How to safeguard your business against future audits

StuartBusiness Audit

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

How does your business stack up?

CraigBusiness Audit

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

How to avoid audit agony

StuartBusiness Audit

For most small business owners, the thought of getting an audit notification from the ATO is horrifying. But if you’re well prepared, patient and co-operative audits don’t have to be as painful as they sound. The ATO orders audits based on suspicion of incorrect or fraudulent tax returns. Audits can involve varying degrees of scrutiny, from a simple phone call … Read More

5 signs you need a new auditor and what to do about it

CraigBusiness AuditLeave a Comment

Now more than ever, a robust and objective audit function with skills to identify risk, control problems and the authority to pursue concerns, is essential for sound corporate governance. Corporate governance has been widely criticised in recent years, in the wake of falling market confidence and integrity. The community’s expectations of boards, senior management, and those charged with providing an … Read More

The benefits of buying an existing business

StuartBusiness Audit, Business Structures, GeneralLeave a Comment

Buying an existing business can be a great opportunity to hit the ground running and avoid the disadvantages of starting from the ground up. In a majority of situations, buying an existing business is considered a safe option. You acquire a business that already has a loyal customer base, regular cash flow and hopefully goodwill associated with the business name. … Read More