Motivation and how to stay motivated!

Motivation can simply be defined as willingness and a desire of someone to do something. Usually when we do something, there is always a reason behind it. But sometimes, even if we have all the reason to act, we lose our interest and hope, especially when we see that it does not fall according to our plans. One reason is because we do not feel motivated to continue when we struggle in life.  Motivation is not a trick or magic that just suddenly appears when we need it. Motivation should always be present in everything we do, because this is one of the key and driving forces to succeed in life. We lose our ability to achieve our goals when we lose our motivation.

So, how we can stay motivated to keep us going? Here are some of the attributes that I thought are worthy to share that would help us to push through and break all the habits that hold us back.

  1. Avoid distractions – Learning to avoid distractions will help you utilise your time efficiently. Let me use social media as an example. When we spent too much time checking say you’re Facebook, Instagram or Twitter, your mind gets easily pre-occupied. And when we see other people’s posts that they are just enjoying their life, we tend to compare ourselves that can lead to anxiety and depressions. Over exposure to social media can affect our mood and can drive us to lose focus on our own goals.
  2. Surround yourself with good and positive people – Being surrounded by negative and toxic people can affect how you think and act on a certain situation. Definitely, the impact would be negative because what you hear from them is what you absorb. To stay motivated, make sure to be with friends, colleagues or acquaintances that are happy and positive. These people will inspire, encourage and support you to stay motivated. Because good people are inclined to become productive people.
  3. Know your strengths and weaknesses – It is important that you know your own strengths and weaknesses as this gives you a better understanding of yourself and how you function. Understanding your personal strengths gives you the ability to identify the attributes that you may have. You can use these attributes and leverage them at your advantage. While it is also important that you identify your own weaknesses as well. Your weaknesses are the areas that you have the power to improve and are the ones holding you back in achieving your goals. When we identify our strengths and weaknesses, we do self- assessment. Self-assessment creates a positive attitude towards yourself which helps to stay motivated in setting and working up on your goal.
  4. Stop being hard on yourself – Judging yourself can cause depression and disappointments. We all fall short sometimes as we humans are prone in committing mistakes. Acknowledging your mistakes and learn from it. Do not dwell  on your failures. Life is not always about how hard you get hit, but it’s how well you can handle the hard hit and learn from it.  Life is like a catwalk, when you fall, rise up and walk with pride and confidence.
  5. Avoid procrastination – Everyone is guilty of procrastinating at some point and no one is exempted from it. However, some are smart enough that they notice it in time and take the necessary actions. While others are too blind to see that it already destroys their dreams and lives. Procrastination can lose your precious time, blow opportunities, lower your self-esteem and ruin your career. When you procrastinate, you lose your motivation but to overcome procrastination, you need motivation. The absence of motivation is catastrophic and you will fall in a state where procrastination becomes your habit.
  6. Give yourself a good treat when you accomplished your goal – We all deserve little rewards to celebrate our achievements be it big or small to keep us motivated. You can take yourself out to a nice breakfast or lunch, plan a trip or give back, if that is what makes you feel happy and satisfied
  7. Use your lifeline – Your lifeline can be your friend, colleague or a team. Talk to them when you feel that you are down or facing challenges. Together, you can come up with options or solutions that will help to overcome your struggles. The “two heads are better than one” principle applies here. By having someone or a group as your support system, it will make you feel more inspired, confident and motivated in achieving your goals.

Remember, when you always find great ways to keep yourself motivated, you will find yourself meeting your goals easier and a lot more quickly. Find the methods that work best for you if you want to get motivated and stay motivated. Start your day great, think of positive thoughts when you wake up to produce outstanding result throughout the day.

Bookkeeper Gold Coast

What Successful People are made of?

  1. Successful people do not make decisions at the height of their emotions– Humans in nature are emotional. Either it is positive or negative, it would not matter as it is about how emotion is being managed. You will commit mistakes in making decisions if it will depend on, if you are happy, angry, sad or overwhelmed. You must be vigilant and be aware as to how your emotions will affect your behaviours, thoughts and actions.
  1. Successful people are avid readers– Reading can make us smart as it improves our thinking process. A person who does not read either will fail in life or will not do as well as others. If you are not a reader, try to start with those topics that make you interested, Start with just a few pages a day and without noticing it, it will become your habit.
  1. Successful people are focused and get a move for “deep work” – “Deep work” is a skill that gives us the ability to focus with no distractions to achieve the highest peak of productivity and efficiency. The deeper we work, the better the fruit. Even the former US President Barrack Obama has his own way to have a distraction-free environment. He prefers to work late night hours where he can read, prepare and write memos and speeches according to Rahm Emanuel, his first chief of staff. 
  1. Successful people have the power of saying “NO” – Some people have the habit of saying yes to everything that results to inessential stress that can hold them back. This is because we want to get involved with everything and are eager to grab every opportunity given to prove ourselves. Certainly, this may result in disappointing others and draining ourselves which can also lead to failure. So, to become successful, you need to have criteria of when to say Yes or No to things that comes your way. Failure to do so could exhaust your time, creativity, and productivity. Therefore, learn to refuse politely but firmly.
  1. Successful people are “Active Listeners” – Listening is one of the most important but underestimated skill in life and in business. To become successful, we need to open ourselves to other people’s ideas and criticisms as this will help you uncover opportunities to move you upward. 
  1. Successful people persevere – During an interview of Mohammad Ali, he mentioned that he hated every minute of his training. But because of his perseverance, he did not quit and he is now known as one of the most famous boxer’s in the world. Another good example is the movie titled “The Pursuit of Happiness” where Will Smith is the leading actor. The theme of this movie talks about perseverance as well. He succeeded because he did not give in to despair to make a better life for himself and his son rather, he took all the challenges he faced with braveness and determination.
  1. Successful people are independent and self-reliant– Having these attributes can build confidence and will make you a strong individual. According to Sarah Dessen, author of Lock and Key, “Only a weak person needs someone else around all the time.”If you work on your own capability, you will discover as to how you can leverage your own strengths and improve your weaknesses.
  1. Successful people admit when they are wrong– You become a manipulator when you do not take responsibility for your own actions and act on blaming others instead. The reason we do this is because we don’t want others to question our own competency and authority. If people around you do not trust and believe you, believe me, you will FAIL! Admitting one’s fault takes a lot of courage but once you embrace it, you’ll become a strong person where you will learn to accept your imperfections. 
  1. Successful people are risk takers – We could not make important gains without taking important risk. When we take risk out of life, we take opportunity along with it because sometimes, taking a risk exposes us from unforeseen opportunities. You will not succeed with your goals in life if you will always play it safe.
  1. Successful people work hard but always work smart at the same time – These two should always come together if you want to succeed. A lot of people give their best by working hard, but not everyone becomes successful. Some invest long hours working because they do not set priorities smartly. When you know how to identify the most important to least important, you will move up the ladder real fast.

So, no matter where you stand in life right now, it is always YOU who will design your own future! It is not too late to change from one path to another. It is not too late to acknowledge, admit and accept that you are not satisfied with your current situation and then move forward. But do not forget that life doesn’t give you endless chances and opportunities to start over. So what are you waiting for, make your move now and use this list as your guide. I am sure that you may already have some of the qualities listed above or you may even have the all qualities above to become successful, or either you have just discovered what could make you become even more successful. Either way success is defined by many in many different ways. So, decides what makes you successful and most importantly happy and then, enjoy your life!!

Bookkeeper Gold Coast

“Image courtesy of scottchan at FreeDigitalPhotos.net”

7 tips on How to get more clients

Startup businesses need new clients and established businesses need more clients. So how do you get more clients? There is a lot of fantasy about “client attraction” that somehow with hope and prayer clients will magically appear. ? I wish I could say there was a set way to get more clients, but unfortunately Getting clients takes time, time in building relationships, networking and marketing your services.

The following tips I have put together in order to help you with your strategy of obtaining more clients:-

  1. Carry your Business Cards with you

You must commit to talking to at least three different people about your business every day, and you never know who you will meet. If you meet a key contact and you don’t have your business cards with you, you will lose out. One night on my way home from the club on the courtesy bus, I was just having a general conversation with the locals about myself and what I do and when we arrive at my destination everyone on the bus was asking for my business card, it’s that easy. Take your cards to church, parties, and the grocery store, even on walks with the dog. it’s easy for me as a female my business cards are always in my handbag and I can fit a few in. Males can also carry a few in there wallet maybe not as many but still having the business cards on you locks in extra potential of picking up those new clients.

  1. Ask for referrals

Asking current clients for referrals is another great way to obtain more clients, however too many consultants just wait for referrals to fall in their lap, after all happy clients will refer you right. Well this is not always the case most clients are more than willing to give referrals if you ask, but some clients don’t know who to refer to you and if they should. It’s a good idea to create a bulk email to your current clients informing them that you are looking for referrals, even offer a referral fee or discount if need be and make sure in the email you specify the exact type of clients you are looking to service.

  1. Run an ad campaign

Facebook and Google adwords is a great place to start ad campaigning, however, many subscribers say that Facebook is friendlier user than Google adwords. But both are very effective ways of advertising and targeting your audience for those potential clients. Other forms of advertising you can use are display ads like internet based ads on LinkedIn and Google, or non-internet-based like newspapers, notice boards and doctors’ waiting room TV’s and many more, all of these mentioned having the potential to obtain those most needed clients.

  1. Write a blog

Blogging is an amazing way to build relationships and become an expert consultant. Start by blogging about topics that are relevant to your services, and write blogs that will appeal to current and potentially new clients. By Posting quality content that aims to answer questions and help business owners grow, you may just attract those clients you are looking for. So how do I get clients to see my posts? I always post my blogs on Twitter, Google business page and Facebook as well as my Facebook business page and I always link them back to my website, that way current clients can read my blogs or potentially new clients can see the blogs on the business website. Blogging takes a lot of time, especially when you need to do it regularly for better SEO results. Currently, I use Blogger and WordPress to write and publish my blogs.

  1. Offer something free

In our accounting firm we offer 1 hour free consultation for new clients, this has gained us a few clients using this method, as the client actually gets to meet with you in person and are receiving free advice. If the client get results from the consultation and likes you, then you are most likely to obtain that client and even receive referrals. Always offer something of value to potential clients, something people really want, something that you believe is so good that you should be charging for it, otherwise you are not really offering anything of interest and you will get no bites.

  1.  Get Networking

The ability to network is one of the most crucial skills you can have, it is another potential procedure to meet new clients and grow your business. Networking is a great way to meet people in a non-selling environment so don’t sell, just greet n meet. Ask people about their business and themselves, people love to talk about themselves you would be surprised. If you meet someone that matches your criteria ask for their business card or add them to Facebook and then follow them up and see if they might be a prospective new client. Also don’t forget to network online as well as offline and LinkedIn is a great place to start networking on the internet.

  1. Build an active social media presence

Instagram, Google, Facebook and Twitter is a great way to build a social media presence be creative, use different phrases and post as many pictures of your business meetings and functions as you can. But most importantly, be as normal as you can don’t be a salesperson.If you make posts that show the lifestyle of yourself coupled with your business, people will start to get an idea of who they will be dealing with and will feel a special kind of trust that will encourage them to work with you,As people love to deal with real people.

Bookkeeper Gold Coast

 

THE FUTURE OF BOOKKEEPING

 

Today more and more businesses are moving towards a paperless, mobile and global office where we can all connect online from all over the world. With the ability of Team viewer, Skype and the move of accounting software to an online platform the business world is becoming a very effective and efficient environment to work in. Data can be accessed in real time from all over the world at any point in time.

As this technology increases in the bookkeeping world with outsourcing data entry organisations like receipt bank and shoebox, or overseas data entry clerks, bookkeepers have the opportunity to create more time to take on more clients through outsourcing their bookkeeping at the same time creating ways to cut the cost of data entry time.

Even if bookkeepers choose not to outsource their data entry the online accounting software that is available now has in built tools that make data entry less painful and less time consuming with such tools as Bank feeds/Bank Rules/ Automation and Auto Sync, which are definitely making our bookkeepers life so much more bearable and definitely more accurate and consistent, they are also growing at a fast rate with the main innovator xero coming up with new ways to make life easier for our bookkeepers every day.

Now the scary thing you may think is that as these features in accounting software become more user friendly and easier to use clients now are opting to do the bookkeeping themselves. In which the client feels they are saving money. This is not a scary thing if you think outside the box as there will still be many things a bookkeeper can do, like move towards a more consulting role, in which they will maybe offer training, set up the accounting software for the client or overview the client’s data entry and report back to the client any errors as well as maybe preparing and lodging the business activity statements.

Further things bookkeepers can do as they move to a more consulting role is analyse what other add on tools to accounting software can be used such as vend, Deputy Payroll, Fathom, Kounta and many more which will aim to make the clients like more effective and efficient ultimately resulting in you still being a hero in the clients eyes.

This way of doing business will also help your bottom line too maybe not as much as it would if you were doing the bookkeeping but you are still being paid for extra consultation work provided to the client and out of this there would be referrals as clients will be impressed by your proactive work.

So don’t see the growth of technology in the bookkeeping world as the end of bookkeepers as bookkeepers will always be needed as someone has to interpret the accounting software and teach others where to begin and where things go in the system to result in accurate financial data that is useful and compliant.

See this as the wave of the future to expand your knowledge and expertise learn as much as you can about all the add on apps, learn all the accounting software so that you can make informed decisions about what accounting software is best for your client, read as many bookkeeping blogs as you can, and learn those new skills, doing this will keep you well equipped for where the future of bookkeeping is heading.

Bookkeeper Gold Coast

Understanding Financial Reports

Financial Reports and their Purpose

Bookkeepers keep the books of the business, processing the individual transactions that occur during the year, and then at year end pass the bookkeeping file on to the accountant to prepare the end of year tax returns and financials reports, which could be for a sole trader, company or trust.

These reports you should read carefully and understand as they will tell you you’re profit or loss, the assets and liabilities held in the business and your equity of the business. Financial reports are prepared for the purpose of  the Business Owner/Manager, Lenders & Investors.

Where do I find my bottom line?        

Generally this is found on the “profit & Loss statement” or sometimes known as the “income & Expenditure statement” as its name suggests is a summary of your Income less your Expenses which will equal your “net profit” the net profit is your bottom line this will tell you if you have made money for the year or lost money for the year.

Where do I find the Summary of my Assets & Liabilities?

You will find this on the balance sheet, which also states the source of the owners’ equity.

  • In a Trust the owners’ Equity generally will be all distributed to the beneficiaries of the trust and the only balance that will be in the trust will be the contribution of the settlor on setup of the trust. If the trust has been incurring losses then there will be undistributed income and this basically is retained losses in the trust.

 

  • In a company it will be the issued capital plus the retained profits or less the retained losses of the business. The remaining balance will be the owners’ equity in the company after any income tax on profit payable.

 

  • A Sole traders’ equity is usually equal to income less business expenses including all assets purchased less loans and adding the bank balance at year end which will generally equal the owners’ equity.

Overall to make things less complicated on the financial report the assets less the liabilities of a business equals the owners’ equity.

Bookkeeper Gold Coast

What Income Do You Need to Declare?

This can be a tricky question for many individuals, sometimes it can be such a chore to remember all of the odd jobs you have done along the way. It is important for this reason that you keep track of all earnings. While having a tax agent lodge your tax return is a helpful reminder, the responsibility of tracking your earnings is an ongoing one and can be particularly difficult for sole traders or individuals whom work for multiple employers throughout a financial year. There are more and more ways to earn money these days with a share economy on the rise. Personal assets are now being utilised through provision of services such as Uber and Airbnb. And what about your average garage sale? Can reselling old clothes and books really be classed as income? Well, the short answer is no. This article aims at giving a clear overview of what earnings must be declared.

Employment Income

-commissions

-bonuses

-parental leave pay

-workers comp

-insurance policies

-allowances (unless not shown in payment summary, doesn’t exceed allowance limits outlined by ATO, all of allowance was spent on deductible expenses)

-tips

Sharing Economy

-personal assets for services

-airbnb 14 nights/yr must be reported (quarterly reporting is mandated in some cases)

Odd Jobs

Lump Sum Payments

-annual and long service leave

FBT & RESC

Other income

-Foreign

-Shares

-Interest

-Family- unless in the form of a gift

The Ato will consider regularity and variability of payments received.

Bookkeeper Gold Coast

Claiming Work-Related Car Expense

You can claim a deduction for work-related car expenses if you use your own car in the course of performing your job as an employee for the following:-

  • Carry bulky tools or equipment to and from work for example a large toolbox on your Ute.
  • Traveling to attend conferences or meetings
  • Delivering items or collecting supplies (Post office etc.)
  • traveling between two Jobs
  • traveling to a client’s premises

 You cannot claim a deduction when traveling between home and work because this travel is private.

Methods of Deductions

There are some changes to work-related car expense deductions from 1 July 2015. The government has simplified the car expense deductions for 2015–16 and future income years. From 1 July 2015, the one-third of actual expenses method and 12% of original value method have been abolished.

The two methods available from 1 July 2015 are:

  • cents per kilometer method
  • logbook method

Cents per kilometer method

  • Your claim is based on 66 cents per kilometer for 2015–16 income year
  • You can claim a maximum of 5,000 business kilometers per car
  • You don’t need written evidence but you need to be able to show how you worked out your business kilometers using a diary of some form.
  • Where you and another joint owner use the car for separate income-producing purposes, you can each claim up to a maximum of 5,000 kilometers each.

Logbook method

  • You will require a logbook to work out your business use. The logbook period is a minimum continuous period of 12 weeks.
  • Expenses include running costs and depreciation and will be claimed by the business percentage from the logbook business percentage results.
  • You need written evidence for all other expenses for the car.

https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Vehicle-and-travel-expenses/Car-expenses/

Bookkeeper Gold Coast