Posts

  • Why Profit and Cash Flow Are Two Very Different Things


    If you're relatively new to the world of business but believe that you have a solid idea to bring to the market place, you may have done quite a lot of research to ensure that your product or service will actually sell. Along the way, you may have worked out how much it will cost to generate your saleable commodity and be fairly sure how much you can charge when everything is ready.
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  • Why You Should Always Employ the Services of an Accountant When Running a Small Business


    Unless you operate as a solo act in business, you will have to outsource some of the work necessary to keep the organisation running effectively. You may employ staff on a daily basis, or you may have some independent contractors on hand to do this for you. One way or the other, however, you can't take all of the work on yourself. Having said that, you may mirror a proportion of business owners across Australia, who hole themselves up in their study for hours on end as they slog through their own accounts.
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  • Advantages to Hiring an Accountant vs. Using Software Service


    Australians live in an age known as the digital revolution. People are ever more reliant on their connected devices, both in their personal lives and in their business endeavours. Many small company owners have invested in special systems to help them run their operations and in particular "software as a service" solutions, also known as SAAS. A number of these have emerged in recent years to help business owners with their accounting and record-keeping.
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  • Did You Know That You Can Claim for Sun Protection against Your Taxes?


    Australia is renowned for its climate and many parts of the country receive more sunshine hours a year than anywhere else in the world. Consequently, many people find themselves exposed to the sun when they're carrying out their regular occupation. With that exposure comes a risk associated with those damaging rays. If you're required to work in the sun for long periods of time, did you know that you can claim back the costs of sun protection in many circumstances against your taxes?
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  • Do You Need an Accountant to Handle Your Personal Taxes?


    It's probably safe to say that many people manage their own personal taxes; they may use an online program or a software program they buy, but may not feel that they need the professional help of an accountant to get them through tax time. While it may be legal for you to do this, not everyone should manage their own taxes at the end of the year. Note a few signs that it's good to rely on a qualified accountant to prepare and file personal taxes and why this can be beneficial.
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  • You Spent How Much This Christmas? Early Planning Can Prevent Debt Next Year


    Australian debt is growing, and the average household debt amount is almost a quarter of a million dollars. While a large chunk of this is tied to home ownership, many Australians dread opening their credit-card bills each January. Facing up to end-of-year overspending is depressing, but there are ways to avoid this happening again next Christmas. However, you have to start thinking about it now. Start Saving in January So how much did you spend this Christmas?
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  • The Common Pitfalls Of Automatic Payroll Processing


    Your staff count on a regular paycheck; therefore, payroll should always be processed accurately and on time, regardless of your business's financial situation. Payroll mistakes can cost you big, resulting in lost time, unnecessary expenditure, tax penalties and unhappy employees. While technology can significantly improve the way in which you conduct business, it has its limits. These common problems will make you think twice about relying solely on software to perform your payroll processing.
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  • Tips for Setting Up a Payroll System


    No matter the amount of employees that your business has, it is essential that you set up a payroll system once you hire the first pool of employees. A payroll system is one of the most important aspects of accounting, and it is also essential to the growth of any business. You need to make sure that your employees are paid accurately and in good time to ensure that they will work in a productive manner and to meet legal requirements.
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  • Why Outsourcing Payroll is Good for Business


    Processing payroll is one of the necessary evils of the business world. Having a dedicated system in place is crucial in order to meet the legal obligations of the Australian Taxation Office (ATO) and ensure your employees are paid correctly and on time. While it may seem like an unnecessary expense, the benefits of outsourcing payroll far outweigh the benefits of in-house processing. Outsourcing Saves Time The labour costs of processing payroll often exceed outsourcing costs.
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  • Why Workers Need To Set Up SMSFs


    Failing to plan is planning to fail. There comes a time in life where an individual grows old and can no longer keep up with the workforce. When this happens, you need to be able to sustain yourself and your family financially. Apart from ordinary pension schemes, there are other ways to maximise your future wealth. Over time, self-managed superfunds have proved to be an effective retirement solution. If you ever plan on retiring someday, below are some reasons why you should consider SMSFs.
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