FINANCE YOURSELF ACADEMY
Your secret weapon to financial success
LET'S FIND OUT HOW ↓
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Here's how the program breaks down...
MODULE 0
Introduction: Welcome & Starting Point for Finance Yourself Academy
This module includes:
- Welcome [1:05] | Kicking off the course with a warm welcome.
- Course Outline [1:56] | Discussing the course structure and what you can expect. It's like the sneak peek before the big show.
- Facebook Community [0:37] | Who doesn't love a little exclusive club? This is a quick explainer on how to join our Facebook community. A great place to discuss your journey in the course and join the discussion.
- Introducing Your Instructor: [5:11] | Meet Michelle - your financial mentor. She will share her background as an accountant and the passion driving this course.
- Goal Setting: [2:51] | What aspirations do you have for this course, and how committed are you to achieving them? We'll wrap up this introduction module by setting some goals for the course ahead.
💰 Student Resources 💰 Facebook Community Group Guidelines, Worksheet: Clarity & Goals
MODULE 1
Governing Bodies: Get clarity on the taxman & his 'mates'!
You’re going to learn:
- Lesson 1: Australian Tax Office (ATO) - The Tax Man [2:11] | Running a small business requires an understanding of those who makes the rules. Let's distill your knowledge of the taxman and clarify the ATO's main roles and responsibilities. It's not just tax!
- Lesson 2: Australian Securities & Investments Commission (ASIC) - The Wingman [2:14] | For everything relating to companies, ASIC is the big gun to ensure directors are doing the right thing. Knowing what they do and when you need to speak with them as a business owner is just as important as lodging your annual tax return!
- Lesson 3: Australian Business Register (ABR) - The Micro Manager [5:09] | The ABR is the place to go for your business registrations. Let's review the ABR website and the functionalities available.
💰 Student Resources 💰 Mind Map: Governing Bodies, Checklist: MyGov, ATO, ASIC Connect & ABN Lookup
MODULE 2
Entity Structures: Pick the right business structure that will serve you & your business goals!
You’re going to learn:
- Lesson 1: Sole Trader - Me, myself & I [4:12] | Sole trader businesses are the easiest and low cost effective entity structure to implement. However, they might not be the most suitable so it's important to understand the pros and cons.
- Lesson 2: Partnership - Double the trouble! [3:59] | Partnerships are still relevant, but becoming a less favourable option for business. Let's review the pros and cons of partnership structure so you can choose the right structure for your business.
- Lesson 3: Company - Safety & security [10:33] | Company setups are becoming a more popular business vehicle of choice. It's important to understand the additional obligations required under this type of structure and myth bust the advice 'Uncle Dan' gave you at the family BBQ!
- Lesson 4: Trust - Flexibility for future planning [4:31] | Trust structures have their perks, but there are traps for young players! Get clarity on the dos and don'ts under a trust structure. They are a powerful business vehicle when used correctly!
- Lesson 5: Choosing a Business Structure [6:04] | When you're kickstarting your business journey, nailing the right structure is key. This module is your roadmap to understanding the ins and outs of various business structures, from sole traders to companies and everything in between, including a worksheet to assist you choosing which option is the right one for you.
💰 Student Resources 💰 Worksheet: Which business structure is right for me?
MODULE 3
Business Registrations: Keep compliant & cross off those registration to-dos!
You’re going to learn:
- Lesson 1: Australia Business Number (ABN) [3:00] | Without an ABN, you don't have a legitimate Australian business! Let's run through what this is and how to apply for one.
- Lesson 2: Business Name [6:33] | Registering your business name is a step many business owners forget! Let's run through where and how to apply for your business name registration.
- Lesson 3: Tax File Number (TFN) [2:24] | You've probably already got an ABN as an individual taxpayer, but depending on your chosen business structure, you'll need to apply for another one.
- Lesson 4: Goods & Services Tax (GST) [12 :05] | To register for GST or not...that is the question! We will run through the GST basics and common GST mistakes to ensure you are paying the right amount of tax.
- Lesson 5: Pay As You Go Withholding (PAYGW) [5:56] | Confidently keep your employee compliance in check understand how and when to pay tax on employee wages, also known as PAYG withholding.
💰 Student Resources 💰 Checklist: Apply for an ABN, Checklist: Apply for a business name, Worksheet: Do I need to register for GST?
MODULE 4
Activity Statements: Breaking down the dos & don'ts of lodging your BAS!
You’re going to learn:
- Lesson 1: Activity Statements [2:38] | Not all activity statements are made the same! Get clarity on if you need to lodge one and when.
- Lesson 2: Business Activity Statements (BAS) [9:10] | BAS is lodged multiple times of the year and your tax return is only lodged once. Because BAS is something you'll deal with much more regularly, it's important to understand what it is and what you need to do as a business owner.
- Lesson 3: Instalment Activity Statements (IAS) [5:55] | IAS is like the little sister of BAS - she's important, but easily forgotten! We'll run through the ins and outs of IAS, so you can ensure you are paying the right amounts to the taxman at the right time.
- Lesson 4: Lodgement & ATO Payment Plans [4:10] | Business has its rise and falls and sometimes cashflow can be a problem. We will run through the options available to you should you not be able to lodge or pay your activity statement on time.
- Lesson 5: Tips & tricks to lodging your Activity Statements [8:40] | Let's run through the MOST COMMON activity statement mistakes I see business owners make, so you can complete your BAS with confidence!
💰 Student Resources 💰 Checklist: Bookkeeping for quarterly BAS, Cheatsheet: Common GST mistakes, Cheatsheet: Common BAS mistakes
MODULE 5
Understanding Your Financials: The most powerful reports you'll learn to love!
You’re going to learn:
- Lesson 1: Financial Statements [8:12] | Financial statements come in all forms, but they serve a purpose. We'll run through common financial reports so you can review your own statements without the overwhelm!
- Lesson 2: Profit & Loss [7:01] | The P&L is hands down my FAVOURITE report. Let me show you how to break down your report so you can get clarity in your numbers to help you make better informed business decisions!
- Lesson 3: Balance Sheet [3:54] | The Balance Sheet identifies some core parts of your business. It should be regularly reviewed in conjunction with your P&L, so I'll show you exactly how to read it.
- Lesson 4: Common Misconceptions with Financial Reporting [6:30] | Let's run through the most common misconception around your financial reporting. For example, why there’s profit but no cash? Why there’s cash but no profit?
💰 Student Resources 💰 Example: Financial Statements
MODULE 6
Employees: Onboarding your team the right way!
You’re going to learn:
- Lesson 1: Payroll [14:38] | With the introduction to cloud accounting, payroll has been drastically easier! Let's run through the basics of setting up and paying your employees WITHOUT getting overwhelmed.
- Lesson 2: Superannuation [10:11] | Superannuation is NOT a dirty word! Don't fall into the trap of ignoring it...this will only land you in trouble. Get clarity on your obligations as a business owner and the dos and don'ts of paying super.
- Lesson 3: Employee vs Contractor [5:38] | The age old question, should I employ directly or get a contractor? We'll discuss the pros and cons of each so you can confidently make the right decision.
💰 Student Resources 💰 Checklist: Employee Onboarding, Form: Employee Details, Cheatsheet: Employee vs Contractor
MODULE 7
Tax Return: Understand the must-dos so tax time is a breeze!
You’re going to learn:
- Lesson 1: DIY vs Professional Help [5:58] | Business owner be warned...DIY'ing some things may end up costing you more ! Let's run through when it's time to get professional tax help and what you can do to help keep your accounting costs down.
- Lesson 2: Lodgement Deadlines [3:46] | As a business owner, there are LOTS of due dates to juggle. But don't stress, I've got you covered with a comprehensive outline of all the small business deadlines so the ATO isn't chasing you.
- Lesson 3: EOFY Checklist [4:46] | I've made the end of financial year a BREEZE by creating an easy to follow checklist that will get you ready to lodge your tax return with confidence!
- Lesson 4: Tips & tricks to getting your books ready for tax time [5:47] | I've seen all the common bookkeeping and tax mistakes made by small business owners and compiled your very own CHEAT SHEET to nail tax time.
💰 Student Resources 💰 Calendar: Financial Year, Checklist: EOFY, Checklist: Tax Return (Business)
MODULE 8
Accounting Software: Picking the right software is essential to your business success!
You’re going to learn:
- Lesson 1: Cloud Accounting [5:58] | Long gone are the days where you could only access your accounting software from a single desktop computer. The future is here, where real time data can be accessed at any time, across any part of the world. That's why we LOVE cloud accounting and the way it helps so many businesses.
- Lesson 2: Types of Cloud Accounting Software [8:34] | Acronym overload? MYOB, QBO, Xero...it can be a little confusing, but I am here to break it down. Let's run through the options available and find the best solution to meet your customised business needs.
- Lesson 3: Cloud Accounting Add Ons [2:09] | Work smarter, not harder! Whilst cloud apps can add an additional recurring cost to your business, the time saved will pay you back ten fold! Invest in the time to pick the right tools to streamline your business.
💰 Student Resources 💰 Worksheet: Which cloud accounting software?
MODULE 9
Bookkeepers & Accountants: A partnership made in heaven!
You’re going to learn:
- Lesson 1: Bookkeeper [6:46] | Bookkeepers are just more than 'bean counters'. They have the skills and expertise to help level up your business in ways you didn't think were possible. Let's demystify what they do and when to engage a bookkeeper!
- Lesson 2: Accountant [3:38] | Accountants can do more than just lodging your annual tax return. They are your trusted business advisor, someone you should speak with more than just once a year! Let's break down their role and how they can guide you to business success without the tax headache.
- Lessons 3: The Right Fit - Building your 'Dream Team' [6:43] | Not all bookkeepers and accountants are made equal! Let's run through where to find someone reputable and what to look out for.
💰 Student Resources 💰 Cheatsheet: Finding a new bookkeeper or accountant
MODULE 10
Next Steps: You've got the tax knowledge down, but don't forget these important to-dos!
You’re going to learn:
- Lesson 1: Bank Accounts [4:06] | The correct bank account set up and strategy will make cashflow a breeze. Let's run through the ultimate business bank account set up for your business and how you should be using your accounts.
- Lesson 2: Insurance [6:42] | Insurance is sometimes forgotten at the business start up stage and yet is one of THE most important parts. Let's run through what you need to do to (or rather who you need to see) to get yourself legitimately covered.
- Lesson 3: Legals & HR [5:23] | There's only so much advice I (as a tax accountant) can give you without crossing the line. Sometimes you need to consult other professionals to sort out things like employee contracts or lease agreements.
- Lesson 4: Intellectual Property [3:11] | We can't forget the importance of getting all your ducks in a row when it comes to intellectual property. Let's review some general checks (like securing your domain) and who you might seek to get expert help.
- Lesson 5: Small Business Checklist [1:11] | Wrapping up your Finance Yourself Academy journey, we're going over the checklist breaking down the essentials to starting a small business in Australia. Get ready to tick off those boxes as Michelle guides you through the must do's of starting a new business.
💰 Student Resources 💰 Checklist: Starting a small business
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