Reading the Balance Sheet

Now that your using your Profit & Loss to track your income and expenditure it’s important you also take some time to look over the Balance Sheet! The Balance Sheet lists out all the assets, liabilities and owner’s equity that your business holds showing you how well it is performing financially. Put simply this reportContinue reading “Reading the Balance Sheet”

Minimising Capital Gains On Your Property

Here are some ways you can reduce or avoid Capital Gains Tax when selling your property: 🏡 Your Principal Place of Residence (PPOR)If you can verify a property has always been your PPOR & wasn’t used to produce income then any Capital Gain will be exempt. You can only claim this exemption on one propertyContinue reading “Minimising Capital Gains On Your Property”

Keep Track Of Your Profit & Loss Statement

Be sure to keep a close eye on your Profit & Loss Statement. Regularly looking over your income and expenses is a great way for you to monitor and review your business performance. Xero will let you easily adjust your P&L to show monthly, quarterly or yearly comparisons. Comparing the different periods allows you toContinue reading “Keep Track Of Your Profit & Loss Statement”

Lead Your Team Towards Your Business Goals!

It’s easy to think of where you would like to see your business in 5 or 10 years. What’s more difficult though is mapping out the objectives & communicating these to your team in a manner that will make your vision a reality. Creating a culture where your workers support your objectives will give yourContinue reading “Lead Your Team Towards Your Business Goals!”

Choosing the Right Business Structure

Choosing the right structure for your business is an important decision that should be made after considering your needs and weighing up the pros and cons of the four main business types in Australia:   1. Sole Trader (Individual) Pros: – Low set-up & ongoing costs – Low reporting requirements – Easy to re-structure –Continue reading “Choosing the Right Business Structure”

Creating a Paperless Office

No one enjoys sorting through mountains of paperwork!! Try these tips to cut down the amount of paper in your business and create a more efficient workspace: 📦 Do away with the box’s full of old paperwork using online document management software. Both Google and Microsoft offer affordable, user friendly data storage packages. This willContinue reading “Creating a Paperless Office”

Incentivise for Improved Business Performance

What incentives are you using in your business to motivate and retain your staff?  Creating a positive work environment by incentivising your staff can be one of the quickest ways to increase individual productivity levels and improve your employee retention rate. You don’t have to break the budget with large cash bonuses either, non-cash benefitsContinue reading “Incentivise for Improved Business Performance”