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Bookkeeping By Lily

Name: Bookkeeping By Lily
Address: Leichhardt, NSW, 2040, AU
Telephone: +61423168862
Price range: $$

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Leichhardt, NSW
Bookkeeping By Lily

I empower women entrepreneurs in digital business to have the vision for financial freedom and then Thanks for stopping by! The result? Does that sound like you?

I’m Lily Hii, and I have a confession to make: I love numbers and I love being able to help people just like you! Technically I’m a Bookkeeper, but that sounds boring. ‘Bookkeeper’ is a word that never seems to capture just who I am and what I do, so let me introduce you to Lily…. For me, the numbers of any business – and let’s face it, the numbers are everything in business – tell a story of the

company. I love learning the story and sharing it with the person it belongs to. I first learnt to love the numbers when studying mathematics at university and have spent the past fifteen years working as an accountant and bookkeeper for various firms and companies in Sydney. My professional experiences equipped me with all the skills I need to be great at what I do, but those years of work never managed to satisfy my need for a personal connection – I missed sharing in the story with the people who really care. And so I decided to change everything and follow my heart! Bookkeeping by Lily; my very own bookkeeping business. I now work with people with passion, with entrepreneurs who are chasing their dreams and have the creativity to make their products sing but not the know-how to read and write the story of the figures. Will you let me carry the burden of the ‘books’ and allow you to fly higher? It’s a lot to ask any entrepreneur to share their secrets, so let me offer you a little more of myself before you entrust me with the story of your business: I was born in Malaysia but moved to Sydney in 1997 for school, then university, and finally work and a family. I have two gorgeous children aged 7 & 5, and a patient husband who works as Risk manager at CBUS. Lily the Bookkeeper is just as patient and passionate, but comes equipped with a determination to succeed at all costs. When it comes to business, I believe nothing is impossible. I don’t have clients – I make friends and join the team. I don’t offer a service, I share my knowledge and channel everything I have towards making the numbers tell the right story. Your dreams become mine, and I take over the ‘numbers’ so you are free to do what you do best! And that’s me! I’d be honoured if you would like me to share your dreams. If you have any questions or think I might be the numbers woman for you, email me at [email protected]

NOTE: We have branched out to MELBOURNE!!

30/06/2024

Let’s talk superannuation.

As a sole trader, I’m sure you’ve wondered, “Do I need to pay super?” 🤔

I’m going to break it down for you nice and easy. The short answer is no, you’re not required to. However, SHOULD you be contributing to your super??? My answer is… YES. ABSOLUTELY.

Saving for your future is important and that is why I suggest you get onto it now. Ultimately, YOU are responsible for funding your retirement, so if you skip on making payments now, it may cost you in the long run.

In my eyes, it is far better to gradually build up your super over time than to forfeit a large sum later down the track. Worst-case scenario: You might be left with nothing when you are ready to retire and have to rely on the pension, which might not be able to support your lifestyle.

Unfortunately, research shows that self-employed Australians, on average, have lower superannuation balances than wage and salary earners of every age. That’s crazy, huh, especially when super contributions are tax deductible.

Use this post as a reminder to start making regular payments for a better future for yourself, your business and your family - and don’t forget to track them as a deduction 😉

07/06/2024

I get it, small business life is hard. You have a family, you’re a business owner, and you wear a thousand hats, so sometimes tax can get thrown into the too hard basket.

Here are five mistakes I see oh so often in the bookkeeping and tax world👇🏻

1️⃣ Mixing personal and business expenses: This can cause a massive headache come tax time and make it difficult to accurately calculate your business income and expenses throughout the year. Keep finances separate by maintaining separate bank accounts and credit cards for business expenses.

2️⃣ Not setting enough money aside for taxes: I know it's hard to dig into your income and put money aside for your taxes, but this is a really important one! There is nothing worse for me when I see how stressed my clients are when they are hit with a big tax bill they haven't planned for 😔

3️⃣ Setting your business up as a company "to look better" instead of a sole trader can be a costly mistake. The truth is if you aren't earning a certain amount each year and have set yourself up as a company, you are going to be paying a lot more in your taxes each year. Goodbye, tax-free threshold! 👋 It's crucial to talk to an expert and know your numbers before you make this important decision.

4️⃣ Not claiming all the deductions you are entitled to: you would think we all want to save money at tax time, right? WRONG, I have seen this one a lot over the years as a bookkeeper. Many business owners think that this $20 subscription, that $50 cafe meeting with a client and these new work clothes won't make a difference. The truth? every. single. thing. adds up, and you will be surprised by the significant difference all those "little" things will make on your tax bill.

5️⃣ Misclassifying employees as contractors: Did you know that even if you have hired someone as a contractor, they might be classed as an employee for tax and super purposes? This could mean you might be out of pocket, possibly thousands of dollars you didn't account for.

As always if this is all just too hard and one hat you don't want to wear, slide into my DMs and hand this job over to me! Call me crazy, but I love numbers 🤪

30/05/2024

Why is tax planning important?

Well, not only does tax planning keep you organised, minimise tax liability, optimise your cash flow, and help you meet your legal obligations it also sets you up for long-term success, which, if you’re new around here, is something I am very passionate about helping my clients achieve!

If you are looking for tax advice, tax planning or tax return services, please get in touch. Spaces are limited for FY23/24 🙂

26/05/2024

ICYMI, I’ve levelled up, and I’m officially a registered Tax Agent! 🎉

Spots are up for grabs for FY23/24, and I’m ready to dive into the tax fun with you! Here’s the lowdown on how Tax By Lily can help:

Tax Planning: Let’s strategize and plan ahead to make tax time a breeze!

Tax Advisory: Need some expert advice on tax matters? I’ve got you covered!

Tax Returns: Sit back, relax, and leave the numbers to me!

Spots are limited, so slide into my DMs pronto if you would like to work with me this upcoming tax season 😊

23/05/2024

Save This Post! 📌

Tax season is sneaking up on us… seriously how is it May already?!” 🤯 time really flies when you’re having fun...or when you’re knee-deep in receipts! 😅 But don’t worry I’ve got your back with a quick Tax Planning Checklist for FY 23-24 to make tax season a little less stressful!

1️⃣ Prepay expenses: Get ahead of the game by prepaying expenses before the year ends. Hello, extra money in your pocket this year! 💸

2️⃣ Maximise super contributions: Pump up that superannuation and watch your retirement savings and deductions grow!

3️⃣ Understand your business structure: Don’t let tax time blindside you! Get to know your business structure and tax obligations inside and out. If you know me, you know I’m all about empowering business owners to truly know their numbers!

4️⃣ Explore tax-saving options: Did you know you might be eligible to defer your tax payments? Get in touch for personalised advice on this one!

5️⃣ Plan your tax cash flow: Get your ducks in a row for tax instalments and dreaded tax returns. Trust me, your future self will thank you!

6️⃣ Review your expenses: Keep those records in check and make sure you’re not missing out on any deductions. Every penny counts, and all those little expenses and subscriptions add up real quick!

7️⃣ Register for GST: If it looks like you’re going to surpass the 75k threshold, it might be time to join the GST club to ensure you are meeting all your obligations.

8️⃣ Asset check: Are your assets depreciating? This is a tricky one, so contact me to chat about it.

9️⃣ Stock take: If your business is product-based, it’s time to review your stock balances and reconcile to ensure your records are correct before EOFY!

As always, I’m here to help if you need more personalised advice for your business. But please book soon, spots are filling up fast for my 23/24 tax returns and planning services!

Is there anything specific you need help with? Comment below, and I’ll jump on my stories!

12/05/2024

Are you a freelancer?... Let me pull you up right there!

Did you know charging GST before you're registered is a common mistake among many freelancers?

GST, for those asking, is a goods and services tax. Only businesses with an ABN and a turnover of $75K or more are legally required to pay GST (with a few exemptions)!

So, while I've got you, grab one of your most recent invoices and double-check that you are charging GST correctly according to your business.

Not sure what to do if you’ve made this mistake? Contact me today, and let me help you tackle the complexities of GST.

28/04/2024

You may hear me talk about Xero a lot around here. That’s because for us small business owners it is an accounting software that connects us with numbers, banks and advisors. It’s magic, all wrapped up into one little program.

So in the spirit of getting ahead of the game, here are my tips on getting your Xero files ready for tax time. It’s never too early to prep for tax time, we all know it sneaks up on us…
👉🏻 Finalise sales invoices
👉🏻 Enter all your bills
👉🏻 Code bank transactions and reconcile all bank accounts
👉🏻 Review accounts receivable and payable reports
👉🏻 Review general ledger and profit and loss reports for the financial year
👉🏻 Review balance sheet on 30th June
👉🏻 Complete your single touch payroll finalisation
👉🏻 Finalise your GST reporting with the tax office
👉🏻 Lock your Xero file on the 30th June

Sounding a bit too overwhelming? Don’t have enough time to tick it all off? Handball this one over to me! I’ve got ya!

24/04/2024

When it comes to tax planning, getting ahead of the game is always a good idea. Still have questions? I’m sure I can answer them! Send me a DM!

19/04/2024

Take what's rightfully yours!! I'm talking about claiming your expenses 😉

Sole traders incur many expenses as part of their business (obviously). But did you know that 42% of sole traders don't claim all they're entitled to?!

"Well, how can I ensure I'm claiming all my expenses, Lily?"

I'm glad you asked! Here are my 5 tips to knuckle down on claiming expenses:

1️⃣ Know, firstly, what you can and can't claim (get in touch if you're unsure about this!)
2️⃣ Create a process for your expenses (DM me for my FREE expense tracker 🎉)
3️⃣ SAVE. YOUR. RECEIPTS. (every single damn one of them)
4️⃣ Regularly upload your receipts into your accounting software of choice
5️⃣ Review regularly

This is your reminder to get to it! June 30th is fast approaching! 🏃 💨

16/04/2024

Did you hear? I offer tax advice!

What is tax advisory, you may ask? It is a service where I analyse your financial information to guide your future finances. I help you to:

💵 Understand the impacts of your financial decisions
💵 Maximise your tax position by offering advice
💵 Make financial decisions taking into account business or personal financial goals

I could go on and on. That’s why I’m here to help. All of this is a lot of work, and by teaming up with me, you can tick it off your to-do list.

So, if you need help minimising tax risk and optimising your financial decisions to reduce taxes paid, I’m just the gal for you! You know where to find me… say hello 👋 if this is something you might be interested in!

01/04/2024

Drumroll, please! 🥁

Introducing, Tax By Lily 🎉

I am thrilled to share that I am now a registered Tax Agent and I'm officially adding Tax Planning, Tax Returns and Tax Advisory to my list of services.

This moment has been a long time coming and being able to offer both bookkeeping and tax services under one roof is a game-changer, not only for myself but also for my clients who are now able to streamline their bookkeeping and tax returns. I can't wait to help you navigate the ins and outs of both worlds! 💃

So, whether you're a seasoned entrepreneur or just starting your business journey, now's the perfect time to get ahead of the game and book in for your FY24 tax services! Let's get organised and set you up for success this financial year and beyond.

Spaces are limited, so be sure to reach out and secure your spot ASAP! Thank you all for your support over the years, it means the world to me and I am looking forward to this next chapter of Bookkeeping By Lily & Tax By Lily and providing my clients with a bigger and better service.

27/03/2024

IYKYK 😅

Ah, the life of a small business owner, it’s a wild one! Every day is different but one thing that’s constant is that you are awesome!

Sure, there are days when you feel like you’d rather leave it all behind and hop on the next plane to Bali, but that’s life right? The ups and downs are part of the journey, if every day as a small business owner was easy then everyone would be doing it!

What’s your secret to surviving and thriving small biz life?

Address

Leichhardt, NSW
2040

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Telephone

+61423168862

Website

http://www.bookkeepingbylily.com.au/

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My Story

Thanks for stopping by! I’m Lily Hii, and I have a confession to make: I love numbers and I love being able to help people just like you! Technically I’m a Bookkeeper, but that sounds boring. ‘Bookkeeper’ is a word that never seems to capture just who I am and what I do, so let me introduce you to Lily…. For me, the numbers of any business – and let’s face it, the numbers are everything in business – tell a story of the company. I love learning the story and sharing it with the person it belongs to. I first learnt to love the numbers when studying mathematics at university and have spent the past fifteen years working as an accountant and bookkeeper for various firms and companies in Sydney. My professional experiences equipped me with all the skills I need to be great at what I do, but those years of work never managed to satisfy my need for a personal connection – I missed sharing in the story with the people who really care. And so I decided to change everything and follow my heart! The result? Bookkeeping by Lily; my very own bookkeeping business. I now work with people with passion, with entrepreneurs who are chasing their dreams and have the creativity to make their products sing but not the know-how to read and write the story of the figures. Does that sound like you? Will you let me carry the burden of the ‘books’ and allow you to fly higher? It’s a lot to ask any entrepreneur to share their secrets, so let me offer you a little more of myself before you entrust me with the story of your business: I was born in Malaysia but moved to Sydney in 1997 for school, then university, and finally work and a family. I have two gorgeous children aged 7 & 5, and a patient husband who works as Risk manager at CBUS. Lily the Bookkeeper is just as patient and passionate, but comes equipped with a determination to succeed at all costs. When it comes to business, I believe nothing is impossible. I don’t have clients – I make friends and join the team. I don’t offer a service, I share my knowledge and channel everything I have towards making the numbers tell the right story. Your dreams become mine, and I take over the ‘numbers’ so you are free to do what you do best! And that’s me! I’d be honoured if you would like me to share your dreams. If you have any questions or think I might be the numbers woman for you, email me at [email protected] NOTE: We have branched out to MELBOURNE!!