Thinking about estate planning and drawing up a will is an uncomfortable topic for many people, but it’s a really important step in ensuring that your family is secure, and your wishes are carried out in full. If you think you’re still too young to even bother thinking about your estate or to have a will at all, well, there’s a few reasons you might want to reconsider your stance.
When you started a business, you probably weren’t thinking about how to make sure your software systems all spoke the same language. You might have started out with only one or two systems, and over the years, have expanded the numbers of services and systems that you use to run an effective business. But if your data isn’t stored in a hub, and your systems can’t communicate with one another…you might be missing out on big opportunities for efficiency.
Whether you’re a new business or a well-established organization, there’s always room to grow. One of the most efficient ways to boost your business is through leveraging outside expertise through outsourcing. Finance is the lifeblood of a business, allowing you to track and consistently assess the performance of your business. It’s also an area that can be data heavy, and often the level of expertise required can fluctuate over time. Your initial set-up with some basic accounting software might no longer be serving your best interests, but it’s difficult to know without a full assessment from a financial professional.
If you’re a business owner, when you hear the term “succession planning”, you may immediately think of leadership roles – who is going to replace me as CEO when I retire? This is certainly one important consideration, especially if you’re nearing retirement age. But if you’ve been consistently engaging in succession planning within your business for some time now, your question should be answered with a modicum of ease.
Have you been thinking about taking a more active role in your investments and retirement planning? If so, you may want to consider if a self-managed superannuation fund (SMSF) is right for you. Just like your current superannuation fund, an SMSF is a fund set up to help you save and invest for a comfortable retirement.
Processes, procedures, systems…as a business owner, these topics might not be at the top of your priority list. In fact, they might make your eyes glaze over and your attention wander. But they’re some of the most important tools you hold in your business, and can be the make-or-break items for success. Here’s why:
Is your business in a place where you’re considering whether it’s time for growth? Two things you may want to consider is whether you’re eligible for Research & Development (R&D) tax incentives, and if you qualify for an Export Market Development Grant (EMDG).
The rapid global spread of COVID-19 has left a lasting impact on the business world, and we can expect to see the implications of these changes for decades to come. Many companies have needed to rapidly pivot to a distributed, remote working set-up for the majority of their staff, and this has presented significant challenges. Providing both employee and customer access to your business’s key data is crucial to keeping your operations up and running.
The simple household budget, and its counterpart, the annual corporate budget, have long been staples of financial planning. However, with the advent of ambitious tech companies relying on venture capital and angel investors to turn their disruptive and innovative ideas into pure profit, we’ve also seen a shift in thinking.
Single Touch Payroll (STP), plays an important role in receiving Jobkeeper stimulus payments. Here’s what you need to know. Single Touch Payroll is key for businesses to gain quick and easy access to the government’s Jobkeeper wages subsidy scheme. This scheme is intended to provide payments of $1,500 per fortnight to millions of Australians via their employer.
The global pandemic has thrown the business world into a period of extreme uncertainty, leaving many business owners wondering what actions to prioritise. Business owners and individual employees are worried about financial liquidity – and with good reason. There are a few key actions you can take now that will assist in your business’s recovery in the coming months.
The end of the tax year will soon be upon us with 30 June just around the corner. It’s a great time to look at your expected taxable income and profit for this financial year which will allow you to get your affairs in order and plan how to take advantage before 30 June.