The growth phase for small businesses, while exciting, can be one of the hardest to manage. But with some smart technology and clever processes, growing your small business can be an exciting transition. There’s a new set of challenges to navigate for every hope of a self-sustaining business. This is the phase when you have a product or service your … Read More
How to safeguard your business against future audits
Last year the ATO scrutinised over 760,000 business operations, resulting in, close to, an extra billion tax dollars for the Australian Government. While an audit can be a good learning experience for business owners, it can also be a time-consuming lesson. The investigation can take months, or even years, and requires a lot of time and energy regardless if you … Read More
Long Service: Building and Construction Industry Essentials
Did you know we spend about 80 per cent of our lives working? Under the Long Service Leave Act 1955, once an employee reaches 10 years of continuous service with an employer, they become eligible for Long Service Leave. This time can then be taken by the employee for an extended break or in some cases can opt to receive a … Read More
Long Service: What Building and Construction Industry Employers Must Know
Traditionally designed to reward employees who stayed with the one employer for a period of service, long service leave in this form has quickly became inaccessible to most Australian workers. For workers in the building and construction industry, the thought of long service leave seems only a distant dream. Whether it’s contract tenures or simply site availability, long service for … Read More
Is your business ready for EOFY?
While most people would assume we’re pedal to the metal for tax time, it’s pretty much business as usual. We’ve been discussing tax planning with our clients over the past 12 months. Sure, we’ll give them a gentle reminder to pay super contributions before 30 June, including any additional super contributions for the year, but really, it’s just like any … Read More
2018/19 Budget changes that may affect your business.
Reward for work is a dominant theme in this year’s Budget. The seven year personal income tax plan initially targets low to middle income earners before making significant changes to the tax brackets. While there’s much to be said about the complete budget, we’ve reviewed the key highlights that may affect your business. $20k accelerated depreciation extended until 30 June … Read More
The accountant and the bookkeeper: A match made in financial heaven
With 1,440 minutes in a day, it’s no surprise small business owners hustle to make every minute (and dollar!) count. We know tracking financials can be a chore, but it doesn’t have to be. Tell-tale signs you need a bookkeeper No time to work on the business You don’t understand your compliance requirements You don’t understand your cash flow Invoices … Read More
Let Xero Portal do the heavy lifting of your document management
When your to-do list is long and time is short, the right tools can make all the difference. Xero Portal is just one simple, easy and legal way to sign declarations without the hassle of printing, signing, scanning and sending it back: just another reason why we love Xero. 542 Partners chooses to send documents for signing via e-signature platforms … Read More
How does your business stack up?
Understanding your business and using the data to make effective, strategic decisions is vital to the success of your business. And with the help of your accountant and accounting software, you should be able to identify and measure your key areas on a regular basis. The trouble most business owners have with setting business targets is that many businesses don’t … Read More
Top cyber security tips for small business
Huge opportunities for small businesses beckon thanks to online technology and the connections it forges. With this in mind, it’s important you’re equipped to deal with cyber security threats. From phishing scams and ransoms to data hacks and fraud, cyber threats come in all shapes and sizes. But there are ways to minimise the chance of your business data being … Read More