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Running a business is not easy. Many entrepreneurs feel like they literally need to sleep with one eye open because of all the worries rushing through their head. Their competitors are outselling them. Their leads are drying up.Somebody in their company is stealing from them. Their website has been hacked. If you fall into this…
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If you’re a business owner, you may have come across the concept of ‘leverage’ and may be wondering what the best way is to use to grow your business. The word “leverage” is thrown around a lot in business, making it sound more complicated that it is. But when properly understood, leverage is an extremely…
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There is a lot to consider when running a business. It’s imperative that your finances are in order and that there are no anomalies. That’s where an audit comes in. An audit goes over the financial records of your business with a fine tooth comb, and is generally conducted by a person from outside of…
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There are many things to consider when you run a business – from the daily operations and long-term business strategy to, of course, a budget. Budgeting isn’t just about bookkeeping. Without a budget, you’ll have no idea how your business is performing, whether you’re at risk of financial failure or whether you’re on track to…
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The new year is before us, and now’s the time for us to start reflecting. What has been the best thing to happen to your business last year? What was something you felt could be improved upon? What was that one thing you wished you did but didn’t go ahead with? These are some of…
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Whenever you record a business transaction whether it’s an incoming or an outgoing it’s imperative that you record it in the right account. That might sound simple but there are some accounting procedures you need to follow. That is where the Chart of Accounts comes in. I think of the chart of accounts as buckets,…
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Sometimes, in the world of modern business, “management reporting” and “board reporting” are terms used interchangeably. But did you know there are key differences between them? While boards and management typically hold close ties to each other, their role, responsibilities and duties are actually quite different. That means that, when you’re reporting to each of…
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When paying employees, it is important to know whether you are liable to pay payroll tax. This type of tax is treated differently across the various states and territories in Australia, so it’s important to know which regulations apply to your business. Failure to comply with your payroll tax obligations can lead to hefty penalties…
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Australia is home to some of the most stringent corporate regulation in the world. Companies are subject to a range of strict laws that regulate everything from complex taxation obligations to even how a directors’ meeting is called. Directors must follow statutory ‘directors duties’, financial advisors must follow the rules of their licence to the…
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In an age where companies are consistently being scrutinised by national regulators, board reporting has become more important than ever before. Regardless of your company’s size, ensuring that information is properly conveyed to the board of directors is essential for the organisation to work properly and legally. Boards will generally perform to the best of…
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