When running a small business, you’re typically working with a small budget, which means you’re always looking for the most cost-efficient way of doing things. You don’t have the time to manually do your business’s numbers, so it makes sense to choose from the many accounting software packages available. However,

Financial statements are an integral part of any business, as they explain the company’s performance in terms of finances and profitability. Some of the basic financial statements business owners need to be familiar with include the balance sheets, income statements, and cash flow statements.  What Is a Balance Sheet? The

Trust accounts are a unique way to keep your assets and earnings safe. Basically, an agent will handle and manage them for you until such time that you will need them again. Think of it as a way of asking a friend to look after your valuables, and the only

A self-managed super fund (SMSF) is a private super fund that allows for more control over a person’s retirement savings. It is different from retail or industry super funds; this type enables individuals to choose investments and insurance.  An SMSF allows up to six members, with most having two or

Businesses of all sizes must guarantee compliance with Australian Tax Office rules. ATO maintains a close eye on all commercial operations. Failure to comply with their guidelines—whether intentional or unintentional—will result in severe fines. Australian businesses are expected to disclose total income, file complete and accurate tax statements, submit returns

Every year, the Australian Taxation Office (ATO) becomes stricter in implementing its standards when it comes to good business practices and accurate record-keeping of taxes. If you don’t want to get in trouble with tax authorities, you must adhere to those set standards at all times, or you risk being

With the Australian Taxation Office (ATO) becoming stricter year after year, adhering to set standards is absolutely essential for a much smoother accounting and bookkeeping experience. Whether you’re a small business owner or an executive of a large conglomerate, you likely already know that nothing reigns supreme except for the

Have you ever considered dealing with a customer who hasn’t paid for the products or the services you provided them? When you do fail to collect the money they owe you, that’s considered bad debt. This is an amount of money that can already be considered lost and should be

As business managers, it’s important to understand where their brand is positioned in terms of finances and operational performance. Having that knowledge of whether the company is in the red or not can often help you make better choices in the future and steer where the business should be focusing.

Now that we’re halfway through the year, it’s the best time to make changes in how you operate your business, particularly when it comes to finances. This is because reviewing your financial budget regularly can identify areas for improvement and spot opportunities for growth. Budgeting is one of the easiest

The end of the year approaches, and while people are getting ready for the festivities ahead, professionals are crunching numbers to prepare for the 2021 tax returns. However, the factors to consider for writing a tax return is trickier now in a post-coronavirus world.  Speaking of the impact of the

Accrual accounting, put simply, is about stating revenues and expenses as they happen instead of when cash is paid out or received. As a contract, cash accounting systems don’t report expenses or income until a full-on transaction with a cash exchange happens. For the most part, accrual accounting is what

Is your real estate agency struggling to keep up with all your accounting and bookkeeping obligations, especially on peak months where there are a lot of homebuyers looking to purchase a house? It may be time to hire a full-time accountant on staff to keep up with all your tax

Many business owners know that the special purpose financial statements (SPFS) are slowly being phased out. This financial report has long been used by “non-reporting entities” who need to present their data to a limited group of users for a specific purpose.  Soon, Australia will move forward with an SPFS-free

The advantage of owning your own business is that it ensures your progression to financial independence. Instead of relying on an employer to handle your benefits and retirement plans, you have more freedom in directing how your career will go. However, this level of liberty doesn’t come without a cost.

For decades, the concept of tax write-offs is something that Australian businesses have had quite a bit of difficulty wrapping their heads around. From small mom-and-pop retailers to multinational corporations, the financial tool in question has maintained a sort of mystified aura because of all the different details involved. Unfortunately,

If there’s one thing that can make or break your small business, that’s cash flow. When you have a solid cash flow plan, you can help reduce the stress for you and your creditors and have sufficient funds to help your business expand. This is why it’s important to have