Accounting
Collecting Your Money Faster
Credit limits are designed to prevent debt from escalating out of control. Put a credit limit on all customer accounts and then put an automatic ‘stop credit’ on any overdue accounts. It’s also sensible to train your staff in how to approach a customer who has reached their credit limit so that the account can […]
Financial Statements Showdown: What Each Report Shows You About Your Business
Understanding financial statements might sound daunting, but it’s crucial for small business owners to stay on top of their game. Each financial report offers unique insights into different aspects of your company’s health. This article will break down the essentials, helping you make informed decisions and ultimately steer your business toward success. 1. Balance sheet […]
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Preparing for the End Of Financial Year? Here’s Your Business Checklist!
With only 6 weeks left until the End Of Financial Year (EOFY), it’s the perfect opportunity to ensure your business is fully prepared. Use this time to review your financial records, reconcile accounts, organise tax documents, and consult your bookkeeper and accountant about tax planning strategies. By taking proactive steps now, you can maximize deductions, […]
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Understanding How Your BAS is Managed
Understanding How Your BAS is Managed A Business Activity Statement (BAS) is a tax reporting obligation for all businesses issued by the Australian Taxation Office (ATO). Your BAS is a summary of the taxes you have paid or are required to pay during a specified period. Depending on the size of your business these periods […]