Archive for the "Blog" Category
Posted on June 13th, 2018 by Karen Banks
The ATO will acquire information from the eight State and Territory motor vehicle registry authorities on vehicles that have been transferred or newly registered where the purchase price or market value is equal to or greater than $10,000. The financial years impacted are 2016-17, 2017-18 and 2018-19.
The majority of transactions in the data matching process will involve a single seller and a single buyer. Examples of transactions matched are:
date of transaction
type of transaction
sale price of vehicle
market value of the vehicle
vehicle make a…
Posted on May 2nd, 2018 by Karen Banks
Accounting ratios analysis helps in the identification of the strengths and weaknesses of a business. Based on the financial reports it enables the business to measure its efficiency and profitability and provides a way of determining the relationship between one accounting variable to another on their financial statements. Over time a business can assess their performance and pick up on key indicators on whether improvements or changes are necessary.
The use of these ratios can assist a business to better understand:
how they are tracking – their day to d…
Posted on February 28th, 2018 by Karen Banks
Some business owners begin their operation with a wave of optimism and enthusiasm but without a well thought out budget they find it is not possible to create a successful action plan.
When running a business it’s easy to get bogged down with day to day problems and miss the bigger picture. Successful businesses allocate time to create and manage budgets, prepare and review business plans and regularly monitor their financial situation and business performance.
Budgeting identifies current available capital, provides an estimate of expenditure and anticipates incomi…
Posted on February 5th, 2018 by Matthew Kiernan
Email is now a vital function of many businesses and their finance. Emails, like post boxes in the past, are seeing increased amounts of vital and confidential communications pass through them, such as invoices, statements, bills and contracts.
Increased use of email over the last decade has seen scammers switch from the less and less common telephone calls to the increasingly common email phishing, identity theft, viruses and hackers. We are seeing email scams more and more due to email being unaffected by the location of the scammers or the target.
Posted on November 29th, 2017 by Claire Thornett
Recently, I was watching a ‘documentary’ about terrible savers receiving financial counselling to mend their ways. One man who was up to his armpits in debt said, “My mum told me, you’re born into this world with nothing, so if you go out owing, you’re ahead!” This amusing but dreadful advice made me grateful for the sound financial advice my own mother has given me over the years.
My mother has worked her whole life, she’s done everything from working in a pea factory (didn’t last long), to apprenticing as a hair dresser (which meant she cut our hair gro…
Even the internet can’t provide all our solutions – why we still need our accountants (and our mums)Posted on November 22nd, 2017 by WLF
When our daughters were still toddlers, I declared that I would leave home when they became teenagers. I was a bit afraid of parenting teens in the world of devices and social media. Well, it’s happened. Our eldest turned 13 a few weeks ago.
I haven’t left home, and I guess I probably won’t. For the most part, our teen is a delightful girl. Navigating the challenges of parenting a teenage girl is probably going to stretch me, but I’m up for it. It’s a learning curve, for sure, but what new thing isn’t?
There are so many things about being a teen that weren…
Posted on November 13th, 2017 by Paul Lyons
Why do you own a business?
It’s interesting to consider this because we are surprised at how many business owners haven’t taken the time to consider this fundamental question. From a big picture perspective, having a business provides you with a lifestyle. That’s it!
It gives you cash now to fund your family spending, and hopefully a lot of cash in the future when you sell your business.
And it’s very similar to having, an investment property, share investments or even a Self Managed Super Fund (SMSF). They give you cash either now or in the future, or a c…
Posted on November 8th, 2017 by Paul Lyons
Before we answer this question, remember your business will only be worth what someone else is willing to pay for it. So, you may think it is worth $1 million, but if your best offer is only $500,000, then $500,000 is realistically what your business is worth.
How can you attract a buyer and get them to pay the price you want?
A basic business value formula
Most small and medium sized businesses are valued using a business valuation method known as the “Capitalisation of Earnings” method. This valuation technique works by taking the earnings (before i…
Posted on November 1st, 2017 by Andrew Meredith
As someone who has grown up on a beef cattle and mixed cropping farm I know that farming is a tough business to be in. Whilst the financial rewards of running a farming business can fluctuate greatly year to year, the non-financial rewards of living and working on a farm can help outweigh the long hours in often harsh conditions.
Unfortunately farmers, like every other business, must pay tax when they make a profit. However, there are certain concessions and tools available to farmers to assist them meet their tax requirements.
Farm management deposits (FMDs) are one …
Posted on September 13th, 2017 by Kellie Bressington
So you’re wondering if you have what it takes to be an accountant in public practice. While memorising the legislation might seem like the place to start, it’s not actually the thing that will make you excel. What skills does it take to make a great accountant? Here’s what I think.
An understanding of mathematics
Starting with the accounting stereotype, an understanding of basic mathematics is a must. You don’t need to be able to understand high-end calculus but addition, subtraction, multiplication and division need to be functions you are comfortab…