#Accounting
The receipts ABN holders never claim: where sole traders quietly lose money at BAS time
Hundreds of thousands of Australian sole traders quietly hand money back to the ATO every quarter, not through evasion, but through lost receipts.
Seven red flags of intercompany accounting challenges
Here are the seven signs that you have intercompany accounting issues and how you can fix them.
Let’s Talk: Can a business owner foresee and avert common accounting issues at the right time?
We asked our experts in this week’s Let’s Talk about the most frequent accounting errors made by small business owners and how to prevent them.
New FY Checklist: Five-step guide to preparing your business for the new fiscal year
Here are the top 5 things you need to know to close out the financial year and set yourself up for a flying start to FY23.
Tech-averse SMEs are hindering their own success
Tech-averse SMEs are missing out on the benefits that technology can provide for their business through the use of accounting software, apps and add-ons. Forty-one per cent of accountants and bookkeepers say at least half of their small to medium sized enterprise (SME) clients provide paper documentation rather than electronic documentation, research by MYOB has […]
How SMEs can avoid common financial pitfalls by managing cash flow
Setting up a small business can be an exciting yet daunting experience. By the time you actually launch your business you have likely experienced a lot of uncharted waters, sleepless nights, caffeine highs and are generally left questioning your overall sanity. Trust me I know. In 2008 my brother and I started our business, Credit […]
What are your obligations if an employee is sick during their annual leave?
When most people think of taking annual leave, they don’t anticipate spending that time either sick in bed or in hospital with a family member. However, the reality is that unforeseeable events can occur and potentially derail an intended vacation or any leave plans. So, what are an employer’s obligations if their employees get sick […]
An overview of Liberal and Labor small business tax promises
AU Election 2022 News and Updates: Labor, Coalition, or Greens? The policies SME owners need to know Liberals pledge 400k new SMEs by 2027 if re-elected Albanese promises employment summit to discuss wages, productivity RSM Australia has identified the six key election policies affecting small businesses. As the nation gears up for the federal election […]
Outsourcing: The fastest way to the perfect business
Recent reports have confirmed that the gig economy is the fastest growing employment sector of the digital age. As collaboration becomes easier than ever no matter where you are, it’s no wonder that businesses are looking to slash their ongoing costs and focus on a more outsourced business model. The challenge is knowing just which […]
The Future of Cryptocurrencies: Look past the SEC and to the developing world
Fortnightly cryptocurrency series with Dr Prash.
SMEs expect no growth at Christmas due to competition… despite inadequate planning
SME operators not only predict a lack of sales over the Christmas retail period, they also expect to be short on spare time, according to MYOB. The cloud accounting provider’s latest SME snapshot reveals that business confidence is down due to the threat of bigger and online retailers entering the market from overseas. The majority […]
MYOB to buy a slice of Reckon for $180m
Cloud accounting provider Reckon is selling a 120-person division to rival MYOB for $180 million as it looks to – in the words of Group CEO Clive Rabie – “narrow [its] focus on the small business accounting software market”. Subject to regulatory approval by the ACCC and the NZCC, MYOB will acquire the assets of […]
Are you really getting good advice from your accountant if they don’t work with fintech?
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 […]
Should you leave your job to start a business? Seven steps to consider before making the leap
Founders often ask me ‘how do you know when is the right time to leave a corporate role and start your own business?’ Despite the fact I have a strong accounting background and am very much a numbers person, life experience has taught me this initial decision often needs to be based more on a […]
Death of the spreadsheet: It’s time businesses look to the cloud for a clear accounting view
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 […]
Cloud accounting advancements have led to more SMEs doing their own tax, says MYOB
An increasing number of small business owners will complete their tax returns themselves this year, according to research undertaken by cloud accounting provider MYOB. The company’s June SME Snapshot revealed that 41% of owners plan to complete their own returns, up from 41% last year. John Moss, MYOB’s chief strategy officer told Dynamic Business that […]
When pitching your start-up to Steve Baxter, don’t use the word ‘give’ or you’ll p*** him off
‘Give’. It’s the four-letter word that makes Steve Baxter’s blood boil when he’s being pitched to by a start-up in search of capital. The investor, tech entrepreneur and Shark Tank star discussed his pet peeve at Intuit QuickBooks Connect Sydney 2017, earlier this month, during an entertaining and candid interview with event MC Rove McManus. […]
A permanent $20k tax write-off for SMEs would help arrest government distrust says MYOB CEO
Ahead of this week’s Federal Budget, two-fifths of the small business community are not confident of a favourable outcome, according to research undertaken by accounting software provider MYOB. Dynamic Business asked MYOB CEO Tim Reed to unpack the findings of the company’s SME Snapshot, a monthly survey of small to medium businesses from its customer […]
In the era of cloud software, accountants must improve their communication skills
Accountants have always suffered from a poor image. They have traditionally been predicted as dull, aloof and impersonal, and people assume they work on their own without much interference from others. They are typically right brained, methodical people who like details and numbers more than words, but having the ability to communicate well is critical […]
Some business owners supplement income by providing shareconomy services, MYOB finds
The number of SME operators who believe the sharing economy is having a positive impact on their business far outnumber those who believe it is detrimental, according to cloud accounting provider MYOB Over 1000 SME operators from across Australia were survey for the bi-annual MYOB Business Monitor, which found that the franchise sector was the […]
Top five smart tech solutions for SME growth
Market share growth and sales increases are the driving forces for SMEs. Neither, however, happens by chance. You must be prepared and put in place a strategy that will enable you to achieve the desired results. Generally, collecting information that is relevant to buyers and organising it is often seen as the key to driving sales. Even then, […]
Late payments impacting 3 in 4 small businesses
New research by MYOB highlighting the financial and emotional toll late customer payments are having on SME owners has prompted the cloud accounting provider to renew calls for federal government and big business to implement a solution. The company’s latest SME Snapshot, revealed 77% of business owners had been impacted by late payments. Notably, 35% […]
Ensuring cash flow during good times and bad
Monitoring cash flow should be your number one priority if you are a business owner. After all, cash is king. Part of this process involves having careful control of debtors. For anyone that has experienced periods of tight monetary control, you know how critical this is in tough times. Outlined below are key points on how to ensure […]
Small businesses are holding back growth to stay within the tax threshold, says MYOB CEO
Proposed tax rate changes, which would affect approximately 100,000 small businesses, will deliver the best “bang for buck” for the economy, accounting software provider MYOB and the Council of Small Business Australia said in a joint statement. The statement was in response to Labor’s opposition to the Federal Government’s proposal to increase the eligibility threshold for paying the lower […]