Author: Bizink

They both work with financial data; they’re both essential for managing a successful business. Yet the roles and duties of a bookkeeper and accountant rarely overlap. If you’re like many business owners, you may not be exactly sure of the differences between a bookkeeper and accountant – and whether you should hire one, or both. An established, growth-focused company will employee the services of both an accountant and bookkeeper. The…  Read more

Thinking about turning your passion into a paying gig? These steps will help you avoid some common mistakes as you set out to earn an income from your favorite pastime. Do you have what it takes? Unless you’ve run a business before, it’s easy to get carried away with the idea of how perfect it will be to get paid for doing what you love. Reality check: the stress of…  Read more

According to recent research, a staggering two thirds of US millionaire-owned businesses are operating without a succession plan—and even fewer small business owners around the globe are prepared for their CEO’s eventual exit. Recent stats from PWC Global show that family owned businesses are no more prepared: 43% don’t have a succession plan in place, and only 12% survive to the third generation. No matter whether your company has one…  Read more

Perhaps you’d always planned to build a thriving business to eventually sell for a tidy sum – or maybe for unexpected personal reasons it’s best to let your company go sooner rather than later. No matter what the reason for selling your business, experts agree: it’s best to be prepared well in advance as it can take years to complete a successful sale. These four tips will help you get…  Read more

It’s one of those tricky balancing acts most business owners struggle with – how to spend as much time on their business as in their business. An accountability group can help you strategize for future growth and set goals that move your business forward. Most importantly, checking in with other people on a regular basis to report on your progress makes it much more likely you’ll take action and get…  Read more

If you’re like most small business owners, there are never enough hours in the day to complete every task on your list. Often you’re faced with prioritizing what you need to do right now – deal with a customer, meet a deadline, attend an event – and the things you know you should do for the ongoing growth of your business. Scheduling time to attend to these business activities on…  Read more

And so it is Happy New Year – and time for the setting of resolutions.. After enjoying Christmas festivities and the frivolity of summer, it’s back to the daily grind. With empty wallet and maxed out credit card, you sip the takeaway coffee you can’t afford and flick through the dozens of quick fixes and long-term strategies to set yourself on a better path this new year. After reading a…  Read more

The best things about a family are that you can completely be yourself. Unconditional love is a significant part of the relationship, and you have each other’s backs. Differences can occur from time to time, but you know your family members like the back of your hand; their favourite restaurant, ice-cream flavour, and their pet peeves. But should you buy a franchise with them? Shane Steinwall, CPA at Axis Accounting,…  Read more

Thinking of Setting up a company? Have you considered the Pros and Cons?   1. Cost of Registration Business name registration in Australia is done on a state-by-state basis. So the costs, and registration periods, vary from state to state. However they range from $65 (in the Northern Territory) to around $200 for a two or three year registration period, with the most common cost being around $150, and the most common registration…  Read more

Whilst establishing your SMSFs with individuals acting as trustees may save a few dollars in the short term, the benefits of registering a corporate trustee for your new SMSF’s far outweigh the short term savings. Below are the key reasons to establish all of your new SMSFs with a corporate trustee. Reason 1 – Succession upon death A company is an indefinitely continuing entity. Consequently, having a company as trustee…  Read more

Financial Year Review of Your Insurances The new financial year is the best time to make sure that you are adequately protected in the event that something changes in your life. Did you know that income protection premiums are tax deductible and, if structured correctly, your life insurance premiums may also be as well? Have you recently had a life event that requires a change to the amount of insurance…  Read more

Most small business owners who use accounting software quickly master the basics. They automate processes like invoicing and payroll, track expenses and view real time financial reports to manage cash flow and make better business decisions. But what many business owners don’t take advantage of are key insights that can improve customer care and increase sales. Here are some smart ways you can use your accounting software to help boost…  Read more

How to obtain financing is a common concern for new businesses and those preparing to scale. Getting approved for a business loan or line of credit is more difficult than qualifying for a personal loan. It’s crucial that small business owners are adequately prepared to meet with a lender to present their business in the best possible light and qualify for the money they need. Here’s what you can do…  Read more

If your business hasn’t made it a habit to support a good cause, here’s why you should: giving back does more than make a difference in your community. Participating in charitable activities can have a positive impact on your staff, your customers and your bottom line. Customers want to support companies that demonstrate a commitment to more than earning a profit. A 2010 study by Cone Marketing showed that 85…  Read more

On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood of your business. Feeling overwhelmed by mountains of paperwork and complex calculations? Here are three…  Read more