Marketing is of vital importance to any business.
3 tips that will help make you a better accountant in 2017.
Luca Pacioli was the first person to publish detailed material on the double-entry system of accounting.
A checklist will eliminate errors, enhance the efficacy of the task and de-risk some important items being overlooked.
Uber can be a tremendous opportunity, with the benefits of it derived by those who approach it with an entrepreneurial mind.
Though most organisations pay tax on their taxable income, religious institutions are exempt from this liability. In addition, certain fringe benefits paid to religious institution employees may also be exempt and non-taxable (TR 92/17). The most common examples of religious institutions include churches, mosques and temples. Having said that it does not need to be limited to the more commonly known religions. TR 92/17 describes the requirement that “A body is an institution for the purposes of both the ITAA Read More…
Client reviews affect the trust your customers have for your brand, as well as the overall credibility of your business.
In 1817 Robert Owen formulated the goal of the eight-hour day and coined the slogan: “Eight hours’ labour, Eight hours’ recreation, Eight hours’ rest”.
Sharpen the Saw is Habit no 7 from Steven Covey’s best-selling book, The Seven Habits of Highly Effective People.
Most small business owners do not know accountants offer something beyond the tax and accounting services.
Good offices have the following five characteristics: Easily to find Clients seek convenience, so choose an office that is easy to get to. If you are in a hard to find location potential clients most likely will not seek you out at all. This is especially so if you have other accountants nearby in more accessible locations like near a shopping centre for example. Excellent exposure Even when you are in a good location you also need to be at Read More…
I run a digital marketing business, Pixelpi. As a small business owner, I don’t have a lot of time to spend on accounting. In fact, my time literally equals money. It’s a double edged sword. The more time I spend on accounting, the less billable hours I can do. The less time I spend on accounting, the more money I lose through lapse accounting knowledge and application. It is therefore essential that I can trust and rely on my accountant Read More…
The effects of digital disruption are seen and felt everywhere and have indeed, caught up with the professional services sector.
If you are in a high tax bracket this option could be an attractive option to boost your retirement savings.
I believe that if you don’t consult an accountant before starting or buying a business maybe you should not be in business.
Accountants, like all business owners, can become complacent and run down and destroy their practices profitability and eventual sale value. The four most common ways to destroy accounting practices are: Failing to reinvest in the business. There can be the temptation in business to run it excessively lean and draw all the cash out and limit reinvestment. As Woolworths Ltd is currently demonstrating, this is fine for a few years but eventually the under investment takes its toll and profits Read More…
As corporate immortality is impossible, instead companies need to focus on five things.
Compliance based accounting practices that want to grow their practice revenue and be financially rewarded should: Firstly, recognise that the world has changed and that compliance based services will not have the demand and profit margins that they have historically had. As the compliance fees revenue is stagnating or falling the costs of providing the compliance services needs to be intensively managed. All the costs, especially the labour costs, need to be reduced. This can be achieved by working more Read More…
Unfortunately for compliance based practices, the technology and digital disruption affecting many industries is starting to impact on the compliance accounting practice. Compliance fees in some practices are starting to fall year in year out, and for other practices basically stay stagnant. In either situation, both of these outcomes will reduce practice principals profits over time. The stagnating or falling compliance fees are the result of: myTax – Twenty five percent of all tax returns are currently lodged with the Read More…
Compliance services have traditionally, and currently still, account for between ninety to one hundred percent of the fees revenue of the majority of the twenty five thousand accounting practices in Australia.
Regardless of which visa you may have entered Australia; whether temporary or permanent employment, study, business or investment visa, it is essential for you to understand your tax compliance and obligations in Australia.
On average, 44 small businesses are closing their doors each day according to the Australian Bureau of Statistics data.
Good employees are the backbone of any business and are a critical factor in a business’s long term success.
“I was gambling in Havana I took a little risk. Send lawyers, guns and money. Dad, get me out of this”
The Pareto Principle (also known as the 80–20 rule) states that, for many events, roughly 80% of the effects come from 20% of the causes. It is named after Italian economist Vilfredo Pareto, who, in 1896 published a paper that showed that 80% of the land in Italy was owned by 20% of the population. Pareto developed the principle by observing that 20% of the peapods in his garden contained 80% of the peas. It is a common rule of Read More…
New directors of a company need to be aware that under the director penalty regime after they have been a director for 30 days they are also liable for unpaid liabilities of the company which were due prior to their date of appointment.
Too many experienced accountants are still working like graduates.
The Code of Professional Conduct (Code) regulates the personal and professional conduct of all registered tax agents, BAS agents and tax (financial) advisers. The 14 principles in the Code are: You must act honestly and with integrity. You must comply with the taxation laws in the conduct of your personal affairs. If you receive money or other property from or on behalf of a client, and you hold the money or other property on trust you must account to your Read More…
Three lessons from the United Nations that can be adapted and applied to business.
Accountants have the same business failure rates as small businesses in general.
Here are two lessons Switzerland can teach Australia about taxing.
Do not accept that your accountant is acting in your best interest and providing you with the most up to date, proactive and valued added services without assessing them.
Paris is actually a very successful big business and can teach us two business lessons.
My advice for any woman wanting to start her own accounting practice is to follow your instinct and do not give up!
The tax incentives will encourage early stage investment in innovative start-ups and should boost growth by fostering new enterprises and promoting entrepreneurship.
Tax Practitioners Board (TPB) has cancelled the tax agent registration of over twenty accountants.
Five possible causes of the sinking of Dick Smith.
I have now broken the $50,000 fees barrier in only five months.
Developing the strategic plan is the most critical thing a business owner can do to improve their business.
From an economic efficiency or productivity point of view reducing tax rates and eliminating work related tax deductions is a ‘no brainer’.
I have gone from no clients to 3000 in 13 years. I have learnt these 8 lessons along the way.
Accounting practices, like all businesses, need to continually grow total fees each year to grow profits.
Should you be accepting payment of Bitcoin for your goods or services?
Have you really considered the true value of a client?
One of the most important choices you make when starting a new business, is the type of legal structure you select for your business.
The accounting and tax market in Australia is massive with over 17 billion of revenue for the year ended 30th June 2015.
All accountants should be in contact with their clients a minimum of 12 times per year.
Generally tax practices have much higher levels of fee income and owner profits than BAS practices and bookkeeping practices.
Essentially to own and operate your own accounting practice requires two things; experience and a client base.
It is possible to expand business rapidly if you have extra funds or can borrow/finance a ‘fee parcel purchase’ or ‘practice acquisition’.