When you’re running a business, sales tax, commonly referred to as the Goods and Services Tax (GST), is a key concept you’ll need to get familiar with – both for financial stability and to stay compliant with the Australian Taxation Office (ATO). So, in this article, we’ll be providing an overview of all you need to know about GST and…
Generally speaking, having a clear process to handle your business’ payroll not only means your employees are being paid properly and promptly, but it also helps you stay compliant with tax and legal regulations throughout the country. Still, depending on how many employees you have, it can be easier said than done to have effective payroll management. So, we’ve put…
Record-keeping procedures involve tracking and storing manufacturing, financial, research, and legal information. Effective record-keeping management protocols can streamline key responsibilities, such as filing taxes, where the legal implications of submitting incorrect figures could be detrimental. Review the importance of good record-keeping to prevent bad habits from manifesting. Ongoing Tax Compliance Accurate record-keeping enables you to share the correct amount in…
Small business inventories store collections of raw materials, components, equipment, goods, and products you use for production, sale, or distribution. Sufficient stock levels that meet customer demand rely on good inventory management. Establishing efficient operations and forming positive supplier relationships maintains excellent service. Review four actionable tips on good inventory management. Perform Regular Audits Quarterly or annual audits ensure your…
DIY, “Do it yourself,” accounting occurs when a small business’ designated individual manages all accounting tasks, like filing tax returns and recording expenditures, internally. Accounting entails many responsibilities, so you may evaluate whether to spare your time and resources for these demanding duties as a small business owner. Review the following list to help you make an informed decision. Pros…
Accounting software facilitates proficient financial management, saving valuable time on other meaningful tasks. Automation, report generation, and accurate data entry are just a few beneficial functions. Read on for guidance on how to use key accounting software features to support your small business’ finances. Manage Financial Transactions Categorise transactions into assets, equity, revenue, expenses, and liabilities by creating tabs or…
As a small business owner, it is easy to miss out on a variety of tax deductible expenses which you and your business may have incurred. To help you minimise the chances of missing out, we have put together the five most common tax deductions small business owners overlook, ensuring you will be able to achieve tax efficiency. State Payroll…
Managing debt can be incredibly stressful and time-consuming as a small business owner. In this guide, we will take you through strategies to manage your small business debt, ensuring you can stay on top of your expenses and get them in order before it becomes an issue. What is Business Debt? Business debt refers to the debt you’ve taken on…
On May 9th, this year’s Australian Federal Budget detailed the government’s plans for the upcoming year, giving us a firm idea of what public money will go towards. And, with the inflation rate still over the Reserve Bank of Australia’s goal, the 2023 Budget had much to consider. Let’s take a look at the primary points of The Budget and…
