If you run an Australian business, then you are required to pay certain taxes to the ATO. Much will depend on the scale of your organisation, but often you will need to charge GST (goods and sales tax) and withhold taxes on behalf of your employees (PAYE). If your business is somewhat complex, then this tax collection process can be somewhat dynamic and unpredictable. How do you cope with this when it comes to reporting your figures to the authority, and what will happen if you make a mistake?
20 October 2020
Making errors is human nature, but in the tax world, a mistake could have severe consequences. Problems in your tax returns could mean delayed refunds or penalties. Rushing to file your taxes could result in errors that will have dire consequences. The filing should be handled with diligence to avoid making errors that will strain your company's finances. Paying taxes could be a significant expense for your business. Making a mistake and overpaying could cause a strain in the running of your company, and might open doors for audit, which could mean paying even more.
31 August 2020
When you're running a small business, it isn't unusual to manage a lot of tasks yourself. But as your outfit starts to grow, there comes a time when you need to turn to professionals instead. One area where you may require professional assistance is bookkeeping. If you're starting to suspect that hiring a bookkeeper is in the cards, but you're not sure, here are some key signs that you need to make the move.
9 January 2020
If you run a small business that is doing rather well, you may be quite pleased with its progress. Yet even if you and your staff are working as hard as possible, you might keep running into issues with your bank account. How is this possible? It's All Greek For many small business owners, accounting terminology may be like a different language. They may understand the concept of sales and expenditure but are not particularly good at anything else.
27 December 2019
If you are a general manager or if you are in charge of human resources at your organisation, you always want to ensure that your employees are as engaged as possible. To help you achieve this, you have to create first-class working conditions, initiate an ongoing training regimen, conduct regular meetings and allow employees to have a level of control over their employment details. In the latter case, you will want to consider introducing a tactic known as 'employee self-service', but what is involved with this approach?
27 December 2019
One of the most significant tasks every company is required to do by the government is to file tax. Since everything must be done accurately, it's vital to assign the task to experts. One of the professionals you can hire as an individual or for your company is a tax agent. Tax agents are certified professionals that know how the tax system works, including the deductions you are qualified to get depending on your line of business or occupation.
27 December 2019
Finance is the pillar of any company, and that's why you should always ensure everything is in order. This includes handling daily tasks like tracking revenue, profits, expenses and back-office bookkeeping. While it might be easy for you to manage everything on your own at first, things will get more complicated as the company grows. Some of the common commercial accounting options business owners rely on to manage finances include using accounting software and seeking accounting services from a professional.
27 December 2019
Managing financial records is an important responsibility for any business. These records are what you will use for many different accounting practices—such as keeping track of expenses, calculating your margins and preparing your taxes. Interestingly, many businesses struggle with managing their financial records. This is partly because the process requires attention to detail and also because business data is growing on a daily basis. Data has become the fuel that drives your operations and makes your company more efficient.
27 December 2019
If you are trying to keep your operational costs as low as possible so you can turn a profit from your business, you could be thinking that hiring the right tax accountant will be dependent on how much they will charge you. However, this is not the right approach. The best way to going about hiring the right professional is to factor in what they can do for your business, irrespective of the scope, rather than their overall costs since cheap will eventually prove expensive.
27 December 2019
