Businesses become a success because it is something you love and therefore work hard at it. It does no necessarily mean you love balancing the financials. However, accounting is crucially important to your success when first starting up.
Debt can be a crippling problem for small businesses wanting to grow or just break-even during difficult times. By reducing debt you’ll improve the value of your business, its financial situation, and its ability to continue operating into the future.
If you’ve borrowed money from anyone other than a good friend or a family member, there’s a good chance you’re paying him or her interest. You may even be paying your friend or family member interest, depending on how long you’re borrowing for and how much they loaned you. That interest that you’re paying may or may not be deductible: a lot depends on what you’re using the money for. Let’s take a closer look at what makes the interest on the money you’ve borrowed eligible for a deduction.
Help grow your business through collaboration, expansion, improved marketing and some of the following quick tips.
Single Touch Payroll
From 1 July 2019, you will have to transfer your payroll transaction data to the ATO each time your employees are paid using a software solution to do this.
Tax Tips For Businesses
End of financial year is quickly coming up, so it's time for businesses to take stock, to ensure that companies operate tax effectively and ensure business finances are in order for the coming financial year.
The move to the cloud is often not a question of if it will occur but more likely when it will occur, for most small businesses. So what is the reason for so many businesses embracing online cloud software?
In the five years Xero has been on the market it has quickly gained a reputation as being the easiest accounting system around. Xero is a cloud based system which means that you can log into it securely from any computer with an internet connection anywhere in the world. It also means you won’t need to buy costly accounting packages and upgrades ever again and it even eliminates the need for backups – if your computer crashes you won’t lose your accounting data! In addition to these practical benefits using Xero has many advantages that can give your business an edge: