In the fast-paced world of entrepreneurship, it's easy to compare ourselves to others, especially when starting out as a sole trader or new business owner. We often look at the materialistic achievements and assets of our peers, believing that these are the true measures of success. However, at Wealthy Wellness, we believe that growing your business with the right intentions and mindset is the key to genuine prosperity.
To begin your journey towards a strong business foundation, set clear goals and intentions aligning with your values and purpose. Define what success means to you and your business, and establish measurable milestones to guide your growth. A strong sense of direction will help you make decisions supporting your progress and avoid unnecessary spending.
It's natural to feel inspired by the accomplishments of others, but it's crucial not to let comparisons dictate your journey. We often judge wealth based on what we see—the flashy sports car, the latest...
At Business Wellness Hub, we ask our clients to do Monthly Allocations including sending their bank statements each month to us for reconciling. We could do a whole blog post just on this (and likely will in the future!), BUT the purpose of this Blog is to detail one of our most common questions; “Why do you need a copy of thebank statements when our accounting software hasbank feeds?”.
And the simplest answer is we need toverifythatallbank feeds have arrived. Sometimes a day can be missed, orduplicatesappear and these need to be corrected to not only ensure accurate records at BAS time but to ensure the business decisions that you make are backed by accurate data.
By reconciling the feeds to the bank statement, we can confirm the data is accurate.
At BAS time, havingmissinginformationonyourBASmaymean you are not reporting your GST correctly, and no onewantstohearaboutthisduringanaudit!
At...
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