Budgets Are Boring – 5 Ways to Spend Less Without Budgeting
We hear you – making a budget can be so boring. However, they are necessary if you want to get a better handle on your cash flow management while also monitoring and reducing your spending. But if you’re really averse to making a budget, how can you cut down on your spending? Here are five […]
How to understand Your Breakeven Point
Calculating your business’ breakeven point is essential to understanding how much money is required to continue operating a viable business. This can help you make well-informed financial decisions and practical business plans for the future without causing strife. In short, the breakeven point is the income or sales needed to cover all costs. Any earnings […]
The Value of Cash Flow Forecasting During a Crisis
During the ongoing coronavirus crisis, many sectors are seeing income either disappear completely or drop to dangerous levels. To be able to navigate the future path of your cash flow, you need to start forecasting – so you can map out your financial position over the coming months and can take the appropriate action to […]
Working from Home? Claim your home office expenses
If you have a home office for your business, you should be able to claim some of the costs involved in maintaining, owning and using your home. It’s important to be aware of what you can and can’t claim, and the record-keeping involved in making a claim. How does it work? In order to claim, […]
Cash vs Accrual Accounting – It’s All About Timing
What are the two methods? Understanding cash and accrual accounting comes down to timing. In a cash-based accounting system you recognise income and expenses when they happen, that is, when the money arrives into or leaves your bank. In an accrual-based accounting system, income is recognised at the date the customer is invoiced and expenses […]
Report PAYGW Correctly to Claim Tax Deductions
From July 1 2019, If you don’t meet PAYG withholding obligations for your workers, by not withholding tax from their payments and not reporting it to the ATO, you could lose your tax deduction. This will apply to income tax returns lodged for the 2020 financial year and beyond. If you withhold tax from payments […]
Put the Customer At The Centre Of Your Business To Drive Sales
Content provide by Spotlight Reporting A starter’s guide to selling relevantly Advances in technology have impacted the way customers research products and services, and how they shop. Customers have often done their homework and researched all the various options available, and as a result, they think they have all the answers. They will confidently walk […]
How to create a small business budget
As the current financial year draws to a close, as well as thinking about year-end tax planning strategies, now is the best time to think about what you want your business to look like for the next financial year. Setting a budget isn’t complicated but it can still help to involve an expert. Talk to […]
Getting More from Your Accounting Data… to Generate Sales
Accounting data is full of ‘stories’ and telling these stories can help you improve your business. An example that we see all too often looks something like this: A Business with Top Line Growth Goals… Nothing unusual there. Many businesses want to grow revenue to reward their shareholders or just stay competitive. The amount of […]
The Three Categories of Succession Planning
There are many benefits to being a small business owner such as being your own boss, leading a team and the ability to give back to your community. A well-funded retirement account, though, is not one of these many benefits. Most of us believe that, when the time is right, we will sell our business […]