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What’s New With Knight
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Should I Hire a Bookkeeper or an Accountant?
A bookkeeper manages the day-to-day financial records of your business, while an accountant focuses on taxation, compliance and financial reporting. Most Australian businesses benefit from both services working together, ensuring accurate records, regulatory compliance and better financial decision-making.
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Make 2020 your year of the budget!
The creation of a new financial year budget is viewed as mandatory by every business owner, right? Wrong. In fact, in my experience, 95% of small businesses neglect to do this key critical task and are essentially ‘flying blind’, working off a copied and pasted budget from 12 months prior and beyond. In many instances…
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Making outsourced bookkeeping work for your business.
Business owners and those in upper management roles often mistakenly believe outsourcing to be a ‘set and forget’ exercise – and then wonder why it hasn’t worked for them. But unless outsourcing is given the right amount of forethought, any short-term benefits experienced are unlikely to be sustained in the long term. To ensure outsourcing…
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Considering outsourcing accounting or bookkeeping overseas?
I recently read Rich Dad Poor Dad by Robert Kiyosaki, a book widely considered to be the number #1 personal finance ‘bible’ of all time. In one chapter Kiyosaki poses the question: “How do you determine if you are an employee or an entrepreneur?” In his opinion, an ‘employee’ who wants to grow their business…
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End of Year Super
A handy tip for small businesses The Australian Tax Office (ATO) only allows deductions for superannuation payments which are actually paid on or prior to the 30th of June. If you are looking at minimising your tax liability, it is recommended that businesses try and process their June quarter Superannuation payments prior to the cut…
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Bad Debts are Bad for Business
No-one likes dealing in Bad Debts, and it’s definitely a case of “Prevention is better than cure”. Cash Flow is important for any business and for Small Businesses in particular, it is often tight. Bad Debts push this even further. The ATO published a story titled “Protect yourself from illegal phoenix activity. Do you know…
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Casual Workers Entitlements to Long Service Leave
Did you know Long Service Leave is an entitlement for your casual workers in a similar way to permanent staff? Casual labour provides the flexibility needed to help ease the burden of peaks and troughs experienced by businesses. There is a direct and instant relationship between revenue, the outputs required, and costs associated. Having a workforce…
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Starting a Business in Australia and running it successfully
So you have made the decision to start your own business, and you have a product and or service that you believe there is a market for it. Well that’s great but how do you get yourself up and running. What are the most basic steps you have to start with? This is a very…
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Common mistakes regarding GST
The Goods and Services Tax (GST) legislation has been in passed and is up and running since 1st of July 2000. Although there have been an effort from Australian Tax Office (ATO) to train and familiarize taxpayers about this issue, there are several businesses that still make mistakes when treating transactions and their respective GST…
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Christmas Gifts and Christmas Parties – How to treat them in your books!
Christmas is right around the corner, and everyone including most businesses are making preparations to either shut down for a duration or alter their trading hours. A lot of businesses are considering thanking showing appreciation for the efforts that employees have put in for your business. Usually businesses will hold a Christmas party, however a…