Similarities and differences between a bookkeeper and an accountant

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

6 warning signs you may need to detox your business

It happens every year. After enjoying a summer of frivolity you’re dragged back to reality by the early morning alarm. Your wallet is empty, your credit card is maxed out, and none of your clothes seem to fit. Sipping a takeaway coffee you can’t afford, you flick through the morning paper. And there they are— dozens of quick fixes and long-term strategies to detox your life and take a better…  Read more

How to turn your hobby into a business

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

What is your succession plan?

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

4 ways to make your business easier to sell

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

How an accountability group can help your small business succeed

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

How to create good habits in business

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

Superannuation Changes : Are YOU Affected?

Are you having trouble in understanding the new “Fair and Sustainable superannuation” rules which will commence from 1st July 2017?  And have you tried asking some basic questions to your advisor and have received a response “I’ll get back to you” and have not received that call? If your answer to both questions is YES –  don’t panic –  you’re not alone. There are many confusing changes : introduction to…  Read more

How fit is your biz: 7 ways to a fitter business

Technology sometimes baffles me, so when shown recently that my phone could track my number of steps per day I was blown away on two counts: firstly amazed by the designers of technology can achieve and secondly, thankful that I really don’t need to buy a Fitbit! And this made me think how often I deal with clients who are not fully aware of the technology they have at their…  Read more

BUDGET 2017 : FAIR IS FAIR – OR IS IT?

Scott Morrison delivered the 2017 Federal Budget last night, stating” …Our choices are based on the principals of fairness, security and opportunity…” as he laid down a budget promising “better days”. With many commentators  saying is a considered plan for the future, laying a solid foundation with a view to achieving a budget surplus of $7.4 billion by 2020-21, what does the budget mean for you. In Education: There’ll be…  Read more

Why Financial Procrastination doesn’t Pay

Does it seem like everyone else is going places while you’re stuck where you are? Do you keep muttering “How do they do it?” under your breath when you see kids in their crisp private school uniforms, or families heading to the airport for yet another family holiday? You work just as hard as they do (if not harder), and yet you’re the one being left behind, which means they…  Read more

Why Audit Insurance?

What is audit activity? Audit activity includes any audit, enquiry, investigation or review which is instigated by the Australian Taxation Office (ATO) and other relevant government agencies to ensure compliance with various tax and legislative requirements. How common are audits, enquiries, investigations or reviews? The ATO and other government agencies continue to focus on audit activity and are consistently provided with additional resources for this purpose. Now more than ever…  Read more

Milkshakes, accountants and business advisors: Why tailored business solutions matter

During a recent holiday, my family and I embarked on the search for the ultimate milkshake. Of course, we all had different ideas about the ultimate slurp, so it wasn’t going to be easy. We looked up the best milkshake cafes in the area (according to some food writer), and read a few online reviews. And then at the end of each day we’d buy a different milkshake on our…  Read more

Why A Business Detox could be your best resolution

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

Should you buy a franchise with your family?

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

Setting up a Company Pros & Cons

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

Corporate Trustees Vs Individual Trustees in SMSFs

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

Insurance Review

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

How Accounting Software Can Increase Profits

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

Why banks won’t lend to a business

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

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