Sarah asks about claiming a tax deduction for contributing to her superannuation fund. In our latest FAQ video, Glenn explains the options: salary sacrificing, where the employer contributes pre-tax dollars, or making deductible contributions from after-tax salary. Both offer tax benefits, with differences in timing. Seek advice tailored to your situation for the best approach.…

Steve from Buninyong asked about setting up an SMSF, a question we’re hearing a lot lately. He wants to know when to set up an SMSF, how much is needed, and what investments are possible. While it’s a complex topic, SMSFs offer flexibility, allowing investments in shares, property, even exotic assets like diamonds or artwork.…

In 2019, the soon-to-be owners of a substantial five-acre property in regional Victoria sought the expertise of Ewen Fletcher at Sharp Accounting to navigate the complexities of a greenfield self-storage development. Although adept in business operations, the clients were newcomers to the self-storage industry and relied on Sharp Accounting to play a pivotal role in…

Having a firm grip on your business finances is paramount for making informed decisions and ensuring sustained profitability. In today’s digital age, leveraging the right tools and technologies can streamline your financial management processes and provide valuable insights into your company’s financial health. Here are five key strategies to help you take control of your…

In times of economic slowdown, cashflow becomes even more critical for businesses. With fewer funds circulating, some customers may struggle to fulfil their financial obligations. To safeguard your business and mitigate cashflow risks, here are six steps to help you secure overdue accounts: Maintain Firm Terms of Trade While upholding your payment terms is crucial,…

In business, accounts receivable stands as a cornerstone for financial stability. It’s the lifeblood that ensures you get paid for the hard work you put in. But mastering this process requires more than just sending out invoices and crossing your fingers. It demands a well-thought-out strategy that covers every aspect of the payment lifecycle –…

We have another question to share in our latest Sharpen Your Numbers FAQ series; Dave asks the burning question: “Why can’t I just use spreadsheets to manage my business?” Discover why accounting software like Xero is the key to efficient financial management, accurate reporting, and business growth in this short video answered by Glenn. Notice:…

Many businesses face the challenge of maintaining viability when sales fail to cover overheads and cash demands, leading to a perpetual increase in overdrafts. To address this issue, it’s essential to implement strategies that bolster sales effectively. Here are five key strategies to consider: Increase Customer Retention Focus on retaining existing customers by providing exceptional…

Glen asks about how he can get started with a new business. Glenn suggests beginning by seeking advice from professionals like us. Start by consulting with an accountant to understand tax implications and record-keeping requirements specific to your business. It’s crucial to grasp these fundamentals before diving into your entrepreneurial journey. Learn more in this…

In the journey of managing a business, one critical aspect often overlooked is overheads, which can significantly impact cashflow. While business owners tend to be vigilant about expenses, the growth of a company can sometimes lead to increased layers of management and operational inefficiencies. Regular assessment of overheads is crucial for financial health. Here’s a…

As business owners, time management is key to success. Ewen explains how using the Achiever Matrix can help you focus on what truly matters in your business in this short video.

James from Ballarat asks about stage three tax cuts. He earns around $90,000 annually and wants to know how it will affect him. In response, we explain that under the proposed Labor changes, he’ll initially be about $800 better off. However, as his income grows over time, surpassing $120,000, he’ll start paying a higher tax…