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When did you last weigh up your business spending?
News Article: July 29, 2020 by Oaktree AccountingAre business costs impacting on your profit? There are always costs, overheads and supplier bills that mount up – and these expenses will gradually chip away at your cash position, making it more difficult to grow and make a profit. So, what can you do to reduce your spend levels? And what impact will this … Continue reading “When did you last weigh up your business spending?”
READ MORE...Business planning service
News Article: July 14, 2020 by Oaktree AccountingSuccess is about planning. We want to help you achieve success. Our Business Development offerings are practical and tangible services that help to create long term value. Business Planning is a great starting point. Business Planning An effective business planning process gets to the heart and soul of your business. Upon completion of ‘pre-work’ we’ll … Continue reading “Business planning service”
READ MORE...Your business recovery plan
News Article: by Oaktree AccountingAs businesses emerge from Covid-19 restrictions, for many ‘Business as Usual’ has become ‘Business Unusual’. So, how do we navigate our way towards a sustainable new normal? During lockdown, we focused on crisis management, activating relevant Government support packages and doing our best to build cash war chests. Now we enter the recovery phase on … Continue reading “Your business recovery plan”
READ MORE...Customer relations are more important than ever
News Article: by Oaktree AccountingWith many businesses struggling to achieve pre-Covid sales levels, and the potential for unemployment to spawn a new breed of start-ups, having a customer retention plan has never been more important. Surprisingly, the most inexpensive way to grow a business is to maximise customer retention. Statistically, the probability of selling to an existing customer is … Continue reading “Customer relations are more important than ever”
READ MORE...Tax Tips for Individuals
News Article: July 1, 2020 by Oaktree AccountingHave you captured all your work-related deductible expenses to make the most of your annual tax returns? Income The Australian Taxation Office (ATO) automatically receives information from your employers about salary and wages that you have been paid for the financial year. You need to declare all income from other sources on your tax return … Continue reading “Tax Tips for Individuals”
READ MORE...Benefits of a Proactive Accounting Meeting
News Article: June 30, 2020 by Oaktree AccountingTaking time out to discuss what is happening in your business allows you to gain clarity about your future direction. You should book in with a professional and caring accountant who is the right the fit for you and your business. At Oaktree Accounting we see non-clients to explore how we can best help them. … Continue reading “Benefits of a Proactive Accounting Meeting”
READ MORE...Get Your Business Records Ready for Your Tax Return
News Article: by Oaktree AccountingWhilst it is not exactly business as usual right now, you still need to prepare for your business tax return. Organising your documents now will mean you can get your tax return completed earlier and access any refunds due or start planning for tax payments. Getting your business records up to date and accurate will … Continue reading “Get Your Business Records Ready for Your Tax Return”
READ MORE...Construction Business? Talk to us about some accounting basics.
News Article: August 18, 2019 by Oaktree AccountingLike any other business, if you’re starting a construction business it pays to do it properly. That means getting your accounts in order before you take on any work. But building projects can last for months or even years and you might be both an employer and a contractor. One of the most important things … Continue reading “Construction Business? Talk to us about some accounting basics.”
READ MORE...The true cost of a new employee
News Article: August 15, 2019 by Oaktree AccountingBringing on another pair of hands? It can be a big decision to commit to having a new member on the team but the right person will bring in the skills you need to grow the business and give you more time to achieve your goals, even if that is to spend more time with … Continue reading “The true cost of a new employee”
READ MORE...Why a website is vital for your business
News Article: August 13, 2019 by Oaktree AccountingWith just about every Australian owning a smartphone and having Google on-demand, people (and your potential customers) are searching online more than anywhere else to research a product. As a small business owner, it’s critical that you have a website ready for customers who are looking you up. Understanding why it is important and figuring … Continue reading “Why a website is vital for your business”
READ MORE...The Five Stages of Brand Experience
News Article: August 6, 2019 by Oaktree AccountingA great brand takes time and energy to develop, but there are many benefits: Projecting a trustworthy, established and reputable image; implying quality Attracting the right fit customers (and team members!) – who share your vision and values Cohesively linking products and services as you expand your offering or markets So, how do you get … Continue reading “The Five Stages of Brand Experience”
READ MORE...Professional networking 10-step checklist
News Article: by Oaktree AccountingNetworking can get your business noticed. It can lead to referrals, valuable business opportunities and increased sales. But it can be daunting to put yourself out there, and tricky to get right. Remember that professional networking is a social activity. It’s about building relationships – so leave the hard sell behind. Instead, be open and … Continue reading “Professional networking 10-step checklist”
READ MORE...How to prepare and lodge BAS online
News Article: July 24, 2019 by Oaktree AccountingEach quarter, GST-registered small businesses submit a business activity statement (BAS) to the Australian Tax Office (ATO). The BAS will show how much GST was collected from customers, and how much GST was paid to suppliers. This lets the business work out their GST bill or refund, what tax needs to be withheld from payroll … Continue reading “How to prepare and lodge BAS online”
READ MORE...Keeping your tax and expenses in check when you are self-employed
News Article: by Oaktree AccountingContracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits. Understand your deductions Before you start, it’s essential to … Continue reading “Keeping your tax and expenses in check when you are self-employed”
READ MORE...We keep up with tax news, so you don’t have to!
News Article: by Oaktree AccountingThe Australian Taxation Office (ATO) has recently announced some updates and changes which could be relevant for your small business. Changes to the instant asset write-off threshold The $20,000 instant asset write-off threshold has been extended to 30 June 2019. This means that a small business can immediately deduct the business portion of most assets … Continue reading “We keep up with tax news, so you don’t have to!”
READ MORE...Your June quarter activity statement is due soon.
News Article: by Oaktree AccountingYour June quarter activity statement is due soon. If you are lodging your own quarterly activity statement you need to lodge and pay by the 29th of July. If you lodge using our registered agent electronic services you will have until the 25th of August to lodge and pay. Make sure you have checked off … Continue reading “Your June quarter activity statement is due soon.”
READ MORE...The seventh cause of poor cashflow – Sales levels are too low
News Article: July 10, 2019 by Oaktree AccountingIt might sound obvious, but it isn’t to many businesses. If current sales levels don’t support overheads and other cash demands on the business, then your overdraft will just keep increasing. This means that your business in its current state is not viable (unless you have ongoing access to new funds from investors or financiers). … Continue reading “The seventh cause of poor cashflow – Sales levels are too low”
READ MORE...The sixth cause of poor cashflow – Overheads are too high
News Article: July 3, 2019 by Oaktree AccountingThis isn’t typically a place where you will find a lot of wastage. Our experience is that business owners are very careful about managing their expenses, and the smaller the business is, the truer that statement is. Having said that, as a business grows, so do the layers of hierarchy. Management control can deteriorate, and … Continue reading “The sixth cause of poor cashflow – Overheads are too high”
READ MORE...The fifth cause of poor cashflow – Gross profit margins are too low
News Article: June 26, 2019 by Oaktree AccountingYour gross profit margin is what is left from your total sales after variable costs are deducted. For example, if you are a retailer and your sales in a given period are $1,000,000 and the cost of the goods you sell in that period is $650,000, then your gross profit margin is $350,000, or 35%. … Continue reading “The fifth cause of poor cashflow – Gross profit margins are too low”
READ MORE...The fourth cause of poor cashflow – Your debt or capital structure
News Article: June 19, 2019 by Oaktree AccountingOften a reduction in interest charges as well as significant cashflow improvements can be achieved with a regular review of existing debt. A good place to start is to list all bank loans, mortgages, finance company loans, hire purchases, credit card debts, and any other debts (don’t include amounts owed to suppliers in this list). … Continue reading “The fourth cause of poor cashflow – Your debt or capital structure”
READ MORE...The third cause of poor cashflow – Your stock turn
News Article: June 11, 2019 by Oaktree AccountingCarrying stock for too long means full shelves but an empty bank account. Similarly, if you’re a service provider and are taking forever to bill for your services, then you’re carrying too much stock in the form of work in progress. Consider that work in progress as a form of virtual stock. You can calculate … Continue reading “The third cause of poor cashflow – Your stock turn”
READ MORE...The second cause of poor cashflow – Your accounts payable process
News Article: June 5, 2019 by Oaktree AccountingThe second cause of poor cashflow relates to when and how money is spent in your business, including your terms of trade with suppliers. Do you have spending budgets in place? It’s best practice to prepare an overall business budget every year, usually before the beginning of your new financial year. It’s also best practice … Continue reading “The second cause of poor cashflow – Your accounts payable process”
READ MORE...The first cause of poor cashflow – Your cash lockup
News Article: May 29, 2019 by Oaktree AccountingThere’s a massive difference between profit and cashflow. Profit increases when you create an invoice for work you’ve done or goods you’ve sold; cash increases when you bank the money. Your lockup equals the cash that isn’t in your bank account because it’s either in work in progress (you’ve done some work but you haven’t … Continue reading “The first cause of poor cashflow – Your cash lockup”
READ MORE...Cashflow freedom – The 7 causes of poor cashflow
News Article: May 21, 2019 by Oaktree AccountingCash is the life blood of any business. In fact, even profitable businesses can and do fail because of poor cashflow. What’s important is that you understand your key cashflow drivers. Improving cashflow is often all about changing your business processes. Processes such as how you order stock and pay for it, how you bill … Continue reading “Cashflow freedom – The 7 causes of poor cashflow”
READ MORE...Using KPIs to monitor and improve business performance
News Article: February 27, 2018 by dwaoaktreeWithout a robust, well thought out plan, that is based upon a real understanding of your business performance and data, chances are business success will allude you. Running your business based upon gut instinct and a vague idea of what your success will look like is unlikely to cut it in today’s competitive marketplace. A … Continue reading “Using KPIs to monitor and improve business performance”
READ MORE...Move from Excel to accounting software
News Article: February 23, 2018 by dwaoaktreeSmall businesses often start out using Excel – but that’s only doable up until a point. Like every teenager eventually becomes an adult, your business needs to evolve and grow. Find out why the smartest organisations are using online accounting software instead. Why Excel isn’t a long-term solution Excel can do a large number … Continue reading “Move from Excel to accounting software”
READ MORE...Mobile technology trends for small businesses
News Article: by dwaoaktreeMore of your customers than ever before are using smartphones and tablets to research a product or service. Your business can’t afford to ignore this trend and be left behind. So how do you keep up to date with the latest mobile technology trends? Smartphones and tablets are changing everything You probably own a portable … Continue reading “Mobile technology trends for small businesses”
READ MORE...Does your business need a mobile accounting app?
News Article: by dwaoaktreeAs a small business owner, you probably spend a lot of time out of the office. So it makes sense to be able to keep your accounts in order while you’re on the move. Here’s how to do it – and save yourself time and money. Plus keep your evenings free for things like life. … Continue reading “Does your business need a mobile accounting app?”
READ MORE...Getting the work–life balance right
News Article: by dwaoaktreeAs a small business owner it’s hard to juggle your work and outside responsibilities. It’s important to run your business effectively and still have a life outside the office. You need a good balance between work and play for your health and well-being. Small business owners often fall into the trap of working too hard, … Continue reading “Getting the work–life balance right”
READ MORE...Improving your business with better time management
News Article: by dwaoaktreeWhen things are hectic, most small business owners wish they could find a way to get more than 24 hours into a day. Often, your ‘to-do’ list can get so long that you feel you never get to put as much attention into every task as you would like. It can also mean more time … Continue reading “Improving your business with better time management”
READ MORE...Is it time you upgraded your Business Systems?
News Article: by dwaoaktreeMost small business owners can’t afford to think small. They always need to keep their mind on growth strategies to help them achieve long-term profitability. But becoming profitable in the first place often requires business owners to work long hours on a shoe-string budget. They don’t always have time to implement systems that will support … Continue reading “Is it time you upgraded your Business Systems?”
READ MORE...Why Keep Your Data in the Cloud?
News Article: by dwaoaktreeCloud Accounting can literally transform the way small businesses operate. From on-the-go invoicing, automatic bank reconciliations and the ability to view your business finances in real time. It’s an accounting solution that has been designed with the small business owner in mind, from the low monthly cost to the simple reports and usability. So what … Continue reading “Why Keep Your Data in the Cloud?”
READ MORE...5 Apps for Tracking Small Business Expenses
News Article: by dwaoaktreeDid you know that 50% of small business expenses are generated on the go? It’s no wonder the majority of expense receipts end up shoved in coat pockets or an old shoebox. In spite of all of the high-tech options out there, 47% of small businesses are still using spreadsheets for expense management, leaving room … Continue reading “5 Apps for Tracking Small Business Expenses”
READ MORE...Exciting Times Ahead
News Article: by dwaoaktreeCloud Accounting can literally transform the way small businesses operate. From on-the-go invoicing, automatic bank reconciliations and the ability to view your business finances in real time. It’s an accounting solution that has been designed with the small business owner in mind, from the low monthly cost to the simple reports and usability. So what … Continue reading “Exciting Times Ahead”
READ MORE...9 reasons to switch to cloud computing
News Article: by dwaoaktreeCloud Accounting can literally transform the way small businesses operate. From on-the-go invoicing, automatic bank reconciliations and the ability to view your business finances in real time. It’s an accounting solution that has been designed with the small business owner in mind, from the low monthly cost to the simple reports and usability. So what … Continue reading “9 reasons to switch to cloud computing”
READ MORE...Eight Characteristics of successful small businesses
News Article: by dwaoaktreeWe now look at eight characteristics important to successful businesses. International researchers who have studied many small businesses, have found that these characteristics consistently play a part in the success of small companies. The eight characteristics are: Owners leading by Example Having a simple business structure Sharing information with Employees Carefully Chosen Staff Staff commitment … Continue reading “Eight Characteristics of successful small businesses”
READ MORE...Efficient business systems really pay off
News Article: by dwaoaktreeToo many businesses fall over because the owner has not established efficient business systems. This typically happens due to being so caught up in the day-to day running of the business, that the fundamentals of good business management is forgotten. Also it is often said that the owner simply doesn’t like bookkeeping or other administrative … Continue reading “Efficient business systems really pay off”
READ MORE...Tips for updating your business plan
News Article: by dwaoaktreeWithout a robust, well thought out plan, that is based upon a real understanding of your business performance and data, chances are business success will allude you. Running your business based upon gut instinct and a vague idea of what your success will look like is unlikely to cut it in today’s competitive marketplace. A … Continue reading “Tips for updating your business plan”
READ MORE...5 Cheaper Ways to Market Your Business
News Article: February 22, 2018 by dwaoaktreeWhen many businesses want to reduce costs they will immediately cut their marketing activity. This is a false economy as if you are marketing correctly it will actually be generating an income. Also consider, when a market is struggling 90% of businesses cut their marketing budget but 10% of the industry increase their budget. Who … Continue reading “5 Cheaper Ways to Market Your Business”
READ MORE...Finding money within your business
News Article: by dwaoaktreeMost small businesses experience cash flow problems from time to time and urgently need working capital. Many business owners immediately think of the bank or loans when they’re short of money. But there are other resources you can tap before you ask for that expensive overdraft or extension. The money you need might already be … Continue reading “Finding money within your business”
READ MORE...5 simple ways to pay down debt
News Article: by dwaoaktreeDebt can be a crippling problem for small businesses wanting to grow or just break-even during difficult times. By reducing debt you can improve the value of your business, its financial situation, and its ability to continue operating into the future. So impropve your overall financial situation and reduce your debts where you can. Check … Continue reading “5 simple ways to pay down debt”
READ MORE...Cut Costs to Instantly Boost Profits
News Article: by dwaoaktreeCut costs, improve profits Cutting costs can be a quick and easy way to improve the profitability of your business. Introducing cost-control measures can bring immediate savings and ensure you remain profitable in the long term. But it is important that cost-control measures are carefully managed. Eliminating errant expenses are clearly beneficial, but indiscriminate cost … Continue reading “Cut Costs to Instantly Boost Profits”
READ MORE...It’s all about balance!
News Article: by dwaoaktreeYour balance sheet (now more correctly called a Statement of Financial Position) reveals a great deal about your business, including the total value of your assets – the things you own; how much you owe to others – your liabilities; and the level of your solvency. These three aspects will be studied carefully by lenders … Continue reading “It’s all about balance!”
READ MORE...Insights from your Profit and Loss account
News Article: by dwaoaktreeMost small business people would agree that their Profit and Loss account (now more correctly called a Statement of Financial Performance) is among the easier – if not the easiest – financial document to understand. It’s typically presented in two parts. The top half of the statement reveals the various sources of income the business … Continue reading “Insights from your Profit and Loss account”
READ MORE...How to change accountants – t’s easier than you think!
News Article: by dwaoaktreeMaking the switch Over 60% of businesses are not happy with the service they receive from their accountant yet every year they go back to them and pay their hard earned money for a poor service! I believe that many business owners do this as they think all accountants are the same or that it’s … Continue reading “How to change accountants – t’s easier than you think!”
READ MORE...10 tips to finding the right accountant for you
News Article: by dwaoaktreeLast week we looked at the benefits of having a good accountant on your side when it comes to growing and improving your business. Yet how do you know you are choosing a good one? Comparing accountants can be very hard. How do you know what questions you should be asking and what information you … Continue reading “10 tips to finding the right accountant for you”
READ MORE...Survival of the Fittest
News Article: by dwaoaktreeWe all know in nature only the fittest, strongest survive. Well the same is true for in the business world. It is essential that your business finances are in good order or it can spell disaster. Luckily you don’t have to be a financial wizard to ensure that this is the case. A good accountant … Continue reading “Survival of the Fittest”
READ MORE...Five steps to save time and money in the new Financial Year
News Article: by dwaoaktreeThe end of the financial year is a great time to review your business performance over the last year and make changes to set yourself up for the new financial year. Below we have listed 5 key things that you can do now to improve your performance next financial year. 1. Review expenses on monthly … Continue reading “Five steps to save time and money in the new Financial Year”
READ MORE...Secure business success in 2017
News Article: September 5, 2017 by dwaoaktreeAs another year ramps up, it’s a good time to reflect on your recent business successes – and consider what you’d like to achieve in the coming twelve to fifteen months. These tips can help you with the process of making plans to help guide your business to greater success. Set priorities Entrepreneurs are typically … Continue reading “Secure business success in 2017”
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‘Great oaks from little acorns grow’ 
