Category: Blog

Habits to Keep Up to Date with your Finances

The final quarter of FY 2021 is now well underway and if you’re feeling a little out of control when it comes to looking after your finances then these tips might be perfect for you – start them now and create healthy habits ready for FY 2022!

1. Keep your receipts in one place or better yet, use a receipt processing/storage app to keep your documents securely in the cloud. If you have a Xero subscription you can use Hubdoc for free and a lot of accounting software solutions will have some level of receipt capturing features.

2. Work on your finances weekly – set up a hot bookkeeping date with yourself (wine and cheese permitted)! Pick a time each week that works best for you, if you’re a morning person then set aside time in the morning to work through your allocations – most importantly, stick to a routine and make it a non-negotiable task. It’s so much easier to keep track of income/expenses when the transactions are fresh in your mind rather than playing catch up months later.

3. Keep record of any other expenses that relate to your business that you may have paid via a personal credit card or in cash. Ideally you want to be making all payments from your biz account but hey #lifehappens so as long as you keep record of these it’s no problem to claim them. A simple spreadsheet or similar is all you need so your accountant can pick these up at tax time.

4. Review any overdue invoices (Accounts Receivable ie what your customers owe you) – cash flow is so important so don’t let funds remain trapped in people not paying you. Send reminders and regularly follow up on outstanding amounts. Similarly, review your Accounts Payable (ie what you owe your suppliers) – you don’t want to run overdue as this can cause tension in the relationship but if you have credit terms then for cash flow purposes use them if that suits.

5. Review your numbers each month; run your Profit & Loss statement which will give you a summary of what you’ve made, what you’ve spent & what’s left over. This will give you a good indication of how well your business is performing, areas you can possibly make improvement and allow you to roughly plan for your income tax liability. This leads into the final tip..

6. Set funds aside – yes physically to another bank account! Your net profit will be a good base to estimate the income tax liability you should be planning for, but also review your Balance Sheet. If you’re registered for GST and have employees this report will help you see your current GST, PAYG and super liabilities so you can put the money aside and not scramble for it, come the due date. We’re huge advocates at FUEL for having a great understanding of your financials, but we know you didn’t start your business to become an amazing bookkeeper/accountant!

Thanks to Marlaina Young of Fuel Business Consulting for writing these fabulous tips, they certainly serve as a great reminder to everyone. If you’d like to reach out to Marlaina of Fuel Business Consulting then please click the link.

Mother’s Day at The Mundaring Hotel

Treat Mum to a divine lunch or dinner at The Mundaring Hotel this Mother’s Day and she will receive a complimentary glass of bubbles!

Special Mother’s Day Roast Beef, Roasted Seasonal Vegetables, Roast Potatoes, Yorkshire Pudding & Gravy available all day plus delicious homemade specials, A La Carte Menu and kids meals!

Weather permitting, we’ll be firing up the outside BBQ Pit with more tasty delights (more details to follow soon)!

The boys from FUNKOUSTIC will pick up the pace in the afternoon from 3PM, delivering some live tunes featuring some good old classics that Mum will love.

Restaurant bookings are essential so give us a call on 9295 1006 or email: bookings@mundaringhotel.com.au.

Outside bookings (weather permitting) will be taken up until midday. After this time, all outside tables are on a walk-in basis.

Shop local for Mother’s Day

Top Six Mother’s Day Ideas in the Perth Hills

In case you’ve forgotten (we didn’t, ahem), Mother’s Day is just around the corner on Sunday 9 May — time to shower your mum with a bit of extra love and attention! 

A whole bunch of places in the Perth Hills are going all out for the big day and we’ve rounded up some top picks for you!

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April Sundowner – Bees Neez Apiaries

A really big thank you to Dave and Leilani of Bees Neez Apiaries and their two daughters for making us feel really welcome at their property in Beechina on Wednesday 21st April.

It was an interesting evening with Dave and Leilani giving a great presentation on the ins and outs of their commercial beekeeping operation. They have just over 670 hives in operation and are one of the largest commercial beekeepers in Western Australia. They now wholesale their honey direct to Capilano Honey, a 100% Australian Owned and Made brand.

The Leyland’s transport their hives all over the state which are then set on a mixture of private and crown lands. They take their hives as far north as Kalbarri and are even considering heading into the Pilbara.

Inside a hive, there can be up to 40,000 bees, each one having its own particularly important job to do. The Queen bee lays all the eggs and keeps the colony surviving and thriving. The female worker bees do all the hard work inside the hive, they clean, receive and store the nectar from the forager bees and then eventually become forager bees themselves. The male drones have only 1 job and that is to mate with the Queen, sadly for them, they die after performing this one task.

Another fascinating thing we were told was about how the bees communicate. The scout bees head out of the hive to find new food sources and upon their return will perform a dance. The round dance is performed when the food source is within 100 metres of the hive and the waggle dance is performed if the food source is further away. This dance resembles a figure of 8. Such clever little creatures!

Sadly, due to climate change and deforestation, a lot has changed in the industry over the nearly 40 years that Dave has been in the game. It was interesting to hear about these changes and how they are now having to diversify their business.

We were also given a tour of the extraction room to see how the honey gets from the hive to the big IBCs they are transported to the wholesaler in. The Leyland’s have worked hard over the years trying to automate processes and find ways to take out the manual handling. Dave used to load and unload his hives from his truck via a ramp and a wheelbarrow. Thankfully, he now has a big shed and a forklift to handle this part of the job.

Honey is a staple item in our household, and I’m pleased to now know how to support Australian beekeepers by buying 100% Australian Honey at the supermarket.  

Thanks Leyland’s.

4 Reasons Why Networking is Great for Business

I know the idea of networking sends chills up the spines of many, but attending networking events is not only a great marketing tool but also offers many personal benefits.

The first thing to note though, is people don’t come to networking events to have business cards shoved into their faces at every opportunity. Networking events aren’t about trying to “sell yourself”, networking is about building long-term relationships and a good reputation. Over time you will get to know people and build on the know, like, trust factor and hopefully one day you might find someone in the networking group who needs your services or vice versa.

To build on that, the top 4 benefits of networking are:

1. Exposure – networking gets your business name out there. It all works towards brand awareness and the more people that are aware of your business, the more people who may potentially contact you when the need arises.

2. Increase knowledge – in every experience there is always the opportunity to learn. Not only is there the chance to learn from others, you may find an opportunity to educate someone in your area of expertise.

3. Opportunity for collaborations – you never know who might be in the room. A conversation can lead to connections being formed which may lead to the opportunity for collaboration.

4. Increase business confidence – although networking events are not designed to “sell, sell, sell” you will have the opportunity to practice perfecting the “what do you do?” question. Giving you chance to feel more confident speaking about your business and how you help people.

So now you know some benefits of networking, let’s talk about how to be a better networker.

1. Listen – show great listening skills, remember peoples names, listen to their problems or what struggles they are having in their business. Ask people questions about themselves.

2. Go alone – as scary as going alone to a networking event may be, going alone will force you to talk to people you may not have if you had your wife or husband there.

3. Come prepared – bring some business cards in case you get asked for one. Think of some clear and concise answers to questions people might ask you. Like “what do you do?” or “who do you work for?”. Maybe think about a recent success you would like to share with the people you meet.

4. Follow up – if anyone seemed interested in your business perhaps follow them up the following day with a short note saying, “Lovely to meet you last night, perhaps we can connect on social media or if you ever need xyz you know where to find me”. Note: This is not the time to bombard people with the “sell, sell, sell” either.

The Mundaring Chamber of Commerce hosts many networking events, have a look at our Events page to see what is coming up.

www.mundaring.org.au/events

The Exciting Benefits of becoming a Mundaring Chamber Member

Aside from the free drink and nibbles at our monthly sundowners, there are many more benefits to being a member of your local chamber of commerce.

Connecting and potentially collaborating with other local likeminded business people is one of these benefits.

Sharing your knowledge with others and soaking up the wisdom of those around you is another.

I’d like to point you to the above infographic for an overview of many other perks at your fingertips if you join the Mundaring Chamber of Commerce.

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