Whilst you may be eager to get your tax return done come July 2019, make sure all your ducks are in a row! https://www.publicaccountant.com.au/news/ipa-issues-tax-time-warning-lodge-early-at-your-peril?utm_source=Public%20Accountant&utm_campaign=07_06_19&utm_medium=email&utm_content=1 Read more
Thinking about turning your passion into a paying gig? These steps will help you avoid some common mistakes as you set out to earn an income from your favorite pastime. Do you have what it takes? Unless you’ve run a business before, it’s easy to get carried away with the idea of how perfect it will be to get paid for doing what you love. Reality check: the stress of… Read more
Good news for small business owners: according to the US Small Business Administration, nearly 80% of small businesses survive their first year. However, that number begins to drop as time rolls on. Only half of small businesses pass the five year mark, and a mere third celebrate their tenth anniversary. Taking steps to create a good foundation in the early days of your business is essential for a sustainable and… Read more
We live in a highly regulated country – no argument there. There are two things in life that seem largely unregulated in Australia and can have huge implications on everyone’s lives – businesses and babies! Now, I don’t think I have the time nor money (but certainly the conviction) to tackle the subject of people having more foresight before ending up with that bundle of joy, but I can at… Read more
Small Business Digital Champions The Small Business Digital Champions project is an Australian Government initiative designed to make it easier for small businesses to engage with digital technology and unlock their potential. The goal is to help businesses be more effective, competitive and ultimately, more profitable. As part of the project, 100 small businesses have been selected to receive a digital transformation, including products and services from the Corporate Partners.… Read more
Billing schemes. Skimming. Check tampering. Employee fraud is a real risk for entrepreneurs of fewer than 100 employees. In fact, according to the Association of Certified Fraud Examiners 30% of fraud cases take place in small businesses. This article will help you identify the most common signs of fraudulent activity before an unscrupulous employee destroys your business. Identifying high risk employees When an employee has something to hide, their conduct… Read more
No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by the tax authority to review your accounts and confirm your taxes have been paid to date – don’t panic. Prepare. These four steps will help you get through the process with minimal stress and the best possible outcome. Respond promptly If… Read more
When you run a small business you likely want to spend as much time as possible on the tasks that make money for your business. Unfortunately, there are many day-to-day chores that require your time but aren’t necessarily worth your energy. Faced with those errands, many small business owners either spend their valuable time and energy on chores they hate or put them off until the last minute. That’s where… Read more
They both work with financial data; they’re both essential for managing a successful business. Yet the roles and duties of a bookkeeper and accountant rarely overlap. If you’re like many business owners, you may not be exactly sure of the differences between a bookkeeper and accountant – and whether you should hire one, or both. An established, growth-focused company will employee the services of both an accountant and bookkeeper. The… Read more
Do you have employees?Then you need to be ready for Single Touch Payroll! By now you may have heard the buzz around Single Touch Payroll. It’s a pretty big deal for any business that has employees. So…what do you need to know and how does it affect you? Keep reading to find out. What is Single Touch Payroll? Single Touch Payroll (STP) is a new way to do your payroll… Read more
Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering… Read more
This could not come at a better time. We have just had Easter. Did you have a break, or work? Or maybe a bit of both. Sometimes you need to disconnect from the grid! https://insidesmallbusiness.com.au/planning-management/five-technology-hacks-to-create-some-worklife-balance Read more
Although most entrepreneurs recognize the importance of careful financial management, few want to spend their time dealing with numbers. Unfortunately, not keeping a close eye on your income and expenses can be very costly for a business. Here are five of the most common bookkeeping pitfalls, and some simple tips for getting back on track. Mixing business and personal All too often, entrepreneurs adopt a “buy now, sort later” approach… Read more
Cash flow is King… it is an oldie but a goldie! There are a few simple tricks, starting with: Not letting it go until it is paid for! Now if think you are in an industry that cannot do that – BE DILIGENT! If you are not careful and collect those funds, you will be somebody else’s bank! It can turn into an arduous ordeal to collect YOUR funds. There… Read more
This is a good article for a tradie starting out – but can I add?? You need a good Bookkeeper (BAS Agent, preferably) and a good accountant! But read on! https://insidesmallbusiness.com.au/planning-management/the-best-tips-for-tradies-starting-their-own-business Read more
Okay, there probably aren’t a lot of people who need to be convinced that a shorter workweek is a great idea. Small business owners, however, might be on the list of people who need a little encouraging. After all, every day they take off could mean a longer day to make up for the missed hours. There are some very real benefits to working a shorter week and those benefits… Read more
So… you don’t want to pay more tax? New legislation coming in on the 1st July 2019 can deny the deductibility of wages if the relevant lodgment is NOT done on time. That’s a quick way to pay more tax! But wait! There’s more and you can read about it in the article below. Tax deductions on employee and contractor payments at risk Read more
You need to be in it to win it!!!! I have filled it out – and it is not too onerous – particularly if you happen to end up in receipt of one of the prizes! If you think you need to learn how to be a digital champion, follow the links in this article http://www.pubacct.org.au/news/small-businesses-invited-apply-digital-makeover?utm_source=IPA&utm_campaign=IPA_Bulletin04_01_18&utm_medium=email Read more
If you have arrived at the point where you need to sort your life – well! Let’s start with creating and sorting your Outlook Tasks. I do know there are lots of softwares that will do this – at a cost. If you are a small business, or not quite sure you are ready for more costs. Create a basic O365 task and sort into a business order Click Tasks> New Task or… Read more
Well! Something that excites me! Back to basics at school! And the only thing that could excite me more would be if they applied more of these theories across the school curriculum! So, let’s be thankful there are discussions (even if it is not for another 5 years) to get education about tax and super into the the minds of our students. Hopefully when the current Year 1 kids of… Read more