Coffee TIme Minutes - 25th May 2011

Welcome

Welcome to our new visitors.

Apologises

Dujon & Kathy, Bev and Dawn

Who we are?

Small and Home Business owners meeting to build relationships from other SBO’s.

What is CT?

Relatively casual meeting group, where you can network, talk about business ideas and strategies, and learn from one another.

Where?

Tuggerah’s Zenith Centre.

When?

At 10.30 am on the 2nd & 4th Wednesdays of the month. Arrival 10.25 am for 10.30 am start. (Runs for about 1 hour)

Update on our Raffle?

This weeks raffle raised $41.00 bring the total raised $344.75 this year for the Iris Foundation in 2011.

This year we will continue with our Raffles and donation to Iris Foundation. This year we will do a raffle again for the Iris Foundation. We will be looking for prizes/donations up to the value of $10. Its will be up to you if you would like to participate and none should feel obliged. Tickets will be $2 each, or three for $5.

Updated Members

We have over 105 members for Coffee Time. You can come when you are free, never feel obligated and always feel welcome. I have a list with everyone who has come along to Coffee Time; I am updating the distribution list. If you would like to be included, please check your details are correct, update where necessary and add if not on there.

There are 2 business card holders, please feel free to put your business cards in, these are passed around each meeting, and feel free to support each other and utilize their services.

Networking:
· Coffee Time 8th June
· Fridays round the coast SBNG – 3rd Friday here at Zenith
· BEC – Women’s Forum 1st June at Diggers @ the Entrance
· BWC lunches on each month – for more info contact Kym Williams
· 15th July – Westpac Chopper Race Day

Expo’s in 2011
· 22/6/11 Central Coast Women’s Network – Mingara Tumbi Umbi

Advertising with Buy Local
· B2B – online buy local $22 per month – see B2B or www.buylocalconnect.com.au
· Book now and sign up – and you will get couple of months for free (coffee time members only)

Education:
2011 – Visit BEC upstairs or log on to www.ccbec.org.au
Courses:
25/5/11 - Modern Selling Techniques
8/6/11 - Business Planning
15/6/11 - Business planning
13/7/11 – Importing and Exporting

Action Coach is running Business Mastery – Business Cart IV. If interested contact Michelle on 4369 3704

Small Business Week:
30/5 – How to budget to success – Cashflow @ Zenith 10.30 – 2.30
31/5 – Recovery of Outstanding Debts - @ Zenith 6pm to 9pm
1/6 – From Success to Significance @ Diggers The Entrance 11 – 1.30
1/6 – Fair Work for Small Business - @ Gosford RSL 11 – 1. or 2 – 3.30
For more information, please go to BEC, or DRDI (DII)

Update:
· Iris Foundation is having a treasure hunt at the buy local festival. Looking for donations - $20 for each business. Contact admin@irisfoundation.com.au
· NSW Business chamber has an alliance with local chamber of commerce’s, speak to Daniel Farmer or your local chamber
· 18th June – Masquerade ball at Wyong Race Club $77 per ticket Kate – Events with Pizzazz. Bring a virtual guest for $10, and then money will go to the Iris Foundation
· 23rd July Christmas in July
· Melbourne Cup – Wyong Race Club
· Buy Local Key Rings – going coin donation – money raised goes to the Iris Foundation

Wins:

Nicolette – 9 weeks in Business and has 7 weddings booked, was the photographer at the B2B event
Kate – 2Go & seafm ads going to air this week.
Juls – invited to talk at a women’s centre and cancer council
Lyn – B2B Festival has 2 new sponsors for next year
WCC – raised $600 for cancer council biggest morning tea.

Who are you & what do you do: 30 Sec story about you

Tarnia Gurney
Gurney Financial Services www.gurneyfinancialservices.com.au
Planningwerx4U www.planningwerx4u.com.au

Kate Morris
Events with Pizazz www.eventswithpizazz.com.au

Marama Carmichael
Essential Wellbeing www.essentialwellbeing.com.au

Kellie Targett
Insurance Adviser net ktargett@iaa.net.au

Lyn Thompson
Buy Local online/ LBH Promotions/ B2B www.b2bwithatwist.com.au

Toni Fountain
Insight Health www.insighthealthaustralia.com.au

Warren Garth
Cats Accounting www.catsaccounting.com.au

Jay Lewis
Work Cover NSW www.workcover.com.au

Melissa Cooper
The Art of Intimacy www.melcooper.com.au

Shaun Nicolson & Selma Sancar
Voice Concepts www.voiceconcepts.com.au

Tony Bourke
AIIB Insurance www.aiib.com.au

Leanna
Intimate Whispers www.intimatewhispers.com.au

Nicolette Gregory
Photographer onefitone@bigpond.com

Jules – Insight Health


Today’s Presentation: Warren from Cats Accounting

What do accountants offer?
Tax returns
Software to help your business
Look at drivers in your business
Find cashflow problems

What is a specialised service CATS can do - Optimising your business?
MYOB profit optimiser
2 x 12 months figures
Run report
Analyse what cashflow is
Analyse profitability, margins, debtors days, etc

What is the difference between a bookkeeper and accountant?
Bookkeeper – enters raw data into MYOB / Quick books
Accountant – completes Tax returns, analyses figures, profitability, cashflow

Can you change accountants? And what do you need to do?
Letter from new accountant to old accountant.
The old accountant needs to send all records

Who owns your information?
The client owns the records
Accountants can scan all documents and provide to new accountant or/&client

What is the cost of a first consultation?
Usually complimentary
No advice given
Estimate given

How can you reduce your tax income - minimisation?
You should only complete legal taxable income and expenses
There is depreciation of items

What do banks look for if you have no wages but have drawings from business?
Look at depreciation
Look at drawings
Add backs into the accounts

What kinds of business structures are there and which is the best?
Sole Trader – no protection, cheap, ABN
Company – directors, wages and dividends, legal protection, - good
Trust – Discretionary Trust – protected – where $ goes to
Partnership – similar to sole trader – split the profits and losses.

What are the costs?
You pay for time. And hourly rate

GST Registration. When do you register?
$75,000 turnover /gross income
Today we raised $41(included in total for year). Thanks for your support. Today’s winner is Lyn Thompson, Thanks to Dawn & Bev who has donated today’s prize.

Planningwerx4u has Business Planning Cds for $50 each, if you would like one please let Tarnia know.

Thanks and see you next time

NEXT MEETING: 8th June
Presentation – Budgeting