Cash vs Accrual Accounting
Cash vs Accrual Accounting The difference between cash basis and accrual basis accounting comes down to timing. When do you record revenue or expenses? If you do it when you pay or receive money, it’s cash basis accounting. If you do it when you get a bill or raise an invoice, it’s accrual basis accounting. […]
Business Tips: Make it Easier to Get Paid
Business Tips: Make it Easier to Get Paid Making sure you get paid on time is crucial to your success. The process of making sales and generating revenue lies at the heart of any business model. But you can’t manage your cash flow effectively or raise any profits if customers don’t actually pay their invoices. […]
Business Tips: Budget and Manage Cash Flow
Business Tips: Budget and Manage Cash Flow Working to strict budgets becomes a necessity if you want to stabilise your finances and grow the business. Managing the cash flow twists and turns of a project can be hard work. But it’s easier to do when you have an agreed budget and can track your spending […]
New Startup? Your Business Development and Us
New Startup? Your Business Development and Us As your accountant, we won’t just look after the financial side of your business, we can also advise you on the strategic side of your company. Including the importance of business development as a vital part of your growth plan. Business development (BD) is what helps your company […]
New Startup? Get Your Business Operational
New Startup? Get Your Business Operational If you are ‘pressing go’ on your new business, what are the key elements to have in place before your business is operational and you begin trading? The complexity of your operational model will vary greatly, depending on the kind of business you’re setting up. For obvious reasons, a […]
New Startup? Set KPIs and Measure Performance
New Startup? Set KPIs and Measure Performance Once you begin trading, you’re faced with a new challenge – successfully managing the course of your brand-new business and making sure it’s a profitable enterprise. It’s easier to manage your startup’s sales and finances when you have access to the best possible information and data about your […]
New Startup? Identify Your Ideal Customer
New Startup? Identify Your Ideal Customer Customers form the beating heart of your startup. Without a stable customer base, you can’t generate sales, bring in income or create a viable business model. So, it’s vital for your new business to have a very clear and fleshed-out idea of your ‘ideal customer’. Your perfect customer may […]
New Startup? Hiring Employees
New Startup? Hiring Employees When setting up your new venture, the people you hire may well become the most important assets in your business. They’re your trusted employees you are hiring, the face of your new brand, and the people you’ve entrusted with getting your business idea out into the real world. Because of this, […]
Offering Salary Incentives to Staff
Offering Salary Incentives to Staff Are you thinking about offering incentives to staff in the form of salary packages? Sometimes the terms ‘salary sacrifice’ and ‘salary packaging’ are used interchangeably, but there are differences between the two. A salary sacrifice is when the employee chooses to forgo an amount of future earnings before tax for […]
Supplier ABNs: Do You Check Them?
Supplier ABNs: Do You Check Them? Are you in the habit of checking your suppliers’ Australian Business Numbers (ABNs)? When you make business purchases, you should receive a valid tax invoice from the supplier. The invoice should prove that your purchase is a business expense. The ABN holds certain information, including contact details, business structure […]