AASB 16: The leases standard is changing from 1 January 2019. Are you ready?

Posted by Kelly Morgan on 20-Jun-2018 13:00:00

Designed to improve transparency, comparability and disclosure of leasing activities there is a new leasing standard coming. It takes effect on January 1, 2019 and you need to be ready. In this article we look at what are the changes, who it affects and what you need to do in order to be ready by 1 January 2019. #sydneyaccountants

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Topics: profit, Business accountants, Tax professionals, Balance Sheet, IFRS16, Accounting model, Leasing standard, AASB16, loss, Lease Accounting Standard

Business Accounting: 7 steps to get your Startup on track

Posted by Kelly Morgan on 14-Jun-2018 13:00:00

 

Starting a new business can be overwhelming, there is so much to do and not all of it is within your skill set or interests. We find many new business owners struggle with getting a system in place for their accounting and this can cause big headaches down the track. So we have put together a list of areas that you need to put in place early to ensure that your finances run smoothly. #startup #startupadvisor

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Topics: Azure Group News, Tech Business, Startups, Business accountants, Startup Australia, Startup investors, Sydney Accountants

3 Keys to a Stronger Relationship with your Bank

Posted by Azure Group on 12-Jun-2018 13:01:00

 

Running and growing a business presents the owners and managers with numerous challenges on a daily basis. Some of these challenges are completely out of the hands of the business, unforeseen and uncontrollable. So when there are challenges that can be minimised and even turned around to be a business asset these are the areas that must be identified and capitalised on. This can make life easier, stresses less and remove road blocks from growing and expanding your business. #bankingnews

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Topics: Banking, Business banking, Small business loans, Business banking manager, banking solutions, Bank

Asset Allocation: Don’t put all your eggs in one basket

Posted by Norman Howe on 08-Jun-2018 13:01:00

‘Don’t put all of your eggs in one basket’, a saying that has been passed down for many generations. It can be applied across a number of situations, but none more so than asset allocation. Often when it comes to investing there is an area that we might be more confident in. You might have more experience or knowledge in that area, or have had success in the past. You could fall into the trap of investing all of your money in this area because it makes sense to focus on what you know and where you are getting a good return. But all investments can be volatile at times and in order to provide protection and insurance to your wealth you must diversify your portfolio.

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Topics: Wealth Creation, Investor, Wealth Management, Accounting sevices, Property Investor, Invest assets, Invest money, Investment, Wealth specialists, Wealth solutions

Loan Covenants: Client Relationships are Key

Posted by Azure Group on 07-Jun-2018 08:44:39

 

Business loans are unlike other private loans such as a mortgage or personal loan. They include a covenant which are terms set out by the lender. They are benchmarks or certain actions that the business must take on a regular basis to demonstrate that the business is profitable and give the bank confidence in their ability to continue to make repayments. #news

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Topics: Lending, Business banking, Small business loans, Business banking manager, Bank covenant, Business loans, Lower Credit Card rate, banking solutions

Dashboard Reporting: Best Tool to track your Business Performance

Posted by Kelly Morgan on 05-Jun-2018 08:39:00

Dashboard reporting is a must have tool for managers and business owners. It collects all of the key performance indicators and the company’s important metrics in one easy to view and consume report - usually on one page.

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Topics: Azure Group News, Business accountants, Xero, Accounting software, Revenue, Dashboard reporting, Business efficiency, Business performance

How do Banks compete with FinTech and other Lenders to keep their customers?

Posted by Azure Group on 30-May-2018 07:00:00

 

Once upon a time the only finance options were banks. Today, that isn’t the case, and there are a number of new financial technologies that are gaining traction in Australia. So are these new options better than traditional banking? In this article we explore the different options and help you unpack what the best choice is for you and your needs.

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Topics: Banking, Lending, Business banking, Small business loans, Business banking manager, Lenders, fintech, Bank, Westpac, CBA, ANZ, NAB

Division 7A: 4 common errors

Posted by Tanya Moran on 28-May-2018 07:00:00

 

Despite it having been in place for more than 15 years, Division 7A continues to be a high risk area and the Australian Taxation Office (ATO) regularly monitors. Division 7A is part of the Tax Act and it provides provisions to prevent private company owners from avoiding dividend taxation through accessing company profits in other ways other than dividends.

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Topics: ATO, Tax return, Company tax return, Lodgement, Division7A, Tax Act

Business Loan Covenants: Sick of doing pesky covenant reporting?

Posted by Azure Group on 25-May-2018 14:00:00

 

When a lender approves your business loan it will usually be on the condition that certain covenants are agreed to. These are terms set out by the lender that are usually in the form of benchmarks that the business needs to achieve to show that they are profitable and to ensure that you can continue to make the repayments.

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Topics: financial reporting, Banking, Business banking, Small business loans, Business banking manager, Bank covenant, Business loans, banking solutions, Financial statements

Claiming Start Up Costs

Posted by Michael Derin on 23-May-2018 07:00:00

Starting a business can be costly. Most of the time there are significant set up costs before you have even started generating an income. So how can you claim costs when you don’t have an income to offset it?

As a general rule capital costs such as the purchase of a business is not claimable, however, the costs associated with maintaining and running a business are tax deductible.

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Topics: Startups, Investor, Business accountants, claiming tax, Startup Australia, Startup investors