DIY accounting vs hiring an accountant: make the right choice for your business

When starting a small business, it’s tempting to manage your own accounting to save money. Hiring a professional accountant or tax adviser can be seen as an avoidable expense. But is handling your own financial management really the best choice for your business? Let’s examine why partnering with an experienced accountant might be a smart […]

Budgeting for success: the importance of good financial management

Effective cash management is vital for small businesses with limited financial resources. Clear budgets and spending limits are essential for maintaining financial stability. Four Key Budgeting Strategies 1. Adopt a Comprehensive Budget A detailed budget is the foundation of financial stability. Even a simple Excel spreadsheet can track income and expenses. Steps to Implement: 2. […]

2024–25 Federal Budget Highlights

The Federal Treasurer, Dr Jim Chalmers, handed down the 2024–25 Federal Budget at 7:30 pm (AEST) on 14 May 2024. Described as a “fiscally responsible Budget aimed at alleviating current financial pressures,” the Treasurer has projected a surplus of $9.3 billion for the second consecutive year. The government’s primary focuses, outlined in the Budget, include […]

5 common accounting mistakes (and how to avoid them)

Embarking on a business venture entails grappling with myriad challenges, particularly in the realm of financial management. For those not well-versed in fiscal intricacies, navigating the complexities of bookkeeping and accounting can be formidable. Despite the availability of modern accounting tools, the potential for inadvertent errors persists. What are the common accounting pitfalls encountered by […]

Leveraging In-Depth Financial Data for Informed Business Decision-Making

As a business owner, making optimal decisions is paramount. Strategic spending, revenue management, and cashflow analysis deeply impact long-term success. Utilising financial data is crucial for maintaining a competitive edge. Here are five benefits of real-time financial insights: Unlock Your Financial Data Potential: Upgrade from basic metrics to comprehensive insights with customised dashboards and reporting […]

Mastering Financial Fitness: A Comprehensive Guide to Effective Bookkeeping

In the digital age, managing your finances efficiently is a non-negotiable aspect of running a successful business. With a myriad of tools and metrics at your disposal, maintaining accurate bookkeeping practices is the cornerstone of financial health. But why is it so crucial, and what steps can you take to ensure your bookkeeping is up […]

Key ways to access funding for your business

If you’re planning to fund a new business, you’ll need enough startup capital to get this venture off the ground. And once you’re up and running, you’ll need additional business finance and investment at each stage of your growth and expansion along the business journey. But where does this business funding come from? And what […]

How does an accountant save you money?

Turning a profit will be high on your list of goals as a business owner. And if you want to generate the best margins, that means keeping an eye on the money that’s going out of the business, as well as what’s coming in. So, how can your accountant help with this? The days when […]

Small Business Skills and Training Boost 2023

The Small Business Skills and Training Boost was announced on 29 March 2022 and became law on 23 June 2023. This initiative provides small businesses with a bonus tax deduction to help them train new staff and upskill existing staff. What do you get? Additional Tax deductions. Who is this for? Small businesses, check if […]