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Thanks all. That is what I thought but just wanted to check I hadn’t forgotten to do something. Looks to be in order. Now just need to go get a new business bank account of the trust. Should be fun!
Up0Great idea. As a designer and agency owner here is my take on what usually happens:
My clients regularly book last minute ad spaces in offline media – newspapers, magazines, trade publications. The advertise regularly so if a space is unsold they get a call offering a great rate on unused space. However it is still quite expensive meaning most small businesses wouldn’t take up the space. The big problem with last minute ads is they need to be designed last minute to fill the space. Every publication is different and even if a client has an ad they want to use, it will have to be resized and resubmitted, attracting design fees and priority fees. You would have to have an agency on side to redesign the artwork, and have a deal in place with Quickprint / Quickcut. You can’t submit art direct to the majors, they all require artwork to be send via the QP service to ensure ink weights and specs are correct. This saves time at their production end.Up0Yes I emailed Xero and they said talk to Stripe, spoke to Stripe they said speak to Xero. Yeah there is a few 3rd party apps like Zapier, the only issue is they add another $20-50 a month and they look to bring in every customer as an invoice. We just want the bank feeds.
Up0Hi Karen, yep the PayPal feed works well, shows the gross amount and then takes the fee off. Exactly what we want.
The problem is we have PayPal as a gateway option, but use Stripe as our default processor as it is faster, lighter and most importantly a lot cheaper than PayPal.
The problem is accounting software is behind the times and no one has integrations with Stripe as a feed, or Braintree payments which we are looking at using in the future. They allow you to send invoices from directly in their software and be paid using Stripe, but no option to use Stripe as a bank feed.
Up0Looks like you can hack the API on both being open, but being far from a developer bit worried how this might go ….
http://blog.cloud66.com/connecting-stripe-to-xero/Up0Trying to have it all nice and streamlined. Im the bookkeeper!
Moving to a $50 a month program id expect it to do more than just pull over some bank data. Starting to think ill stick with trusty Excel since I’m going to get slammed with accountants fees regardless to pull in data it should collect like these tripe fees / braintree fees.
Pretty disappointing there is no native Stripe support when Stripe is a supported gateway to get paid within Xero.
Up0We use Shopify. The Xero interconnectivity sucks, as we are looking at opening a second store for my wife business (under same ABN), so then there is two lots of fees for the two stores, plus two integration charges. All just to balance books.
We don’t even want to bring in the invoices to Xero as there is no need to duplicate this info. We just want the merchant feeds so we can calculate the correct income and expenses of fees.
PayPal feed comes in fine. As there is a PayPal option in Xero. Allows us to see what we got paid, the fee paid, and this way will calculate the gross revenue. All lists nicely on our balance sheet.
Stripe they don’t offer a feed in service. Or is that Xero don’t offer a feed in service? Either way it doesn’t work.
So we will see the amount hit our linked bank account in Xero once Stripe rolls it over. But say we charge $20 for a product, it will only be say $18 in our account. Which then doesn’t give us the full revenue, doesn’t show the $2 fee paid to stripe, and going forward with GST wouldn’t report correctly as it wouldn’t report the 10% in the $20 or the input credit from Stripes fees.
MYOB. XERO. Quickbooks. All of them suck if you run an online store. Stuck in the past and hoping 3rd party bolt ons work, which they don’t, not for an extra $50 USD per integration.
Was actually looking to move to Braintree for payments – again no support, so will only see the net amount hitting our account, not the gross sale amount and then the fees.
Up0Hi James, when you say exposing the liability do you mean of losses? Also what are the possible capital gains tax consequences?
Up0Louise N, post: 212359 wrote:HiI am starting a new business and am currently designing my packaging. I have covered off on the disclaimer and any safety issues but am wondering if legally need to put my ABN and business address on the the packaging?
Any advice welcome.
Thanks
Louisewhat sort of packaging is it for? depending on your product there may be more or less things you need to state on there.
*Previous experience in packaging design / wife runs a label compliance business *
Up0Thanks everyone. Read through the links. Wanted to know how invoicing works. We currently have two business names, essentially two different businesses for customers, but ATO sees it as one business as it has one ABN. They are under one ABN as a sole trader.
Was going to setup two companies, then my accountant said that was crazy, they could go under the one company, or under a trust with a company setup as the trustee – he said this was more advantageous moving forward with wealth creation and safeguarded myself or my wife from potential problems if someone ever sued the trustee directly.
We currently keep two sets of books for our business so can see two profits and losses. Goes under one tax return. My accountant said thats the way to do it under the new system too, but it will just be under a trust/trustee name instead of my name.
Once all setup I’m not sure what my online store or my design business will invoice as. At the moment they invoice just with their respective trading names + my sole trader ABN.
So. When issuing invoices, will it have on it:
• Business Name + Company ABN
• Business Name + Company Name Pty Ltd + Company ABN
• Company Name Pty Ltd + Company ABN
• Trust Name + Trust ABN
• Business Name + Trust ABN
• Trading Name + trustee for Trust Name + Trust ABNOr some other wacky combination not covered above?
Up0Wow that looks pretty good – and Free! Love it. Might check it out against some of the others. My worry is it looks US based which Im normally 100% for but not sure if that means it won’t be as optimised for the AUS tax system. My accountant has said I will need to register for GST next year, which could add another layer of complexity to everything.
Up0My Guy, post: 212195 wrote:You also get 15% of the 2nd business.So when you say log in two the one account and choose the business you want to add things in as expenses, do you need two memberships and get 15% off the second one, or under one membership you can setup two lots of books?
Up0ThexArm, post: 212080 wrote:You may be better off to get a accounting system in place instead of excel sheets. How do you track GST? Have you reached the turnover limit where you need to submit BAS? You can have 2 data files (1 for each business) in an accounting system (Xero or Myob) such that you can track your numbers better and be able to produce P&L for individual business.I need to speak to my accountant regarding this turnover limit. Previously it wasn’t a problem but suddenly it might be. To answer – at the moment neither is registered for GST so no BAS. Its just done at EOFY with my personal tax.
Yep just two spreadsheets, one for each business at the moment.
Looked at Xero – OMG expensive. Looks great, but way too expensive on top of all the other subscriptions – email, website, software packages etc.
Looked at MYOB – haven’t heard anyone but accountants say its good to use or that they haven’t lost data at some point.
Currently looking at Reckon 1. Love the price point, and the bolt on options. I don’t need to invoice from there as I use another online time keeper for invoicing.
ThexArm, post: 212080 wrote:Yes, creating a pty ltd company is another option. You may not need to create 2 companies as you can continue to provide design services as a sole trader. By having a separate pty ltd company you may get extra time to reach your turnover limit as 2 businesses will be treated separately.Thought about this but also like the idea of selling the design business in the future. Got some things in the pipeline for this which might make it fairly attractive to be bought by larger agencies.
