Selling Your Business? Key Financial Steps to Prepare
Selling a business is more than a financial decision—it’s an emotional journey. Whether you’re stepping away after years of hard work, pursuing new opportunities, or planning for retirement, the process of selling requires careful preparation to ensure you achieve your desired outcome. Regardless of the reasons behind the sale or the success of the business, […]
Single Touch Payroll (STP) Phase 2
Phase 2 of Single Touch Payroll reporting has begun its rollout to employers. 16 new reporting labels and around 100 different codes and reporting options will help shape employee social security, child support and income tax outcomes. STP Phase 2 is aimed at reducing the reporting burden for employers while helping Services Australia to increase the accuracy […]
Should you change your business structure?
A lot has changed over the past two years. As business owners take stock, many are questioning whether the business structure they established years ago remains appropriate for their needs, particularly in regard to tax benefits and asset protection. As the business environment and your personal situation evolve, it is wise to review your business […]
Succession Planning: Reward for effort
For many business owners, the pandemic has brought forward a renewed interest in succession planning. The disruption has certainly given pause for many to consider how much involvement (if any) they intend to maintain in business, particularly if retirement was already on the radar. Whether you are feeling exhausted after the last two years or […]
Business roadmap into a year of possibilities
As NSW and the rest of the country begins to reopen, business leaders are focusing on the proactive steps they can take now to operate with greater confidence. Here, we reflect on key lessons learned over the past two years, and consider the focus areas that will help deliver efficiencies, growth and success through the […]
Overcoming financial blind spots
It is not unusual for business owners to have financial blind spots. These can be caused by a lack of confidence in either their own financial knowledge or in the systems they use for gathering financial data. Sometimes it’s a general disinterest in accounts and back of house matters brought about by a lack of […]
Faster sale, higher sale price
If retirement is looming large or perhaps you are considering your options after a year of disruption and uncertainty, and may be thinking of selling your business. It’s important to know, that businesses that are well prepared for sale, sell faster and usually at a higher price, than those that are less prepared. Impatience and the […]
Business bounce back
For well-advised and prepared businesses, business resilience strategies are in-built. It should always be assumed that at some stage during business life, circumstances will serve up challenges that cause set-backs from which the business will need to recover. Here we outline the business basics that bolster business resilience and enable businesses to bounce back following adversity. […]
Business owners and directors: Are your personal assets protected?
In your position as a business owner or director, your personal and business assets could be at considerable financial risk if you fail to put strategies in place to protect your personal assets. As a director you can be subjected to personal liability that includes exposing your personal assets even if you have a company […]
Is your OLD business structure right for the NEW normal?
The business structure implemented when you first started your business may no longer be suitable. Reviewing your business, and possibly restructuring, may result in substantial improvements in the current business environment. Further, if your business value is down due to COVID-19 circumstances, now may be an ideal time to implement changes for the better, which […]
Looking for a smooth transition to Single Touch Payroll (STP)?
By Gary Williams, Partner Single Touch Payroll (STP) for all employers came into effect from 1 July, 2019. If you’re not using STP, either because it’s not yet implemented in your business or you are experiencing difficulties with your accounting system that prevents you from submitting your reports, you need to take action as soon as possible. To comply, you will need a STP software solution that reports […]
Case Study: How to beat the cash flow crunch
by Elias Makris, Partner This case study highlights how important it is for the owners of small to medium sized businesses (SMEs) to understand the true costs of running their business and the factors influencing their profit and cash flow. It also provides guidance on how to structure funding arrangements for unique business circumstances and how […]