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.

Fringe Benefits Tax

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

Tax Planning, who needs it?

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

Engaging a Bookkeeper is Better for Business

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

Cash Flow Advice for Small Businesses

Solid cash flow management is vital to ensuring your business survives and thrives but not everyone understands what cash flow is or how to manage it. That’s likely what makes it a leading cause of stress for small business owners. Cash flow refers to the movement of money into and out of your business. It is based on the amount of money you bring in minus the amount you spend.…  Read more

Build an Effective Financial Plan for Your Business

Every business needs a financial plan. Your financial plan gives you a way to monitor and review your cash flow, make adjustments to your spending and anticipate potential financial issues. A financial plan can also help when requesting funding or finding investors to bring more money into your business. Although many business owners are aware that financial planning is important, it is often overlooked or put off for another day.…  Read more

Millennials Making Money.

Your 30s are an exciting time. You’re typically making more money than you were in your 20s and you’re looking to the future to determine the type of life you want to live. Your 30s are also a great time to take control of your finances, so you have more security and flexibility in the coming years. Here are 5 financial tips to follow in your 30s, to help you…  Read more

A quick guide to Simplified Small Business Accounting

A quick guide to Simplified Small Business Accounting If you run a small business,simplify your accounting system and instead and concentrate on actionable metrics. This is especially true if you are the only one managing your business. Below are some of the ways you can streamline your small business accounting system: Track your inventory using dedicated inventory management software. Online inventory management software and point of sale systems allow you…  Read more

Grow Your Family Business While Preserving Family Relationships

Family business owners often share a similar goal – to grow the business and pass it on to the next generation. While keeping the business in the family and getting to work with your parents, siblings, or children can be rewarding, managing and growing a family-owned business isn’t without its challenges. Conflicting views on business and family matters such as succession of power, rivalry, favoritism, and disposition of assets often…  Read more

Federal Budget 2020: What it means for you

The Federal Budget was released on Tuesday 6th October. We have summarised what we feel is most relevant information for clients of Porters CA. If you would like to read more about the “Winners and Losers” of the Australian Federal Budget for 2020 click here. Key Points: Tax cuts for workers – more money in pockets for more Australians. JobMaker Hiring Credit scheme – businesses supported for hiring employees aged…  Read more

Preparing for the end of JobKeeper

Since the government announced the $70-billion JobKeeper program to support businesses and their employees, many businesses have relied on the scheme to stay afloat. Others have been grateful for the cash boost that made the way for smoother sailing. Phase one of Jobkeeper comes to an end on 28 September and not all businesses are eligible for the next relief package. According to a recent survey by the Australian Institute…  Read more

Adapting your business is just good business.

Tips to Adapt Your Small Business During the Pandemic As COVID-19 continues to impact the way businesses operate and consumers shop, many small businesses may struggle to stay afloat, let alone thrive. Below are some of the simple, yet effective, ways on how you can build a stronger brand, earn more sales, and survive in these uncertain times. Showcase locally-made products Now, more than ever, consumers want to buy from…  Read more

Cloud Accounting – better business

Technology is a tool and a means to an end. How does it help you? make your business run better make your life easier give you control information at your fingertips access to real time support from our team option for our bookkeepers to do it all for you We are here to help. What is cloud accounting? Accounting moves from your desktop computer to your fingertips. Cloud accounting software…  Read more

Business Update – August 2020

Our August update is designed to keep you informed of the latest options available to business in response to Covid. Cashflow Boost Estimator Employers who are eligible to receive cashflow boosts can calculate the credits they may receive using the FREE cashflow boost estimator which you can download here. Those who received an initial round of cashflow boost will be eligible for a second round of assistance when they lodge…  Read more

Do you have more questions this tax time?

What a year! We don’t need to tell you that this year has been “unprecedented”. With so many stimulus packages, support programs, tax changes and business shutdowns this financial year is set to be like we’ve never seen before. Oddly enough, amongst all the upheaval, rarely have we felt so enthusiastic about the opportunities for people and businesses who are open to new ideas and who are looking for guidance…  Read more

Surviving and Thriving in a Recession

The pains caused by a recession can be brutal and most of us dread the thought. A recession can mean massive layoffs, fewer jobs and wages frozen, which means consumers spend less and in turn worsening the economic slowdown. If we look at the effects of the Global Financial Crisis (GFC) of 2008, between December 2008 and December 2010, about 1.8 million small businesses closed. According to Investopedia one decade…  Read more

Tax tips for business owners

Seamless bookkeeping and accounting You want to avoid paying more than you should come tax time. Part of that is ensuring you have well organised and recorded financial records. When tax time comes around, are you ready or scrambling last minute for missing financial records? Business owners have a lot on their plate and can easily lose track of an approaching tax deadline or financial data needed to submit returns.…  Read more

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

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

Want to grow your business? Our Free Resources will Help