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…
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…
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.…
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…
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.…