There’s more to inventory management than keeping track of your products. When to order stock, how much to order, and how much to sell it for can feel like trial and error. But inventory management software can remove the guesswork and give you greater control of your business. Why you need inventory management…
Tip Tuesday | 10 Ways to Stay Out of Debt!
Bad debt and late payment can be problems for almost any business. What’s the best way to handle them? Here we look at ten ways to stay out of debt and reduce the impact of debtors. Stay in control of the money you’re owed Business owners often worry about payment. That’s especially true in the…
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: 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: I’ve been targeted by the ATO for a tax audit. What should I do?
Welcome to the club! The first thing you should do is not panic – being targeted doesn’t mean that you’ve done something bad, it just means that the ATO needs to verify details of your tax return submission to make sure you haven’t claimed incorrectly. In fact, you are far from alone. The ATO has…
How To – Start a Construction Company
The Construction industry is booming and is a great opportunity for people to take the leap and start their own business. If you are considering setting up a business in this industry, then here are a few things you should know about before you start. Choose your business structure. There are a few options…
Tip Tuesday: How to Simplify Construction Invoices and Get Paid Sooner
Construction and trade invoicing is a big job. Create accurate invoices fast and get your weekends back. Apps can take away a lot of the hassle – and help get you paid sooner. Construction invoicing requires you to: record third-party costs track time worked (which can be tough when you have a few jobs going)…
Tip Tuesday: Accounting for Professional Services
Professional services companies have some unique challenges. With multiple clients and various different ways of billing, keeping track of income and expenses can be hard. So how do you manage your accounts? The challenges of professional service accounting The professional services industry is a broad one. It includes doctors, lawyers, accountants, architects, engineers and consultants.…
