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Goodwill Hunting/Business Tips
| Goodwill Hunting/Business Tips |
December 2007
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GOODWILL HUNTING
Seasons Greetings! From all of us here at Australian Newsagency Sales, we wish you a safe, happy and very successful new year.
ANS aims to assist you with the sale of your Newsagency and have listed below some valuable TIPS ON RUNNING A SMALL BUSINESS. We hope you find these hot tips useful!
Tips on Running a Small Business
Owning and running a small business can be more demanding than owning and running a large business due to lack of staff numbers and the requirement that the owner be all things to all people. The result is that you become very time poor and some aspects of the business will invariably be sacrificed at the expense of others. The area that is most likely to suffer is that of financial administration.
Set out below are some tips on managing this aspect of your business in a more effective manner.
File your supplier statements by name when paid.
Use an electronic medium for recording business transactions eg MYOB, Quickbooks, Cashflow Manager etc. If you do not want to process the transactions yourself, engage a bookkeeper. By doing this the preparation of BAS's, financial statements and income tax returns will become a less arduous process.
Reconcile your till readings to the cash actually in the till daily. The tax office will allow you to destroy Z tapes after one month provided that you keep a daily reconciliation of your takings.
Reconcile your bank account weekly. This will allow you to manage your cashflow more effectively.
Do not allow or restrict your staff's ability to cancel sales transactions. If you do allow them to cancel sales then you must check the transaction log of cancelled sales at least weekly, if not daily to see what transactions if any have been cancelled and in particular the time between the original transactions and when it was cancelled. Some systems may provide the user with predetermined cancellation limits. We have seen instances of significant defalcations perpetrated by staff in this area.
Reconcile the lottery payouts per your till to Lottery terminal. The amounts should be the same. Again this is an area where we have seen significant defalcations committed by staff where they have stolen cash and covered their tracks by recording a lottery payout through the till. The end result is that the cash in the till drawer agrees to what the register says, but a simple check against the Lottery terminal would uncover the discrepancy.
Vary the times that you do your banking.
If you have large amounts of cash to bank consider installing a time lock delay safe and/or using professional firms to collect and deal with your cash bankings eg Armaguard.
While some of the foregoing may sound trite, you would be surprised at the number of business owners who do not employ simple checks and balances in their management regime and suffer significant losses as a result. Most of the points raised help protect you from mistakes and fraud and if done daily, will take significantly less time than if left say to the end of the month or quarter.
This article has been provided by Byrons. As qualified Chartered Accountants and industry professionals Byrons can assist you with all of the above considerations and provide you with advice based on your individual circumstances, please contact John Dickie at Byrons on 02 8745 3433 or johnd@byrons.com.au.
If you are planning to sell your newsagency, take advantage of the huge surplus of serious buyers in the market right now and call the ANS team now on (02) 8425 9600 or email us at info@newsales.com.au for an obligation free chat.
Yours sincerely
The ANS Team
www.newsales.com.au
Level 3, 33-35 Atchison St, St Leonards NSW 2065
PO BOX 547 Crows Nest NSW 1585
Telephone: 02 8425 9600
Facsimile: 02 9247 7397
Australian Newsagency Sales (ANS)
"Where you only pay for results"
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