If you want your business to work smarter and faster, cloud accounting software and specifically Xero is our recommendation. Xero’s cloud based system will not only give you a better overview of your finances but will improve collaboration with your team. Guaranteed. So what’ s this thing called the cloud? Think about when you use Internet banking. Every time … Read More
Why having too much cash isn’t always a good thing
“Too much cash isn’t always a good thing”. It sounds impossible. Improbable. Incomprehensible. Especially for an accountant to say. Businesses love cash, but is there such a thing as having too much? While it may seem counterintuitive to ‘suffer’ from having cash, the risks can be overlooked, offsetting the benefit of accumulating it in the first place. Why cash isn’t … Read More
Motor Vehicle FBT: What you need to know
March is fringe benefit tax season. “Yippee!” we hear you shout! The FBT year is 1 April – 31 March, so it’s around this time we get asked about FBT. Particularly, one of the most common forms of fringe benefit: cars. What is a car fringe benefit? A common car fringe benefit is where you (the employer) make available a … Read More
5 signs you need a new auditor and what to do about it
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
Top tips to get the most out of Xero
So. You’ve made the jump to Xero and (you’re rightly so) expecting fireworks. If you’re flying solo and haven’t got an experienced Xero Partner (like us!) taking you through it, there’s some “nice to know” tips that, well, would be nice to know, before you start. Xero isn’t software you need to install per se. Instead, it runs on the … Read More
Spotlight on: SPOTLIGHT Reporting
A recent survey by Xero has revealed that 46% of businesses in Australia, not using cloud, are planning to do so in the next 12 months. With Xero expanding their capabilities through their add-on marketplace, Xero now supports 350 add-ons. Including one of our personal favourites: Spotlight. Spotlight Reporting is a smart add-on that allows you to easily create attractive, … Read More
Spotlight on: Receipt Bank
Not only for our clients, but for ourselves as well. For the last 12 months we’ve been using and happily recommending Receipt Bank to our clients. Receipt Bank’s aim is to remove the burden that bills, receipts and invoices place on businesses. And let’s be honest, they do quite literally stack up. Receipt Bank has developed a software and service … Read More
Can you have yourself a tax-free Christmas?
Coming into the silly season we often get asked about entertainment expenses. What’s reasonable? What’s deductible? In short Entertainment expenses are generally not deductible. This includes the cost of business lunches… even if you’re doing ‘business’, attendance at sporting events… even if your client signed on the dotted line at the event, as well as gala or social nights, concerts … Read More
The benefits of buying an existing business
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
Landing your small business loan
Money is the lifeline of any business, so regardless of if you’re starting out or running an existing business, securing finance is important – especially for small businesses. Before you approach a lender or investor, make sure you and your business are in the best position to seek finance. Prepare and plan Your business plan should be considered, well researched … Read More