Improving Your Business

As a small business owner, you wear many hats—salesperson, marketer, manager, and yes, accountant. But as your business grows, it’s worth asking: is your current approach to accounting enough to keep pace with your ambitions? Many small businesse...

AusTrade has opened Round 4 of the Australian Government’s Export Market Development Grant on 12 November. Applications will be assessed on a first come, first served basis, until the allocated funding is fully committed through grant agreements w...

Thousands of SMEs across Australia are encountering financial difficulties, primarily due to limited expertise in fiscal management. This was a key insight shared by MYOB’s CEO Paul Robson in a February 2024 Financial Review article, which highlig...

A business owner who is a sole trader sent me an email saying that the Export Market Development Grant is open for applications and that he was interested in applying. He indicated that his accountant thought that only companies could apply. For t...

Companies which have a 30 June financial year and undertook Research and Development activities in 2022/23 have to lodge their Research and Development Tax Incentive application with AusIndustry by 30 April 2024. This summary requires significant...

An awareness of Corporate Governance is important for Directors and Leadership Team Members. A Director is not an expert in everything, therefore Advisers can supply backup knowledge. A Terms of Engagement Agreement for the Board Of Advice Membe...

Data covers a lot more than annual financial accounts and tax return Identify the data needed: Daily Weekly Monthly Predictive Accounting Reports Budgets Key Drivers Cash Flow Forecast Projected Balance Sheets Ide...

All businesses need systems to produce the information that the leadership team requires – most SMEs will benefit by modelling your systems on those implemented by larger businesses in your industry. Preparing and continually reviewing the BUSINE...

Various reports have indicated that SMEs require significantly more ‘financial data’ throughout the year, not just at the end of the financial year. The information that is required relates not only to Profit and Loss Account and Balance Sheet, b...

Capital Raising is Easy for small companies? This is a MYTH! Directors of small companies need to ensure that proper processes are put in place whenever a company wants to raise capital. Section 708 of the Corporations Act enables small compani...

This is a MYTH! In 2017, the Australian Government created the ‘Early Stage Innovation Company Status’ by making amendments to the Income Tax Act to enable small, young companies that have been undertaking ‘innovative activities’, to be able to r...

Only Unlisted Public Companies Can Use crowd Sourced Funding Equity Raising? This is a MYTH! Whilst it is true that eligible ‘Unlisted Public Companies’ are able to utilise ‘Crowd Sourced Funding Equity Raising’ to raise capital, but very import...

Research And Development Only For The Big End Of Town? This is not true. The Research and Development (R&D) legislation has a differentiation for a company at $20M turnover. For companies with turnovers under $20M the R&D Tax Offset is c...

DIFFICULT ENVIRONMENT Businesses are being conducted in an ongoing difficult environment including: High inflation High cost of living High interest rates Business failures increasing Supply chain difficulties – The wars in Ukraine and I...

This title reflects the reality of running businesses whether the business is very small, large or a public company. Succession planning is very important and it applies to all levels of the team not just the CEO and it requires a plan to be put ...

Last week we discussed the development of strategies for 2024.  A few weeks ago, the Australian Government, launched the “Industry Growth Program” as the replacement program for the highly successful “Accelerating Commercialisation Grant”. T...