There’s nothing better than saving time (and therefore money) with clever technology. But sometimes, we adopt so much technology that it can have the opposite effect. Instead of saving time and money, it can create inefficiency and confusion in the business. Technology should supercharge your business life and not complicate it. So over the coming months, we’ll showcase a range … Read More
Company funds Vs. Personal funds: withdrawing money the right way
Many newly incorporated companies that have previously been sole traders find it difficult to distinguish between company money and personal money. As a company director, you’re entitled to receive some form of income such as a salary. However, unlike a sole trader you can’t simply withdraw money whenever you like and use it for personal expenses. This is in … Read More
BUDGET 2016/17: A Budget Of Targets
As the Treasurer foreshadowed, this is a budget of targets – a big, long-term crafted budget designed to give enough pre-election glow but with structural measures to reign in spending and reduce concessions. Highlights included: Company tax rate reduced to 25% over 10 years Increase in tax discount for unincorporated small business to 16% over 10 years Small business entity threshold increase … Read More
How the wrong business structure can cost you millions
Getting the right business structure in place is one of the most important business decisions you can make throughout your business lifecycle. Unfortunately, without the right business advice it can be an easy mistake to get your business structuring wrong. Aside from causing operational pain, the wrong business structure can literally cost hundreds of thousands of dollars over the … Read More
Cash flow Vs. Profit: Is there a difference?
Commonly, the relationship between profit and cash flow are confused. Many small business owners don’t understand the distinction between “profitability” (as presented on a Profit & Loss report) and the true health of the business from a cash flow perspective. The true meaning (put simply) It is essential for business owners to understand what profit means and why it … Read More
Premise dilemma: how to overcome spatial growing pains
When your business grows, it’s a great thing. But your business can grow rapidly and without adequate planning, there may not be enough space to work efficiently. There are several things to consider when deciding to expand premises, including whether to buy or to lease new premises. The options Leasing commercial premises Leasing commercial premises does not require the … Read More
Two letters, three numbers: What RG146 really means for you
Sounds like a bunch of boring numbers, but as of July 2016 by law anyone giving financial product advice under an Australian Financial Services Licence (AFSL) must satisfy ASIC’s training standards which are explained in Regulatory Guide 146 Licensing: Training of financial product advisers (RG146). The low down There are two set requirements that must be met to provide … Read More
SuperStream: Change for the better
As we hurtle towards the end of the financial year, we are also fast approaching the 30 June 2016 deadline for SuperStream. If you’re a 542 client, you needn’t worry – you’re more than likely already using Xero’s free, easy-to-use clearinghouse software, which complies with SuperStream, if you haven’t enabled this feature or aren’t sure if you are … Read More
The love issue: why 542 partners make great… partners
As Valentines Day is just around the corner, we’re feeling the love and keen to share it. Are you looking for a new accountant? A true partner in your business? It could be time to shift the dead weight holding you back and assess your relationship with your accountant. Why 542 partners make great… partners We might be … Read More
Top tips for you to do better business in 2016
New year, new (business) you? We hear you! Whether you’re just starting out or growing your business, doing better business for the New Year is a top priority. In our experience we’ve found the difference between a good start to a new year and a not-so-good start can be the simple things. To help start off on the right … Read More