How the Digital World Has Changed Accounting

How the Digital World Has Changed Accounting

Technology is constantly changing, and these days, everything seems to be more and more digital. It’s perhaps not a surprising statistic that there are now more mobile devices in the world than human beings — 8.7 billion in comparison to 7.6 billion. Digital technology bleeds into everything we do. You can get a ride through use of an app, work from home through use of your computer or smartphone, and connect with friends from all over the world. So naturally, accounting has changed to suit the digital world, as well.

Transitioning to Single Touch Payroll

Transitioning to Single Touch Payroll

If you own a small business and have not yet made the transition to Single Touch Payroll, now is the time to start the process. While large employers with 20 or more employees should have begun the process in 2018, employers with 19 or fewer employees will need to begin between 1 July and 30 September 2019, and the sooner that you begin the reporting process, the sooner that you can streamline and ensure that your reporting method is accurate.  

Overhauling Your Small Business's Finances Smoothly

Overhauling Your Small Business's Finances Smoothly

Maybe some of the investments you’ve chosen aren’t paying off, or you don’t have enough money left over for the marketing you need. Maybe you’re putting too much money into marketing that isn’t working. When it comes to small business, even small flaws in your company budget can hurt deeply. If the idea of rehauling your business’s finances, however necessary, seems like an overwhelming headache, here are a few things to make the process run more smoothly.

The ATO Is Warning Taxpayers of Continued Phone Scams

The ATO Is Warning Taxpayers of Continued Phone Scams

The Sydney Morning Herald reported back in December that $830,000 has been lost by taxpayers to convincing tax scams conducted by phone, with the scammers likely originating far outside of Australia. These callers would then trick taxpayers into providing their personal information, and ultimately their money, by threatening them with arrest and other scare tactics.

New Service Eases the Pain of Small Business Tax Disputes

New Service Eases the Pain of Small Business Tax Disputes

Dealing with an ATO audit or dispute as a small business owner can have a devastating impact on both yourself and your business. Often, payments are expected within thirty days and, even if you do decide to object, you may owe half the amount up front. However, it seems that things may finally be looking up for small business owners initiating tax disputes. Beginning on 1 March 2019, there is a new service and a new division aimed at assisting small business owners wishing to address their tax disputes.  

Christmas Work Benefits and Fringe Benefits: What You Need to Know

Christmas Work Benefits and Fringe Benefits: What You Need to Know

With the Christmas season underway, many businesses are planning parties or providing gifts for their employees. Some may have even considered offering tokens of appreciation to clients and customers. While this is, of course, all in good cheer, there are still a few details you’ll want to consider tax-wise, before you get that party fully started.

Building a Better Business: What Makes Your Business Sellable

Building a Better Business: What Makes Your Business Sellable

It’s one thing to run a small business yourself for the love of it and earn whatever profits can be gained there. However, if you have plans to one day sell your small business and let it become something bigger, you have to start thinking about it in a different way. Much like in the conception of the business idea you had to think of what would make your business appeal to your customers, now you have to consider what would make your business appeal to other businesses or potential buyers.

Thinking About Starting a Small Business? Now May Be The Time

Thinking About Starting a Small Business? Now May Be The Time

With the announcement of the Federal Government’s possible new funding package, there has never been a better time to start a small business. Usually, with rates that are often higher than home loans, this is a result of the high interest rates on business loans. Now that new funding proposals are in place, the idea behind it all is that the larger banks will have competition, pushing interest rates for small business loans down all around. If this happens, you have the recipe for a market that is ripe and ready for building a small business, or even expanding your current one.

Choosing a Payment Method for Your Business: Is Electronic the Way to Go?

Choosing a Payment Method for Your Business: Is Electronic the Way to Go?

Deciding which payment methods to offer customers is an often overlooked area of business. Many small businesses begin by accepting cash-only payments, while others venture early into the ever-growing world of electronic payment. There’s no question that, at least for the time being, cash is clearly still an important part of our transactions, but it may be worth it to your business to consider offering electronic methods, as well.

What You Need to Know About Superannuation

What You Need to Know About Superannuation

No matter your age, if you’re employed, you’ve heard of superannuation. This is money that your employer pays into an account set up for your future after retirement. Since superannuation provides for your retirement, it’s an incredibly important asset. Even knowing this, many Australians are understandably confused by the details of superannuation. The truth is, understanding how superannuation works is a vital part of your financial health — and it really isn’t as complicated as it sounds.