Accounting: Making Sure 2 + 2 = 4

Accounting: Making Sure 2 + 2 = 4

  • Penalties you can face for failing to file a personal tax return

    Every year, individuals earning a certain minimum amount of income are required to file an individual tax return. You can file as an individual, or jointly as a married couple. Filing is important because it allows the Australian Tax Office to determine how much in taxes you should pay during any given year. As you probably know, taxes are a primary way through which the government raises revenue to deliver important public services.

  • 5 Advantages Of Hiring a Management Consultant

    If you run a large organisation, you may be looking for ways to improve your operations and systems so you can maximise productivity and output. One way of doing this is to hire a management consultant. A management consultant can evaluate your current business model and systems so they can identify weak spots and areas which need further development. Hiring a management consulting company can offer your organisation many advantages. Below is a guide to five advantages of hiring a management consultant.

  • How the ATO Uses Sophisticated Technology to Check Your Work-Related Deductions

    You may be aware that you can claim a certain number of expenses against your tax return each year, where they are related to your work. It's certainly true to say that many people omit to claim expenses they are entitled to and end up paying more tax as a consequence, and while you don't want to be one of their number, you do need to be careful to ensure that you are "

  • Three Essential Guidelines on Reducing Your Small Business Tax Expenses

    If you are running a small business, it is essential to keep a close eye on you tax expenses. In general, tax bills can be high and overwhelming for your operation, especially if you have other significant costs such as loans and wages to handle. If you want to avoid compromising your profit margins, you must ensure that your taxes are prepared correctly. Moreover, you must find every possible opportunity to cut your total bills.

  • Small Business Owners: 2 Benefits of Hiring an Accountant

    Statistics compiled by the Australian Bureau of Statistics suggest that over 60% of small businesses in the country stop trading within the first 3 years of operation. If you are a small business owner who is trying to grow their customer base and market share, it is likely these numbers will give you some cause for concern. One of the major reasons that small businesses fail in the first few years is financial mismanagement.

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    Accounting: Making Sure 2 + 2 = 4

    Hello. When you are at school, maths can seem so complicated at first. But then you learn about numbers and all of sudden everything seems as easy as 2 + 2 = 4. I used to be pretty good at maths so when I started my own business, I didn't think I needed to hire an accountant. After all, why should I pay someone else to do something that I could do myself? However, I very quickly learnt two important lessons. Lesson one was that accounting and doing the books will take a lot longer than you might think and, secondly, it is actually pretty complex stuff. In the end, I decided to hire a professional accountant. He is great and he has taught me a lot of cool stuff.