No one knows what the future holds, but one thing is for sure – it’s essential to plan for it. Business owners often underestimate the importance of having a succession plan. There will come a time when a business owner will need to prepare their business for new owners or leaders when selling, retiring or … Read more
Six common bookkeeping mistakes to avoid We highlight the most common mistakes made by SMEs that need to be avoided to ensure the success of their business. With the increase complexity of accounting, compliance and bookkeeping processes, business owners juggle to keep their business profitable. During these challenging times especially, it’s easy to understand where … Read more
A CFO or Chief Financial Officer is in charge of the company’s financial health. They are responsible for overseeing all financial aspects of a company, such as budgeting, accounting, cash flow and financial reporting. They are also responsible for financial planning, reviewing and analysing business risks and advising on company strategy. Traditionally, CFOs have been … Read more
What do you need to know about data security? Accounting firms are responsible for a wealth of sensitive client information such as tax file numbers, bank account information, and financial data, making them a prime target for cybercriminals. The loss of clients’ sensitive information can have devastating consequences for the client and the accounting firm. … Read more
There have been some exciting developments in the accounting industry in recent times. Most notably, advances in technology are reforming accountants’ roles. Far from making accountants redundant, it is creating opportunities for accountants to add high-value insights, focusing on more strategic and advisory roles to aid in decision-making and improve the bottom line for business. … Read more
What is SMSF? A self-managed super fund (SMSF) is a type of trust with the sole purpose of providing retirement benefits to its members. Generally, A SMSF can have up to 6 members, and the members are also trustees of the fund. Depending on the structure of the SMSF, members can be individual trustees or … Read more
Do you have a budget for cyber security? “There are two types of companies: those that have been hacked, and those who don’t yet know they have been hacked.” Cisco’s former CEO- John Chambers Cyber security is protecting computers, networks systems, devices, and data from cyber-attacks. Cyber security is gaining attention as businesses increasingly rely … Read more
10 characteristics of a successful entreprenuer What does it take to be a successful entrepreneur? An entrepreneurial mindset is one of the most important aspects of being an entrepreneur and is often overlooked. An entrepreneurial mindset is a way of thinking and approaching challenges. The right mindset enables an entrepreneur to be driven to overcome … Read more
Top 5 tips to help you through the festive season If you own a small business, you’re probably aware that the Christmas and New Year period can be challenging and disruptive with juggling staff absences, cash flow and problems with suppliers due to shutdowns. Some industries will experience peak demand during this time, such as … Read more
Budgeting for a small business doesn’t need to be complicated, but it is crucial to invest time and resources into making it as accurate as possible. Many small businesses fail to prepare a budget, and without a budget, they run the risk of overspending