As the end of the year approaches, many small business owners start thinking about what they want to achieve next year. The problem is, most goal-setting advice floating around isn’t designed for real-world businesses — especially not for trade, construction, and service-based businesses, where the owner is also the estimator, scheduler, bookkeeper and team leader.…
As the year winds down and the holiday season approaches, small business owners across the Sunshine Coast start asking the same questions: Can I claim the staff Christmas party? Are client gifts tax-deductible? How do I plan ahead for holiday cash flow? Is it too late to review my business goals for the year?…
September is the month that can make or break the way your year ends. For many small businesses, December is the busiest time of year, and the lead-up can feel overwhelming if you haven’t prepared early. When you’re managing staff leave, client deadlines, seasonal demand, and cashflow pressures all at once, you don’t want to…
June is a scramble. July is the opportunity. EOFY has a way of shining a spotlight on what’s working, and what isn’t. For small businesses in trades, construction and services, it’s easy to get caught in the day-to-day momentum of quoting, job sites, invoices, and compliance. But once the rush of June is behind you,…
As June 30 approaches, many small business owners start to feel the familiar EOFY pressure. There’s paperwork to finalise, reports to run, super to pay, and questions for the accountant piling up. It’s often a mad dash to the finish line, with the mindset of “just get it done.” But what if EOFY wasn’t…
Cash flow is the heartbeat of any business, but for those working in construction, trades, or the service sector, it’s particularly critical. Even businesses that are profitable on paper can find themselves struggling if cash isn’t flowing in at the right time. Over the years, it’s become clear that the businesses that thrive are those…
Running a small business is exciting, but keeping up with the financial side can feel overwhelming. Whether you’re just starting or have been in business for years, solid accounting practices are the key to staying profitable, reducing stress, and avoiding costly mistakes. This guide will walk you through the essential steps to keep your business…
The impacts of ex-Tropical Cyclone Alfred have been significant for businesses across South East Queensland. If your business has been affected, there are financial support options available to help with recovery, including grants, concessional loans, and income support payments. Below is a list of assistance programs, links to apply, and steps to help your business…
As a small business owner, working with an accountant can be one of your smartest investments. A good accountant does far more than just crunch numbers—they can provide financial insights, help you plan for growth, and ensure you stay compliant with tax laws. However, many business owners struggle to maximise this relationship. If you’re wondering…
A new year means a fresh start, and for small business owners, it’s the perfect time to get organised and set the tone for the months ahead. January might seem like a quiet month, but it’s the ideal opportunity to implement smart financial practices and plan for success in 2025. Here’s how to kick off…
As December rolls around and the year draws to a close, it’s time for small business owners to reflect, prepare, and set themselves up for success in the new year. The festive season might be busy, but taking the time to tidy up your finances can make a world of difference for your business. Here’s…
Running a small business is both rewarding and demanding. Among the many responsibilities that come with entrepreneurship, managing finances effectively is crucial. Good accounting practices help you maintain a healthy business, maximise tax benefits, and make well-informed decisions. In this guide, we’ll cover essential accounting tasks that every small business owner should master to stay…
Effectively managing your finances for your small business is crucial for success. Modern accounting platforms like MYOB and Xero offer powerful tools to streamline your financial management. In this blog post, we’ll explore five practical tips to help you improve your accounting system and make the most of these platforms. Embrace Cloud-Based Accounting …
87% of businesses fail to achieve their strategic goals according to online reports. Are you in the struggling majority, or the successful minority? The difference often lies in how they approach the critical period spanning the calendar year-end and the mid-point of the financial year. It’s the perfect time to check in on and…
Healthy cash flow is the lifeblood of any thriving business. Over our 20 years in small business accounting, we’ve seen countless enterprises rise and fall based on their ability to manage this crucial aspect of finance. It’s not merely about having money in the bank—it’s about mastering the rhythms of your financial inflows and outflows…
Compliance with tax regulations is crucial for maintaining a healthy and lawful operation. One important aspect of this compliance is the Taxable Payments Annual Report (TPAR), a reporting system designed to help the Australian Taxation Office (ATO) identify contractors who may not be meeting their tax obligations. If your business engages contractors or subcontractors in…
As the new financial year approaches this July, small business owners have a fantastic opportunity to review their strategies and implement fresh ideas to boost success. As a small business accountancy firm, we at VBA Tax understand the importance of proactive planning and making informed decisions to maximise your business’s potential. What do you…
As the end of the financial year approaches, small business owners must take the time to plan and prepare for the upcoming year. Budgeting is a critical aspect of this process, as it helps you understand your financial situation, set realistic goals, and make informed decisions about your business’s future. Here’s how you create an…
Why Tax Planning Matters As small business owners, we often find ourselves juggling multiple responsibilities, from managing operations and ensuring profitability, to managing staffing issues and marketing campaigns. Amidst the hustle, tax planning might not always take priority. However, tax planning before the end of the financial year can significantly impact your bottom line…
Let’s talk about one of the biggest challenges we see small business owners face: managing their accounts and finances. As your business grows, so do the complexities of handling your accounts. Among these, managing finances often becomes a daunting challenge for entrepreneurs, particularly as their businesses expand and diversify. Despite the hustle and bustle of…
The role of a robust accounting system is often the cornerstone of financial stability and growth. We’ve seen firsthand how the right accounting practices can be the difference between thriving and merely surviving. This guide aims to demystify the process of developing and improving accounting systems, ensuring that your business is not just keeping up,…
The holiday season is a time of joy, celebration, and, for many businesses, unique financial challenges. At VBA, we regularly witness how this period can impact companies differently. Some experience a slowdown as customers and clients take time off, while others are flooded with holiday orders and Black Friday-Cyber Monday (BFCM) rushes. Regardless of which…
One of the most critical tasks in small business ownership is regularly assessing your company’s financial health. Understanding your financial well-being goes beyond just looking at your bank balance; it involves thoroughly examining various financial indicators. In this article, we will delve into the critical aspects of evaluating the financial health of your small business.…
As a small business owner, the start of a new financial year can bring both excitement and a host of responsibilities. It’s crucial to stay informed and prepared for the changes and obligations that lie ahead. By addressing key aspects such as award pay rate increases, superannuation contributions, STP finalisation, WorkCover renewals, and budget planning,…
As business accountants, we understand the importance of budgeting for the success of any business. A budget is a financial plan that outlines your revenue and expenses for a specific period of time. It’s an essential tool that can help you make informed decisions about your business and ensure you are on track to achieve…
As a small business owner, you may find yourself struggling to make sense of your financial statements and reports. One of the reasons for this confusion is the complex terminology used in accounting. In this blog post, we’ll explore some common accounting terms and why it’s essential for small business owners to understand them. …
Tax planning is important for the success of any business. Tax planning is the process of analysing your financial situation and making strategic decisions to minimise your tax liability while remaining compliant with the law. With a new financial year just around the corner, it’s a great time to start planning for your taxes. In…
Tax time is fast approaching and with the current economic climate starting to shift its good to start your tax planning early. As FY22 comes to an end we begin to look ahead to the upcoming annual tax season. After a particularly strange year in the global economy, and with a small amount of uncertainty…
There is comfort in knowing if you take the time to do your business budget you have the power to eliminate excessive spending and create a faster cash flow positive business sooner. It can really help you plan for whatever it is you want to do in your business. A sad reality is that many…
It wouldn’t be business as usual without an upcoming change to your employer obligations, would it? The latest round of changes applies to superannuation. Here’s a breakdown of the new super rules that will come into force in July 2022. Minimum Income Thresholds Scrapped Low-income workers will receive a boost to their superannuation after changes…
Hiring staff is a costly and time-consuming process. The average annual wage for an employee in Australia is $67,860, not to mention the on-costs. Plus, it can take at least a few months to find the right employee and then help them become productive in the workplace. Today, we explore an overview of employer costs…
Single Touch Payroll is expanding to include additional information from 1 January 2022. We’re regularly being asked what this means to employers. In short, STP2 is designed to reduce the reporting burden on employers, who are often reporting across multiple agencies. It’s also intended to help Services Australia (Centrelink) customers, such as your employees,…
Australia’s Director Identification Number (DIN) regime came into effect on 1 November 2021 and will require you to register for an identification number. A director ID is a 15 digit identifier that, once issued, will remain with you for life regardless of whether you stop being a director, change companies, change your name or move…
“To win in the marketplace, you must first win in the workplace.” Doug Conant For many employers, the COVID-19 pandemic has exacerbated the challenge of finding good employees. As accountants, we’ve heard this day-after-day from our clients. Since travel is minimal, the unfortunate reality is that there is a reduced talent pool to choose…
A strong relationship with a valued accountant is important for any business. If you’re looking to grow, manage challenges or even simply keep a stable income, an accountant will bring a level of expertise you most likely don’t have yourself. This is a relationship that needs to be invested in. That doesn’t mean you need…
If your business engages contractors or subcontractors, Taxable Payments Annual Reports (TPAR) are due by 28 August 2021, for the following industries: building and construction cleaning courier services road freight IT and security investigation or surveillance. As businesses have pivoted over the past year, thanks to the pandemic, some businesses may have started to engage…
As accountants, we are often asked by our clients about managing wages and pay increases. Federal Minimum Wage Increases On 16 June, the Fair Work Commission (FWC) announced a 2.5% minimum wage increase, applicable from the first full pay period on or after 1 July 2021. The 2.5% increase will apply to all award minimum…
When it comes to business budgets, clients often fall into one of two groups. Those who understand the benefits of proactively managing expectations and planning for growth. Or those who run for the hills when we mention preparing a budget. Budgets are a smart, strategic way to plan for the future of your business.…
We are coming to that time of year where we begin to look ahead to the upcoming annual tax season. However, after a particularly strange year in the global economy, and with a small amount of uncertainty moving forward, most of us in business would prefer more cash in our own pockets right now. Here…
Have you heard that Australian businesses can now benefit from employing new employees, utilising young job seekers between the ages of 16 – 35 years? Under the JobMaker scheme, employers have up until 6th October 2021 to apply to access a Hiring Credit Scheme that can potentially offset up to $10 400 a year. …
For many businesses across Australia, the JobKeeper subsidy has ensured that operations could continue during a highly unpredictable year. However, with the end of JobKeeper fast approaching, will this still be the case? Here are the updates your business needs to be aware of before JobKeeper ceases and how to be prepared when it does.
After a financially difficult year for most, many small and medium-sized businesses are looking to reduce costs in the year ahead. Unfortunately, when reducing costs, some of the first people to go are Apprentices and Trainees. But before you cut them loose, did you know you can get 50% of eligible apprentices and trainees’ wages…
When it comes to your accountant providing accurate and timely financial reporting, it is important that you know your important accounting dates. Our Important Dates calendar is a useful resource so you can be confident that you are providing your accountant with the right information at the right time. We ask that you provide…
Want to increase your chances of ultimate business success? The secret lies in being proactive about your debtor management strategy and systems. Here is the Victor Bimrose step-by-step guide to help you get started today:
It is that time of year when we say goodbye to the year that’s just been and begin looking to the future, with anticipation. What will 2021 hold for us? How can we make our businesses thrive? And what do we need to do NOW to help make this happen? To help you get a…
While on the surface, your business banking may look as simple as choosing the right bank, there are many other things that must be considered. Here are the 5 most important aspects your accountant wants you to know about your business banking:
Between customers, marketing, tax and the other million things on your list, your GST obligations are often the last thing on your mind. But don’t stress! We are here to give you the rundown on when you should be registering for GST and why it is so important to get it right.
With Australia officially in recession, it’s no wonder that freelancing is one of our fastest-growing sectors. Matt Barrie, CEO and Chairman of Freelancer.com, said, “Since the Covid-19 pandemic proliferated in the last 30 days of Q1 2020, Freelancer.com has seen exponential growth in user sign-ups, suggesting a strong desire for individuals to get back to…
Starting a new business is a very exciting time for any new entrepreneur. However, with 50% of start-ups not surviving their first 5 years, it is imperative that you know the costs before you get started. To ensure you do not miss anything, here are the top 10 hidden costs you need to be aware…
Do you know what the true costs of your employees are? At face value, it looks like their wages are what your business will pay. However, the true cost is a lot more than their hourly or weekly wage. Here are seven simple, but important, things to remember about working out the true cost of…
When we jump into the business world there are so many new terms to learn and it can be difficult to determine what are the key ones to focus on. From BAS to PAYG, to Cashflow to Profit and Loss. How are you meant to know what to focus on when you may not understand…
When the cash flow starts running short in your small business, it can be very stressful scrambling to find money to make ends meet. So how do you rectify this? How do you boost your cash flow and, in turn, ease your stress? The secret lies in your invoicing terms. You see, your payment terms…
You have a great idea and you’re ready to jump feet first into the business world. Congratulations! Before you take that leap, here are 5 important steps we recommend you take to give your new business the best chance of success. Step One: Legal Structure Should you be trading as a sole trader, a company,…
There is one time of year that usually brings dread to even the best entrepreneurs: Tax Time. But you can stress less if you implement these 5 bookkeeping practices into your business now, well ahead of those end of year obligations. 1. Prioritise your bookkeeping Make it a regular priority to focus on your…
The new financial year is almost upon us and by now, you have no doubt realised that the goals you set last year, may not apply as easily during these times of COVID-19. Here is what should you be focusing on in your business this financial year, so you still reach your personal and business…
by Mark Foxley-Conolly, Director While business owners know that managing cash flow is integral to running a successful business, many struggle to do so effectively. This may explain why the biggest cause of business failure is inadequate cash flow or high cash use.1 Cash flow issues can also be symptomatic of other problems within your…
There’s no better time than the beginning of a new tax year to improve efficiencies in your business – and we suggest you begin with your accounting system. Using a manila folder to keep your invoices, receipts and bank statements together until you meet with your accountant is fast becoming a thing of the past.…
by Mark Foxley-Conolly, Director As a business owner and employer, you have legal obligations to make appropriate super arrangements and payments for your employees. As an individual, paying into your own super is one of the most tax-effective ways to build your financial future. In this article, our super checklist outlines your obligations for managing…
If you think superannuation is only for old folks, you need to think again. It’s true that you won’t be spending your super until you retire, but your understanding of how it all works needs to start NOW so that you don’t miss out later on. Why? Because for Australians, super is our most tax-effective…
by Mark Foxley-Conolly, Director As a business owner and employer, you have legal obligations to make appropriate super arrangements and payments for your employees. As an individual, paying into your own super is one of the most tax-effective ways to build your financial future. In this article, our five tips can help you boost your…
To get your tax refund quickly you need to visit your accountant before the rush. Otherwise you’ll get stuck in the queue behind business owners with complicated tax returns that can take ages for your accountant to process. And in the meantime, the tax department’s got money that could be in your pocket! Here’s how…
If you are a business owner who’s sick and tired of tax-time headaches, it’s time to think about how to go about things differently in the 2018-19 financial year. Wouldn’t it be great to get your book work done on time and without the stress? The good news is, you can… By using a cloud-based…
A business without goals is likely to float along without ever realising its full potential with the business owner working long hours and taking few (if any) holidays. Having clear goals, in contrast, can help your business succeed by providing focus and motivation for you and your team. With goals in place, you are more…
Setting goals might sound a bit dull but it can make a huge difference to your financial future. Without goals, you’ll drift along, have a bit of fun and get by. But each year will end up pretty much like the last one – no better, and hopefully no worse. But if you set goals…
It’s almost the end of the financial year and you’ve worked hard. Fingers crossed you’ll get a tax refund and it will be good to have a bit more cash than usual. What will you do with it? Spend it all at once? Or think about how it, and the money you earn each week,…
If you or your partner is spending too much time grappling with depreciating assets, stocktake sheets or fuel tax records and not enough time working on your business, you need help. Managing your accounts can be a nightmare, and without the right sort of help you could be paying more tax than you should or…
Here’s THREE things you need to do NOW to maximise your tax refund… 1. ORGANISE your paperwork Every apprentice – no matter your industry or trade – can get one step ahead in the run-up to tax time by having a system. Disorganised paperwork will cost you money if your accountant or bookkeeper ends…
They say that knowledge is power and at this time of year, the knowledge you need most as a business owner concerns your tax position. If you want to significantly improve the tax outcomes for your business for the current financial year, I recommend tax planning.
As a business owner, your focus is likely to be on the operations of your business and its future growth. But what about your future?
Are you aware that there are strategies that legally minimise tax liabilities and in doing so allow you to keep more of your hard-earned revenue?
The Christmas and New Year break is just around the corner. And with the festive season, many employers and businesses will be rewarding staff and clients with a Christmas Party or Gift.
At Victor Bimrose Accountancy Pty Ltd we specialise in strategic tax advice, offering tax and financial reporting for individual income earners, family businesses, tradies and construction companies. To talk about how we can help you, please get in touch today. At VBA we specialise in strategic tax advice, offering tax and financial reporting for individual income earners, family businesses, tradies and construction companies.
This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.
