How to use forecasts and scenario-planning
For centuries, accounting has primarily focused on reviewing historical information, which provides insights into past performance but does not offer much foresight. This backward-looking approach limits a business’s ability to plan, run different scenarios, and understand its future path. However, forecasting changes this dynamic. With the right data analysis and forecasting tools, businesses can project […]
Keeping your employees and customers safe
Globally, an estimated 340 million occupational accidents and 160 million instances of work-related illnesses occur each year, presenting significant concerns for business proprietors. As an employer and business owner, it is incumbent upon you to ensure the safety of your workforce, as the ramifications of neglecting this responsibility can be substantial. In the unfortunate event […]
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 […]
Do you need to improve the cash flow position for your business?
Keeping on top of the financial management of your business can be hard work. It’s possible to have a profitable business that is struggling to find the cash flow to pay expenses and fund growth. Likewise, you could have positive cash flow but are not turning a profit, particularly if you are scaling. Turning a […]
Tax Tips for Trusts 2023
Whether you have a trust set up for investment or business purposes, there are some common elements to getting ready for the trust’s tax return. Contrary to popular opinion, a trust is not actually a legal entity; rather, it is a formal relationship between other entities, where one entity holds property for the benefit of […]
Could outsourcing help you grow your business?
When you run a small business, the amount of work can ebb and flow. Unexpected busy periods can often create too much work and stress; overloading a small team or one-person business. But if a surge is seasonal or unreliable, it can be hard to commit to taking on another employee. One solution that many […]
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 […]
New Family Trust Tax Rules – Will the Changes Impact You?
If your trust pays adult-child beneficiaries, then you’ll need to know how the new ATO tax guidance rules could alter your beneficiary arrangements. The proposed changes won’t affect every small business operating through a trust arrangement, but it’s important to check that existing provisions meet the new requirements. The ATO has released several related documents as a […]
Top 10 Time Wasters to Avoid
We all start out with the same 1,440 minutes each day, so why do some of us achieve so much more than others? How can we free up time to help lead a better business and ultimately achieve a happier life? The top 10 time wasters are, in no particular order: Lack of clear goals. […]