As I meander my way around the various social media outlets…I have finally been introduced to Twitter!

Of course I’ve always known about Twitter, but have never taken an interest…until now.

I received an e-mail this week from a business associate asking for a photograph so she could “tweet” that I was attending an upcoming conference (makes me sound kind of important hey?)…I’ll be happy to provide this when I find something that looks half decent…but more importantly it gave me the jolt I needed to set up my own Twitter account.

The one question I have is – how am I supposed to get my head around all this #hashtag stuff?  I’m perfectly capable of writing a sentence (most of the time), but I think it’s going to take a bit to get used to the #hashtag business!

I once sat next to a woman who spent an entire full day seminar “tweeting”…I have no idea how she did it! I definitely need some help, if anyone has any advice, please let me know!

So if you are a Twitter user, or you know a Twitter user, please point them in my direction… @bronthetaxchic

Regards

If you follow The Tax Chic on Facebook, you’ve probably seen me reference the Reserve Bank of Australia…the RBA…(if you don’t follow The Tax Chic on Facebook, please click here to like!)

But exactly who are the RBA?

According to their website: “The Reserve Bank of Australia (RBA) is Australia’s central bank and derives its functions and powers from the Reserve Bank Act 1959. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an agreed medium-term inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation’s banknotes. The RBA provides certain banking services as required to the Australian Government and its agencies, and to a number of overseas central banks and official institutions. Additionally, it manages Australia’s gold and foreign exchange reserves.”

The one function the RBA performs, that most businesses and individuals are interested in, is the setting of interest rates.

On the first Tuesday of each month, the Board of the RBA meet to determine policy, and at 2.30pm AEST, an announcement is made regarding the cash rate.

Any changes to the cash rate means an “almost certain” change in interest rates by banks.

You can find out about any changes to the cash rate by keeping an eye on Facebook…I’ll happily keep you updated!

Regards

The month of August showcases the Small Business Festival Victoria!

With over 300 events, workshops and seminars across Victoria, the Festival aims to provide information to help you start your business, or help it grow…no matter what industry you are in or whether you are a new business or well established, you are bound to find something of interest to you.

There is a good mix of face-to-face events and webinars, some with a small cost to attend, but many are free of charge…the only investment is your time.

For me and my business, I’ve been scouring the Festival program to see what I can fit into my schedule (August seems to be particularly busy…!) – I’ll be attending a mix of events, and look forward to the information I’m going to absorb!

Another great aspect of the Festival is the Regional Partner Festivals which are held in the following locations:

• B31: Ballarat Business Month
• Geelong Small Business Festival
• North East Small Business Festival
• Bendigo Small Business Festival
• Gippsland Small Business Festival
• Warrnambool Small Business Festival

With so many locations, as well as online options, I encourage anyone in business to take a look at the program and see if you can find something to whet your appetite!

You can read all about Small Business Festival Victoria here!

Regards

Can you believe it’s already the 1st day of the 2nd month of the financial year??

Of course with the end of month comes another round of financial month end procedures…including the bank reconciliation.

I’ve worked with many clients in the past who haven’t really bothered reconciling their bank account on a regular basis…and in all honesty…it drives me nuts!

In recent years, the use of internet banking, including receiving direct deposits into your bank account and making direct payments (either by transfer or Bpay)…has reduced the number of outstanding transactions a business might have, since there is only a short delay in funds being cleared…but it is still important from a “good practice” point of view to reconcile your bank account on a regular basis, plus there’s the added bonus of having instant access to your bank statement!

Reconciling your bank account ensures that you are recording all of your automatic payments (such as loans and bank fees etc) as well as ensuring you receipt all amounts received from clients (this helps in avoiding unnecessary follow up calls…awkward!).

And don’t forget to reconcile any business credit card accounts while you’re at it – many GST claims are delayed by not properly processing and reconciling business credit cards…those small amounts can add up quickly!

So please do me a favour…pretty please…reconcile your bank account at least monthly, at the very least quarterly…and the absolute least annually!!

Regards