Independent contractors are self-employed individuals, sole traders, or companies that complete work for your small business. They aren’t directly owned or employed by your entity. Instead, you pay them an agreed fee for work like IT handling, cleaning, or maintenance. Although they work with your businesses, you don’t hold the same tax obligations as you do with employees. Let’s figure…
Appealing employee benefits, like financial initiatives and memberships, retain existing employees and entice new talent. It enables you to “give back” to your employees, fostering a positive, supportive workplace culture. Although sustaining high employee morale is key to productivity, a decent benefits program can impact your annual tax bill. Follow this guide if you want to balance the benefits…
Having a quality accounting system goes a long way in simplifying your overall financial processes, whether you’re a start-up or another kind of small business. So, throughout this article, we’ll be walking you through some of the steps you’ll need to take to properly set this up. Define Your Financial Goals and Objectives Before diving into some of the more…
When you’re running a business, sales tax, commonly referred to as the Goods and Services Tax (GST), is a key concept you’ll need to get familiar with – both for financial stability and to stay compliant with the Australian Taxation Office (ATO). So, in this article, we’ll be providing an overview of all you need to know about GST and…
Generally speaking, having a clear process to handle your business’ payroll not only means your employees are being paid properly and promptly, but it also helps you stay compliant with tax and legal regulations throughout the country. Still, depending on how many employees you have, it can be easier said than done to have effective payroll management. So, we’ve put…
Record-keeping procedures involve tracking and storing manufacturing, financial, research, and legal information. Effective record-keeping management protocols can streamline key responsibilities, such as filing taxes, where the legal implications of submitting incorrect figures could be detrimental. Review the importance of good record-keeping to prevent bad habits from manifesting. Ongoing Tax Compliance Accurate record-keeping enables you to share the correct amount in…
Small business inventories store collections of raw materials, components, equipment, goods, and products you use for production, sale, or distribution. Sufficient stock levels that meet customer demand rely on good inventory management. Establishing efficient operations and forming positive supplier relationships maintains excellent service. Review four actionable tips on good inventory management. Perform Regular Audits Quarterly or annual audits ensure your…
DIY, “Do it yourself,” accounting occurs when a small business’ designated individual manages all accounting tasks, like filing tax returns and recording expenditures, internally. Accounting entails many responsibilities, so you may evaluate whether to spare your time and resources for these demanding duties as a small business owner. Review the following list to help you make an informed decision. Pros…
Accounting software facilitates proficient financial management, saving valuable time on other meaningful tasks. Automation, report generation, and accurate data entry are just a few beneficial functions. Read on for guidance on how to use key accounting software features to support your small business’ finances. Manage Financial Transactions Categorise transactions into assets, equity, revenue, expenses, and liabilities by creating tabs or…
