7 features of a good accounting system

DarnelleBusiness Technology, Cloud Accounting

We like to think of ourselves as tech-savvy, forward thinking accountants. We love a good accounting system. Nothing gives us more pleasure than transforming a business from an archaic accounting system onto slick, shiny new accounting software. But a good accounting system in 2014 needs to be more than just a super-charged excel sheet. It needs to provide easy-to-understand information … Read More

Xero announces new updates and features

DarnelleBusiness Technology, Cloud Accounting

From the Xero blog today… Last month I was at Xerocon Sydney where we announced some of the new Xero features being launched over the next three months. Well, it’s only a few weeks later and the first of these features are live – it’s how we roll. Batch deposits For those of you dealing with customers paying by check/cheque … Read More

Business structures: 4 things every business owner should know

DarnelleBusiness Structures

Starting a business is literally building something from the ground up. When you start you need a solid foundation (your business plan) and a structure to build on. Start-ups and businesses that forecast growth or substantial change need to carefully consider their business structure, as it’s much easier to start the right way, than have to change halfway through operation. … Read More

Why saving super now, can only mean good things later

DarnelleSuper

If you’re a business owner, planning for retirement can fall down the list of priorities. With an ageing population and mounting costs of living, ‘super’ is an important consideration for all Australians, but even more so if you’re a business owner. Put simply, successful super planning means you’ve made sure you have enough to live off when you retire. And … 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

Tax time: the most wonderful time of the year.

DarnelleTax

June 30 is looming and it’s the most wonderful time of the year! Tax time is great. 542 clients are relaxed and know exactly what to expect while their colleagues, partners, friends and family wonder what the end of financial year will bring. Is your accountant a one-time-only show? We like to call these accountants the one-time-only June show. They’re … Read More

542 Top 5: Simple tax saving strategies

DarnelleTax

Planning on giving to charity? Make a donation now and claim the deduction this year. If you donate monthly to charities, think about paying the full year’s worth of donations upfront and take the deduction now. Operate through a company? If you operate through a company structure and the company has advanced you money during the year or paid expenses … Read More

BAS Backlog? Here’s what to do next

DarnelleCloud Accounting, Tax

In 2013 the ATO started a program intended to enforce timely lodgement, where taxpayers who haven’t lodged their tax returns and activity statements by their due dates could be referred to an external collection agency for follow up. This extended their current program where taxpayers with overdue tax debts are referred to such agencies. The ATO targets those taxpayers who, … Read More