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Unlock Your Business Profit – Part Three
Welcome to the last component of our series – 5 Key numbers to unlock your business profit. Today we will discuss working capital days and also introduce Spotlight Reporting. Working Capital Days Profit needs to turn into cash, and that is why we will also be measuring our Working Capital Days. Working capital days is […]
Unlock Your Business Profit – Part Two
This week we will be diving into part two of the Unlock Your Business series. Revenue Revenue, also known as income or sales, is a number that should be monitored ideally on a monthly basis. Similarly to “The One Number”, it is crucial not to just concentrate on revenue but the inputs that composes revenue. […]
Unlock Your Business Profit – Part One
Welcome to the five numbers that all business owners need to know. This series will be separated into 3 segments. The ONE Number and key life indicator Revenue and profit Working capital days and solution Today’s focus will be of identifying a number that represents the business and understanding that your business should be separate […]
More CASH for your DOLLAR!
More Bang for your Buck Start planning NOW to maximise your tax refund next year! We do a lot of tax returns. One thing we constantly hear our clients say is, “I didn’t know I could claim that!” or “I wish I had kept my receipts!” What’s the best way to avoid disappointment at tax […]
Keeping your Business Alive
What’s your strategy to keep cash flowing through your business? There are two ways to improve how you manage your cash flow. The first is working capital management (managing stock, managing suppliers and debt recovery). The second, described here, is using cash flow forecasting. High sales and consistent profits are great aspects to have in […]
Writing a Business Plan
It may sound like a daunting assignment, but evidence suggests a well-written business plan contributes to a successful business. Why? Building a business from scratch can be challenging, therefore, creating a business plan compels you to systematically think through every aspect of your business and develop a solid blueprint to follow. A business plan will […]
TOP 10 Under Claimed Deductions!
1. Keep a diary. You can’t claim the commute between home and work but if you go to other sites or functions outside work you can claim a maximum 77c/km for up to 5000km for the year end 2015. The Government has decided to remove the 12% of original value and 1/3 actual expense methods […]
2015 Year End Reminders Obligations
Another financial year is about to finish! Your Year End Reminders and Obligations As a business owner, there are many obligations that you need to consider and action over the next few weeks. Some of these will help to minimise your tax. We have outlined these action points below to assist you. Date Action Required […]
Want to Make 2015 Tax Time Easier?
WANT TO MAKE TAX TIME EASIER AND CUT YOUR TAX BILL by 30%? For most business owners and employee 30 June is a time of reconciling, sorting and collecting receipts for Tax Time to present to your accountant. If you want know how to cut your tax bill in half, you need to understand the basic […]
Restructuring to Minimise Tax and Protect your Home
Small businesses with an annual turnover of less than $2 million will be able to change their legal structure without attracting a capital gain tax (CGT) liability. CGT roll-over relief is currently available for individuals who incorporate. This measure will be available from 1 July 2015. The Government is also reducing the tax rate for […]
How can my business claim the $20,000 deduction?
What does the $20,000 deduction involved? The Government has announced that businesses with a turnover of less than $2 million are eligible to immediately deduct as many assets that cost less than $20,000 and also acquired from 7:30pm, 12 May 2015 until 30 June 2017. If you are running a café, assets may include new […]
Maximise the Benefits of the Federal Budget for your Business
Last month we heard the Treasurer Joe Hockey deliver his second Federal budget, with some key surprises in it, especially for small business. Below is a summary of the key features and how they could affect you! We at Success Accounting Group are here to make you smart financial decisions NOW so that you […]