Review your expenses – and save yourself money!

Running a business will always mean incurring certain expenses, or ‘spend’. Whether you’re a large family business or a small fledgling startup, there will be costs, overheads and supplier bills that mount up – and these expenses will gradually chip away at your cash position, making it more difficult to grow and make a profit. […]

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 […]

Holiday cash flow for your small business

Are you heading away for a break from the business this year? This time of year can be hard on small business. Your expenses continue and your cashflow can suffer when your debtors go on holiday. Leading up to the holiday period, is your business cash flow in good health to carry you through? With […]

Do you know the rules and entitlements during the end-of-year holiday season?

As we head into the summer holiday period, is your business up to speed with your rights and obligations? It can be confusing to employers and employees alike – public holidays worked or taken as annual leave, business shutdowns, annual leave provisions… there are many rules’ employers need to understand. Employees are entitled to annual […]

A business budget will help with your financial decision making

Budgeting is about estimating your revenues, projecting your expenses, and detailing the allocation of funds, so you stick to (and don’t overrun) your agreed budget ceiling. How does budgeting affect your business? Having a clear, agreed budget gives you a structured framework for your financial decision-making. It’s a practical way to control your costs, monitor […]

Plain English guide to profit and loss

Here’s our Plain English guide to profit and loss and what this report reveals about your finances. What is profit and loss? Your profit and loss statement is commonly called your ‘P&L’. It’s also sometimes referred to as your income statement or statement of earnings. Your P&L is a breakdown of your company’s revenue (money […]

Outstanding tax debts? ATO warns about disclosure to CRA’s

The ATO has shifted its focus from providing assistance with tax through the pandemic to now re-establishing the culture of businesses paying their tax debts on time. Beginning from July 2023, The ATO has issued notices of intent to disclose business tax debts of more than 22,000 businesses with a tax debt of at least […]

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 […]

Small Business Technology Boost 2023

The Small Business Technology Investment Boost was announced on 29 March 2022 and became law on 23 June 2023. This initiative allows eligible small businesses to claim a 20% bonus deduction on technology expenditure to help digitise their business. What do you get? Additional Tax deductions. Who is this for? Small businesses, check the ATO […]

Understanding Your Profit and Loss Statement

Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes called an Income statement and its main purpose is to list income and expenditure. Whereas a balance sheet is a snapshot in time, the P&L shows transactions over a specific period of time. This can be a […]