Good credit management is an important business strategy to maintain cash flow and stable finances A cornerstone of managing credit is not only making sure an invoice gets paid, but gets paid on time. Before a debt recovery process commences, which may delay payment further and damage a relationship with a customer, it is worthwhile […]
Business owners sometimes borrow money from their own company for a variety of personal and financial reasons. However, there can be an issue with tax law compliance if the proper steps are not carried out in treating the transaction correctly. Division 7a is an integrity measure aimed at preventing companies from making tax-free distributions of […]
It is not easy being a boss Being a boss is tough. It is one of the most demanding challenges of running a company. A boss has to inspire, lead, motivate, discipline, and reward. Some of the most important leadership skills are: Communicating goals: Let people know why they are doing something, not just how […]
Why do companies make customer buying complicated? For a small business, this question is critical Every product or service developed or sold involves an investment. Businesses need to make sure they can sell what they make or offer. Surprisingly, giving customers too many choices is likely to lead to fewer sales. It may be time […]
Play It Safe – Put It In Writing Business owners are exposed to all kinds of legal concerns and issues. Despite the best of intentions, nothing ends up as simple as it seemed in the beginning. Combine that with the human weakness of forgetfulness it is not difficult to see the benefit of recording just […]
Building a Brand Many businesses assume that a brand is an image, or more simply a logo. That is only one part of it. The most important thing to remember is this: a brand is a promise. A brand is used to set customer expectations. When a customer buys a product or service, they count […]
Deliver Customer Service Every business has a basic obligation to provide customers with quality goods or services. That is, quality in the sense of delivering on a promise to a customer. It is the responsibility of a business to ensure they are not selling shoddy or unsafe products or services. However, whilst they would like […]
Compliance in Focus sets out the compliance issues and risks attracting the attention of the ATO This information is useful for taxpayers who want to adopt a more strategic approach in managing their tax risk. Compliance in Focus is not an exhaustive list of all compliance activities that the ATO will undertake, but it describes […]
Fuel Tax Credits Fuel tax credits provide a credit for the tax that is included in the price of fuel. Most businesses are able to claim fuel tax credits when using fuel for business activities in machinery, plant, equipment or heavy vehicles. Since 1 July 2013 fuel tax credit rates have changed. There have been […]
CONTRACTOR OR EMPLOYEE? Business owners need to be aware of the difference between an employee and a contractor so that they are able to meet their tax and superannuation requirements. It is illegal for businesses to incorrectly treat their employees as contractors. This is because it allows businesses to unlawfully reduce their labour costs and […]
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