Blog
It’s not just receipts, bank statements and computer records small business owners take to their accountants at tax time.
They also bring along a bad memory! Not even the most diligent business owner has a perfect memory, and trying to overly rely on memory is why failing to record enough information...
The goods and services tax (GST) has been in effect since 1 July 2000, but despite an Australian Tax Office education campaign, many small business owners still struggle to understand what is required of them.
The different processes such as when to charge and claim back GST can be confusing. There a...
Cash is a convenient form of payment when you’re out and about. However, for a small business owner, it can create problems when using cash for business expenses.
You receive a receipt, put it in your bag or pocket or car and then it becomes lost. It is incredibly important for small businesses to re...
If there’s one way you as a small business owner can get in the bad books of the Tax Office, is to jumble together your business and private expenses.
It is more important than most people realise that those two types of expenses are separated. This is because you can reduce your assessable income by...
Managing your rental property is hard enough as it is, so choose the right software program to assist you along the way. Here are some tips to help you make this decision.
1. Focus on the features you are really looking for
One of the biggest mistakes made by rental property owners is purchasing softw...
A bad habit that many small business owners admit to is that they do not put time into doing the books very often. Sometimes this stretches for months at a time and culminates at tax time. However, a regular bookkeeping system can provide you with benefits that you would otherwise miss out on.
Bookke...
So, what is the first small business bookkeeping deadly sin? Failing to complete a bank reconciliation.
It is one of the first things your business accountant and tax auditor will want to see. It is an easy way of ensuring your finances are up to date and indicates the quality of your records.
Non-rec...
Time and time again, businesses continue to succeed for one fundamental reason. It doesn’t matter how much money they start with, how lucky they get, or even how much talent they can combine. It certainly doesn’t depend on knowing some special “secret” that no one else in their industry has cottoned...
As a small business owner you often don't have a lot of left over time to spend keeping your records, so it helps to get your reporting done right the first time. One part of financial reporting for your business that can cause confusion is the completion of your Business Activity Statement (BAS). H...
Customer satisfaction is crucial for every small business. It is what keeps people coming back and recommending you to their friends. Ultimately, this is what pays the bills and keeps your business going.
Once you have achieved attracting a new customer, it is important to ensure that you don’t lose ...
The fresh feeling of heading back to school after a break inspires and motivates students. Often small business owners and customers have that initial motivation too, but over time it wears off. Not only do you need to remain enthusiastic and focused, but your customers need to be reminded why they ...
Australians are beginning to realise that small businesses are a vital part of the nation’s economy, according to results from the second annual Westpac Australia Day Index. The results of the survey show that 9 out of 10 Australians are faithful to their local shops and around half will p...
