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Protect Business Reputation by Planning for Big Sales

Posted by XO Accounting on Apr 13, 2020 9:45:00 AM

A business plan is essential for business development. But even with a solid plan there is some aspect of unpredictability. There are a multitude of variables that have to be taken into account, any of which could have great impact on the prosperity of a small business.

Sales forecasting may well be the most difficult and complicated of all areas covered in a strategic business plan. To predict sales, a business has to consider numerous economic, demographic, and social variables.  Because sales has a major impact on income stream, a business plan should include a continuity strategy for dealing with poor sales performance. But what happens if a business does better than expected?

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Topics: sales, planning, financial planner, Sales forecasting

The Importance of Shareholders Agreements

Posted by XO Accounting on Apr 6, 2020 9:45:00 AM

When anyone is buying into an existing company, or setting up a new company with colleagues, friends or even family, it is essential to document how the relationship is going to work and set ground rules for what happens in the unfortunate event of a dispute.

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Topics: startup, management, negotiation, planning, business owner, Shareholder, company

3 Advantages of Digital Signing for Businesses

Posted by XO Accounting on Mar 30, 2020 10:15:00 AM

Digital signing, versus the traditional "wet" signature, has become increasingly popular in recent years.  More and more countries across the globe have endorsed the legal validity of digital signing, enabling businesses to digitize entire workflows and further optimize management processes.

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Topics: software, business owner, MovingCloud

Director Penalty Notice

Posted by XO Accounting on Mar 23, 2020 9:26:00 AM

The Australian Government recently introduced new legislation in a bid to maintain its budget surplus.  It has extended its Director Penalty Notices (DPN) issued by the Australian Taxation Office (ATO) to also include unpaid taxes included in your BAS Returns such as Goods and Services Tax (GST), Luxury Car Tax (LCT) and Wine Equalisation Tax (WET).  These taxes join PAYG Withholding and Superannuation which are currently subject to DPN’s.

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Topics: financial, GST, taxation, penalties, tax, management, financial planner, ATO

AUSkey finishes this month – here’s what you need to know

Posted by XO Accounting on Mar 18, 2020 9:30:00 AM

There’s a new way to access online government services.

The way you access government services for both business and personal matters is changing this month. myGovID and Relationship Authorisation Manager (RAM) will replace AUSkey at the end of March 2020.

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Topics: News, financial, small business accounting, taxation, accounting, AUSkey, ATO

Deputy Chief Medical Officer's press conference about COVID-19 on 16 March

Posted by XO Accounting on Mar 17, 2020 1:30:00 PM

Read the transcript of the press conference given by Professor Paul Kelly, Deputy Chief Medical Officer, about coronavirus (COVID-19).

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Government Coronavirus Stimulus Package

Posted by XO Accounting on Mar 16, 2020 9:15:00 AM

The government has announced a range of measures to support the economy, business and employment in the face of the Coronavirus health crisis. The measures include the below.

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Topics: small business, business owner, ATO, Coronavirus

Why Your Business Might Not Look Like a Winning Bet to Investors

Posted by XO Accounting on Mar 9, 2020 9:30:00 AM

Have you had a potential investor turn away from your business for seemingly no reason? Investors don’t usually turn away from good opportunities so was there something that made your company or business plan unappealing?

Here are six reason businesses makes themselves unattractive to investors.

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Topics: success, investor, profit, management, entrepreneur, business owner

Get paid first – why your salary should be your business’s first monthly expense

Posted by XO Accounting on Mar 2, 2020 9:15:00 AM

It’s the line item most often left out of a small company’s budget: the business owner’s salary.

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Topics: small business, entrepreneur, financial planner, business owner, salary

The common time waster that stops your business from growing

Posted by XO Accounting on Feb 24, 2020 9:45:00 AM

Being a small business owner can be fantastic. You get to be involved in every aspect of your business, from marketing to event planning, from sales to employee development. Being involved in so many areas of your business saves you from boredom and allows you to use skills you might not have known you had.

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Topics: tax, efficiency, financial planner, business owner, bookkeeping

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