Accounting On Purpose

Firing a client is never easy and it’s not something any of us ever really want to do. However, it’s important to maintain a profitable business so that sometimes means doing the difficult thing. In this episode I want to take you through my process of understanding when you should be firing a client - tips to determine client profitability.
To understand when to fire a client, a great place to start is with a client profitability analysis. That being said, determining whether or not they are profitable strictly by numbers is not the whole picture and firing customers needs to be based on more data than purely numbers.
If you truly want to know when to fire a customer you need to take into account other factors such as how difficult they are to work with. Are they paying their invoices on time? Do they always question the process or the invoice? You see, if it’s purely a mathematical issue then you have a moment to discuss new fees with that client but if you are seeing behavioural things as well then terminating a client might be the best solution.
Difficult clients are never easy but firing difficult clients brings an unprecedented amount of relief as well as gives you time back in your schedule for new and more profitable clients.

Connect with me on LinkedIn or visit our website rightsource.com.au
Visit the downloads page to access accounting spreadsheets, templates and budgets.

If you have any questions, are in the process of starting up an NFP, interested in becoming an NFP CoSec, feel free to contact me on LinkedIn.
If it is of interest, join us for the NFP Governance Rendezvous, a free online event for NFP CEOs, Directors and CoSecs, or anyone aspiring to these positions; or just wanting to learn more about governance in the NFP space. Click here to learn more about upcoming Rendezvous.

Right Source Empowering Your Purpose Is Ours.

In this episode I want to talk about paying yourself first from your business and also why, how and when to do it. So, the question is, are you paying yourself first? And if so, do you know how to pay yourself first?
If your business is bringing in income and you are doing all the work then it stands to reasons that you need to pay yourself first. It’s a big step for a lot of people to pay themselves before they pay others but you need to know how to pay yourself as a business owner because it will inform you of a number of things. It will give you a taste of what it’s like to pay employees, whether or not the business can withstand wages going out and how profitable the business truly is.
If you want to know how to pay yourself as a sole trader or how to pay yourself as a business owner in Australia then you take a look at the standard salaries and wages going in your industry and pay yourself accordingly. Knowing how to pay yourself and how much should you pay yourself will give you enormous insight into eventually hiring employees to fulfil the technical role you are currently filling.

Connect with me on LinkedIn or visit our website rightsource.com.au
Visit the downloads page to access accounting spreadsheets, templates and budgets.

If you have any questions, are in the process of starting up an NFP, interested in becoming an NFP CoSec, feel free to contact me on LinkedIn.
If it is of interest, join us for the NFP Governance Rendezvous, a free online event for NFP CEOs, Directors and CoSecs, or anyone aspiring to these positions; or just wanting to learn more about governance in the NFP space. Click here to learn more about upcoming Rendezvous.

Right Source Empowering Your Purpose Is Ours.

Personal/professional development training is one of those expenses where it can be difficult to measure in terms of impact and ROI as it’s a long term venture. Personal development training expenses can also eat up a large portion of your PD budget if you aren’t careful.
In this episode we look at personal development and professional development and how these business expenses should be considered within your training and development budget. Training and coaching employees is essential to long term success within your business. Leadership development training is essential for those in leadership positions as they need to continue to make great decisions for individuals and for the business as a whole.
Unfortunately these things do cost money (and sometimes a lot!) so as you are tracking expenses for small business and working out your budget for business expenses such as training, be mindful of the long term impact versus the short term impact of these investments.
And, if you’re asking, how much should I spend on personal development and professional development for your staff then you’ve come to the right place.

Connect with me on LinkedIn or visit our website rightsource.com.au
Visit the downloads page to access accounting spreadsheets, templates and budgets.

If you have any questions, are in the process of starting up an NFP, interested in becoming an NFP CoSec, feel free to contact me on LinkedIn.
If it is of interest, join us for the NFP Governance Rendezvous, a free online event for NFP CEOs, Directors and CoSecs, or anyone aspiring to these positions; or just wanting to learn more about governance in the NFP space. Click here to learn more about upcoming Rendezvous.

Right Source Empowering Your Purpose Is Ours.

Finding an accountant can be a daunting task at the best of times. On the one hand there is an abundance of accountants all seemingly performing the same duties. On the other hand, how do you know who to trust? Do they specialise in your type of business? How do you go about asking the right questions when you’re hiring an accountant?
I’m going to answer these questions and more in today’s episode. Hiring an accountant for small business doesn’t have to be scary and you don’t need to fear it. Knowing how to choose an accountant really comes down to the values you hold and whether or not the accountants you talk to hold similar values to you.
So, listen and learn how to pick an accountant, learn the difference between a cpa and accountant and take notes on the questions to ask your accountant to help inform your final decisions.

Connect with me on LinkedIn or visit our website rightsource.com.au
Visit the downloads page to access accounting spreadsheets, templates and budgets.

If you have any questions, are in the process of starting up an NFP, interested in becoming an NFP CoSec, feel free to contact me on LinkedIn.
If it is of interest, join us for the NFP Governance Rendezvous, a free online event for NFP CEOs, Directors and CoSecs, or anyone aspiring to these positions; or just wanting to learn more about governance in the NFP space. Click here to learn more about upcoming Rendezvous.

Right Source Empowering Your Purpose Is Ours.

In this episode I want to break down accounting and whether or not you need to be doing all the accounting stuff you think you need to be doing to manage your financial systems.
This is a completely candid strip down and analysis of my industry, the accounting cycle and where it gets things a little warped at times. Ultimately, I'd love for you to walk away from this video with a little more understanding of the accounting basics role so that when you need to make executive decisions, you can with confidence and ease.
The accounting roles and functions don't need to be as complicated as they are and the accounting role in business could probably do with a few less processes. So, I dive into the history of accounting and bookkeeping to give you a little more foundational understanding.

Connect with me on LinkedIn or visit our website rightsource.com.au
Visit the downloads page to access accounting spreadsheets, templates and budgets.

If you have any questions, are in the process of starting up an NFP, interested in becoming an NFP CoSec, feel free to contact me on LinkedIn.
If it is of interest, join us for the NFP Governance Rendezvous, a free online event for NFP CEOs, Directors and CoSecs, or anyone aspiring to these positions; or just wanting to learn more about governance in the NFP space. Click here to learn more about upcoming Rendezvous.

Right Source Empowering Your Purpose Is Ours.