The Australian Government is consistently implementing new schemes and laws to prevent phoenixing and other illegal business activity. In the past year, the Australian Business Registry Services (ABRS) has integrated the Director Identification Number register to limit business noncompliance from flying under the radar. But who is supposed to apply for a Director Identification Number (DIN)? And what happens if [...]
Are you still using pen and paper for all your budgets, payslips, and inventory management? What about a Google Doc or hard drive? Even the latter is considered superfluous now that you can advance your accounting with online bookkeeping software. Worried about how you’ll make the switch? Let our accounting firm in Melbourne walk you through the potential switchover process. [...]
When you suddenly take on the responsibility of being a business owner, you acquire staff, property, assets, and funds. Without knowing how to govern these components, you will likely end up feeling stressed, burnt out, and worried. This is what business sellers fear, as they would prefer to see you uphold the business’s reputation and make it a success. Working [...]
Whenever you speak to your accountant do you feel like just another number rather than a client they genuinely care about? This isn’t a relationship you should have with anyone you outsource, from lawyers and bookkeepers, and all other professionals in between. You should always have an honest, transparent relationship with anyone that you entrust your businesses money with. So [...]
About 10% of small businesses with existing employees close down each year. The figure for businesses with no employees? 30%. It’s a dire statistic. And it’s exactly why small businesses have to always be on their toes; being a small business often means that you don’t have the backup funds to support yourself in times of crisis. You should constantly [...]
There are many misconceptions about what outsourced accountants can do for businesses. Many business owners lose out on opportunities and advice because they don’t think business accountants in Melbourne are worth hiring or that their business finances are simple enough to manage on their own. Before making these rash decisions, you should at least do your research to know exactly [...]
You’re thinking about hiring an accountant for your small business - but you’re unsure exactly what they can do for you and wondering if it’s really worth it. Small business accountants offer more than just the obvious service of managing your accounts. Accountants are a crucial component of any successful business, big or small; acting as a financial indicator that [...]
It's important for individuals to regularly assess their financial situation, check their expenses, and make logical predictions and decisions that will impact their future. Financial advisors and BAS or IAS accountants are experienced in helping individuals by giving them advice about taxes, financial planning, assets, investments, and small business endeavours. Here are some financial factors you should talk about when [...]
Self-employees, freelancers, sole traders and the like have a lot of benefits to being their own boss. But the financial side can be a complicated component, especially if you’re running a small business by yourself. Speak to an accountant to help you save money by choosing the right tax structure, helping you meet important deadlines, and more! How to [...]
Some small business owners only contact their accountant during tax time. Larger corporations might go the other extreme, by having an accountant working for them in their office 9-5. Most business owners who fit into the former category might see more success and benefits of working with an accountant when they find more of a comfortable middle ground. If you’re [...]
