Understanding every aspect of your business not only ensures that you are in control of your business but also enables you to forecast and prepare it for the future. Tradies that are hands on usually focus on getting the actual work done, however, the financial side of the business needs equal attention.
16 Jul 2018 – Issue PAYG withholding payment summaries to employees
Creating a plan before the end of financial year, 30 June 2018, is crucial to ensure you are reducing your taxation liability as much as legally possible. Make sure you get in early and book an appointment with one of the team to see if there are any strategies to reduce your tax exposure.
Cloud Accounting or online accounting has garnered a significant stake in today’s globalised market. It is very similar to your old accounting software, however your information is no longer stored on your personal computer, instead all data is securely stored and processed on offsite servers known as “the cloud”, enabling you access from any device as long as you are connected to the internet.
How can a business making plenty of sales possibly go bust, you may wonder? The answer is cash. Your cash can be in a surprising number of places other than where it belongs - in your account.
Managing your cash flow is more than simply looking at what goes in and out of your accounts and paying your bills on time. Here, we suggest how to prioritise your cash flow to make the most of what is available to you while moving your business forward.
Knowing this ‘financial lingo’ will assist when analysing your Trade business profit and loss statement.