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The 5 Bookkeeping Principals You MUST Get Right

5 Bookkeeping Principals You MUST Get Right

There are few things more critical to success than the set up of your accounting system when you are running a business.

To understand your TRUE financial position you need to read the RIGHT financial data.

If this is so, why do so many trade business owners get this SO WRONG?

What do we mean?

The Chart of accounts are a mess, the Profit & Loss Statement is built the wrong way giving you no insight into what is flowing in and out of your business, and your reporting is unreliable..  and the worse part is… it’s been this way for years!

No wonder you don’t understand your true financial position. You’re running your business with a blindfold on!

Making sure the absolute basics are set up right in the first place can have a ripple effect throughout the whole business.

It’s time to fix this once and for all!

In this presentation Ange discusses the must have features to set up in your finance system with our expert, Magdaleen Kelly, CPA, Xero Expert and Director of AquaVantage Accounting.

Watch now to learn:

  • The basics to get right when setting up your Xero file and converting from other accounting software platforms.
  • What your Chart of accounts is and why it is so important to get right! PLUS what it should look like to operate a successful trade business.
  • How to bullet proof your expense, revenue and GST allocations.
  • How to streamline and automate your bank reconciliation process.
  • Right data in is right data out. When you fix your inputs the outputs will fix itself and in turn build meaningful reports that tells your business’ unique story.

No more running your business in the dark!

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Special Offer!

For a limited time AquaVantage is offering a discount to Lifestyle Tradie members on a full Xero Health Check.  For details email us at
info@lifestyletradie.com.au with the title of your email as XERO HEALTH CHECK and we’ll fill you on how to contact Magdaleen and special offer.

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