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
Well for anyone who has lived in the Riverina – none of this is news. None-the-less we need to remember to take precautions for ourselves and our fellow workers. If you have choices of when you do the “outside” chores/deliveries/services make sure you do so. If you happen to be a tradie who probably has no choice – as he is heading out to fix YOUR air conditioning…. be careful,… Read more
These are some of the reasons why you should be reviewing your business at BAS time – which is essentially now. Monthly BAS are due and payable by the *21st of the month or *28th of the month after the quarter (*unless a weekend and then it will be due on the Monday). These are the key dates for compliance https://sos925.com.au/key-dates/ One of the advantages of the BAS system is… Read more
It is now January… some are waiting for the credit card bills to come in – hopefully you were one of the people who used your own funds to pay for the Christmas cheer. Very few business owners have the means to operate without borrowing at start up, or later on when it’s time to invest in growth. Borrowing, however, is only a temporary solution to a lack of funds. Without… Read more
This is a trap for new players – and I might say, old players as well. Be careful of mixing up the dates – that is the months and the change of year. If you use the data from your bank feeds, you will NOT have any problems, however if there are any manual entries you need to be very careful! The usual error is xDecember 2019 or xJanuary 2018… Read more
There are a lot of posts going around at the moment on how to fix the Facebook algorithm – personally, I don’t see how a copy and paste will mechanically fix that! I suspect it does make a difference temporarily as people who you haven’t interacted with will actually comment or post – but this is just luring you into a false sense of achievement! Here is another theory on… Read more
SOS-925 Business Advisory Services will be taking a break from the 20th December 2018 until the 7th January 2019. Thank you to existing clients for the year that was – we wish you and your staff, and of course, your families a very happy, safe and joyous Christmas with even more prosperous new year to come. Merry Christmas and a Happy New Year to all! To any potential clients, leave… Read more
While you are taking a well earned break, maybe sitting at the beach watching the waves roll in… contemplate what you have done well and what you haven’t done so well – set some goals and see how your plans can be improved in 2019. Take a bit of time to work ON or business instead of IN your business. These goals can be business or personal – as sometimes… Read more
Whilst the hackers and scammers have been out there for years, it seems they are moving to a whole new level. With the new Cyber Security laws that came in February 2018, anyone in charge of sensitive information (think employee details – for starters) needs to be more careful than ever. Here’s a link if this is news to you. It seems the weakest link are people – you and… Read more
Get it all sorted It ’tis the season! Whilst there are many things to reflect upon over the festive season – in both the business and personal life – perhaps the work-life balance is more important than any other topic! The following article has just a few simple tips – and can you believe it? From a bank! Prioritise what you need to do and work out what… Read more
In today’s fast-paced world, everyone wants to be more productive. Fortunately, there is an ever-increasing number of tools, many of them available online and across multiple devices, that promise to help us achieve our goals. The challenge then becomes how to know not just which tools will live up to their promise but which tools are right for our business. Choosing the best productivity tools depends on a number of factors,… Read more
It can be a challenge for new business owners to find a bank that will approve them for even a small business loan. Most will see a young company as too high a risk to qualify for corporate lending. A credit card can serve as a short term solution for small scale financing, offering entrepreneurs a “foot in the door” with a lender. Think of it as a chance to… Read more
Most small business people would agree that their Profit and Loss account (now more correctly called a Statement of Financial Performance) is among the easier – if not the easiest – financial document to understand. It’s typically presented in two parts. The top half of the statement reveals the various sources of income the business has received for the period covered, such as a quarter, half year or full financial… Read more
Your balance sheet (now more correctly called a Statement of Financial Position) reveals a great deal about your business, including the total value of your assets – the things you own; how much you owe to others – your liabilities; and the level of your solvency. These three aspects will be studied carefully by lenders and investors − and by buyers if you intend to sell your business. But they… Read more
Too many businesses fall over because the owner has not established efficient business systems. This typically happens because the business owner is so caught up in the day-to day running of the business that the fundamentals of good business management get forgotten. Often too it must be said that the owner simply doesn’t like bookkeeping or other administrative tasks, so these get put on the back burner. The symptoms are… Read more
On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood of your business. Feeling overwhelmed by mountains of paperwork and complex calculations? Here are three… Read more