Category: Business Finances
- Farm Tax and Planning Strategies From Sharp AccountingWith strong commodity prices and continued innovation in the agricultural sector, many agribusinesses are looking ahead to a positive 2024–25. While seasonal variation and cost pressures remain, proactive tax planning can help Victorian farmers maximise profitability and prepare for future challenges. Here are a few key farm tax and planning strategies to keep in mind…
- Why Every Business Needs a Budget – and How It Helps with Financial Decision-MakingIf you’re running a growing business, having a clear budget isn’t just helpful—it’s essential for financial decision-making. A well-prepared business budget allows you to estimate revenue, plan for expenses, and allocate funds strategically. It keeps your business on track and helps you avoid overspending. How Does Budgeting Help Your Business? Budgeting gives you a structured…
- Budgeting for Success: The Importance of Good Financial ManagementRunning a growing business comes with financial challenges, which is why good financial management is essential. Managing cash flow effectively and setting clear budgets can mean the difference between stability and financial strain. A well-structured budget not only keeps your business on track but also helps you make strategic decisions with confidence. Let’s explore why…
- Target Setting, Goal Setting & Accountability for Businesses: Make 2025 Your Best Year Yet!The last few years have been extraordinary, with circumstances that have challenged almost every business owner. To overcome these challenges, we’re working with many of our clients to set targets and goals for the coming 12 months. In this article, we’ll outline how you can approach target and goal setting for businesses in 2025 and…
- Christmas Parties and Fringe Benefits Tax (FBT): What You Need to KnowAs the festive season approaches, many of us look forward to celebrating with friends, family, and coworkers. While Christmas parties and gifts are a great way to show appreciation to your employees, they can also come with unexpected tax consequences. Here’s a guide to help you navigate the potential Fringe Benefits Tax (FBT) implications of…
- Managing Holiday Cashflow For Your Business – Tips and StrategiesAs the holiday season approaches or if you’re gearing up for a well-deserved break, maintaining control over your business’s holiday cashflow is crucial for a healthy work-life balance. Discover essential tips to keep your finances in check during the festive season. Plan Ahead for Overheads and Salaries Understand that even when you’re away, overheads and…
- Understanding Financial Reports: Maximising Your Business GrowthIn this video, Glenn discusses the importance of understanding your financial reports to improve your business results. Learn how analysing both past performance and future projections can help you track growth, identify opportunities, and make informed decisions. Discover how financial reports can guide you towards achieving your financial goals and growing your business value. The Essential SME Checklist for Growth +…
- 10 Effective Ways to Improve Your Business MarginSmall changes can significantly improve your business performance. Even slight adjustments to your processes or systems can majorly impact your profit margins. For example, a 1% increase in your gross margin on $500,000 of sales adds an extra $5,000 to your bottom line without increasing sales. The best part? Boosting your margins is one of…
- The Value of Cashflow Forecasting for Your BusinessIn our recent articles, we’ve discussed essential financial reports, such as income statements, balance sheets, and cashflow statements, which provide a snapshot of your business’s financial health at a given point in time. While these reports are crucial for understanding past performance, cashflow forecasting takes it a step further by offering a forward-looking view, helping…
- Why Financial Literacy is Key to Business SuccessUnderstanding your financial reports is crucial to improving your business performance. In this video, Ewen outlines four key reports—profit and loss, balance sheet, accounts receivable, and accounts payable—and explains how monitoring them can enhance cash flow, build stronger supplier relationships, and inform better decision-making. If you’d like a financial review of your business, reach out…
- Sharpen Your Numbers – FAQ: There is not a lot of money in bank, what am I doing wrong in my business?If you’re seeing a low bank balance, it might not be about what you’re doing wrong but where your money is tied up. In this video, Ewen shares tips on assessing your sales, accounts receivable, stock levels, and accounts payable. Discover how these factors impact your cash flow and what you can do to improve…
- Understanding Your Numbers to Improve Your ResultsUnderstanding your financial reports—knowing your numbers—is critical to business success. It empowers you to make better business decisions, measure their impact, take corrective actions where necessary, and ultimately achieve better results. By gaining insights into your financial reports, you can: Monitor Business Growth Determine if your business is growing or shrinking. Regular monitoring allows you…