coronavirus assistance

Coronavirus assistance for Australian businesses

The government has announced coronavirus assistance for Australian businesses as part of their $17.6 billion dollar stimulus package. The assistance is focused on helping small to medium business stay in business, and... Read more »
lady correcting bas errors

How to Correct BAS Errors

Sometimes mistakes are made on BAS lodgments but don’t worry as it can be quite easy to correct BAS errors. In most cases you can correct the error on your next BAS... Read more »
calendar of ATO lodgement dates

ATO Key lodgement dates

Not sure when you need to lodge your ATO liabilities? The following calendar lists the various ATO Key lodgement dates for the BAS, IAS, PAYG, Superannuation and Income tax returns. January 2020... Read more »
how to grow your business

How to grow your business

Wondering how to grow your business and increase revenue? Growing a business is not always easy.  It can be one of the hardest aspects of running your business. It takes some time... Read more »
showing business records and bookkeeping

Keeping business records and bookkeeping

Like it or not, keeping accurate business records and bookkeeping is one of the most important aspects of running a business. The Australian Taxation Office (ATO) legislation has a requirement that all... Read more »
business lending and finance

Business lending and loans

If you are considering a secured or unsecrued business loan, you now access to both bank and non-bank financing options. In the past, banks were primarily the only way to secure a... Read more »
person choosing accounting software

How to choose accounting software

There is a broad range of software programs available to process the bookkeeping needs of any business. Some are basic, whilst others offer complex accounting solutions with fully integrated job tracking and... Read more »

What items have GST and what are excluded

Not all goods and services have GST, so it’s important to know which have GST and which do not.  Understanding GST is essential, not only when charging customers for goods or services... Read more »
man searching a book for a word

Accounting and financial terms and definitions

Being in business brings with it a whole new language of jargon and acronyms. The following list has been adapted from the Australian Government’s Business website. I hope it helps to better... Read more »
an australian invoice sample

Australian invoice requirements

Getting paid is one of the most important aspects of running a business, but did you know, the Australian Taxation Office (ATO) has strict rules governing the information that must be included... Read more »
accountant and bookkeeper side by side

When do I need a bookkeeper or accountant

There are very few business owners who enjoy doing their paperwork.  Many will just put aside their receipts and wait until it’s absolutely necessary before dealing with them. They will quite often... Read more »
cash or accrual accounting method

What’s the difference between cash and accrual accounting

Cash and accrual (non-cash) are two different accounting methods used for the recording of business transactions. The Australian Taxation Office (ATO) allows a business with a turnover of less than $10 million... Read more »
pricing products and services sign

How to price your products or services

There is, unfortunately, no magical way to price your products or services, but there are methods, and strategies to help establish suitable pricing for your business. Before discussing these methods, and strategies,... Read more »
a business activity statement

What are BAS and Activity Statements

There are two types of Activity Statements required by the Australian Taxation Office (ATO) to report certain tax liabilities. One is called the Business Activity Statement (BAS) and the other, Instalment Activity... Read more »
person marketing products and services

How to market your products or services

Setting up and starting a business can be a costly process.  There may not be a lot of spare dollars available to market your products or services. If you are looking at... Read more »
australian taxation office logo

How to do business with the tax office

No matter what business you own, it will be necessary to have a way of connecting with the Australian Taxation Office (ATO) to process your tax liabilities. The type of business structure... Read more »
cash flow income and expenses

What is a Cash Flow Statement

The Cash Flow statement lists all the cash flowing into a business and out of a business. Cash includes actual cash, cheques, bank and credit card transactions. Having sufficient cash to buy... Read more »
a supplier without an ABN

What happens if a supplier does not quote an ABN

From 1st July, 2019 any payments made to suppliers who do not provide an ABN will no longer be tax deductible unless the payer has withheld tax under the “No ABN Withholding”... Read more »
person on computer using financial ratios

How to use financial ratios

In any business, large, small or micro, its important to know how to use financial ratios. They are sometimes called accounting ratios, and used to assess the financial health and performance of... Read more »
financial statement reports

What are financial statements

In any business, small or large the importance of knowing its financial position is vital to its future success. There are two sayings worth remembering: “You can’t manage what you can’t measure”... Read more »
a profit and loss and balance sheet statement

What is a Profit and Loss and a Balance Sheet

Both the profit and loss and balance sheet are financial statements that show the health of a business. Understanding these statements will help you determine the level of profit or loss the... Read more »
preparing a profit and loss budget

How to prepare a profit and loss budget

Financial budgeting is a plan to ensure performance goals are met for the success of the business. No-one wants a business that’s struggling financially, so having a plan is your best defence.... Read more »
profit and loss budget and cash flow projection

What is the difference between a profit and loss budget and cash flow projection

A cash flow projection relates to the actual cash flowing in and out of the business. This is not the same as a profit and loss, where a transaction may appear in... Read more »
person looking at improving their cash flow

How to improve your cash flow

It’s an alarming fact that according to the Australian Bureau of Statistics, more than 60% of all new businesses will fail in the first 3 years. Poor cash flow management is the... Read more »
a cash flow projection spreadsheet

Why you must have a cash flow projection

A cash flow projection may also be called a cash flow forecast, or a cash budget. It summarises the income you expect to receive, along with the anticipated outgoings of the business... Read more »
profit versus cash flow

Why profit is not the same as cash flow

Both profit and cash flow are fundamental drivers of business but, how do they differ? Why does your profit and loss statement show a healthy profit, but your bank balance is not... Read more »