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. …
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.…
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…
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…
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…
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,…
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…