3 Sure Tax Planning Measures to Save You Cash This Year

It is often said that "failing to plan is planning to fail." Amongst accountants that offer tax services, it is a code to live by. Tax preparation is one of the three strategies available to taxpayers to reduce their tax burden. Tax evasion and tax avoidance are the other two strategies. The former will get you locked up the moment you are caught, while the latter . . .  well, can you avoid tax really? Read More 

Small Business Accounting: Streamlining Your Credit and Collections Practices

Credit is an essential element in modern businesses. In general, a credit plan in your company will raise the revenue because it encourages increased purchases. This trend can be attributed to the separation of the pleasure of buying from the pain of payment. On the other hand, irresponsible credit and collections can cause significant problems for your commercial operation. In simple terms, if you do not control the risks of lending and ensure that payments are collected on a timely basis, you could end up with cash flow problems. Read More 

5 Things Small Businesses Should Consider When Setting Compensation

One of the biggest barriers to success for small businesses is offering competitive compensation. Not being able to compete in terms of sheer money can severely limit the kind of talent you can hire, at least on paper. Fortunately, you can make up for it in a number of ways. Undercutting the Tax Rate Getting more money doesn't always mean keeping more money. For many employees, being in the right bracket is of utmost concern. Read More 

3 Steps to Correspond Effectively With an Outsourced Business Accountant

If you're just starting up or running a small business, it probably doesn't make sense to have an in-house financial accountant. Outsourcing to an external partner is a good way to keep your infrastructure costs low, while ensuring that you remain compliant with regulatory requirements. But corresponding effectively with an outsourced business accountant isn't always as easy as you think, and can lead to perilous miscommunications. Follow these steps to avoid any problems, so that you build a successful working relationship together. Read More 

Could Your Social Media Posts Lead To An ATO Tax Audit?

It is tax return time, and every tax filer is hoping that their return is correct, that they will receive a refund and that the ATO won't select them for an audit this year. The Australian Tax Office has already announced that this year's audits will focus on those people who make "excessive tax deductions." As someone who makes a reasonable number of deductions, this does not mean you are clear of an audit. Read More