2020: The year for smarter business decisions

CraigBusiness Audit, Business Process, Business Technology, Cloud Accounting, General

We know every dollar (and minute) counts in business and regardless of where you are in your business journey, understanding the numbers is key to making smarter business decisions. Do your figures add up? It may not be the end of financial year; however, year-end is a great time to assess your figures. 542 Tip: A well-run business has well-managed … Read More

5 Ways to prepare your business for the festive season

StuartBusiness Audit, Business Process, Business Technology, Cloud Accounting, General, Tax

They know when you’re sleeping, they know when you’re awake, they know when you’ve been bad or good, so be good for the ATO’s sake. Celebrating the holiday cheer can have far-reaching consequences but planning ahead and budgeting appropriately can save you from much bigger headaches in the New Year. 1. Give yourself a tax-free Christmas As small business owners … Read More

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 Audit

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, General

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

3 Things to ask your accountant before you buy a business

DarnelleBusiness Audit, General

Industry commentators are predicting as baby boomers move to retirement there will be a surge of established businesses becoming available for purchase. And as the economy continues to improve, it may just be the perfect time to fulfil your dream of being a business owner. But before you ready yourself for ruling a business empire, assemble a team of experts … Read More

You’ve got mail: Receiving an audit notification from the ATO

DarnelleBusiness Audit, Tax

As the dust settles on the last financial year and businesses look to start fresh, some business owners fear a looming audit. No doubt the folks at the ATO are clever and thanks to technology they’re getting even cleverer. Last year the ATO gathered almost 600 million pieces of information from banks, health companies and third party sources to feed … Read More