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News & Articles on Finance & Business, Accounting, Taxation, SMSF & more

What Is a Fair and Reasonable Rate for Accounting Work?

Every business benefits from the professional skills of a qualified accountant, so it is important for owners to establish a good working relationship with a trusted accountant early in the life of their business. Like any other product or service, these skills come at a cost. Just as an astute purchaser would shop around before buying a big-ticket consumer item, so too should a business owner do a “value for money” comparison when choosing an accountant. To be effective, the relationship between

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Is Your Business Faltering? The Answers May Be Here

No one who goes into business does so expecting to fail, but unfortunately, that is the outcome for many business owners. Several causes keep recurring in the many studies made into small business failures. These are bad management, failure to plan, lack of capital, the wrong business structure and failure to seek professional advice. Why do these businesses fail while others trade successfully for many years, providing employment for staff and financial security for the owners? After many years of experience

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What Does a Good Bookkeeper Need?

Bookkeeping is one of the occupations that is enhanced, rather than diminished, by computerisation. The development of accounting software removes the more tedious tasks and allows the bookkeeper to produce reports targeting specific cost centres on demand. This provides business owners and managers with the opportunity to correct problems before they become long term. Bookkeepers Still in Demand However, computerisation does not mean that bookkeeping skills have become redundant. In fact, skilled bookkeepers are in high demand, particularly in small and medium

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Get Professional Advice Before Structuring Your Business

Many small businesses start off as a one-person operation, often in the trades, as a mobile supplier of personal services or working from home. Others change hands because of a sale or some other circumstance. Regardless of how or why a person becomes a business operator, the structure of the business must be decided. There are compelling reasons for this, including legal and operational risks, tax obligations and protection of assets. As the business grows, the structure can be changed but this

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Cloud Storage of Electronic Records a Productivity Boost

In Australia, the end of the financial year occurs on 30 June, and with this date fast approaching, all taxpayers – individuals and businesses – should be preparing to close off their financial records for 2016/2017. Tax laws require taxpayers to keep certain records for a specified period, generally five years from the time they receive an assessment related to that year. This may be longer for some businesses, depending on circumstances. Filing before Computers Before computers, keeping these documents

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Just Starting Work? Take Your Superannuation Seriously

To young people who have just entered the workforce, the prospect of setting aside part of their income for retirement is usually the furthest thing from their minds. After years of financial dependency, they can finally make their own decisions. Buying a reliable vehicle, the latest fashions and electronic devices, socialising with friends and saving for holidays are their current priorities. It is usually not until they are completing employment forms that they think about superannuation, and often because an

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