, the Aged Payables Detail report focuses on unpaid supplier bills. By entering bills into Xero before they are paid, you can use this report to manage cash flow more effectively. It allows you to plan for upcoming payments and keep track of outstanding bills.5. Budget Variance Report:Having a budget is essential for tracking your financial goals and ensuring that you stay on track. The Budget Variance report helps you compare your actual financial results against your budgeted goals. By regularly reviewing this report, you can identify areas where you are exceeding or falling short of your budgeted targets.I also share some often overlooked Xero reports which can be really useful in running your business and I highly recommend you check these out and take the time to explore each report's features. With accurate bookkeeping and diligent reviewing of these reports, you will make informed decisions, set achievable goals, and drive your business towards success. Where to Find Bec:Website:    https://straightupbookkeeping.com.au/ Instagram:     @straightup_bookkeepingFacebook:     @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

Ever heard of pay.com.au? As a business that provides account payable services, we get a lot of queries around this payments platform. In today’s episode, I sit down with Grant Austin, the COO and co-founder of pay.com.au to pick his brain on how it all works.Pay.com.au offers business owners the ability to turn their business payments into rewards points, and allows users to make payments such as invoices and payroll via credit card or bank transfer. With its valuable features and rewards, pay.com.au has created some incredible wins for its customers. It also has a seamless integration with Xero to make paying bills super easy.In this conversation, we hear about the main benefits of using pay.com.au, including the working capital benefit and the value of points users are able to generate. There are also some exciting travel opportunities for users with reward points, with pay.com.au providing customers with assistance in booking flights - one client was even able to fly via private jet! Grant gives us an overview of the rules regarding payment types, the different fee structures available to customers and transaction fees for both credit cards and bank account payments.Whether it's improving cash flow, earning valuable reward points, or receiving assistance from the concierge service, pay.com.au provides a comprehensive solution for businesses. If you're a business owner looking to earn frequent flyer points on your payments, pay.com.au is definitely worth considering and I encourage you to tune in and find out all about its amazing features!Where to find Grant: Website: www.pay.com.au Instagram: @pay.com.auEmail: gaustin@pay.com.au Where to Find Bec:Website:    https://straightupbookkeeping.com.au/ Instagram:     @straightup_bookkeepingFacebook:     @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

This is a recast of a previously released episode that performed really well. I thought it may be useful for you as a business owner. I'll be back with new episodes in a couple of weeks!An entrepreneur recently asked me whether I thought their business was healthy. This was an interesting question for me - didn’t they know? They work in their business every day and they know about their cash flow, profits, losses and loans. But it turns out that despite knowing the parts of their business, they didn’t understand the sum total of these parts.In the episode today we run through the indicators that help me understand the health of the business, including the reports that help me piece together the sum total of the business' health.First of all - is the business profitable? This information resides on the profit and loss (P&L)  statement. If a business isn’t profitable, I try to work out why. Is it a systemic issue, or a one-off thing? There are some common culprits that we explore.The balance sheet is also important. Most business owners without a background in finance will totally ignore this report but it’s a really important one to consider as it provides key metrics that help diagnose the health of a business.Another factor I consider is equity, or more specifically, retained earnings. I explain how this line of the report helps in understanding the history of a business, which can provide perspective on overall health.Another tool for high-level assessment of health is cash flow forecasting. This one is absolutely essential. I explain the reasons why. How does your business stack up? I’d love to know. Even if you think your business isn’t super healthy having stepped through the checks I’ve run through, then be glad that at least you have the knowledge to change things. Knowledge is power.Resource mentioned:Budgeting and cash flow forecasting mini coursePrevious episode mentioned:Ep 6 - Let's talk cash flowWhere to Find Bec:Website:    https://straightupbookkeeping.com.au/ Instagram:     @straightup_bookkeepingFacebook:     @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

This is a recast of a previously released episode that performed really well. I thought it may be useful for you as a business owner. I'll be back with new episodes in a couple of weeks!Today I want to talk about productivity. For these last six months, I have been working hard at creating sustainable work habits. My goal has been to focus on taking the time to just ‘be’, rather than always 'doing' and racing through my life.While it’s tempting to try and squeeze more into your work day, productivity should be more about working smarter and not harder.In this episode, I share 8 tips that I really believe will set you on the path to creating productive work patterns. By doing this, you can make room for other things in life that really matter to you.  I talk through ideas such as dedicated deep work, letting go of inbox zero, day theming, and mindset and learning. I share tips on how to become laser-focused and what I do to cut down on time wasting. I truly believe that by increasing your productivity, it’s possible to find a healthy balance between work, play and everything else in between. LINKS:Podcast episode with Elana Robertson: "Discovering your sustainable pace with Elana Robertson"Book recommendations: "Deep Work" by Cal Newport and "Busy" by Tony CrabbeWhere to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -Today, I want to take a moment to reflect on the past year and share with you the things I'm doing in my business before 31 December to finish the year on a high note. I can’t believe we’re already here, to be honest, but there’s no denying that the end of the year is fast approaching.As a bookkeeping business, we are constantly dealing with month-end, quarter-end, and year-end deadlines. It can often feel like a never-ending cycle and it used to be so hard for me to take time off. I didn’t plan it far enough in advance, would be scared to tell our clients that we were taking a break, and so I just didn’t take one. As a result, I would be a burnt-out mess and would start the new year needing a holiday desperately.In this episode, I discuss how we let our clients know in advance that we would be taking a few weeks off at the end of the year. I look back on my experiences, achievements, setbacks and lessons learned this year. I emphasise the power of vision boarding based on how incredible this process has been for me this year.I share my plans over the holiday period which include contacting clients and stakeholders for further planning, getting organised, catching up on training for continuing professional development, and updating my business budget and cashflow forecast.As a successful business owner, I encourage everyone to take stock, reflect, set boundaries, and make a plan to change for a great year ahead.LINKS:Resources Mentioned:Why Every Business Needs A BudgetWhere to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeepingRegister your interest in the Bookkeeping it Real Mentoring Program here.

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -If you’re an avid listener to this podcast or a follower on our socials, you will no doubt be aware that sustainability is very important to me and my business. Increasingly over the last couple of years, I started to feel as if I wanted to do more to ensure that Straight Up Bookkeeping was hitting more sustainable targets so that the strong values we hold, were being demonstrated effectively.I was inspired to become a B Corp certified business when I started working with purpose-led clients who cared about the world they do business in and were making sustainable choices. Seeing their commitment to sustainability and the positive impact they were making motivated me to be part of this movement.I wanted my business to be known as a good business, one that could be trusted and a market leader when it came to sustainable practices. The deciding moment came when a prospective client, who had been a B Corp certified business for several years, asked about our sustainability practices. I didn't want to scramble for answers in the future; I wanted to be a business that lived and breathed sustainability.After two years of work to achieve this, I am proud to say that my business, Straight Up Bookkeeping, is now a B Corp certified business.Being a B Corp certified business requires recertification every three years. So, my team and I need to stay focused on what got us here and continue improving our good business practices year after year to maintain our accreditation. B Corp matters have become my world, and I'm excited to share my journey with you.This has been an immensely rewarding journey. I believe that good businesses have a role to play in making the world a better place. While the certification process required investment and dedication, the benefits far outweigh the costs. I am excited about the future and the positive impact we can continue to make as a B Corp certified business.Resources Mentioned:BCorp Certification:https://www.bcorporation.net/en-us/certification/Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeepingRegister your interest in the Bookkeeping it Real Mentoring Program here.

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -With the wind down to holidays underway, I wanted to share three game-changing practices that I have embraced in my life and business this year in the hopes that they inspire you to set yourself up for success in 2024.Business owners are a powerful breed. We are constantly putting out fires, searching for solutions to problems, juggling business and personal life, and working on the business to make meaningful progress. I understand how it can all get overwhelming, and as simple as they may be, the three practices I’m sharing today have completely changed the game for me. Have you ever faced a problem that seemed impossible to crack? I sure have. This is where the SOAK method has been a revelation for me. It's all about giving yourself time to let problems marinate in your subconscious, trusting that the solution will come in good time. In this episode I take you through this method and why it’s done wonders for me. Another practice that I’ve implemented this year is creating time to think. It might just sound like common sense, but in today's fast-paced world, finding time to think can be a real challenge. I talk about scheduling dedicated thinking time to use for big-picture ideas, problem-solving, and tapping into your intuition. I also share how having a coach has been invaluable for me in gaining clarity and making significant progress in my business.The final practice I share today has become somewhat of a superpower for me - prioritisation. It might not sound revolutionary, but when you do it well, you’re able to move beyond the daily grind of to-do lists and putting out fires to really push the needle forward. I share my strategy for prioritising tasks for myself and my team and how taking control of my priorities has allowed me to prevent my inbox from dictating my business and life. If you're looking to level up your game in 2024, give these practices a try and I’d love to hear how they make a difference in your life and business. Catch you next time!LINKS:Resources Mentioned:Book mentioned:Time To Think by Nancy Kline Article mentioned:Give Your Problems Soaking Time When Trying to Solve ThemWhere to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeepingRegister your interest in the Bookkeeping it Real Mentoring Program here.

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -I’m diving deep into the world of business systems and operations today with Megan Robinson, Certified Online Business Manager and founder of Unbusy Your Business. Megan helps service-based entrepreneurs reclaim their energy and make more money in less time by simplifying, automating, and streamlining their businesses. If you're a business owner looking to streamline your processes, enhance productivity, and gain more freedom in your work, you're in for a treat. Megan shares her expertise on how to create and implement effective systems that can transform your business from a chaotic endeavour into a well-oiled machine.Megan kicks off the conversation by introducing us to the four essential phases of business systems: pre-system, consistency, scalable, and optimised. She explains that every business starts in the pre-system phase, where there are no established systems. As you progress, you move from relying on a single person for consistency to creating scalable processes that don't depend on any one individual. For many business owners, the challenge lies in transitioning from the consistency phase to the scalable phase. Megan emphasises that this phase is crucial for growth, allowing you to delegate tasks and reduce key person dependency. She highlights the struggles that service-based businesses, like bookkeepers, face in the consistency phase and how systems can help them break free.Megan introduces us to her framework, "Systems to Scale," designed to guide businesses from the consistency phase to scalability. She discusses the importance of the first step, Structure, which involves defining the overall structure of your business and identifying the systems within it. From there, we move on to the subsequent steps: Capture, Apply, Leverage, and Engineer, each with its specific role in building and maintaining efficient systems.Megan shares valuable tips on documenting your processes using various software and generating standard operating procedures (SOPs) using AI tools such as ChatGPT. We also talk about the challenge of maintaining systems and keeping them up to date and Megan shares her approach for how to do this with relative ease. This is an absolutely jam-packed episode with so many incredible insights and tips for business owners. Remember, successful businesses don't just happen; they are built on well-designed systems. So, tune in to the episode, take notes, and start mastering your business systems today.LINKS:Where to Find Megan:Website:https://www.unbusyyourbusiness.com/Download Megan’s Ops. Manual Starter Kit hereWhere to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeepingRegister your interest in the Bookkeeping it Real Mentoring Program here.

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode, the Coodjinburra People of the Bundjalung Nation, and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -I regularly come up against a lot of confusion around what expenses should and shouldn’t be put through a business. Today, I want to shed some light on this topic so you can head into the holiday season with clarity and set yourself up for a successful year to come. At the core of running a successful business is understanding your finances, and that means knowing how to handle expenses. Business expenses are costs incurred in the operation of your business. They play a crucial role in determining your business's financial health and you may be eligible for tax deductions on certain expenses.However, it's not a free-for-all. There are rules governing what can be considered a legitimate business expense. Ask yourself, if the ATO were to audit your business, would all your expenses hold up as business-related? For instance, buying a dress for a photoshoot makes sense as a business expense, but claiming ten dresses over two months for the same photoshoot? Not so much.The Australian Taxation Office has laid out three golden rules for work-related expense deductibility, and I take you through each one so that you can get clear on what are considered legitimate business expenses. These include things like everyday operating costs, training, product purchases and travel expenses.Now, it’s tempting to get a little creative when it comes to claiming expenses. It may seem harmless to claim that daily coffee run or a couple of team golf days, however the ATO’s guidelines are there for a reason, and you want to do your best to avoid getting into any sticky tax-related situations. I dive into the types of expenses that won’t pass as tax-deductible, and clarify some areas that can be confusing or tricky to navigate. When in doubt, consult your tax accountant - this will help ensure your business stays financially healthy and in the clear come audit or tax time. LINKS:Want to be a guest on this podcast? Reach out to me here clientcare@straightupbookkeeping.com.au Previous episode mentioned: Bookkeeping for Christmas parties, Christmas gifts and entertainment expensesWhere to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeepingRegister your interest in the Bookkeeping it Real Mentoring Program here.

- I would like to acknowledge the traditional custodians of the land on which I recorded this episode and the land on which you're listening to it. I pay my respects to the elders, past and present, of those lands. I extend that respect to all Aboriginal and Torres Strait Islander listeners. Thank you for sharing this space with me. -In a time where the world is facing some major crises, it’s easy to think that focusing on things like business growth or saving money is frivolous, if not insensitive. I’ll be the first to put my hand up and say that it’s been challenging to know where to put my focus when there is so much going on. However, maintaining financial health is not just necessary to continue growing our businesses, but to ensure we can continue putting food on the table, paying rent and caring for our families. In today’s episode, I’m diving into the topic of building a business cash safety net to help you protect your business's financial future. As we navigate through life and business, it's important to recognise that unforeseen challenges can arise at any time. From global crises like the COVID-19 pandemic to changes in the market, having a financial safety net in place can be a game-changer. While there are many differing opinions on the amount of savings a business should have at any given time, I believe each business owner should consider their situation and do what’s right for them. I take you through five steps to consider following so you can better understand what savings you need for a healthy business safety net:Understand your fixed and variable costsConsider liabilities and cash outflowsDetermine the timeframe your safety net will coverSafeguard the fundsRegularly review and adjustWhen it comes to figuring out the right amount of savings for your business, one size does not fit all. It depends on so many different factors, including your personal circumstances. I encourage you to take some time to consider what safety net is right for your business and start putting money towards it today. In doing so, you’ll gain the peace of mind that comes with knowing you can weather unexpected financial storms.LINKS:Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeepingRegister your interest in the Bookkeeping it Real Mentoring Program here.

Today I’m broaching a topic that is an inevitable part of any business journey: rejection. We've all been there, and I recently had an experience in my business that prompted me to share my insights on how to turn rejection into a positive experience. Today I’m sharing 5 steps for how to navigate rejection and bounce back even stronger. In this episode, I talk about my recent experience onboarding a client who ultimately wasn't the right fit for my business. Long story short, we parted ways and although the decision was mutual, it still caught me by surprise and hit me pretty hard.Rejection can be tough. In the early days of my business, I used to ruminate over rejections, making them personal. However, I've learned that my business doesn't define my worth. Today I share how cultivating a resilient mindset and not taking business matters personally is crucial for long-term success.While staying positive is important, it’s equally crucial to not ignore the valuable feedback that rejection can provide. I talk about cultivating the skill of listening to constructive criticism and how understanding the reasons behind rejection is key to growth. Constructive feedback is more valuable than praise because it identifies areas for improvement. Use this feedback as a gift to enhance your business systems and processes. It can also help you refine your offerings and better understand your ideal clients.Business isn't for the faint-hearted. Hard conversations and challenging situations are all part of the journey and there is always something more we can learn. Remember, you can do hard things, and rejection is just another step toward your business's success.LINKS:Where to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeepingRegister your interest in the Bookkeeping it Real Mentoring Program here.

If you’re like me, you may have started off in your business without a true understanding of what branding really is. I thought I simply needed a logo and some colours for my website, and off I would go. However, branding is so much more than that. It’s the identity and persona of your business that expresses your voice and sets you apart from your competitors. Today I’m joined by Zoe Scott, brand builder and website design extraordinaire. Zoe is the founder of The Design Order and the person responsible for my business’s fancy new website. Zoe understands the power of an in-depth brand identity to support your business strategy, and in this episode, she shares her insight into building a clear and authentic brand, wherever you are in your business journey. Zoe takes us through the various elements that make up a brand, including brand personality, visual identity, voice and positioning. A strong brand not only differentiates a business but also helps establish credibility and build relationships with customers. Zoe explains the value of a website, in that it serves as the online home for a business to showcase its brand and connect with potential clients.When starting a business, it’s not always immediately clear how we want it to be presented, or where we’re exactly headed down the road. Zoe emphasises the importance of clarity in business goals, mission and values and explains how understanding these aspects can make the branding process so much clearer. She takes us through her own branding and website design process in detail, from the initial moodboard to producing the final deliverables. When it comes to your website, selecting the right platform can get a little overwhelming. There are a lot of different options out there, not to mention various opinions from other business owners. We discuss the different factors to be considered, such as budget, your own technical skills and the specific needs of your business. Zoe lists the different options available out there, as well as their pros and cons, to make the process a little less confusing.It can be tempting to fall in line with what others are doing or follow the trends that you see online. However, Zoe takes a different approach, choosing to stay away from the trends and focus on celebrating the uniqueness of each individual business.If you're interested in learning all about branding and websites or at the point of reinvesting in these things in your business, then you're going to get so much value out of this episode.Enjoy!LINKS:Where to find Zoe:Website: https://thedesignorder.com.au/ Instagram: @thedesignorderWhere to Find Bec:Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: https://www.linkedin.com/in/rmbuchanan/Register your interest in the Bookkeeping it Real Mentoring Program here.