Over two-thirds (71 per cent) of small business owners say the federal government is not doing enough to support them, in a new study by accounting software provider Reckon (ASX:RKN). Government red tape is considered the biggest obstacle to creating a start-up in Australia, with over half (52 per cent) of SMBs agreeing. The survey, which…
Tip Tuesday | What is inventory accounting and why do it?
Inventory is the biggest cost facing many businesses. But what is it, exactly? We look at the many forms inventory takes and explain what inventory accounting is for. What is inventory? Inventory is the items that your business has bought with the intention of reselling to customers. The items may be resold without change, or…
Black Economy Crackdown: The ATO Goes Doorknocking
The tax office has announced that its investigators will be hitting the streets, visiting businesses directly as part of its ongoing crackdown on the “black economy”. In a statement, the ATO said that it will drop in as many as 500 small businesses across Tasmania, with areas in and around Launceston and Smithton a key…
Blog: Single Touch Payroll Extended for all Employers
From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. What employers need to report will also be extended to include certain salary sacrificed amounts. Employers with 20 or more employees have been required to…
Tip Tuesday: 5 Unusual Tips for Starting a Small Business
Starting, running and growing a small business can be challenging and daunting. Whether you are driven by passion, an extra stream of income, monetising a hobby or simply a more flexible working environment, entrepreneurs must constantly face up to uncertainty. As a result of the competitive nature of small businesses, looking at your company plans…
Tip Tuesday: Understanding online payroll for small business
If your business employs people then you’ll need to come to terms with payroll. It can seem daunting at first, but the right approach and the right software will help make the payroll process fast and easy. What is payroll? Payroll is a word with two possible meanings. It can mean the accounting process of…
Blog: Instant Asset Write-Off to Increase Small Business Growth & Investment
The Government’s announcement to increase and extend the instant asset write-off is expected to stimulate small business growth and investment. According to business accounting software company, MYOB, 28 per cent of small businesses find cashflow a real pressure. “Anything that helps small business invest in the future of their business is something that should be…
Tip Tuesday: How to make small business accounting fun
Owning a small business is exciting. You get to do what you love, day in, day out. But traditionally, small business accounting isn’t exciting. So how can we change this stereotype and make accounting fun and easy? Small business accounting challenges When we talk to the small business community and accountants and bookkeepers, several things…
Blog: Construction Accounting Basics
Construction is unlike any other business. Building projects can last for months or even years – and you might be both an employer and a contractor. So how do you learn the basics of construction accounting? Why is construction accounting different? If you work in the construction industry, you’ll know there’s rarely a fixed business…
Tip Tuesday: What is depreciation and why should I care?
Depreciation affects your bottom line, your tax bill, and the value of your business. Those are three good reasons to learn what depreciation is and how it works. Here are the basics. What is depreciation? Depreciation is what happens when a business asset loses value over time. A work computer, for example, gradually depreciates from…
