The 3 Most Famous Accountants Throughout History

Luca Pacioli – the ‘Father of Accounting’ Luca was the first person to publish detailed material on the double-entry system of accounting. He was an Italian mathematician and Franciscan friar who also collaborated with his friend Leonardo da Vinci (who also took maths lessons from Pacioli). It is said that Luca Pacioli published works for the double entry accounting system based on procedures in use by Venetian merchants during the Italian Renaissance. Most of the accounting principles and cycles described Read More…

Funding New Accounting Practices

Accounting practices, like all businesses, require funding to start, operate, and grow. The funding requirements of practices vary depending upon whether they are a new practice, established practice or an expanding practice. The practice funding can be provided by the practice owners from their personal savings and assets, through debt financing, or a combination of the two. With new practices funding is required to cover the initial practice set-up costs. These costs include the office fitout, office signage, furniture, equipment, Read More…

Sturgeon’s 10% of Practices

If a Purple Cow practice is not achievable, then being part of Sturgeon’s 10% of practices would still be a worthy goal. This would be financially rewarding of course with annual principal profits of $1m plus. If you are already achieving this, well done. If you are not, how do you get there? Firstly, you need to start with your strategy. If you currently have a stuck-in-the-middle strategy, you need to take Michael E Porter’s advice and chose one out Read More…

Identifying Business Opportunities

Operating a small business is one of the most rewarding yet challenging experiences and the difference between business success and failure is sometimes marginal.  There are also specific activities that can be undertaken to improve business outcomes depending on your position in the business life cycle. An experienced commercial accountant can “add value” to your business far beyond tax compliance by reviewing your business performance from a commercial and risk management perspective.  Cash flow management, efficiency through maximising production rates, Read More…

What I Want from My Tax Accountant as a Small Business Owner

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…