Great accountants don't just take care of tax-prep and compliance issues. Numbers really do tell a story and today's entrepreneurs are turning to qualified business accountants to help drive success and business profits.
We often think of an accountant as the person that does our tax return or lodges our BAS statements each quarter. But an accountant with true commercial acumen can really make a significant difference in your business and help you.
Strengthening and developing your relationship with your accountant is really an investment in your long term business success.
Here are some examples of how your accountant can add more value to your business.
One area that many entrepreneurs and small business owners undervalue is math. What do we mean by math? The ability to, at any moment, know the critical numbers that calculate whether you are profitable or not.
Small business owners need to be aware of tax concessions. While you need to check your eligibility, here are a few concessions may apply:
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.
Often when we have a tough business decision to make we are at a loss as to who we should get advice from. There is often a fear that professionals have their own agenda so we shy away from asking. Instead many people turn to family or friends. While they might have your best interests at heart, they are often ill equipped to advise on business or finances. This can mean that you get the wrong advice and make ill informed decisions.
Dashboard reporting is designed to make life easier. They are a one page snapshot of the real time results of a business and how it is performing against key measures. It is a clear and concise, visually appealing representation of key business drivers and risks. Sounds great right? Well there are a few limitations and issues with dashboard reporting. Here are the key issues you need to be conscious of when viewing your report. The challenges of dashboard reporting
A good accountant is vital to your business operations. Not only for planning accounting and tax, but for advice on almost all aspects of your operations. Therefore ensuring that you have a good relationship with your accountant is critical.
So how can you increase your chance of getting what you need from your accountant to grow your business?
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
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
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.
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.