Summary

In today’s episode Trudy speaks with Diane McCaffrey from BYO Group.  Diane is a transactional accountant who works with businesses of all sizes.  She has extensive practical experience in accounts payable, accounts receivable, payroll, BAS returns (she’s a certified BAS agent) and management reporting.

Before setting up BYO Group, Diane held senior positions in a number of private companies where she was responsible for liaising with banks, external accountants, auditors, senior management and boards.  

In short, she knows her stuff.

And in this interview, Diane shares some great tips that will help you as a solopreneur or small business owner, start to build a great financial foundation.

Diane talks about Chartered Accounts (the different buckets that your expenses come into) the Profit & Loss statement and the balance sheet and how to look and drive your business through the different reports. 

Trudy and Diane continue to talk about – 

1. The importance of asking questions and getting help from someone that can train you to understand your accounts 
2. Knowing your pain points in your business and how to rectify them 
3. When to register for GST and the tax benefits of registering your business for GST from the beginning 
4. As a small business owner the number one thing to know is to always work on your business not just in your business (sales)
5. The importance of Superannuation and tips in small business 
6. Questions small business owners should ask when looking for a bookkeeper
7. Credentials & tips on finding a bookkeeper and or a BAS agents 
8. What to prepare prior to your first meeting with your Bookkeeper 
9. Masterclass coming up

The transcript for this episode can be found here.

Resources 

 BYO Group 

Today's Guests

Diane McAffrey

Over the past 23 years’ of accounting and bookkeeping experience Diane helped thousands of small business owners establish streamlined financial processes, create accurate bookkeeping systems and understand their financials, so they can achieve their goals.