Women's Business: Sarah Hyland
7th April 2021
From a young age, I knew there was something powerful to be said for using business in a social context, for the betterment of our communities and for humanity. As an Anaiwan woman from Uralla in North West NSW, I now very gratefully call beautiful Larrakia country in Darwin my home.
Today, I’m one of a very few First Nations people running accounting firms in Australia and it’s been a journey to get here. Before starting my own practice, I worked in the corporate world including stints at a bank and Big Four accounting firm.
I began to reassess my career after having my first child in 2018. I wanted more flexibility, but also yearned to work with businesses that have a positive impact on community, and the world.
Following an unsuccessful search for a values-based organisation to work for, I instead launched Together Business in 2019. I have since found purpose in providing socially responsible businesses (including many Indigenous-owned enterprises) with advice centred around setting set them up for success.
I love being in business for myself, with a highlight being the collegiality that I find amongst fellow Indigenous Entrepreneurs. Connecting daily with leaders driving change through connecting culture and business in meaningful, innovative, sustainable ways gives me job satisfaction that I once had only imagined.
Let’s talk about tax, baby
I will be the first to admit that tax isn’t a sexy topic.
I will also be the first to tell you why it’s important to pay attention to before 30 June 2021, to reduce your tax and grow your wealth.
The number one pre-requisite for tax planning is having accurate, and complete bookkeeping records.
NOW is the time to catch up on all your admin, file receipts, reconcile your bank account(s), and review your financial performance for the year to date. By doing this now, allows you sufficient time to implement strategies to influence your tax bill before the financial year end.
For more information on planning for tax time, check out our tax minimisation guides below:
Minimise your 2021 Personal Tax
Minimise your 2021 Business Tax
Where possible, automate!!
My best advice for the financial management of your business is to invest in software and systems which let programs do the heavy administrative lifting for you.
There are some amazing products on the market, and for reasonable prices which makes sound record keeping accessible to everyone. My top 4 apps/tools to make the financial management of your business easier:
- Xero – In my opinion this is the most user-friendly product on the market for bookkeeping software. Starting from $25/month
- Hubdoc - Automated your expense management and receipt filing. Included in most Xero plans
- For ecommerce, an integration tool to your Xero account is essential. A2X is my preferred tool for Shopify, Amazon, Etsy, Walmart and eBay sellers. Starting from $20/month
- For service businesses, track time and invoice using Xero Projects. $10 per month on top of your Xero subscription
