Enterprise Growth | Accountant

Enterprise Growth

Phone: +61 414 943 165

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24.01.2022 It is common for small business owners to work, work, work and not make much money. We can't tell you how to grow sales - we'll leave that to the sales & marketing experts but what we can do is: - show you for every dollar spent the extra sales made... - calculate your effective hourly rate - show you your profitable and unprofitable activities - give you targets to achieve your desired income - give you accurate & regular data to track towards your goals - keep you accountable That's the difference we make to small business as we work towards ensuring all small business owners are paid what they are worth and are building businesses of value.

24.01.2022 Don't ignore this opportunity as it is not one to pass up. If you have unpaid superannuation guarantee you should take advantage of this initiative which ends on 7 September 2020. Employers can disclose, lodge and pay unpaid superannuation guarantee amounts for their employees and can claim deductions and not incur administration charges or penalties during this amnesty.... If you don't currently have the money to pay then speak to the ATO about your options.

24.01.2022 5 tips on how to thrive during a recession given the news today. 1. Be on top of your finances so you invoice and collect debtors promptly, know who you owe and have reconciled books so you can run accurate reports. 2. Have a budget which you regularly report against to actively manage how you are tracking. It will avoid any surprises and let you proactively plan rather than be reactive. ... 3. Understand your KPI's. If you understand what are the key drivers in your business then any small change in these areas will have a huge impact on the bottom line. 4. Have sufficient working funds. Cash is the life blood of a business and having at least 3 months of expenses covered in the bank is a good idea. 5. Keep everything in perspective. Life is full of challenges and it is our response which determines our character. We're hopeful that this recession will be short lived as the underlying reasons are very different to past recessions. Economically Australia was in a very strong position prior to COVID so we're staying positive!

22.01.2022 A common question we are often asked is, what is the best way to take money out of my company? There are three options: 1. Repayment of loan - if your company owes you money you can repay this with no tax implications.... 2. Wages - you can pay yourself reasonable wages. Remember 9.5% super is payable plus PAYG must be withheld. 3. Dividends - if the company has made a profit the directors can declare a dividend. Franking credits can attach to the dividend depending upon how much tax has been paid by the company. You should discuss with your accountant as to which option is best for you as there is no one size fits all.

21.01.2022 It's been a little while since we said hello on Facebook and we'd like to say thank you to our new followers and all those that have been following us for a while. We're not great at being front and centre online as we'd much prefer being behind the scenes doing our accounting thing. But to share a little about us....we are sisters and were raised on a cattle property where hard work was valued. We can strain a fence and muster a mob of cattle and nobody in our family will p...lay Pictionary against us any more - we think too much alike and after a couple of scribbles, we've already guessed the word. And no, we don’t cheat. After many years in accounting and various roles while seeking flexibility, we decided it was time to join forces as together our knowledge delivers fantastic financial outcomes for small biz. Jodi specialises in external CFO services and Bonita in tax. Together we make a great team to ensure our clients are successful in business, to give them peace of mind and freedom of choice in their personal lives.

21.01.2022 What we do Help you make $$$ through implementing technology and streamlining processes for efficient and timely record keeping identify drivers of profit and use these drivers to build a budget and set your pricing strategy... analyse performance against budget which informs business decisions check your structure is optimised minimise your tax payable ensure your BAS and tax lodgement obligations are met These steps increase profitability, support cashflow management and ensure that your compliance obligations are prepared on time and cost effectively. We partner with you to grow and meet your business goals.

21.01.2022 Good advice from an entrepreneurial inspiration. Have a great weekend friends.

21.01.2022 Do you have enough cash to pay yourself? Pay wages, BAS or super? Or are you having to dip into your personal savings? If you're struggling with cashflow here are some tips to help improve your cash inflows. Invoicing customers immediately upon sale/completion of the job.... Set up systems so that invoicing is easy. Ask for a deposit before commencing work with the balance payable upon completion. Shortening payment terms eg bring down from 30 days to 14 days. Make it easier for your customers to pay. This could be a payment link on your invoice to pay by credit card. Automate overdue payment reminders. Send regular statements. See more

20.01.2022 Are you across the 1.75% increase in the Modern Awards with staggered start dates depending upon which award your employees fall under? Group 1 was effective on 1 July 2020, Group 2 was effective on 1 November 2020 and Group 3 takes effect on 1 February 2021. Go to Fair Work Australia to work out which awards are covered in each group. https://www.fairwork.gov.au//awa/changes-to-awards-in-2020

20.01.2022 Do you stress about cashflow in your business and ignore the problem because you are scared of doing the wrong thing? Stress is feeling out of control and it ...doesn't have to be like that. Cashflow stress can be due to a myriad of reasons usually falling under the headings of pricing strategy, working capital or growth. There's loads of helpful hints and conflicting advice out there which can end up making you feel more confused. We can help take away the confusion, identify and address your pain points and get you back under control.

20.01.2022 Recently we've had the privilege of providing advice to a client who has exciting opportunities with a unique product and a rapidly growing business. She is successfully operating her e-commerce business in Australia and has plans to expand into USA, UK, Canada, and South America. We have come up with a structure that considers international tax laws, efficient operating systems, protection of assets, estate planning and transfer pricing considerations. ... It is exciting to partner with her to support this stage of her business journey.

19.01.2022 What can I claim? If you incur work-related expenses, ensure that you keep receipts and records. You can claim $300 of work-related expenses without receipts, however chances are you are eligible to claim more than $300 which will increase your tax refund. Some examples of work-related expenses are: Safety equipment Small tools and supplies... Uniforms required by your employer that are not suitable for ordinary wear Brief case or bag for carrying work related computers and files Training courses Subscriptions to professional organisations Physical examinations required by your employer Subscriptions to professional journals Fees to employment agencies and other costs associated with looking for a new job in your present occupation Certain business use of part of your home Certain educational expenses See more

19.01.2022 Did you know that if you have employees then you must have workers compensation insurance. You may also need to take out insurance for some contractors depending upon your agreement with them and how they are employed. Only individuals can be insured so if you engage a company to subcontract to you then you do not need to take out workers compensation insurance for the subcontractors employed by that company. Wages paid to the director of a company, trustee of a trust or partner of a partnership for work they do for the business is also excluded.

16.01.2022 Do you hold monthly executive meetings? Businesses of all sizes need to regularly reflect on what's happened and where they are going. We call it the monthly PIN meeting. Plan - what information changes the future strategy? Implementation - how will the plan be implemented and affect operations? ... Numbers - numbers should not surprise, they quantify and clarify. Do the numbers support the plan and implementation and do you understand the financial impact of changes? We provide external CFO services to facilitate your PIN meeting with accurate financial data.

15.01.2022 We sometimes need to remind ourselves that, comparison is the thief of joy! Often things are not quite as they seem so it is unhelpful to compare ourselves to others and especially via social media which is a very filtered world. Have a wonderful weekend friends while enjoying doing your own thing!

15.01.2022 Online shopping is booming right now and everyone is expecting free shipping. Whilst free shipping is known to increase sales make sure you are factoring the cost of shipping into the sale price of your products. You don't want to sacrifice your gross profit margin with free shipping. Do you know what you need your gross profit margin to be; to cover your overheads and generate your desired profit? If not, give us a call as that is something we love to calculate.

14.01.2022 We've been feeling so sorry for everyone in Victoria whose lives have been affected by Coronavirus. Our heart goes out to you. During these crazy times my daughter and I have been doing more baking than ever. We've got a few favourites including this chocolate cake we make all the time originally shared by @fauxfuchsia on Instagram. Please let me know if you make it and what you think. I'd love you to share any of your favourite recipes too.... Cream 150g butter with 150g brown sugar. Mix in 150g SR flour, 40g cocoa, 2 eggs, vanilla, 140ml sour cream & 2 tbs golden syrup. Put in 2 greased round tins. Bake at 180 for 20-25 minutes. Ice with a chocolate ganache of 250ml cream & 250g Lindt 75% chocolate. Delicious! Whenever I make this for friends someone always asks for the recipe.

13.01.2022 Although things are currently tough and likely to be tight for a while yet, it is still possible to grow your business. Our tips are: 1. Cut expenses to be lean. 2. Find alternative sources of revenue. Some clients have done this really well by pivoting quickly to an online digital model. ... 3. Be positive. People are drawn to uplifting people so be positive for your staff, customers, referrers and suppliers. 4. Be prepared to work hard. Being in small business has always been demanding but the rewards are worthwhile. 5. Be definite about your direction. Having a clear strategy will save money and time. See more

13.01.2022 Whether we realise it or not, external forces affect our businesses and they are usually changes that we do not choose. External forces can arise very quickly or can be slow moving. How do you manage the driving forces of change? Are you reactive or proactive? All changes require the adoption of new polices, procedures, behaviour and mindset. Skilled leaders will convert these changes into opportunities and gain competitive advantage to leverage and capitalise the business. When we take ownership and proactively manage changes, we have reduced stress, greater engagement from stakeholders, more control and lower costs.

12.01.2022 If your business is eligible for JobKeeper 2.0 the next step is to work out what tier your employees are on. If your eligible employees worked 80 hours or more in the 28 days ending prior to the most recent pay cycle before 1 March 2020 or 1 July 2020 then tier 1 applies and the JobKeeper payment will be $1,200 per fortnight. If not, tier 2 applies and $750 per fortnight will be paid. For eligible business participants (such as sole traders & directors not paid wages) you mu...st have been actively engaged in the business for more than 80 hours during February 2020 to be paid $1,200 per fortnight. If not, tier 2 applies. Where hours worked are not easily obtained, tier 1 can apply if during the reference period eligible payments totalled more than $1,500, under an award or contract the employee was required to work more than 80 hours or it can be determined based on reasonable assumptions that the individual worked more than 80 hours. Once the tier is determined you must notify your employees of their tier. Sole traders will also need to give notice to the ATO.

11.01.2022 All importers of goods and services need to understand their Australian GST obligations. GST applies to most goods imported over $1,000. GST is 10% of the value of the taxable importation and is generally required to be paid to the Department of Home Affairs before the goods are released. For participants in the deferred GST scheme, payment is automatically deferred until your next BAS. To take advantage of the deferred GST scheme application must be made to the ATO and BAS lodged monthly.

10.01.2022 You may or may not be aware that the JobKeeper eligibility date has changed from 1 March 2020 to 1 July 2020. This means any full time or part time employees employed between 1 March to 1 July 2020 are now eligible for JobKeeper and all casual employees employed on a regular and systematic basis from 1 July 2019 are now eligible. These employees are now eligible for Fortnight 10 ending on 16 August 2020. Their JobKeeper employee nomination forms should be received by today a...nd the ATO has allowed employers to pay the minimum wage condition (generally $1,500 per fortnight) by the end of August 2020. If you have any eligible employees and are receiving JobKeeper payments you must consider the new start date under the one in all in rule.

10.01.2022 It's great to support a needy cause and help someone in need and it's even better when the tax man helps us do this The ATO is a bit particular though and doesn't allow a tax deduction unless 4 conditions are met. 1. You make it to a deductible gift recipient (DGR). Not all charities are DGR's. To check if your payment is being made to a a DGR look up https://www.abn.business.gov.au/Tools/DgrListing... 2. It must truly be a donation. A donation is a voluntary transfer of money or property where you receive no material benefit or advantage. So a local school raffle ticket or purchase of the Lions Christmas cake is not tax deductible as you are receiving something in return. Similarly, attending a fundraising dinner won't be tax deductible even if the ticket price is more than the value of the function. 3. It must be money or property, which includes financial assets such as shares. 4. You have a record of the donation such as a receipt. The only except is bucket collections. Where you have thrown more than $2 into a bucket you can claim up to $10 for the total of those contributions without a receipt. So there's the low down if you want to claim a tax deduction for donations on your tax return.

10.01.2022 Now that it is time to do your 2020 tax return, you may be wondering if you should employ an accountant to do it for you. Most wage & salary earners with PAYG withholding and a few deductions probably don't need to use an accountant. However, we think value is added by an accountant if your affairs are more complicated. This may be because of the use of structures such as trusts and companies, operating a business or owning rental properties. ... An accountant will ensure the correct deductions are claimed, tax law is adhered to and your return is maximised. There is also the convenience aspect. People are busy and time poor so to research and complete their return may not be a good use of their time so they are happy to pay for an expert to take the headache away. Do you seek help or do it yourself?

09.01.2022 No, GST will never be found on a profit & loss statement as it is not an expense. GST is only a balance sheet or cashflow item. GST is collected on behalf of the government on sales and can be offset against GST paid on bills. The net difference is either remitted to the ATO or received as a refund.

09.01.2022 You can apply for a refund of Queensland payroll tax for July and August 2020, if your total annual Australian taxable wages are $6.5 million or less. These refunds do not have to be repaid. We've already applied for a few clients and they are receiving some large refunds. Applications close 31 October 2020 so don't miss out.

07.01.2022 Are you missing out on government funding because your business address is not listed on the ABR? Many businesses have their tax agent's address listed as their physical business address. This could lead to a loss of government funding which is targeted at specific post codes. If unsure go to the Australian Business Registry and double check the listed physical address. https://www.abr.gov.au//updating-o/update-your-abn-details

07.01.2022 Recently we were able to assist our client to stay home longer on maternity leave using tax planning. Through utilising the tiered tax structure we could drip feed income out over 2 income years minimising tax and thereby allowing her longer home with her newborn. It was very cool to use our knowledge for good!

07.01.2022 The Australian government recently passed legislation requiring all company directors to obtain a Director Identification Number (DIN). Over the next 18 months it is expected ASIC will write to existing directors advising of the requirement to obtain a DIN. Directors will need to provide personal identification documents as part of the application process. Once obtained the DIN will remain with that person for life. Over the next 12 months, Directors of new companies will h...ave 28 days to apply for a DIN after being appointed as a Director. After this transitional period, it will be necessary to obtain a DIN prior to being appointed as a Director.

07.01.2022 Happy Easter and we wish you a wonderful long weekend. Here's to eating too much chocolate, slowing down and taking a moment to ponder the wonder of Easter.

06.01.2022 Our mission at Enterprise Growth is to ensure all clients are profitable, all clients are paid market value for their time put into the business and all clients are building a business of value. When our clients kick goals we're their number 1 cheerleaders. It is really important to us that our clients are rewarded for their efforts. We love to print the financials compare to prior periods and budget and look for trends. Nothing makes us happier than to see a client increasing sales, increasing gross margins and increasing net profit. It makes what we do worthwhile.

04.01.2022 Thought provoking words from Amy Westervelt. This struck a cord with us. Who else relates to the juggle?

03.01.2022 Magic in numbers There's a lot of conflicting information out there. Some people say profit is the most important, others claim cashflow is, others promote sales. The truth is they all are important. You can't ignore one over the other as they all talk to each other. ... Sales are important as they tell us what business is being brought in. Profit is important as it tells us how much money we are making. Cash is important as without it we can't keep operating. Looking at profit only ignores the balance sheet which is where we find out who owes us and who we owe - creditors, tax, super etc. It really is important to regularly print and review your profit & loss statement, balance sheet and cashflow forecast to truly understand the health of your business. This is why we work with our clients to teach them how to read these reports and what the numbers are saying. We take the fear out of numbers and reveal their magic.

02.01.2022 A question we are often asked, is a trust complicated and is it worthwhile? Trusts are wonderful vehicles for tax planning, minimisation of risk, asset protection and estate planning. With expert advice we don't think they are necessarily complicated and are definitely worthwhile. We're happy to have a chat to work out if a trust should be part of your structure. Feel free to give us a call.

02.01.2022 We're now in the period of JobKeeper 2.0. To check if you qualify you need to compare your actual GST turnover for the September 2020 quarter to the September 2019 quarter. Assuming you are a small business then if your turnover has declined by 30% you will qualify. A few points ... - interest income and sale of capital assets are included in actual GST turnover - you must use the same calculation method, cash or accruals as you have always used on your BAS - if you have changed your method on your BAS then use the accounting basis that applied in the first tax period of your comparison period - if you are not registered for GST you can choose between cash or accruals If you've already been receiving JobKeeper then there's no need to re-enrol. Further if you haven't received any JobKeeper payments so far, you can still enrol.

01.01.2022 The top reason small businesses fail is lack of cash and financial control. To have cash and financial control is to understand the difference between cash and accruals. The main difference between cash and accruals is the timing of when revenue and expenses are recognised. Cash method tracks the actual money coming in and out of the business. Accrual method recognises revenue and expenses when they take place and this method shows how much is owing to you and the amounts you owe to people. The accruals method of accounting more accurately matches revenue and expenses and results in accurate financial statements. Accurate data gives meaningful analysis and supports business decisions to drive growth and profit.

01.01.2022 Have a great weekend friends