The Dangers of Doing Your Books post Melbourne Cup by Rosemarie Horan
It’s the first Wednesday in November, anywhere in Australia. What are you doing that day? Are you counting your winnings from the Melbourne Cup? Perhaps you are sporting a wee hangover from the extended lunch you and your mates had up at the The Royal Hotel?
Things got a bit out of hand when Davo won the trifecta and then shouted the bar, then his Missus showed up and dragged him out. “Not on a school night, Davo” she says, dragging him past the rowdy mob still drinking up real fast, like it’s the last beer on earth.
Small business owners beware, just like Anzac Day, Queen’s Birthday and all the other myriad of Public Holidays we have in this great land of Oz it will affect your business in some way. You may lose time, you may be down a few staff, you may lose chargeable hours, you don’t however want to be the last horse in the race, ever.
Whether it be post-race hangover or just plain tired, doing your bookkeeping without a clear head can lead to mistakes. Mistakes that cost you money. When you raise those invoices, have you covered all of your costs in that job? Have you allowed for all of your labour time and your materials, have you allowed sufficient markup to make a decent profit? Whack that GST on top and then still come in at a reasonable price so the customer does not think you ripped them off?
Davo is a lucky bastard, you might not think so, but his missus is a Bookkeeper. She keeps Davo in line in many ways. Not only does she see that he gets to bed at an early hour but she keeps a finger (well all them) on the pulse of his business. She uses cloud accounting software. Davo does the hard yakka and she emails those invoices out pronto. Mrs Davo tracks the GST on all the Sales. She swears at Johhny Howard every day but she transfers 1/11th of all Davo’s hard labours to their GST Savings Account. If she doesn’t do that she knows The Royal Hotel will increase their takings by at 10%.
Mrs Davo pays all the boys their wages, she has the Single Touch Payroll all stitched up like the tea cosy at the country fair. 9.5% super, no worries she says, it’s a cinch to pull a report out and submit the payment to the government.
Mrs Davo is a bonza bookkeeper, keeping up to date with all the latest information and red tape. Cross Counter won the Melbourne Cup in 2018. The horse came from behind but it had all it’s bases covered. Be like Cross Counter, have a bookkeeper count the things that matter. Make sure your bookkeeper is experienced like Mrs Davo, then you will be one of the frontrunners in the field, maybe even put your nose first to that winning post.