Welcome to the Porters CA Blog.

Please enjoy our regular blog of relevant business, taxation and financial information. You can also follow us on Facebook, Instagram and Twitter.

How to build a cash war chest when money is tight

Your “war chest” is the financial reserve your business has built up. Your war chest helps you take advantage of opportunities or cover unexpected costs or emergencies such as the current Covid pandemic. Building a cash reserve when finances are tight, however, can be difficult. You need money to continue running your business while attempting to keep your reserve account healthy. To begin you should download a cashflow scenario planner…  Read more

Volatile markets – Don’t Panic

A market update from joint venture partner Knight Financial Advisors To say it has been a volatile month in markets would be an understatement. From their recent highs to recent lows US shares have fallen 13%, Eurozone shares have lost 16%, Japanese shares have fallen 14% and Australian shares have lost 13%. Emergency central bank intervention saw bond yields plunge to new record lows in the US and Australia. Commodity…  Read more

Risk management in uncertain times

Risk management should be central to every business. At Porters CA – Chartered Accountants we see two key imperatives – (A) achieve your goals; (B) manage the risk of not achieving your goals. Simple really. Invest in solutions that will improve your business performance and resilience in all cases such as remote working capability, duplicate supply options, multiple unrelated revenue streams, strong client communication channels, robust funding arrangements, documented operating…  Read more

Cash flow – Where does the money go?!

Join the small business train. You’re working all hours, making sales, invoicing clients but it seems that all of us ask the same question, “Where does all the money go?” When you own a small business, it’s vital you understand how money flows into and out. At a basic level, you need to know where your income comes from and what your expenses are. At a deeper level, knowing how…  Read more

Is DIY bookkeeping holding you back?

Small business owners can enjoy diversity and job satisfaction by being involved in all aspects of their business. Involvement in all areas of your business allows you to use a variety of skills which challenge you and keep work interesting. Very few operators however, enjoy doing the books. Many business owners do their own bookkeeping under the assumption they will save money. Time spent on the books is less time delivering…  Read more

Technology toolbox for trades

When you run your own trade business, your life involves long days on job sites managing projects, staff and clients. Often we see successful business operators working so hard they find no time for invoicing and bookkeeping. Thanks to a variety of online software companies, running your business is now a lot easier. You can efficiently manage your projects, employees, finances and records on your computer, tablet, or mobile phone.…  Read more

Superannuation payments – Pay on time, every time, no excuses!

With the implementation of single touch payroll, the ATO has real time data of wages paid, super due and receipts by super funds. This means now more than ever Superannuation must be paid on time. We’ve helped many small businesses implement systems to embrace single touch payroll by moving to cloud accounting with Xero or MYOB and gaining the additional benefits of time, knowledge and control of their business. The ATO…  Read more

A Worthy Cause

As part of our pledge to leave a legacy. Porters Director Simon Terry completed the MACA Cancer 200 ride last weekend raising $5364 for Cancer research. Simon attained a position on the honour roll whereby individual entrants committed to raising more than $4000 for Harry Perkins institute instead of the minimum required entry of $2500 funds raised. We are so grateful to all who donated and helped Simon reach his…  Read more

Job Opportunity for Motivated Accountant.

We’re looking for a new team member at Porters CA – Chartered Accountants. www.portersca.com Porters CA is a boutique firm, combining excellence in tax with a personal touch and a view that opportunities are everywhere. Our focus is to help our small business clients achieve prosperity and peace of mind. We provide accounting, tax and bookkeeping advice throughout WA using the latest cloud accounting software, from our offices in South…  Read more

Locked in a Commercial Lease.

Advice from the desk of Simon Terry I have been helping clients recently with commercial leases they can’t afford, in premises they don’t need, for leases we didn’t discuss, locked in place by personal guarantees. So I have put together 10 tips of dos and don’ts: 1. Personal guarantees – don’t do it.  Accountants create business structures to minimise personal risk so don’t undo our hard work. 2. How well…  Read more

New Partner not a New Face

It’s been 18 years since  Jodi Bradley joined Porters Chartered Accountants in Albany in 2001. She has well and truly earned her stripes and this year joins us as a Partner of the firm. Jodi will take on a greater leadership role, the biggest of which is to re-open and expand our offices in Albany. The new partnership brings opportunity for business growth, employment of more staff in Albany and expansion of…  Read more

What would your employees change about you?

Every manager has habits that make them incredibly effective as well as issues that their employees wish they would change. The problem is that many employees won’t tell their manager what those weaknesses are, often out of fear of retaliation. So while managers conduct employee performance reviews pointing out areas for staff improvement, sometimes the manager’s own weaknesses go unaddressed. Porters Director Simon Terry recently acknowledged a staff member for…  Read more

Succession planning – Is Your Will Up To Date?

No one wants to contemplate death, which makes writing or updating a will an unpleasant experience. Having an updated will is vital to ensure your wishes are followed after you die. It makes the process of sorting through your finances less stressful for your family and can prevent disagreements when settling your estate. Your will is a way of dictating who will arrange and settle your estate and how you…  Read more

What is financial planning?

To many people, financial planning sounds like something for the very rich. The wealthiest people take their piles of money to someone who tells them where to invest it so they can make even more money. The rest of us just focus on saving what we can while paying off debt and hoping we don’t lose our jobs before we’re financially stable. In fact, financial planning is about having long-term…  Read more

Seven Steps to Starting a New Business

You’ve got a great idea for a business, and now you want to get it off the ground and take it to market. This is a very exciting time, but there’s quite a bit you need to think about before you can launch. We offer resources to help you get started. Follow our seven day program to:  Determine if you can make any money Prove you can beat the competition…  Read more

Own a Residential Investment Property?

Want to know how the 2017-18 Budget affects your future tax position?   Here’s the rub… The ATO is interested ATO audits of over 300 rental property claims found errors in 90% of returns.  This means a huge potential loss of revenue for the ATO and fertile ground for tax reviews. This year, the Australian Taxation Office (ATO) will undertake 4,500 audits of taxpayers it considers are “high risk” because…  Read more

Get Paid Faster for a Job Well Done.

Taking steps to ensure your customers pay promptly should be a key priority for your business. When clients consistently pay on time, you are able to pay your vendors, suppliers, and employees on time and you’ll have an up to date view on the profitability of your business. This requires that you also implementing strategies to support prompt payment and make it easy for customers to pay as soon as the bill comes in. Provide…  Read more

Delivering value – should you bill by the hour or offer fixed rate packages?

Knowing how to price your services can be a real struggle. Charging an hourly rate can feel less scary than quoting a fixed rate package because you have confidence you’ll be compensated for every hour you spend on a project. But there are drawbacks to trading time for money – not the least of which is that it limits your earning potential. Charging by the hour can also lead to…  Read more

Porters CA – 2018 Highlights, 2019 Insights

This is Simon’s first ever you tube clip. He’s pushed himself well out of his comfort zone to achieve our goal to be Accountants with a difference. Fifteen takes later (and some film editing by Gilbert) we have a result. Brilliant not perfect is a great place to start. We have even received our first you tube subscriber, which means there’ll be more to come. Enjoy    Read more

Boosting The Social Proof Of Your Online Business

Having an online business presence with an effective website and social media pages is essential for today’s consumers. You won’t build a loyal customer base if you can’t earn your visitors’ trust, which is why companies value social proof so highly. Social proof isn’t a new concept, or one that only applies to social media. It’s a psychological phenomenon. In online terms social proof is how others view your business based on…  Read more

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