Unique Selling Point: What’s Yours?
Unique Selling Point: What’s Yours? Making your business stand out in a crowded market can be a challenge. However, differentiating your business will be key to attracting the right customers. Give them a reason to choose you over a competitor. That’s why it’s important to identify your unique selling point (USP). Your USP give you […]
What is Personal Services Income?
What is Personal Services Income? Personal services income (PSI) is income received as payment for individual personal efforts and skills. It applies to many contractors who provide services to earn an income. PSI rules can apply to individual sole traders and other types of business entities, but not employees. If PSI rules apply, the entity […]
Contractor or Employee – What You Need to Know
Contractor or Employee – What You Need to Know What is the difference between a contractor and an employee, and whose responsibility is it to get right? An employee A contractor The business owner’s legal responsibility is to determine the nature of the work and the correct basis of engagement – but we can help […]
Financial Accounting vs Management Accounting
Financial Accounting vs Management Accounting What’s the difference between Financial Accounting and Management Accounting? You’re running a business, so you know the legal requirements around producing accounts and submitting tax returns. But do you truly know WHY you’ve engaged an accountant? And do you understand the value that a good accountant and business adviser can […]
Director Identification Number – Action Required
Director Identification Number – Action Required The government has initiated a new system that attaches a unique identifying number to an individual who is a company director. If you are a company director, you will need a director identification number by November 2022. You can apply for a director ID from November 2021. What is […]
Engaging a BAS Agent – What are the Benefits?
Engaging a BAS Agent – What are the Benefits? Working with a BAS agent can benefit your business more than you may realise! Many new business owners try to save on costs by doing their own bookkeeping. However, this is one of the first tasks you can outsource to give yourself time and save money. […]
Automating Bank Reconciliations – How and Why?
Automating Bank Reconciliations – How and Why? What are bank reconciliations – and why should you be automating the bank reconciliation process? Good bookkeeping is all about recording and matching your financial transactions. Over a usual week of trading, you’ll have a range of payments deposited into your bank account. You will also have a […]