Your relationship with your accountant should be a long term, trusting relationship. They should have a good understanding of you and your business in order to assist and advise you in the best possible ways. Not all accountants are the same, and it is therefore important that you choose an accountant that is right for you and your startup. Here are our tips on things to consider when choosing an accountant.
We all know that the number one reason for companies to fail is inadequate or poor cashflow. However, have you ever stopped to wonder what the other main reasons for company failure are? According to the Australian Securities and Investments Commission (ASIC) the other reasons are poor strategic management of the business, and poor financial control including lack of records.
When setting up a business there are hundreds if not thousands of tasks of varying size that need to be done or considered. When you haven’t even got a client yet it is hard to consider that you need good terms and conditions. Many entrepreneurs think those sorts of things can wait till later.
Small business owners need to be aware of tax concessions. While you need to check your eligibility, here are a few concessions may apply:
We know most accountants have a reputation for questioning and sometimes challenging your deductions. But here are a few that you didn’t think you could claim, but are actually legitimate! Just make sure you keep your receipts.
Knowing the important due dates throughout the year can save you time and angst. So we have prepared Key Lodgment Due Dates - Financial Year 2018/2019 in PDF printable for your convenience.
If you would like assistance preparing your lodgments, or have any questions about the below dates, please get in touch with us.
There has been much talk in media recently around the recent spate of lending institutions increasing the home loan lending interest rates out of cycle, the main reasons for this being the cost of funding.
There is a prediction that due to increases in interest rates around the world that Australia will likely see increases in our own RBA rates. What is unknown is the timing on this increase and how fast it will go up.
This uncertainly causes pause to consider your own home lending and review variable and fixed loan options.
Traditionally banks have been wary of lending to small business and the capacity to borrow is becoming more difficult. Because of this, banks have spent most of their focus on bigger fish, leaving entrepreneurs and startups to generally fend for themselves. However, Australia is built on small businesses, so it is in all of our best interest to make sure that these businesses get the help they need to become successful.
Negative gearing…..a topic that polarises most financial advisers and confuses most investors. So is negative gearing a good strategy? Can it be used to as a profitable strategy for Property Investors? In this article we look at exactly what negative gearing is and the difference between negative and positive gearing.
The startup economy is booming in Australia. Driven by innovation it is tipped that by 2033 startups will play a huge role in our economy by contributing as much as $109bn or 4% of GDP and 540,000 jobs.
With this increase in numbers, the failure rate of startups is likely to soar. A report by the International Business Times in May 2017, suggested the failure rate was 50%. One of the reason for this was due to Capital Issues. So can you ensure your startup doesn't fail due to financial reasons?