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Construction Business? Talk to us about some accounting basics.

News Article: August 18, 2019 by Oaktree Accounting

Like 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.”

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The true cost of a new employee

News Article: August 15, 2019 by Oaktree Accounting

Bringing 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”

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Why a website is vital for your business

News Article: August 13, 2019 by Oaktree Accounting

With 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”

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The Five Stages of Brand Experience

News Article: August 6, 2019 by Oaktree Accounting

A 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”

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Professional networking 10-step checklist

News Article: by Oaktree Accounting

Networking 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”

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How to prepare and lodge BAS online

News Article: July 24, 2019 by Oaktree Accounting

Each 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”

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Keeping your tax and expenses in check when you are self-employed

News Article: by Oaktree Accounting

Contracting 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”

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We keep up with tax news, so you don’t have to!

News Article: by Oaktree Accounting

The 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!”

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Your June quarter activity statement is due soon.

News Article: by Oaktree Accounting

Your 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.”

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The seventh cause of poor cashflow – Sales levels are too low

News Article: July 10, 2019 by Oaktree Accounting

It 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”

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The sixth cause of poor cashflow – Overheads are too high

News Article: July 3, 2019 by Oaktree Accounting

This 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”

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The fifth cause of poor cashflow – Gross profit margins are too low

News Article: June 26, 2019 by Oaktree Accounting

Your 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”

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The fourth cause of poor cashflow – Your debt or capital structure

News Article: June 19, 2019 by Oaktree Accounting

Often 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”

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The third cause of poor cashflow – Your stock turn

News Article: June 11, 2019 by Oaktree Accounting

Carrying 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”

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The second cause of poor cashflow – Your accounts payable process

News Article: June 5, 2019 by Oaktree Accounting

The 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”

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The first cause of poor cashflow – Your cash lockup

News Article: May 29, 2019 by Oaktree Accounting

There’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”

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Cashflow freedom – The 7 causes of poor cashflow

News Article: May 21, 2019 by Oaktree Accounting

Cash 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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Using KPIs to monitor and improve business performance

News Article: February 27, 2018 by dwaoaktree

Without a robust, well thought out plan, that is based upon a real understanding of your business performance and data, chances are business success will allude you. Running your business based upon gut instinct and a vague idea of what your success will look like is unlikely to cut it in today’s competitive marketplace. A … Continue reading “Using KPIs to monitor and improve business performance”

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Move from Excel to accounting software

News Article: February 23, 2018 by dwaoaktree

Small businesses often start out using Excel – but that’s only doable up until a point. Like every teenager eventually becomes an adult, your business needs to evolve and grow. Find out why the smartest organisations are using online accounting software instead.   Why Excel isn’t a long-term solution Excel can do a large number … Continue reading “Move from Excel to accounting software”

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Mobile technology trends for small businesses

News Article: by dwaoaktree

More of your customers than ever before are using smartphones and tablets to research a product or service. Your business can’t afford to ignore this trend and be left behind. So how do you keep up to date with the latest mobile technology trends? Smartphones and tablets are changing everything You probably own a portable … Continue reading “Mobile technology trends for small businesses”

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Does your business need a mobile accounting app?

News Article: by dwaoaktree

As a small business owner, you probably spend a lot of time out of the office. So it makes sense to be able to keep your accounts in order while you’re on the move. Here’s how to do it – and save yourself time and money. Plus keep your evenings free for things like life. … Continue reading “Does your business need a mobile accounting app?”

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Getting the work–life balance right

News Article: by dwaoaktree

As a small business owner it’s hard to juggle your work and outside responsibilities. It’s important to run your business effectively and still have a life outside the office. You need a good balance between work and play for your health and well-being. Small business owners often fall into the trap of working too hard, … Continue reading “Getting the work–life balance right”

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Improving your business with better time management

News Article: by dwaoaktree

When things are hectic, most small business owners wish they could find a way to get more than 24 hours into a day. Often, your ‘to-do’ list can get so long that you feel you never get to put as much attention into every task as you would like. It can also mean more time … Continue reading “Improving your business with better time management”

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Is it time you upgraded your Business Systems?

News Article: by dwaoaktree

Most small business owners can’t afford to think small. They always need to keep their mind on growth strategies to help them achieve long-term profitability. But becoming profitable in the first place often requires business owners to work long hours on a shoe-string budget. They don’t always have time to implement systems that will support … Continue reading “Is it time you upgraded your Business Systems?”

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Why Keep Your Data in the Cloud?

News Article: by dwaoaktree

Cloud Accounting can literally transform the way small businesses operate.  From on-the-go invoicing, automatic bank reconciliations and the ability to view your business finances in real time.  It’s an accounting solution that has been designed with the small business owner in mind, from the low monthly cost to the simple reports and usability. So what … Continue reading “Why Keep Your Data in the Cloud?”

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5 Apps for Tracking Small Business Expenses

News Article: by dwaoaktree

Did you know that 50% of small business expenses are generated on the go? It’s no wonder the majority of expense receipts end up shoved in coat pockets or an old shoebox. In spite of all of the high-tech options out there, 47% of small businesses are still using spreadsheets for expense management, leaving room … Continue reading “5 Apps for Tracking Small Business Expenses”

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Exciting Times Ahead

News Article: by dwaoaktree

Cloud Accounting can literally transform the way small businesses operate.  From on-the-go invoicing, automatic bank reconciliations and the ability to view your business finances in real time.  It’s an accounting solution that has been designed with the small business owner in mind, from the low monthly cost to the simple reports and usability. So what … Continue reading “Exciting Times Ahead”

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9 reasons to switch to cloud computing

News Article: by dwaoaktree

Cloud Accounting can literally transform the way small businesses operate.  From on-the-go invoicing, automatic bank reconciliations and the ability to view your business finances in real time.  It’s an accounting solution that has been designed with the small business owner in mind, from the low monthly cost to the simple reports and usability. So what … Continue reading “9 reasons to switch to cloud computing”

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Eight Characteristics of successful small businesses

News Article: by dwaoaktree

We now look at eight characteristics important to successful businesses. International researchers who have studied many small businesses, have found that these characteristics consistently play a part in the success of small companies. The eight characteristics are: Owners leading by Example Having a simple business structure Sharing information with Employees Carefully Chosen Staff Staff commitment … Continue reading “Eight Characteristics of successful small businesses”

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Efficient business systems really pay off

News Article: by dwaoaktree

Too many businesses fall over because the owner has not established efficient business systems. This typically happens due to being so caught up in the day-to day running of the business, that the fundamentals of good business management is forgotten. Also it is often said that the owner simply doesn’t like bookkeeping or other administrative … Continue reading “Efficient business systems really pay off”

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Tips for updating your business plan

News Article: by dwaoaktree

Without a robust, well thought out plan, that is based upon a real understanding of your business performance and data, chances are business success will allude you. Running your business based upon gut instinct and a vague idea of what your success will look like is unlikely to cut it in today’s competitive marketplace. A … Continue reading “Tips for updating your business plan”

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5 Cheaper Ways to Market Your Business

News Article: February 22, 2018 by dwaoaktree

When many businesses want to reduce costs they will immediately cut their marketing activity.  This is a false economy as if you are marketing correctly it will actually be generating an income.  Also consider, when a market is struggling 90% of businesses cut their marketing budget but 10% of the industry increase their budget.  Who … Continue reading “5 Cheaper Ways to Market Your Business”

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Finding money within your business

News Article: by dwaoaktree

Most small businesses experience cash flow problems from time to time and urgently need working capital. Many business owners immediately think of the bank or loans when they’re short of money. But there are other resources you can tap before you ask for that expensive overdraft or extension. The money you need might already be … Continue reading “Finding money within your business”

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5 simple ways to pay down debt

News Article: by dwaoaktree

Debt can be a crippling problem for small businesses wanting to grow or just break-even during difficult times. By reducing debt you can improve the value of your business, its financial situation, and its ability to continue operating into the future.  So impropve your overall financial situation and reduce your debts where you can.  Check … Continue reading “5 simple ways to pay down debt”

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Cut Costs to Instantly Boost Profits

News Article: by dwaoaktree

Cut costs, improve profits Cutting costs can be a quick and easy way to improve the profitability of your business. Introducing cost-control measures can bring immediate savings and ensure you remain profitable in the long term. But it is important that cost-control measures are carefully managed. Eliminating errant expenses are clearly beneficial, but indiscriminate cost … Continue reading “Cut Costs to Instantly Boost Profits”

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It’s all about balance!

News Article: by dwaoaktree

Your balance sheet (now more correctly called a Statement of Financial Position) reveals a great deal about your business, including the total value of your assets – the things you own; how much you owe to others – your liabilities; and the level of your solvency. These three aspects will be studied carefully by lenders … Continue reading “It’s all about balance!”

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Insights from your Profit and Loss account

News Article: by dwaoaktree

Most small business people would agree that their Profit and Loss account (now more correctly called a Statement of Financial Performance) is among the easier – if not the easiest – financial document to understand. It’s typically presented in two parts. The top half of the statement reveals the various sources of income the business … Continue reading “Insights from your Profit and Loss account”

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How to change accountants – t’s easier than you think!

News Article: by dwaoaktree

Making the switch Over 60% of businesses are not happy with the service they receive from their accountant yet every year they go back to them and pay their hard earned money for a poor service! I believe that many business owners do this as they think all accountants are the same or that it’s … Continue reading “How to change accountants – t’s easier than you think!”

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10 tips to finding the right accountant for you

News Article: by dwaoaktree

Last week we looked at the benefits of having a good accountant on your side when it comes to growing and improving your business. Yet how do you know you are choosing a good one? Comparing accountants can be very hard. How do you know what questions you should be asking and what information you … Continue reading “10 tips to finding the right accountant for you”

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Survival of the Fittest

News Article: by dwaoaktree

We all know in nature only the fittest, strongest survive.  Well the same is true for in the business world.  It is essential that your business finances are in good order or it can spell disaster.  Luckily you don’t have to be a financial wizard to ensure that this is the case. A good accountant … Continue reading “Survival of the Fittest”

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Five steps to save time and money in the new Financial Year

News Article: by dwaoaktree

The end of the financial year is a great time to review your business performance over the last year and make changes to set yourself up for the new financial year. Below we have listed 5 key things that you can do now to improve your performance next financial year. 1. Review expenses on monthly … Continue reading “Five steps to save time and money in the new Financial Year”

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Secure business success in 2017

News Article: September 5, 2017 by dwaoaktree

As another year ramps up, it’s a good time to reflect on your recent business successes – and consider what you’d like to achieve in the coming twelve to fifteen months. These tips can help you with the process of making plans to help guide your business to greater success. Set priorities Entrepreneurs are typically … Continue reading “Secure business success in 2017”

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‘Great oaks from little acorns grow’