Should you register for GST? If your revenue is higher than $75k then yes you have to. What about if it is less than $75k? I often see a misconception that the answer is always no. The answer isn’t that simple. If you are a B2B business, the answer is YES you should register. If you are a B2C … [Read more...] about Should I register for GST?
Stakeholder management – with numbers
Most typical public practice accountants are very one dimensional. They think only as a tax accountant, lets prepare accounts to make profit as small as possible and reduce tax! Perfect! But what happens when you need those accounts for a different stakeholder who you want to show profit as high … [Read more...] about Stakeholder management – with numbers
How to avoid an Audit
The ATO are good people. They rarely audit people for no reason. Here are some reasons they will target entities for audits: 1. Performances are not in line with industry benchmarks 2. Poor governance (late lodgers, late payers) 3. Tip offs 4. Overseas structures (is your holding company … [Read more...] about How to avoid an Audit
Accounting in the new world
Accounting has come a long way in the digital age. In the 70s, 80s and 90’s. Accounting was done by hand. Accounts would be closed months after the actual closing date and data was sloppy, unreliable and late. In the 00’s software’s created a new age of fast, incorrect data. It opened the door … [Read more...] about Accounting in the new world
Get a separate bank account
Go and get a separate business bank account!!! It is that easy. If you complete this simple task, your accounting is going to be 1000 times easier. … [Read more...] about Get a separate bank account
What accountant to use
There are three tiers of accountants in my mind: 1. Tier 1 (big 4) 2. Tier 2 (top 10) 3. Tier 3 (Smaller Chartered accounting practices) So what accountant is best to use for what situation? In this video I explain exactly who to use for what situation to get the best value out of your … [Read more...] about What accountant to use
Big Fish, Small Pond
When choosing an accountant often people will be drawn to the big brands. Is this what is best for your situation though? The bigger end of town has some very, very large clients. Some paying millions per year. If your small business is paying a bill of even $100k, you would be a small fish in a … [Read more...] about Big Fish, Small Pond
Importance of Budgeting
Why is budgeting important? Goals create results! How do you budget? There are three methods to budgeting: 1. Top-down method 2. Bottom-up method 3. Cost plus some method Personal preference is how you should choose what method to use. My personal favourite is the top-down method … [Read more...] about Importance of Budgeting