Accounting
Insufficient cash flow means lost opportunities Australian small businesses have lost opportunities worth an estimated $5.8 billion due to insufficient cash flow1 Nearly half (46 per cent) of Australian small business owners have been at risk of being unable to pay their employees1 More than a quarter (26 per cent) of Australian small businesses that […]
Research reveals financial and emotional burden of administration on small businesses ahead of new Single Touch Payroll reporting regulation Australian small businesses estimated to collectively spend over $20B a year on admin and payroll Half of small business owners also willing to sacrifice wellbeing Reckon launches hub to help small business owners get ‘in the […]
Around 9 out of 10 Australian SMEs are frustrated about their business funding, naming onerous loan conditions, having to provide property security and a lack of flexibility as their major concerns. These are the findings of the latest SME Growth Index, conducted independently by banking market analysts East & Partners, on behalf of national working capital […]
Cybercriminals are targeting businesses with a new scam that uses fake invoices to trick the business into paying money to the scammer. The invoices look legitimate and are often sent from a legitimate-looking email address, making it difficult for busy finance teams to spot the fakes. According to the ACCC’s Scamwatch, Australian businesses lost $2.8 […]
The challenge of securing bank finance is seeing a growing number of small and medium enterprises (SMEs) turn to online lenders. One in four SMEs have been knocked back for bank finance Among SMEs rejected by a bank, one in three have turned to family/friends or a credit card for funding Of those SMEs that […]
Managing expenses is a common headache for managers and finance teams, who often need to sort through hundreds of receipts, invoices, pay cheques, and reimbursement claims daily. Digitalisation has highlighted the flawed nature of traditional expense management practices, signalling that spreadsheets and paper document filing are insecure and error-prone. Small businesses should introduce simple technology […]
The accounting app Xero share their Small Business Insights with us to shed light on what small businesses should be aware of, which is now made especially relevant with the federal budget announcement later today. The anonymous and aggregated data is collected monthly from hundreds of thousands of Xero’s Australian subscribers through the Xero platform. […]
US private equity firm KKR & Co has launched a conditional $1.75 billion takeover offer.
There is a special ingredient when it comes to small business success and leveraging this ‘special ingredient’ can make all of the difference to the ultimate triumph of the company you worked so hard to build. What is this ‘special ingredient’ you ask? Simple: It’s being small. Small enough that you can cherish your customers […]
KEY FACTS Single Touch Payroll (STP) When: 1 July 2018 By: Australian Taxation Office For: Employers with 20 or more employees *The STP will apply to employers with 19 or less employees from 1 July 2019 – subject to parliament Time is well and truly ticking as the countdown begins for larger businesses in Australia […]
Any first time business owner will encounter the world of numbers and sometimes, become stuck among the intimidating and sometimes confusing jungle. Budgets; a word no one is thrilled to hear but its presence is critical to the success of a business. It’simportant you live for a budget. Make budgets your ally Financial plans and […]
MYOB has teamed up with BPAY to offer a new invoice payment method, which was rolled out to MYOB customers last week (May 15), allowing businesses to get paid up to four times faster. MYOB Head of Product Marketing, Kim Owen-Jones said that giving customers the choice of BPAY as a payment method would provide […]
An integrated cloud-based business platform will revolutionise and simplify accounting, payroll, banking and daily operations for Australian small and medium businesses from July 2018. Combining the business expertise and software development teams of KPMG Australia (business advisory), CBA (banking) and Microsoft (technology platforms), Wiise is targeting SMEs that see themselves as having more complex needs […]
The Institute of Public Accountants (IPA) has called for the Federal Government to improve the financial outlook of SMEs by introducing a loan guarantee scheme and legislating maximum payment times for business-to-business transactions. In its 2018 pre-Budget submission, the IPA – a professional accounting body representing 35,000 accountants, business advisers, academics and students – made […]
Microsoft Excel enjoys global superiority as the go to electronic spreadsheet for financial management and data collation. This status is well deserved as the business application has given in excess of 30 years of admirable and loyal service in helping companies track, forecast, analyse, and manipulate a wide range of business data. Despite its excellent […]
Everyone – whether they’re a business or an individual – needs a great accountant. It’s a relationship that needs to be firmly based upon trust, and it can take years to build that foundation. After all, our financials are a huge part of our lives and our businesses, so we all want to be able […]
One of the biggest mistakes some SMEs make is putting off lodging their quarterly BAS returns. For those who do their own books, there are a number of reasons for this – they get caught up in the day-to-day running of their business or the person who has been doing their books for them is […]
Over the years we’ve heard plenty of grandiose plans for businesses that never eventuate and untold numbers of excuses for not hitting the targets that were bragged about at the start of the year. As accountants, we’re not really interested in all of that, what we’re interested in is the numbers because they tell great […]
It’s time to talk about spreadsheets. Or, as one financial modeling company called them, capitalism’s dirty secret. What’s going on between the (spread)sheets to earn the decades-old business application such a sordid reputation? Mistakes. Costly ones. Almost nine in 10 spreadsheets (88%*) contain errors. Yet what do most businesses base their decision making on? Spreadsheets. Consider […]
