Often, those not involved in accounting do not realise that the field has four major branches, tax accounting, auditing, management accounting (also called managerial accounting) and financial accounting. Auditing and tax accounting are self-explanatory. However, there are significant differences between financial and management accounting which are worth mentioning. Our expert business accountants have laid out the differences below.
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The Key to Getting a Good Tax Return
For many Aussies, a good tax return is a safety net against hard times, money to repair or replace necessary items, or a relaxing holiday. While the money received as a refund from the taxman may be earmarked for different purposes, the bottom line is everyone wants as much as possible. That is why our team of tax accountants has prepared this handy blog.
Work-Related Tax Deductions: What You Need to Know
It is easy to make big plans for the tax return you believe is coming your way. Home improvements, holidays, or paying down debt usually top the list of ways to spend the windfall. However, to get a refund, you need the numbers to align. This is where our expert tax accountants can help.
Top Tax Planning Strategies for Tax Minimisation in 2024
Updated 7th June, 2024.
Many aspects of business can be challenging, but planning a tax minimisation strategy doesn’t need to be. Working out all of the many details associated with your taxes and remembering to account for any new or amended tax laws is a significant task when doing this yourself, so it is best delegated to a business accountant. However, whether you are lodging your own taxes or if you are working on your tax plan with a professional, you will want to to know the top tips for putting together a tax planning strategy.
What is a Family Trust and What are the Benefits?
Updated 6th July, 2023.
Aside from the business off the ground, few things will make a business owner happier than experiencing steady growth and profits. Your business accountant may suggest setting up a family trust as your company and profitability expand, but what is a family trust? To learn more, read our handy guide for definitions, benefits, and considerations.
What You Need to Do to Protect Your Assets
If you are like most people, you went into business to make money, and you are well aware that running a business can be quite consuming. However, you need to consider what strategies you employ to protect the assets you worked so hard to acquire. This is where our expert team of business accountants can help. (more…)
Five Ways a Bookkeeper Can Help Your Business
A bookkeeper is responsible for maintaining a company’s financial records in an organised fashion. They keep owners and managers apprised of the condition of the business and help with planning future financial moves.
24 Common Accounting Terms Explained
Regardless of your industry, you can benefit from knowing basic accounting terms. A majority of business owners need to have a working knowledge of accounting phrases, especially if you are in charge of your company’s books.
It is a common fallacy that you should not try to understand your accountant because the field has its unique language. You will be in a better position if you take a little time to become familiar with the accounting vocabulary.
Outsourcing Your Accounting
As any business owner can tell you, there are not enough hours in a day to keep up with all of the facets of running a company. While being busy is good, being overwhelmed leads to costly mistakes and burnout.
A timely solution for the issue of being too busy is for you to think about outsourcing some of the tasks that are on your plate. While some of the aspects of your company need your direct oversight, others are best handed over to a qualified business accountant.