-
04
Feb
Read More10 Ways to Increase Your Profit Margins
Many business owners think you need to increase sales substantially to make more money. But often that’s too difficult, especially in the short term. Take, for example, the prospective client I met a year or so ago in difficulty. He kept on and on about increasing sales to new customers. But I worked out that his average sale per customer and his prospect conversion rate were so low that he needed 3,750 meetings with prospective customers in the next year just to get back to breaking even!
-
21
Sep
Read MoreThe best websites and blogs for accountants to follow
Websites, online articles and blogs can be a great source of useful content for accountants. Accountants can often get a broader perspective and take their knowledge to the next level by following online content. Since rules change constantly for accountants, regularly updated websites and blogs are often the best source of information on new developments. They’re key for accountants seeking to keep themselves current with the latest. Also, many blogs are written in summary format, which makes it easier to grasp concepts and understand complex issues in a timely manner. Oftentimes there is even a worked example as part of the information provided. The timely availability of up-to-date, summarised information on changes helps me stay current on taxation, accounting, government policy changes and more. The following are my top four go-to sites for information: Australian Taxation Office www.ato.gov.au - Here, not only will you find great website content that is concise and has worked examples, but it also can assist you by offering "How To" YouTube videos. Also be sure to follow ATO on Facebook and Twitter because they offer informational posts and updates on new information. Australian Financial Review www.afr.com - This regularly updated website content will keep you informed of the latest trends in finance, economics, tax, accounting, business and government policy changes. Also, the articles explore how the changes impact accounting and tax in practice and in business. There is also content available on Facebook and Twitter posts. The www.afrsmartinvestor.com.au site has excellent articles in their newsletters. Subscribe so the news will conveniently arrive in your inbox, and staying updated will become a part of your routine. CPA Australia and Institute of Chartered Accountants www.cpaaustralia.com.au and www.charteredaccountants.com.au– With CPA Australia's My Online Learning feature, knowledge portals and online community, it’s a one-stop shop for any accountant or public practice practitioner wanting to keep themselves compliant and informed. The Institute of Chartered Accountants’ MyCommunity Blog has the latest thoughts in the accounting industry about the impact of economic, finance, tax and government policy. Plus, you can connect with your peers and leave comments. MYOB www.myob.com.au/blog - The Pulse Blog has news, views and ideas for your business ranging from government policy, to accounting software, to social media. MYOB has always provided excellent support for accountants and small businesses, and The Pulse is a great place to get advice from qualified peers. You can comment and interact with experts in various business specialties, including accounting, marketing, finance, and public relations—all of which are useful for anyone in business. Follow MYOB on Twitter at @MYOBteam to keep up with the latest posts and subscribe to the newsletter too. The Pulse is a great place to comment on the challenges of running a business, ask queries about issues with utilising your software and learn about where the accounting profession is heading. Tracey Sharah | Founder and Director, Metro Accounting
-
21
Mar
Read MoreSo Mr Shorten – let’s create even greater confusion for the client!
As readers are aware, the ongoing review by the government in the provision of financial services continues. One of the issues is the removal of exemption that permits accountants to discuss issues relating to pros and cons and the establishment of self managed superannuation funds. It appears that the only way a practitioner could have the holistic discussion is to ensure that they will be licensed by either establishing their own licence or operating as an authorised representative of a dealer. However, it is not as simple as that. A financial services licence requires a different process to be adopted. We think this will create a confusing situation for both accountants and clients.
-
07
Feb
Read MoreThe most important thing
I’m assuming, if you’re reading this article, that you’re an accountant or at least working in the industry in some capacity. Let me ask you a question ... “As an accountant what is the most important thing you do for your clients?” Over the years I’ve been given any number of responses to this question. Some say, “Keep my clients safe & compliant”. Others say, “Make their lives easier”. While many say, “Get them a big tax refund”. However, the most common response I receive to this fundamental question is, “to add value”.
-
24
Jan
Read MoreDo you have a CFO in your business?
Do you have a Chief Financial Officer (CFO) in your business? If you’re a small business, chances are, no. Few small or medium businesses have a CFO. A CFO’s role in a business is to use the financial information of a business to drive and improve it. The financial information of a business is the key to the strategic direction and improvement of every business.
-
19
Jan
Read MoreWhat the latest World Bank economic forecasts mean for Aussie SMEs
Grim news from the financial sector yesterday, as the World Bank flagged a potential new economic downturn, which looks to be uglier than the rollercoaster we’ve just endured. Dubbed ‘GFC Mark II’, the World Bank has cut is 2012 economic growth forecast in high economic countries, and is predicting negative growth for countries that use the Euro. Australia wasn’t specifically mentioned in the report, but a large scale economic downturn would still have ongoing implications for our own market, most specifically in terms of consumer confidence, decreased commodity export prices and a lock down on credit from financial institutions.
Get ready for business with MYOB and Wes...
5 simple steps to prepare your business ...
MYOB and BankLink unite to define a new ...
How will the Federal Budget affect small...
Are you a guess-a-holic in business?
Polls
Loading ...