When did you last weigh up your business spending?
News Article: July 29, 2020 by Oaktree AccountingAre business costs impacting on your profit? There are always costs, overheads and supplier bills that mount up – and these expenses will gradually chip away at your cash position, making it more difficult to grow and make a profit. So, what can you do to reduce your spend levels? And what impact will this … Continue reading “When did you last weigh up your business spending?”
READ MORE...Business planning service
News Article: July 14, 2020 by Oaktree AccountingSuccess is about planning. We want to help you achieve success. Our Business Development offerings are practical and tangible services that help to create long term value. Business Planning is a great starting point. Business Planning An effective business planning process gets to the heart and soul of your business. Upon completion of ‘pre-work’ we’ll … Continue reading “Business planning service”
READ MORE...Your business recovery plan
News Article: by Oaktree AccountingAs businesses emerge from Covid-19 restrictions, for many ‘Business as Usual’ has become ‘Business Unusual’. So, how do we navigate our way towards a sustainable new normal? During lockdown, we focused on crisis management, activating relevant Government support packages and doing our best to build cash war chests. Now we enter the recovery phase on … Continue reading “Your business recovery plan”
READ MORE...Customer relations are more important than ever
News Article: by Oaktree AccountingWith many businesses struggling to achieve pre-Covid sales levels, and the potential for unemployment to spawn a new breed of start-ups, having a customer retention plan has never been more important. Surprisingly, the most inexpensive way to grow a business is to maximise customer retention. Statistically, the probability of selling to an existing customer is … Continue reading “Customer relations are more important than ever”
READ MORE...Tax Tips for Individuals
News Article: July 1, 2020 by Oaktree AccountingHave you captured all your work-related deductible expenses to make the most of your annual tax returns? Income The Australian Taxation Office (ATO) automatically receives information from your employers about salary and wages that you have been paid for the financial year. You need to declare all income from other sources on your tax return … Continue reading “Tax Tips for Individuals”
READ MORE...Benefits of a Proactive Accounting Meeting
News Article: June 30, 2020 by Oaktree AccountingTaking time out to discuss what is happening in your business allows you to gain clarity about your future direction. You should book in with a professional and caring accountant who is the right the fit for you and your business. At Oaktree Accounting we see non-clients to explore how we can best help them. … Continue reading “Benefits of a Proactive Accounting Meeting”
READ MORE...Get Your Business Records Ready for Your Tax Return
News Article: by Oaktree AccountingWhilst it is not exactly business as usual right now, you still need to prepare for your business tax return. Organising your documents now will mean you can get your tax return completed earlier and access any refunds due or start planning for tax payments. Getting your business records up to date and accurate will … Continue reading “Get Your Business Records Ready for Your Tax Return”
READ MORE...Construction Business? Talk to us about some accounting basics.
News Article: August 18, 2019 by Oaktree AccountingLike any other business, if you’re starting a construction business it pays to do it properly. That means getting your accounts in order before you take on any work. But building projects can last for months or even years and you might be both an employer and a contractor. One of the most important things … Continue reading “Construction Business? Talk to us about some accounting basics.”
READ MORE...The true cost of a new employee
News Article: August 15, 2019 by Oaktree AccountingBringing on another pair of hands? It can be a big decision to commit to having a new member on the team but the right person will bring in the skills you need to grow the business and give you more time to achieve your goals, even if that is to spend more time with … Continue reading “The true cost of a new employee”
READ MORE...Why a website is vital for your business
News Article: August 13, 2019 by Oaktree AccountingWith just about every Australian owning a smartphone and having Google on-demand, people (and your potential customers) are searching online more than anywhere else to research a product. As a small business owner, it’s critical that you have a website ready for customers who are looking you up. Understanding why it is important and figuring … Continue reading “Why a website is vital for your business”
READ MORE...The Five Stages of Brand Experience
News Article: August 6, 2019 by Oaktree AccountingA great brand takes time and energy to develop, but there are many benefits: Projecting a trustworthy, established and reputable image; implying quality Attracting the right fit customers (and team members!) – who share your vision and values Cohesively linking products and services as you expand your offering or markets So, how do you get … Continue reading “The Five Stages of Brand Experience”
READ MORE...Professional networking 10-step checklist
News Article: by Oaktree AccountingNetworking can get your business noticed. It can lead to referrals, valuable business opportunities and increased sales. But it can be daunting to put yourself out there, and tricky to get right. Remember that professional networking is a social activity. It’s about building relationships – so leave the hard sell behind. Instead, be open and … Continue reading “Professional networking 10-step checklist”
READ MORE...How to prepare and lodge BAS online
News Article: July 24, 2019 by Oaktree AccountingEach quarter, GST-registered small businesses submit a business activity statement (BAS) to the Australian Tax Office (ATO). The BAS will show how much GST was collected from customers, and how much GST was paid to suppliers. This lets the business work out their GST bill or refund, what tax needs to be withheld from payroll … Continue reading “How to prepare and lodge BAS online”
READ MORE...Keeping your tax and expenses in check when you are self-employed
News Article: by Oaktree AccountingContracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits. Understand your deductions Before you start, it’s essential to … Continue reading “Keeping your tax and expenses in check when you are self-employed”
READ MORE...We keep up with tax news, so you don’t have to!
News Article: by Oaktree AccountingThe Australian Taxation Office (ATO) has recently announced some updates and changes which could be relevant for your small business. Changes to the instant asset write-off threshold The $20,000 instant asset write-off threshold has been extended to 30 June 2019. This means that a small business can immediately deduct the business portion of most assets … Continue reading “We keep up with tax news, so you don’t have to!”
READ MORE...Your June quarter activity statement is due soon.
News Article: by Oaktree AccountingYour June quarter activity statement is due soon. If you are lodging your own quarterly activity statement you need to lodge and pay by the 29th of July. If you lodge using our registered agent electronic services you will have until the 25th of August to lodge and pay. Make sure you have checked off … Continue reading “Your June quarter activity statement is due soon.”
READ MORE...The seventh cause of poor cashflow – Sales levels are too low
News Article: July 10, 2019 by Oaktree AccountingIt might sound obvious, but it isn’t to many businesses. If current sales levels don’t support overheads and other cash demands on the business, then your overdraft will just keep increasing. This means that your business in its current state is not viable (unless you have ongoing access to new funds from investors or financiers). … Continue reading “The seventh cause of poor cashflow – Sales levels are too low”
READ MORE...The sixth cause of poor cashflow – Overheads are too high
News Article: July 3, 2019 by Oaktree AccountingThis isn’t typically a place where you will find a lot of wastage. Our experience is that business owners are very careful about managing their expenses, and the smaller the business is, the truer that statement is. Having said that, as a business grows, so do the layers of hierarchy. Management control can deteriorate, and … Continue reading “The sixth cause of poor cashflow – Overheads are too high”
READ MORE...The fifth cause of poor cashflow – Gross profit margins are too low
News Article: June 26, 2019 by Oaktree AccountingYour gross profit margin is what is left from your total sales after variable costs are deducted. For example, if you are a retailer and your sales in a given period are $1,000,000 and the cost of the goods you sell in that period is $650,000, then your gross profit margin is $350,000, or 35%. … Continue reading “The fifth cause of poor cashflow – Gross profit margins are too low”
READ MORE...The fourth cause of poor cashflow – Your debt or capital structure
News Article: June 19, 2019 by Oaktree AccountingOften a reduction in interest charges as well as significant cashflow improvements can be achieved with a regular review of existing debt. A good place to start is to list all bank loans, mortgages, finance company loans, hire purchases, credit card debts, and any other debts (don’t include amounts owed to suppliers in this list). … Continue reading “The fourth cause of poor cashflow – Your debt or capital structure”
READ MORE...The third cause of poor cashflow – Your stock turn
News Article: June 11, 2019 by Oaktree AccountingCarrying stock for too long means full shelves but an empty bank account. Similarly, if you’re a service provider and are taking forever to bill for your services, then you’re carrying too much stock in the form of work in progress. Consider that work in progress as a form of virtual stock. You can calculate … Continue reading “The third cause of poor cashflow – Your stock turn”
READ MORE...The second cause of poor cashflow – Your accounts payable process
News Article: June 5, 2019 by Oaktree AccountingThe second cause of poor cashflow relates to when and how money is spent in your business, including your terms of trade with suppliers. Do you have spending budgets in place? It’s best practice to prepare an overall business budget every year, usually before the beginning of your new financial year. It’s also best practice … Continue reading “The second cause of poor cashflow – Your accounts payable process”
READ MORE...The first cause of poor cashflow – Your cash lockup
News Article: May 29, 2019 by Oaktree AccountingThere’s a massive difference between profit and cashflow. Profit increases when you create an invoice for work you’ve done or goods you’ve sold; cash increases when you bank the money. Your lockup equals the cash that isn’t in your bank account because it’s either in work in progress (you’ve done some work but you haven’t … Continue reading “The first cause of poor cashflow – Your cash lockup”
READ MORE...Cashflow freedom – The 7 causes of poor cashflow
News Article: May 21, 2019 by Oaktree AccountingCash is the life blood of any business. In fact, even profitable businesses can and do fail because of poor cashflow. What’s important is that you understand your key cashflow drivers. Improving cashflow is often all about changing your business processes. Processes such as how you order stock and pay for it, how you bill … Continue reading “Cashflow freedom – The 7 causes of poor cashflow”
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