21 December 2022
Being successful in the business world sometimes requires you to borrow money. Unfortunately, it's easy to let debt spiral out of control. A combination of fluctuating business environments and borrowing too much can lead you onto a rocky path. However, there are ways you can work with your accountant to manage your debts. Review Regularly Using an accounting service is the best way to keep track of your business's debts. Your accountant can identify how much you're borrowing and whether you're likely to struggle with paying it back.
22 July 2022
Not every business is a success story despite all efforts. And one of the best ways to close your company is through liquidation. It entails selling your remaining assets and redistributing any revenue realised from the sale amongst creditors and shareholders based on priority. However, liquidation can be complex. In addition, it's usually a formal procedure regulated by relevant authorities. For this reason, knowing a thing or two about the process is always helpful if you are considering liquidating your company.
28 January 2022
It's no secret that a healthy financial management strategy is key to the success of any business. With no clear understanding of financial statements and strong financial management practices, your business could quickly find itself in trouble and devoid of any growth. So, whether you're just starting in business or you've been running your company for years, these strategies will help you streamline your financial operations and improve your bottom line.
24 September 2021
If you own a capitalist business or company, you need an economic management method to help you compare the costs of economic activities and the results. This process enables you to maximise your profits and reduce the capital used. Commercial accountants handle such tasks for businesses and ensure your business rationalises the use of money and justifies establishing labour rates, among other costs. The modern nature of commodity production and the law of value in competitive foreign and domestic markets makes commercial accounting an absolute necessity for businesses.
7 June 2021
The thought of starting your own business is exciting. However, you will need to sacrifice a lot of effort and time to ensure it is successful. One element that you will need to pay attention to is business tax. However, most small business owners are not keen on learning the proper way to handle their taxes and tax returns. For that reason, they often get into trouble with the Australian Taxation Office (ATO).
30 April 2021
Creating a self-managed superannuation fund is an excellent way to help your employees plan for their retirement. It is a pension scheme similar to the one offered by the state, but you enrol the employees in your company in this case. Typically, you set the amount of money to be deducted from every employee. When you properly strategise and manage the fund, it can help you reduce employee turnover and improve your business profile.
29 March 2021
One of the biggest challenges that many small business owners struggle with is proper business administration. Sadly, few investors and entrepreneurs even realise that they have business administration problems until the business starts experiencing serious difficulties. One of the crucial administrative tasks that your business should have is bookkeeping. Most business owners believe that they have the time and the skill needed to manage their business financial records. However, they may end up handling their finances without giving them the necessary time and attention, which compromises their business profitability.
26 March 2021
The interesting thing about starting a small business is that you can manage all the functions from accounting to payroll and all other administrative functions. But as the business grows, your revenue will increase, your tax obligations will change and your employees will increase. When this happens, you have to be ready to hire professionals to help you with some of your business functions. A tax accountant is one of the first professionals that you should consider hiring to manage your business taxes.
11 March 2021
Tax processes can be rather tiring and complicated. But it is crucial to go over your taxes accurately to enjoy deductions. Unfortunately, not every Australian gets their full tax refund every year. That's because of the stringent rules governing refund claims. If you want to enjoy tax deduction when filing your income tax returns, follow the tips below. Maintain Accurate Records One of the primary reasons people get denied a maximum tax refund is because of improper tax records.
29 October 2020
A mistake here, a mistake there, and your business may be forced to pay more in taxes, and worse, in penalties. You also run the risk of having your business audited by the tax authority. The good news is that with expert tax accountants, you don't have to worry about such mistakes and their consequences. Here are some of the common mistakes that may cost your business big and how you can avoid them going forward.