Category Business Strategy & Advice
Ensuring your systems and processes are as efficient as possible to maximise the time available to focus on growing your business and creating wealth
As a business owner, do you or your managers spend a lot of time recruiting, conducting exit interviews, and onboarding new staff? When the ‘revolving door’ in and out of your business doesn’t stop revolving, it can impact so many parts of the business that it soon becomes a priority to address the problem.
Thinking of selling? Or just curious to know the value of your business in case you do decide to put it on the market at some point? Many business owners are well-wide of the mark when placing a value on their prized asset. They overvalue it and under-prepare for their exit, believing in a huge
There’s a saying in business, “You can go broke making a profit.” And another, “Cash is king. Profit is theory.” As you know only too well, you don’t pay rent, meet payroll or pay your bills with profit.
In order to claim superannuation contributions as a tax deduction your payment to super has to be made and cleared within the superannuation fund by 30th June 2018.
Over the years the Australian Taxation Office have continued to wise up and reduce or completely remove previously available deductions. Years ago when year end approached it was a crazy shuffle of money, cheques and paperwork. The Australian Taxation Office has sealed a lot of the old cracks, but there are still a few legitimate
“I get all my business from word-of-mouth marketing.” “I’m a referral business.” “I don’t have the budget for marketing.” “I’m just too busy to market my business!”
As much as we hate to admit it, the best business owners and executives can drop the ball on occasion. This is particularly true of the little things, which can be easily overlooked. When it comes to keeping track of business expenses, even the most attentive and mindful can fall behind. Physical receipts and invoices
Where do I start, trade wars, Trump, North Korean talks, bank royal commission, Bill Shorten and his tax reform, Facebook and Australian cricket. Despite these headlines many Australian companies had solid earnings over the March 2018 quarter. OK, I’ll start with Bill Shorten and his $59bn proposal to scrap the cash rebate when franking credits
Success in business requires a number of essential ingredients. A sound strategy. A robust business model. Effective planning. Strong financial control and bookkeeping. A good team. Great systems. Measurement. Focus. But you know what? Even all those elements are not enough without this skill: Execution.
The world has changed. Work has changed. The possibilities provided by cloud and mobile technologies are beyond what most people would even have considered possible just a decade ago. But have you adapted and updated your systems to keep up with — and take advantage of — these exciting and fast-moving changes? Or are you
The Time is fast approaching for year end. If you want to take a few simple preventative measures to minimise or defer how much tax you will pay for this Financial Year, you need to do two things:
Isn’t Twitter a waste of time? Isn’t Facebook for the kids? Not anymore.
When a prospective client asks you for a quote, it’s a powerful opportunity to make a sale. In fact, with the right response you may be able to ‘seal the deal’ almost immediately.
For many, the word ‘budget’ is about as appealing as the word ‘diet’. It seems to imply what you will go without, rather than what you will achieve.
Our chances of living longer are increasing as life expectancy continue to increase. At age 65 a person’s chance of needing aged care during their remaining lifetime is 68% for females and 48% for males. Old age can be associated with declining cognitive abilities, resulting in problems when managing personal finances.
Still using spreadsheets for rosters, timesheets, and payroll? The administrative load involved in efficiently rostering staff, preparing accurate timesheets, and ensuring that everyone is paid correctly can be a huge burden on a small business – especially if you are doing it all manually.
Disasters. They happen. In personal lives, and in business. That’s not being negative, that’s being real. Every day disasters affect families and businesses somewhere in the world, but it always seems to happen to someone else, doesn’t it?
As much as you try to share skills, knowledge and information in your company, you probably have some people who are key to your business’ success.
They say only two things are certain in life: death and taxes. For a lot of people, there’s also a third certainty in life: the pain of keeping track of every receipt when it’s time to do the taxes.
“You need to work on your business, not just in your business.” Made popular by The E-Myth Revisited author Michael Gerber, it’s advice I’m sure you’ve heard dozens of times over the years (I certainly have). But despite being told over and over again, many small business owners still don’t seem to truly understand what
With the end of financial year fast approaching it is a busy time for businesses. Below is a basic summary of important dates and year end processes to get you started. Important Dates 14th July 2017 – Payment summaries need to be provided to employees by this date 28th July 2017 – Due date for
On Tuesday 9 May, the Federal Government handed down its Budget for the 2017–18 financial year. According to Federal Treasurer Scott Morrison, this year’s Budget is founded on the principles of fairness, security and opportunity. Mr Morrison claims that the government’s proposed measures will raise almost $21 billion in revenue over the next four years,
Over the past couple of months we have received many queries from clients receiving suspicious emails from government agencies in regards to their financial information. Example of email received For this particular example, clients have been receiving letters from ASIC for the renewal of their company. Consider the following: If POOLE GROUP have set up
The sharing economy is booming thanks to the far-reaching capability of the internet and the growing use of smart phones. While it might have started as a good way to get a little more cash and fun, people often are unaware that sharing their private home or car with strangers or doing the lawn for
In the past few months, we’ve found that the ATO has been relentless on those failing to lodge their tax returns (or other documents) on time. An individual has recently been slugged with a combined penalty of $1750 for not lodging their 2014 & 2015 tax return.
The Federal Government recently announced a raft of new initiatives under their “National Innovation and Science Agenda” which you may have seen advertised on television. One of these initiatives was incentives for anyone who invested new equity capital in an eligible startup business.
“What’s the best accounting software for my business?” As accountants we’re asked that a lot. And for most small- and medium-sized businesses the answer is, without hesitation, Xero. Why? Because we think it’s the best accounting software currently available. And here are ten reasons why we keep recommending it to our clients. Easy to use
One of the biggest advantages of working with Xero and the cloud is having instant access to the information you need. Xero’s daily bank feeds provide access to the latest financial data as soon as it’s available. However, as a business owner you need more than just the standard Profit & Loss (P&L) and Balance
Taking control of your cashflow and managing debtors are challenging elements to running a successful business. Reminding people to pay you on time is a crucial function in a business, yet often business owners are so busy that they overlook it. Sure, you could hire staff to chase up and remind your debtors for you,
We love the Xero cloud accounting platform, but one of the reasons for that is not just the Xero app itself: It’s the ‘app eco-system’ of addon partners that provide specialist software programs that integrate simply and easily with Xero. These addon apps help you to improve efficiencies and information flow in your business.