Shocking Money Mistakes You Might Be Making!
As a professional accountant, I’ve seen my fair share of money blunders, and guess what? They happen to the best of us. So, let’s dive into the “10 Shocking Money Mistakes You Might Be Making Right Now!” 1. Ignoring Your Daily Latte Factor It might seem harmless, that daily coffee shop run, but it’s a […]
Tips for Business Travel Claims
Tax-deductible travel expenses require substantiation if you want to claim a tax deduction. The documentation needed depends on the type and duration of the business or work-related trip. Here are some of the most critical considerations: Principal Reason – Business vs Private Travel Business or work-related expenses can be deductible when travelling on behalf of […]
A Complete Guide to Starting a Small Business in Australia
As of June 2022, there were 2,569,900 businesses actively trading in Australia. Business ownership is a major goal for a lot of people, but it’s not easy. There’s a lot of competition out there, so you need to know what you’re doing if you want to succeed when starting a small business in Australia. It’s important to learn […]
What Is Accounts Payable?
Between 2021 and 2022, there were over 167,000 additional businesses that entered the Australian market. Of course, not all of these companies will achieve long-term success. Having a strong understanding of accounting and business expenses is crucial when it comes to building a successful company. In particular, accounts payable is something that no entrepreneur can overlook. So, […]
Benefits of Online Accountants vs In-Person
As of 2022, there are over 2.5 million active businesses in Australia. Regardless of what industry a business operates within, working with the right accountant is crucial. Hiring the right accountants will help ensure that no financial surprises arise in the future. It’s possible to engage a online accountants, but not everybody understands the benefits this provides. […]
How Much Does Accounting Cost for a Small Business?
Partnering with a business accounting firm is much cheaper than you might think and a better option that risking errors and ATO fines when trying to go it alone. In Australia, a private accountant can end up costing your business anywhere from $50 to $350 an hour! This means that even if you chat with them for […]
Revenue Drivers Explained
Generating revenue is essential for the monetary success of your business. Understanding your business revenue drivers is vital. A healthy business produces revenue through its usual business activities, including: Making sales Paying invoices, and Collecting cash from paying customers. The better you are at selling your products or services, the higher your revenue levels will […]
Managing in Difficult Times
If sales decline, it can be challenging to cover wages and overheads. Putting your head in the sand will likely spell disaster for your business and your family. Planning with realistic budgets help you identify problems before they occur. First, be sure that you understand your staff expenses, including wages, superannuation and leave entitlement. Next, […]
You Need After-sales Service For Your Business Improvement
Customer retention is one of the best and easiest things you can focus on for business improvement and profitability. You went through all the effort to acquire a customer; now, all you need to do is keep them. Although this is easier said than done and means, you need a robust after-sale service. After someone […]
Consumer Law Changes in July 2021
July 1 increase The financial threshold definition for consumers protected by consumer law will increase from $40,000 to $100,000 effective from 1 July 2021 Businesses selling goods or services valued up to $100,000 are required comply with the consumer guarantees set out and published as required by the ACL. What are Consumer Guarantees? Consumer guarantees […]
