It’s a couple of months out from tax time. But it’s not too early to start preparing your bookwork for the end of the financial year. Getting a head start on your bookwork before tax time can make the process smoother and less stressful. Here are some steps you can take to prepare: Organise your […]
Financial statements are essential tools that provide a snapshot of your business’s financial health and performance. While they might seem complex at first glance, breaking down the key components can offer a clearer understanding of your financial standing. Let’s take a look at the fundamental elements of financial statements and how they can be interpreted. […]
In the fast-paced world of Australian business, juggling paperwork might not be the most thrilling task, but it is undeniably crucial. The question on many business owners’ minds often boils down to one dilemma – should you shred it or file it away? Diverse Documents, Distinct Rules Different documents carry distinct retention periods based on […]
For small and medium-sized businesses, choosing the right accounting software is crucial for efficient financial management. Among the various options available, Xero stands out as a top choice for several reasons. Easy to use First and foremost, Xero offers user-friendly and intuitive features that make it easy for business owners, even those without extensive accounting […]
In Australia, the Big Four banks dominate the financial landscape and play a pivotal role in the country’s economy. The Big Four banks are: However, when it comes to choosing a bank, individuals and businesses often find themselves at a crossroads, debating the advantages and disadvantages of opting for a Big Four institution over a […]
On 1st August 2023, a new Australian law for small businesses (employers with fewer than 15 employees) came into effect: Paid Family and Domestic Violence Leave In this article, we explore the implications of this law on small businesses and what they need to know to adhere to the guidelines while fostering a compassionate work […]
Great news from Xero! They’ve added a smart new feature to Xero Central, their customer support and learning hub. This cool addition uses something called Generative AI (GenAI) to give customers lightning-fast, accurate answers. Why is this such a big deal? Well, Xero did some research and found out that small businesses think AI is […]
Landlords will be under special scrutiny this year by the ATO, especially those who claim interest on property loans. What you can and can’t claim is a complex area and one that about 80% of taxpayers with rental income get wrong. ATO Assistant Commissioner Tim Loh said “You can only claim interest on a loan […]
When it comes to entertainment and gifts for both staff and clients many businesses are confused about what is deductible and what is not. Client Entertainment and Gifts If you take a client out for lunch it is generally classified as entertainment and is not tax-deductible. This non-deductibility also means businesses can’t claim input tax […]
Proper accounting practices are essential for small business owners in Australia, especially during the busy holiday season. Here are our top five accounting tips for small business owners leading into Christmas: In addition to these tips, consider using accounting software (we recommend Xero) to streamline your financial processes and gain better insights into your business’s […]
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