About Me
Running a family business is fun, rewarding and a great way to spend time with your family. I know. My name is Anne, and I have been involved with a family business for over a decade. I started the business when I was single. Later, I got married and "hired" my husband, and since we had children, they have been involved too. As my business has grown, I have had to deal with a range of complex financial issues from adding my husband as a partner to setting up special funds for new employees to figuring out the most financially advantageous way to pay my kids. My accountant has been an invaluable part of that process, and now, I want to share why. If you run a small family business and want help from an accountant, this blog will explain what you need to know.
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Should You Go It Alone or Get an Accountant for Your Self Managed Super Funds?
Whether you should go it alone or get an accountant for your self-managed super funds (SMSF) is common among people considering setting up this type of account. On the one hand, you want to be in control of your investments and ensure your retirement is secured; on the other hand, you don't want to make costly mistakes that could compromise the success of your SMSF. So, how should you proceed?
Why the Amount of Revenue You Make per Employee Can Be Important
When you run a growing business that employs other people, you quickly realise that payroll is one of your highest costs. Consequently, you'll want to ensure that you get value for money and not spend too much on wages (and other associated expenses) in relation to your competitors. So, in this case, what is one of the most crucial financial metrics? How can you ensure that you are staying ahead of the curve?
The Benefits Of Hiring A Tax Accountant
Tax accounting is a specialty that handles tax payments and returns. Often, you can file and pay your taxes or delegate this duty to a tax accountant. Tax accountants focus on donations, qualifying deductions, gains on investments, losses and your income. This piece discusses several advantages of hiring a tax accountant.
Saving money
Tax accountants know all the deductions and tax credits you can claim to minimise your tax burden. For example, the accountant checks your expenses and picks out those your employer did not compensate.
What Are Some of the Key Accounting Tips to Remember as an Entrepreneur?
Whenever budding entrepreneurs start a business, they may face an immediate challenge. After all, popular belief would say that they are creative and big sky thinkers and can easily get bogged down in anything too detailed. This may make it hard for the entrepreneur to focus on intricate tasks like bookkeeping or accounting, and these areas can, of course, be critical in those early days. So, if you are an entrepreneur and making progress with your own organisation, what are some of the key tips for you to remember to avoid some of those obstacles?
Why Should Small Enterprises Outsource Accounting?
Although many people who run their own business will be perfectly at home keeping their sales ledger up to date, there is more to accountancy than basic bookkeeping. As soon as you start looking into the details of an average tax return and need to account for your business overheads and expenses, the picture becomes much more complex. That's why you might be tempted to take on an accountant who can take care of this side of the business for you.
Are You Running a Small Business? 4 Reasons to Hire a Bookkeeper
Most businesses start with an idea and grow with the right strategy and implementation. However, you might not have the capital for recurring expenses from employees and experts in the initial stages of the business. One of the business roles that people often try to manage on their own is bookkeeping. While it might seem like an easy way to save money, it can also limit your business growth in various ways.
3 Payroll Mistakes You Might Be Making
Employees play a critical role in any company. It is their dedication and efforts that make your business thrive. For that reason, you need to reward them properly. However, dealing with the payment system can be complicated, and many businesses, even large organisations, make mistakes if they don't use reliable accounting services. These mistakes might seem insignificant but could lead to penalties.
If you are running a business, it is your responsibility to avoid payroll errors.
3 Reasons Why Small Businesses Need to Hire Competent Accountants
Every entrepreneur ventures into business to grow and succeed. If you want your business to thrive and remain profitable for decades, you must have a solid business strategy. The critical component of a business strategy that many people overlook is bookkeeping. If you are not aware of how much your business is making and how much is going to expenses, you might spend a lot of time thinking your venture is profitable when it's not.
Why Tax Accounting Services Critical for Your Business
When some people think of tax accountants, they tend to associate them exclusively with businesses rather than enlisting their services for personal needs. This assumption is usually base on the fact that since one can easily download accounting software online, they do not need the assistance of a professional. The reality is that tax accounting is not a small feat.
First, the process can be incredibly complex. Second, the process can differ vastly from one taxpayer to the next depending on streams of income, individual professions, and so on.
Three Tips To Consider If You're Not Paying Yourself A Salary In Your Business
Starting a new business is a full-on exercise in both time and expense. As a first-time business owner, you are proud that you are no longer working for someone else, but until your business starts making money, you are thinking about forgoing paying yourself a salary. Before you proceed further with that concept, here are three points to consider when debating whether to pay yourself a salary from day one of your business operation.