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Explore how your accounts payable process can impact cashflow and financial stability for your business. Learn about the importance of reviewing Terms of Trade and implementing spending budgets to manage cash outflows effectively. Spending Budgets Establish yearly budgets to regulate spending and ensure alignment with financial goals. Control spending by monitoring department budgets and authorisations…

Just as you keep a close eye on your dashboard while driving, your business should have its own set of essential metrics to regularly monitor business progress. Creating a business dashboard involves a simple four-step process: Choose Impactful Key Performance Indicators (KPIs) Identify three to five KPIs that hold significant influence over your goal achievement.…

Do you operate through a discretionary or family trust? In this short video, Ewen shares how the recent change to section 100a could affect you, and how Sharp Accounting can help work through the right scenario for your situation, in this short video.

Interest rates…it looks like the increases will keep coming, so it’s important to get on top of your cashflow and implement some interest rate strategies. Contact us if you would like to find out more.

Stop wasting time on things that don’t matter.  Business leaders can use the Pareto Principle to drive focus, improve productivity, and change how they do business for the better. In this post, we discuss the 80/20 rule and outline how you can use it to stop wasting time on things that don’t matter. What is…

Superannuation is one of the most significant assets many Australians have. Yet, we see many individuals (including business owners) who see superannuation as a compliance requirement – instead of the enormous opportunity it represents. Find out how to make the most of the superannuation contribution benefits and opportunities in this blog post. Voluntary Superannuation Contribution…

After the budget earlier this week, below we share some highlights: Personal income tax changes The Government has announced a once-off $420 ‘cost of living tax offset’ for the 2022 income year, which will be provided in the form of an increase to the existing LMITO. This will increase the maximum LMITO benefit to $1,500…

There is good news for buyers looking at commercial properties in regional Victoria. The existing commercial stamp duty concessions on the purchase of commercial properties have not been walked back for 2022. This spells the continuation of savings of 50% on commercial property purchases for interested investors and business owners looking to buy a business…

Australian Baseball Team Perth Heat made headlines when it announced it will give players and staff the option of being paid in Bitcoin. The article outlines their plans to account for fluctuating cryptocurrency prices, as well as the anticipated benefits, like an increased ability to attract international talent. It doesn’t, however, talk about the tax…

You may have heard about the new rules which require directors of Australian companies to obtain a Director Identification Number (director ID). The new requirement to obtain a director ID also applies to individuals who have an SMSF or a trust with a corporate trustee, which is why I wanted to bring this new requirement to your attention.

Having enough money for your day-to-day business requirements is crucial. It is what keeps your business going – and helps you sleep at night. Introducing cash flow targets at your business can help you optimise your cash flows.  What are Cash Flow Targets?  Before we define cash flow targets, let’s take a quick look at…

Growing a business is incredibly challenging. It takes time, expertise, and good decision making across the board. One of the decisions management will need to make is when to hire a Chief Financial Officer (or CFO). Timing is key for businesses looking to grow and achieve their goals. So, when should a business consider a Virtual…