How to save on your Body Corporate Expenses
- Mar 08 2024
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- 57
A Gold Coast company is making it easier for tradies to do what they do best.
Invoicing clients can be a tedious time consuming task for tradesmen so less time spent on this taks the better.
Xero has emerged as a favourite software package for tradesmen. For around $55 per month you can automate your invoices. If you have an online shopping cart Xero integrates with Stripe which is the perfect payment gateway.
Xero went public on the New Zealand Exchange (NZX) on June 5, 2007.
By choosing the NZX instead of investment from Silicon Valley they avoid pressure to sell to a larger competing company.
The company focussed on New Zealand initially and then expanded to other markets like Australia.
Company's like Reece offer Xero Integration with their maX online business management system.
There is a complete developer integration guide for Xero.
Point of Sales POS can also be integrated into Xero
From Xero API-:
"We've gone for an approach that focuses on getting your sales information into Xero by summarizing sales for each payment type so, if anyone needs to revisit their daily sales figures later they are clearly labelled in Xero for easy cross checking with your POS system."
Xero Manual
Key expenses depend on your industry but are typically along the lines of rent, wages, cost-of-goods and marketing. The ATO provide details on various industries called Small Business Benchmarks. These provide an interesting insight into expenses.
"Most small business owners I meet never look at key expenses as a % of turnover and yet getting this ratio right is the make or break of your business in many ways."
Jeannie Cloud 9 Bookkeeping
Tax return – other benchmarks for 2015–16
Benchmark range |
Annual turnover range |
||
---|---|---|---|
$50,000 – $100,000 |
$100,001 – $200,000 |
More than $200,000 |
|
Cost of sales/turnover |
20% – 28% |
21% – 28% |
22% – 33% |
Labour/turnover |
21% – 31% |
19% – 27% |
21% – 29% |
Motor vehicle expenses/turnover |
7% – 10% |
6% – 8% |
3% – 5% |
Tax return – other benchmarks for 2015–16
Benchmark range |
Annual turnover range |
||
---|---|---|---|
$65,000 – $200,000 |
$200,001 – $500,000 |
More than $500,000 |
|
Labour/turnover |
18% – 30% |
17% – 28% |
21% – 30% |
Rent/turnover |
8% – 13% |
6% – 10% |
4% – 6% |
Motor vehicle expenses/turnover |
3% – 5% |
2% – 3% |
1% – 2% |
Tax return – other benchmarks for 2015–16
Benchmark range |
Annual turnover range |
||
---|---|---|---|
$50,000 – $150,000 |
$150,001 – $600,000 |
More than $600,000 |
|
Cost of sales/turnover |
13% – 19% |
15% – 20% |
15% – 22% |
Labour/turnover |
22% – 32% |
28% – 40% |
36% – 48% |
Motor vehicle expenses/turnover |
7% – 10% |
3% – 5% |
2% – 3% |
Tax return – other benchmarks for 2015–16
Benchmark range |
Annual turnover range |
||
---|---|---|---|
$50,000 – $200,000 |
$200,001 – $500,000 |
More than $500,000 |
|
Cost of sales/turnover |
20% – 34% |
27% – 38% |
30% – 42% |
Labour/turnover |
18% – 28% |
19% – 29% |
23% – 34% |
Motor vehicle expenses/turnover |
6% – 10% |
4% – 6% |
2% – 4% |
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