Tag: Accountant Albany

In the world of business accounting, two critical practices stand out for ensuring clarity, accuracy, and long-term financial health: monthly balance sheet reconciliations and profit and loss (P&L) comparisons. We’re looking to answer a few questions: are your assets and liabilities accurate and complete? are your income and expenses accurate and complete? are you consistent and correct with your bookkeeping? what can you do with this knowledge to improve your…  Read more

You run a great business. You know your product/service but do you know enough about your finances? Even if you have outsourced your financial functions, as a small business owner, it is crucial to have a solid understanding of key financial concepts to work with your advisor and ‘speak their language”. This article outlines several important concepts that every small business owner should be familiar with. Basics of income and…  Read more

Retirement is a significant milestone that brings with it the need for careful planning and financial security. A well-planned retirement ensures that you can maintain your desired lifestyle without worrying about running out of money. One of the key components of successful retirement planning is seeking good financial advice. Obtaining professional financial guidance can contribute to a secure and comfortable retirement. The Benefits of Good Financial Advice Tailored Retirement Planning…  Read more

The evolution of Single Touch Payroll (STP) requires more effort than usual on year end payroll finalisation. Under STP employers must report pay, allowances, taxes and superannuation information directly to the ATO every payday through STP. Employers using STP will not give employees a payment summary as they usually would at this time of year. Instead, employees will get an end-of-year income statement in ATO online services through myGov. Employers…  Read more

Cybersecurity Best Practices for Small and Medium-Sized Businesses In our digital age, cybersecurity is a crucial aspect of running any business. Cybersecurity breaches could lead to not only data theft but also reputational and financial loss. Hence, it’s imperative to establish robust cybersecurity measures to protect your business and customers’ sensitive information. Here are some cybersecurity practices that could help safeguard your online presence. 1. Invest in Security Software: One…  Read more

Debt can be a significant burden on one’s financial life. It can cause stress, anxiety, and make it difficult to achieve financial goals. However, with a little planning and dedication, anyone can create a debt repayment system and get on the path to financial freedom. Here are some tips for managing debt and creating a debt repayment system: Take Stock of Your Debt The first step in managing debt is…  Read more

As a small business owner, you’re likely already aware of the importance of keeping your finances in order. Financial management goes deeper than paying your bills on time and collecting on invoices (although those are also important). It involves regularly checking up on your financial situation to make sure your accounts are in order, your records are up-to-date, and you’re spending within your budget. Among those activities, financial reconciliation plays…  Read more

Inflation has ballooned worldwide in recent months and interest rates continue to rise so there’s no question that businesses are feeling the impact. Supplies cost more, employees are hard to find, and if your prices are not rising then your profits are shrinking. Here are some ideas that can help. If you are in financial distress, do not wait to ask for help or advice. 1. Study your data Your…  Read more

Why is everybody talking about inflation? You can’t get through the news these days without hearing about inflation, how rapidly it is increasing and how it has to be stopped. Rates were generally low for quite some time and we all got used to it. Suddenly, however, everyone is getting squeezed by inflationary pressure. But what exactly is inflation, and how does it affect the money you have in the…  Read more

The end of the year tends to be a bit chaotic for business owners, but it’s actually a good time to get some extra housekeeping done for your business. Read on for some tips to help you finish the year neatly and feel prepared to face the new year. Review your goals and KPIs A lot has likely happened for your business over the course of the previous 12 months.…  Read more

The deadline for setting up a director ID by 30th November has passed. The ATO is urging those who haven’t yet applied for their director identification number (Director ID) to do so now. ASIC is responsible for enforcing director ID offences set out in the Corporations Act 2001. It is a criminal offence if directors do not apply on time and penalties may apply. What is a director ID? The…  Read more

There are a few different methods that employers use to pay their employees, and while they may have similarities, they each also have their own implications for your business and its employees. On top of that, there may be a blended model at play, in which you offer two types of compensation at once, such as a wage and bonuses. How you pay your employees will impact your finances and…  Read more

Payroll is time consuming and complicated. It can take away from the time, energy and passion you might otherwise invest in growing your business. So is it time to outsource your payroll? While there is a cost to consider when engaging a professional, if the time is right, it should pay for itself. When considering outsourcing your payroll talk to us to ensure your business is ready for the next…  Read more

Superannuation If you want to make a tax deductible contribution before 30 June or pay super for your employees for a tax deduction in FY22 – Take Action NOW. Funds must be received in a fund bank account before 30 June. From 1 July there are two key changes: the contribution rate for employer super contributions will increase to 10.5%; the minimum $450/month threshold ($350 for hospitality) for employer contributions…  Read more

Scrapping the $450 per month super guarantee threshold was a parting gift of the Liberal Party. From July 1, employers must make super guarantee payments for all employees regardless of an employee’s total monthly earnings. As announced in the 2021–22 federal Budget, the Australian Government the $450 per month threshold will be scrapped from July 1 to expand coverage of super guarantee to eligible employees regardless of their monthly pay. The…  Read more

Lodge your FBT to REDUCE ATO AUDIT PERIOD. Many small businesses manage their business to avoid fringe benefits tax using methods such as director contributions to ensure no tax is payable – this method is low cost and pragmatic however leaves an unlimited timeframe open for ATO. We recommend our clients to complete and lodge an FBT return, even if it is a nil result so as to draw a…  Read more

In April and May 2022, we assist clients with Tax Planning to provide specific actions to reduce your tax and manage your business and personal profits. REDUCING YOUR TAX and PLANNING FOR YOUR TAX PAYMENTS We have annual tax planning guides that will help you succeed: FY22 Tax planning tips and ideas for business FY22 Tax and wealth management tips and ideas for individuals When is a tax plan essential?…  Read more

Payroll is one of those things that starts out simply enough. You start your business, hire a few employees, and things tick along pretty well. It’s straightforward enough to keep everything in line at first, but what happens to most companies is… they grow! This is a great thing, but it also means that payroll becomes more complicated. As such an important aspect of your business, it’s important that payroll…  Read more

A Bookkeeping service can benefit businesses of any size. It gives you access to expertise for better management of finances, invoicing and bills and a seamless transiting from bookkeeper to accountant at EOFY. Perhaps even more important for you is the time freed up for you to focus on your business. To see bookkeeping packages click here. Expertise A bookkeeper is an expert at managing, sorting and recording your business’s…  Read more

Buying a property is a big investment. It’s often one of the most important investments people make in their lives. When it comes to getting a mortgage, many buyers focus solely on the immediate steps they have to take and fail to consider the right protections. What insurances can protect your home loan? It pays to understand the insurance options you have available for your mortgage in order to protect…  Read more