We discuss the five core elements of inflation and delve into the reasons behind the high inflation in Australia. Moreover, we will discuss the repercussions of soaring inflation on interest rates and households, shedding light on its overall impact.
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Many business owners fall into the same tax traps, leading to unnecessary costs during the critical early stages of your business journey. In this article, we’ve outlined five of the most common types of tax mistakes that small business owners make and the steps you can take to avoid them.
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When your budget is tight, weighing up what parts of your business to outsource can be a tough decision. In this article, we’ll outline what some of the best processes to outsource are, and how to improve the efficiency and productivity of your small business.
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Far from a splash of cash, the decision to control spending and limit inflation has meant that there are few surprises to come out of this year's budget. So who are the winners? Our experts, Oz, Shehan and Sam, have shared their biggest takeaways.
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At Elephant Advisory, our accounting software of choice is Xero. As we encourage our clients to use Xero when working with us, we wanted to create a comprehensive beginner's guide to help small business owners get set up with the software.
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"As a business owner, having the ability to identify and address problems before they become critical offers a significant advantage. In this article, we'll outline the top five reasons behind small business failures, including how to recognise them and what steps are needed to avoid them."
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"Starting a hospitality business requires a combination of hands-on skills, a passion for working with people, and adequate funding to get off the ground. But ultimately, a key ingredient in your sustained success and profitability will also depend on having sound accounting practices in place to manage the financial and legal side of your business."
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With no need to pay rent and the ability to fulfil orders from a warehouse or home, running a successful online store has become an increasingly appealing option for many young entrepreneurs and aspiring business owners. Due to the availability of low-cost start-up options and the many online selling platforms now available, Australia has experienced a significant increase in the number of e-commerce businesses operating online in recent years.
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Starting a new business is a dream come true for many aspiring entrepreneurs. Being your own boss offers the potential for financial freedom and increased earning potential. However, it's important to keep in mind that the rewards of owning a business come with their own set of challenges.
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Any business owner must keep track of their finances in order to maintain ongoing financial health and the success of their business. Accounting is no less important for tradies, particularly in an economic climate of rising supply costs and tighter cash flow pressures.
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Unlike income tax which is relatively straightforward for employees, tax for businesses is a much more complicated world to navigate. As a small business owner in Australia, you must ensure these tax obligations are met.
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Whether you’re buying, selling or exiting a business, accurate business valuation skills are incredibly important to have. In essence, business valuation determines its current worth by using objective measures and evaluating all aspects of the business.
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There are many pressures that business owners face, ranging from financial uncertainty to looking after a team of employees. Your ability to withstand these pressures and continue making the best decisions for your business will be pivotal to your long-term success.
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In Australia, the most common types of business structures are sole traders, partnerships, companies, and trusts. Unfortunately, the intricacies of each structure can be complex, making it hard for new business owners to make the right choice.
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Keeping clean financial records is crucial when it comes to maintaining healthy cash flow, satisfying your tax requirements and tracking the success of your small business. Unfortunately, the process of bookkeeping as a small business owner can be overwhelming and difficult to understand, especially if you have no background in accounting.
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Hiring your first employee is a scary experience as a small business owner. The people bring on board early on in your journey will play a big role in shaping the future and direction of your business. To make sure you nail the hiring process and leave a good impression on your first employee, follow our simple eight-step guide.
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A co-working space is an office environment designed to accommodate different businesses and workers in the one place. Barely heard of a decade ago, co-working office spaces have become increasingly popular as technological capabilities continue to give small businesses greater flexibility in the workplace.
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Tax time as a sole trader can be a stressful experience. Luckily, with a little planning and preparation, you won’t need to dread doing your next tax return. In this blog, you’ll find all the important tax information for sole traders and our eight best tips for minimising your 2022 tax bill.
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Around the world, businesses have been suffering the effects of rising costs. Inflation, the pandemic and the war in Ukraine have mounted pressure on the economy, shifting the bottom line for businesses in all industries.
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Prioritising your taxes until too late can mean you end up missing out on substantial deductions at tax time. For small business, tax planning is an essential part of managing your cash flow and limiting unnecessary expenditure.
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Effective cash flow management requires constant focus and organisation. Whilst your business may succeed at earning a profit, you can easily find yourself struggling to pay off necessary business costs.
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Small business is an emotional rollercoaster, especially when you’re starting out. Your day-to-day work life can change on a whim. One day your calendar is booked out, the next you’re looking for something to do.
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The first month of starting a business is often the hardest. There is so much to do, so many decisions to make and whatever income you make is dwarfed by your mounting expenses.
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Timing is crucial to the success of any business. You’ve done the planning, you know your product and you’ve researched the market. The only question left is ‘when should I start my business?’
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Many business owners experience times when they struggle to stay afloat. Running a business, particularly in its early days, can weigh you down with an endless stream of responsibilities and problems that require your undivided attention.
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Deciding whether to start hiring offshore is a choice many business owners will face along their journey. For a long time, offshoring was a strategy mostly limited to outsourcing a company’s production and manufacturing needs. Now it’s used for a whole lot more.
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Salary sacrificing is essentially a savings strategy designed to minimise your tax bill. It involves an arrangement with your employer to receive less of your taxable income in return for benefits of similar value.
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Getting your pricing right is an essential part of running a profitable business. But over time there are many factors that can change the conditions of the market you operate in.
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Since last November, new legislation has required all company directors to apply for a director identification number in order to better track the activity of directors and their companies.
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Accounting is never anyone’s favourite part of running a business. Luckily for business owners, the quality of online tools now available has meant that managing your accounting is far less painful than it used to be.
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