For many small business owners, bookkeeping is a part of the business that is often overlooked, or left until the last minute.

Bookkeeping is a task that many business owners hate doing, and is often rushed, left to the last minute, or carried out late at night after a hard day at the office or on site

Simple bookkeeping mistakes can become very costly

Simple bookkeeping mistakes can become very costly, sometimes even thousands of dollars- cash that would be better seen in the bottom line. Incorrect bookkeeping can expose owners to substantial fines if discovered by a Tax Office audit

Here’s a list of ten common mistakes made by small business owners in DIY bookkeeping

1.GST – The tax office requires valid tax invoices for you to claim GST

2.Claiming GST credits without realising that your supplier is not registered fo GST

3.Claiming GST without valid tax invoices

4.Not understanding the accounting software package
As accounting software packages are simplified by programmers, they seem to get more complicated for the end user. Many of the functions are confusing for the business owner who may have no understanding of double entry bookkeeping. This can lead to business owners doubling their work in an effort to create the desired reports, and therefore producing inaccurate bookkeeping records

5.Incorrectly allocating the data entry can result in missing valid tax deductions that should rightfully be claimed. Your accountant will generally not have time to go through each item, and may not fully understand your business. So if you’ve allocated data incorrectly, you r accountant may also miss those claimable items

6.Missing deadlines for Business Activity Statement (BAS) and PAYG lodgements
You could be subject to fines and penalty payments

7.Superannuation contributions –
Under the Superannuation Guarantee legislation, you are required to pay 9% of an employees ordinary time earnings – many small business owners are unsure what constitutes ordinary time

8.Bank reconciliations – many businesses do not understand the purpose of, or how to reconcile the bank account with the data entry – causing room for errors

9. Failing to issue invoices regularly
This can badly effect your cash flow, as well as leaving your business wide open to overdue debtors being overlooked

10.Backing Up your records
We’ve all experienced an inexplicable failing of our computer, be it a power surge or the hard drive just crashing – or even the computer being stolen. Where would you be if you’ve got no back up of your accounts?
You should make it a habit to back up every night, every week, and every month

Contact us today for an appraisal of your bookkeeping and we’ll show you how you can save time and money with your bookkeeping

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Human resource management in international businesses are activities such as human resource strategy, staffing, performance evaluation, management development, compensation, and labour relations. All these activities are inter-dependent, and must be appropriate to the firm’s strategy.

Staffing policy is concerned with selecting employees who have the skills required to perform particular jobs. Staffing policy can be a tool for developing and promoting a corporate culture.

An ethnocentric approach to staffing policy fills all key management positions in an international business with parent-country nationals. The policy is congruent with an international strategy. A drawback is that ethnocentric staffing can result in cultural myopia.

A polycentric staffing policy uses host-country nationals to manage foreign subsidiaries, and parent-country nationals for the key positions at corporate headquarters. This approach can minimize the dangers of cultural myopia, but it can create a gap between home-country and host-country operations. This policy is best suited to a multi-domestic strategy.

A geocentric staffing policy seeks the best people for key jobs throughout the organization, regardless of their nationality. This approach is consistent with building a strong unifying culture and informal management network, and is well suited to both global and transnational strategies. Immigration policies of national governments may limit a firm’s ability to pursue this policy.

A prominent issue in the international staffing literature is expatriate failure, defined as the premature return of an expatriate manager to his home country. The costs of expatriate failure can be substantial.

Expatriate failure can be reduced by selection procedures that screen out inappropriate candidates. The most successful expatriates seem to be those who have high self-esteem and self-confidence, get along with others, are willing to attempt to communicate in a foreign language, and ca empathize with people of other cultures.

Training can lower the probability of expatriate failure. It should include cultural training, practical training, and it should be provided to both the expatriate manager and his spouse.
Management development programs attempt to increase the overall skill levels of managers, through a mix of ongoing management education and rotation of managers through different jobs within the firm to give them varied experiences. Management development is often used as a strategic tool to build a strong unifying culture and informal management network – both of which support transnational and global strategies.

It can be difficult to evaluate performance of expatriate managers objectively because of unintentional bias. A number of steps can be taken to reduce this bias – *cultural bias should be alleviated; *a former expatriate who had served in the same location should be involved in the appraisal; and, *the home-office manager should be consulted in the appraisal.

Country differences in compensation practices raise a difficult question for an international business. Should the firm pay executives in different countries according to the standards in each country or equalize pay on a global basis?

The most common approach to expatriate pay is the balance sheet approach. This approach aims to equalize purchasing power so employees can enjoy the same living standard in their foreign posting that they had at home.

A key in international labour relations is the degree to which organized labour can limit the choices available to an international business. A firm’s ability to pursue a transnational or global strategy can be significantly constrained by the actions of labour unions.

A principal concern of organized labour is that the multinational can counter union bargaining power with threats to move production to another country.

Organized labour has tried to counter the bargaining power of multinationals by forming international labour organizations. In general, these efforts have not been effective.

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