Balance & Fix

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					                                         Balanix Solutions Pty Ltd
                                         Financial & Business Management—Bookkeeping (MYOB)

                                              Balance & Fix
                                                                                                                            F E B / M A R            2 0 0 6
 The 3 most impor-
    tant words to use in
    advertising & promo-

    tional material—
    You, New, How

 12 most persuasive
                                  It’s Your Money ….
    English words—
    You, money, save,             There is plenty of evidence to sup-          invoices monthly then it is possi-     work/delivery of product;
    new, results, easy,           port the theory that the older the           ble that you have already given      
                                                                                                                     ask for a commitment from a
    health, safety, love,
                                  debt the less likely it is that you will     some customers 30 days credit          customer and record the com-
                                  recover the amount owing. There-             so that if your terms are 30 days      mitment with a follow-up letter/
    discovery, proven,
                                  fore there is no time like the pre-          from date of invoice then you are      email;
    guarantee                     sent to chase overdue amounts.               in fact giving 60 days credit;       
                                                                                                                     finally if you threaten action
                                  The longer the delay the less likely       
                                                                              if you are having real problems        against a customer ensure that
 Other strong English
                                 you will have success in recovering          collecting a debt consider using a     you follow through the action
    words—                        the amount outstanding.                      collection agency, but remember        promptly i.e. if you say that you
    Free, discover, se-           Remember that one of the biggest             there is a cost involved and this      will take legal action if not paid
    crets, reveal or re-          issues facing small business is man-         needs to be considered before          within 10 days then ensure there
                                  agement of cash flow. There is no            taking any action;                     is a letter from your solicitor
    veals                                                                    
                                                                              consider offering direct debit,        sent on the 11th day not on the
                                  value in going out of business with a
                                  large accounts receivable but no                                                    15 or 20 day.
Source: Dept. of State Develop-
ment—”Smart Marketing—Create      cash.
the Customer Experience”                                                                                            REMEMBER IT IS YOUR MONEY –
Workshop                          So, what can you do to manage                                                     YOU EARNT IT – SO DO NOT
                                  slow payers/overdue accounts?                                                     FEEL GUILTY OR EMBRASSED BY
                                   consider contractual options, eg,                                               ASKING FOR WHAT IS YOURS!
                                     cut supply until accounts are up
                                     to date;
                                   consider including in your invoice
                                     a statement on what interest or
                                     penalty you charge on overdue             credit card payments or bank
INSIDE THIS                          accounts;                                 transfer payments to try and
                                   keep a contact log of all conver-
                                                                              achieve immediate or prompt                Fun allows workers to
ISSUE:                               sations and actions to recover            payment;                                   risk without serious
                                     amounts outstanding;                    
                                                                              Consider offering a discount for           threat and to laugh at a
                                   set follow-up actions and follow
                                                                              early payment;
                                     through on those actions;               
                                                                              if possible consider providing             situation that might oth-
It’s Your                   1       
                                   ensure you issue invoices                  service on the basis of payment            erwise be too serious.
Money ...                            promptly for example if you issue         immediately on completion of
                                                                                                                          Cyndi Maxey, Maxey Creative Inc
What would                  1
make me come
to work?

Skate to the
                                  What would make me come to work?
Useful Websites             2
                                  Increased competition for attracting       between the goals and outputs you        in the day, access to development
                                  and retaining valued employees is          set for your employees and the final     etc. Ask your people (rather
                                  challenging organisations to provide,      outcomes achieved.       However,        than telling) - you maybe sur-
Rule of 72                  2     strategically, rewards and recogni-        rewarding behavours can be more          prised how little they require.
                                  tion which covers compensation,            challenging.
                                  benefits, recognition and apprecia-                                                
                                                                                                                    People need to achieve some-
                                  tion.                                      So what can we do ….. Following          thing—they need to understand
Balanix News                3                                                is some food for thought to start        how they contribute to the grand
                                  Within this, employers not only            you on your way.                         scheme and how important it is.
                                  have to consider employee per-
                                  formance, but also employee behav-         
                                                                              People are motivated when they
GST Dates                   3                                                  have the resources to do the job                      (continued on page 2)
                                  iour. Performance is the easier to
                                  recognise because of the direct link         properly—right equipment, hours
              PAGE 2
                                         Skate to where the Puck is going to be ...
                                         but arrive with an Attitude
                                         Wayne Gretsky, the famous            seek improvement in everything          your employees and their right to
                                         hockey player coined the original    you do or time will catch up to         self-determination. Suspend dis-
                                         phrase; "Skate to where the          you and you simply wont be able         belief and act as if your organisa-
                                         puck's going to be." I suppose he    to compete. It was Mark Twain           tion's success is imminent.
                                         was trying to say that you have      who said:
                                         to anticipate the action. You                                                Recognize the power of your
                                         must know your competition,          "DON'T GO AROUND SAYING                 people, especially those employ-
                                         trust your team-mates and be         THE WORLD OWES YOU A                    ees closest to the action. Encour-
                                         aggressively proactive in your       LIVING; THE WORLD OWES                  age them to be proactive and
                                         approach. "Arrive with an atti-      YOU NOTHING; IT WAS HERE                "Skate to where the puck's going
                                         tude" simply means doing all         FIRST."                                 to be." Create a cultural environ-
                                         those things well and doing them                                             ment that allows them to "Arrive
                                                                              Be a maverick and avoid making a        with an attitude." An attitude of
                                         with the confidence that you are     career out of procrastination and
                                         the best at what you do.                                                     confidence, competence and the
                                                                              cautiousness. Those who succeed         ability to demonstrate the trans-
                                         Success breeds success and atti-     believe in themselves. They aren't      fer of authority that the culture
                                         tude is one of the primary ingre-    satisfied with the status quo and       you have created has provided
                                         dients necessary to be a leader.     they are willing to take calculated     them.
                                                                              risk. Successful leaders encour-
                                         You and you alone are responsi-      age their employees to think            "It's an attitude of winning."
                                         ble for your attitude and the        outside the box. They empower
                                         attitude your organisation re-       them to act on their own initia-        (Rick Johnson)
                                         flects. You must will yourself to    tive. Believe in yourself; believe in

Feedback …..                             Useful Websites ...
We value your feedback on                Useful Websites-MYOB Users           entry point providing online   Office
how we are doing,              –          information & transaction service       of Fair Trading – information &
what you think of our
                                        Perfect Reports allows you to        for new & existing businesses.          advice on registering your busi-
 newsletter                              produce additional reports than      Includes information on more            ness name, occupational licences,
                                         what is available in MYOB            than 850 government & industry          incorporated associations & co-
suggestions for inclu-                                                       programs for small business.            operatives.
 sions for future addi-         – Cardfile
                                         Connect, allows you to synchro- – The Australian –
 tions, &                                                                     Bureau of Statistics – provides         Information on apprenticeships &
                                         nise your Microsoft Outlook
friends or colleagues                   address book with the cards file     statistical data useful to business.    traineeships including government
 wishing to be on our distribu-          in MYOB.                    – Queensland             incentives
 tion list.                     –        Law Society website            –
                                         Credit reference service useful in – Select            WorkCover Queensland – infor-
Please drop us a line at:                determining credit worthiness of     “Doing business in Brisbane” on         mation on worker’s compensa-
                                         potential or existing clients        the website to utilise a diagnostic     tion iussues & premiums.             tool & other aids including a free –
                                         Order forms specifically designed    business listing.                       Wageline – information on state
                                         to work with MYOB software.          ww w. co mm er ce ql d. com. au -       & federal wages and conditions of
                                                                              Commerce Queensland – the               employment, & workplace rela-
                                         Other Useful Websites                peak employer & business asso-          tions issues.
Rule of 72 …..                  Austra-      ciation supporting businesses  – Dpt of
                                         lia’s largest accounting body.       with advice, advocacy, informa-         State Development- Courses &
A simple but effective way of deter- – Business       tion & networks.                        information for businesses.
mining, indicatively, how long it
takes to double your money or debt

                                         What would make me come to work? (cont)
is the RULE OF 72.
Simply divide 72 by the interest rate
For example,                             People need interesting and
                                                                               for longer work hours are just            month as a health day,
if you deposit funds in a financial       varied work—bored people             a few considerations.                     timeoff early or extended
  institution which is paying 7.5%         are not motivated. Sure, peo-      People like their dollar to go
                                                                                                                         lunch etc.
  interest then it will take approxi-      ple may need to do the same          further— look at salary pack-             
                                                                                                                         Name a day in someone’s
  mately 9½ years to double your           thing, but diversity will keep       aging which benefits you and              honour.
  money (72 ÷ 7.5 ≈9.6).                   motivation.                          your people (your accountant              
                                                                                                                         Give away small items—
if you want to know how long it         People need a good working
                                                                               could help).                              movie tickets, pens etc
  will take your business to double        environment— colour, pic-          People need recognition—
                                                                                                                         
                                                                                                                         Write a personal thank-you
  it’s current size, then divide 72 by     tures, lunch/breakout areas          people will respond to expo-              letter.
  what you think the average yearly        are just a few suggestions.          sure they feel they deserve.              
                                                                                                                         Give some of you—take an
  growth rate will be e.g. 6%            Flexibility—people can re-
                                                                               Examples could include:                   employee to lunch or cof-
  growth will see you double your          spond better when personal            
                                                                                Business cards regardless of             fee.
  business in approximately 12             motivators are aligned with             their job (you can produce             
                                                                                                                         Recognise people in your
  years.                                   working motivations. Work/              small quantities yourself.             newsletter.
                                           life balance, flexible work           
                                                                                Time-off: give people time
                                           hours, part-time/casual, ex-            off for their birthday (or at
                                           tended lunch breaks in return           least recognise it); day off a

                    BALANCE              &    FIX
                                                                            Balanix Solutions’ News
                          PAGE 3

Financial & Business Management                                          Welcome to the first edition of                              cess and to adding value. David’s                             pany Directors, as well as,
 Debt management program;                                               BALANCE & FIX …..                                            capacity to build rapport and                                 through the MYOB Professional
 Budget and cash flow fore-                                                                                                          relationships enables him to                                  Partners Program.
    casting;                                                             As a business owner you are well                             quickly understand clients’ busi-
 Training;                                                              aware of the myriad of informa-                                                                                            David is dedicated to doing the
 Other financial management
                                                                        tion you have to be on top of and                            ness and get on with developing                               job for our clients in the most
    consulting (including health                                         that which you’d like to have time                           solutions to their needs.                                     efficient and effective way, as well
    checks and review of em-                                             to consider, but of course we do                             “I am focused on translating my                               as, providing flow-on benefits
    ployee bookkeeping).
 Business planning;
                                                                        have to provide our service to                               values and experiences into bene-                             from MYOB connections, includ-
                                                                         clients and possibly have a life to!                         fits for my clients … not only                                ing priority technical support,
 Risk management programs;
 Corporate Governance; and
                                                                        We at Balanix Solutions hope this                            has this been my mode of opera-                               MYOB reference software, com-
 Workshop and Meetings
                                                                        bi-monthly newsletter will go                                tions in work I have undertaken,                              plete software maintenance,
                                                                                                                                      but also in my voluntary roles                                exclusive training and seminars
    facilitation.                                                        part way to cut to the chase on                              with CPA Australia, which has                                 and the ability to purchase MYOB
                                                                         relevant value added information
                                                                         to enhance your business. Your                               included, President of the Qld                                products for clients at wholesale
                                                                                                                                      Division in 2003, alternate Direc-                            prices.
                                                                         feedback is encouraged to ensure                             tor of CPA Australia and some
                                                                         we provide you with a productive
                                                                         and enjoyable read. Just drop us                             12 years on various CPA Austra-                               Photo: David receiving from Ms Saman-
                                                                                                                                      lia committees.”                                              tha Benecke (then Qld Director) his
Bookkeeping (MYOB)
                                                                         a line at                                                                                                                  memento for his time as President of CPA
 Establishing books & account
                                                                                                     David continuously                      enhances              Australia Qld Division in 2004.
    management processes;                                                                                                             s k i l l s
                                                                         This first edition is a great oppor-                         through
 Data entry & end of period;                                            tunity to introduce to you our
 BAS Statements including
                                                                        Managing Director, David Balwin.                             his Fellow
    reconciling GST;                                                                                                                  status
 Bank Reconciliations;                                                  David has 28 years of extensive                              with the
 Credit Card Reconciliations;                                           experience directing, facilitating,                          Australian
 Monthly reporting;                                                     controlling and project managing                             I n s ti t u t e
 Payroll processing (up to 25
                                                                        financial management initiatives                             of       Man-
    employees);                                                          and activities.                                              agement
 Training; and                                                                                                                       and Mem-
 Stock control & year end
                                                                        David holds University of Queen-
                                                                         sland degrees in Commerce and                                ber status
    inventory reconciliations.                                                                                                        with the
                                                                         Economics and Advance Certifi-                               Australian
                                                                         cation in MYOB.
                                                                                                                                      I n s ti t u t e
                                                                         He is committed to clients’ suc-                             of Com-

                                                                   GST Lodgement & Payment Dates
  To be a great champion you
          must believe you are the

                                 best. If you’re

                           not, pretend you                                                 Reporting Period                             Monthly Due                          Quarterly Due Dates
                                                    are.”                                  July                                     21 August
                                                                                           August                                   21 September
                         ––Muhammad Ali                                                    September                                21 October                              28 October

                                                                                           October                                  21 November
                                                                                           November                                 21 December
                                                                                           December                                 21 January                              28 February

Balanix Solutions Pty Ltd                                                                  January                                  21 February
ABN 12 116 080 034
                                                                                           February                                 21 March
Financial & Business Management —
Bookkeeping (MYOB)
                                                                                           March                                    21 April                                28 April
  PO Box 691                Phone: 3264 4783
  Albany Creek              Mobile: 0417 172704                                            April                                    21 May
  Qld 4035                  Facsimile:3264 4781                                            May                                      21 June
                                                                                           June                                     21 July                                 28 July

This Newsletter is compiled and published in good faith. Balanix Solutions Pty Ltd and those who have compiled this Newsletter rely, in part, on contributions of others and public information and rely on contributors to ensure suitability of articles’, publications’ and
website’ content. Balanix Solutions Pty Ltd and those who have compiled this Newsletter takes no responsibility for newsletter c ontent. This newsletter has been prepared without taking account of the objectives, financial situation or needs of any particu lar individual.
For this reason any individual should, before acting on the information in this Newsletter, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and seek appropriate professional advic e.

                                    BALANCE                             &         FIX

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