The top 10 mistakes in DIY bookkeeping

It’s time to put your bookkeeping processes under the microscope again as we draw closer to the end of financial year. It seems that bookkeeping is either a task left in the ‘to do’ basket until it’s too late or done at the last minute, increasing the likelihood of mistakes. I know that many small to medium business owners are often juggling a variety of tasks, from managing staff and business developments, through to hands-on work. However, simple bookkeeping mistakes [...]

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4 Ways to Keep Your Accountant Happy

It’s always a good idea to maintain healthy relationships with everyone you do business with. As someone who plays an important role in your finances, your accountant is definitely no exception. Luckily there are four really simple things you can start doing now that will help keep your accountant in high spirits, your professional relationship smooth and allow your accountant to do their best work for your small business. Keep Your Books Regularly Far too many small business owners neglect to [...]

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SuperStream Compliance Date for Small Business Extended

The ATO has recognised that some small businesses need extra time to become SuperStream compliant. Because of this, the ATO has announced it will provide flexibility to small businesses that are not SuperStream ready until 28 October 2016. These businesses were previously expected to be SuperStream compliant by 30 June 2016. “The ATO will not be taking compliance action against businesses who miss the 30 June deadline and will continue to work to support them to get ready for SuperStream,” Says [...]

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ATO announces simpler BAS reporting for Small Business

One of the biggest complaints from small businesses has been that there are a lot of forms for them to fill out and reports for them to complete in order to remain compliant. The ATO has decided to make things simpler for small business by committing to reducing to reducing GST compliance costs. This action will save both time and money for small business owners by making account setup, bookkeeping, BAS preparation and lodgement much simpler. From 1 July 2017, small [...]

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What does the 2016 Federal Budget mean for your small business?

The Federal Budget was handed down last night with changes announced in many areas such as Education, Welfare, Defence & Security, Superannuation and Taxes. Several of our business owners are wondering how the 2016 budget will directly impact small business. The general consensus is that small businesses are winners in this year’s budget. Eloise Keating of Smart Company writes; “If last year’s budget was built upon the ‘biggest small business package in our nation’s history’, then the 2016 budget could be [...]

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5 Steps to Using Cashflow Manager More Effectively in your Accounting Practice

To process the work you get from your Cashflow Manager clients as efficiently as possible, make sure your practice is following these five tips. For a step-by-step visual tutorial on performing these five steps in Cashflow Manager, simply watch the video below. Plus we answer one of your frequently asked questions. 1.Get your client’s backup file What is the best way to get data from your client? Certainly the easiest way to get complete and accurate data is to ask your client to [...]

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Creating a Cash Flow Budget for your Small Business

At the start of a new year it is always a good idea to put together a cash flow budget for your small business especially if you do not have one for the financial year. A cash flow budget helps you see what cash your business will have available to meet expenses by recording the cash you expect to receive and pay out over a chosen period of time. A cash flow budget is actually one of the most important [...]

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Top Tips for Keeping Healthy in the Workplace

Eight or more hours a day sitting at your desk can take its toll on you. It can be tough to get physically active in an office, easy to eat more than you should, and there are a number of other factors that may impact on your general well being. There are some simple ways to keep in top shape even if you are stuck at your desk 5 days a week. Get Moving Try to increase the amount of movement you [...]

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The ATO’s New Small Business Newsroom Keeps Things Simple

  Tax Compliance has been costing small to medium sized businesses up to $18.4 million per year, so in an attempt to cut call waiting times and provide consistent advice the Australian Tax Office (ATO) has developed an online ‘newsroom’ to inform businesses about their tax and super obligations. The newsroom has been developed to make finding information on the ATO website easier and to reduce the amount of technical jargon business owners have to sift through to get answers.   In the [...]

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Surviving a Tax Audit. What Small Business Owners Need to Know

The ATO has selected you for a tax audit. That is the kind of letter or phone call that most small business owners don’t want to get. An audit is never easy, but keeping things organised and communicating well with your accountant can help you through the process with a bit more confidence. When the ATO does a tax audit, they look at your tax affairs to make sure the information you have given is accurate, including whether you: Declared all [...]

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