Why and When Should You Consider a Business Restructure?
Audits can be scary, but there is a lot you can do to prepare in order to have the best possible experience. Here’s what happens during an ATO audit.
Accounting | Accounting | BAS, Tax Returns & Financial Statements | Contractor Handbook | Small Business Handbook | Tax Planning | Tax Planning
How To Choose The Best Accountant for Doctors
Medical professionals constantly juggle their day-to-day practice with the business side of things. But let’s face it, as a doctor, you’ve got your hands full with patient care, so management and financial planning tends to take a backseat. While a doctor’s primary goal is to focus on providing health services to their clients, they mustn’t…
The Accountant’s Guide to Accrual vs Cash Accounting
Knowing the difference between the two accounting methods is vital as a business owner because it can significantly impact your business. You must decide between two primary methods: accrual accounting or cash accounting. Cash accounting is the oldest form of accounting for businesses. As its name suggests, it records income that flows into your bank…
The Accountant’s Guide on How to Close a Company
The last thing that any business owner wants to think about is closing their company. However, considering the worldwide pandemic and how tough the last two years have been on our economy, it has become an inevitable consideration for many business owners. Unfortunately, in the event that this occurs, the process is not as simple…
What Happens When a Company Goes Into Liquidation?
Considering the current state of the worldwide economy and the effects of the pandemic, it’s no surprise that business owners are rethinking their exit strategies, particularly in terms of liquidation. Some business owners have seriously weighed up the option of closing their doors to avoid possible negative consequences. But for others, the negative impact of…
How To Find a Good Accountant for Small Business
Finding a good business accountant for your small business can seem like an impossible task. With so many accountants out there, it’s hard to know which one is right for you and your company. You could ask around for referrals, but at the end of the day, you need to find a business accountant who…
An Accountant’s Tips on Dealing with Cashflow Boost Audits
The ATO has announced that it will be actively reviewing entitlements by conducting cashflow boost audits and JobKeeper audits. At our accounting firm, we’ve seen this happen with several clients despite meeting eligible obligations, which has signalled that the ATO is very stringent on businesses meeting their obligations to receive the cashflow boost. Using Single…
JobKeeper Audits: How to Deal with the ATO
JobKeeper audits will form a big focus for the ATO as JobKeeper 1.0 comes to an end. The ATO has assigned 3,000 staff to the review process of JobKeeper and Cashflow Boost with many accountants (including ourselves) expecting there to be some significant requests to prove eligibility for the program further. As the Federal Government…
Small Business Handbook | Accounting | Accounting | Contractor Handbook | Tax Planning | Tax Planning
6 Questions To Ask Your Accountant That Can Save You Thousands
So, you may have recently switched accountants, or you may have just started a new business venture. Perhaps you’ve just figured that you should start taking advantage of the fact that you have an accountant and you need to get your business affairs in order. Choosing the right questions to ask your accountant can be…
The Major Differences Between Chartered Accountants and Accountants
Trying to find out the difference between Chartered Accountants and Accountants? When you’re looking for an accountant for your business, you’ll inevitably run into accounting firms that spout about how they have Chartered Accountants. But what exactly is a Chartered Accountant and what’s the difference between a Chartered Accountant and a regular Accountant? This is…
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