At Outcome Accounting we are ‘all about the outcome’, the best outcome for our clients. We strive to provide ongoing assistance where it is needed most and again find ourselves in a challenging situation, unlike no other, as we navigate the increasing cases of Covid. We took a break and are now back, refreshed, and ready to assist you and your business as required during this pandemic in the safest… Read more
It is so important to know what is and what is not a scam. The scammers are getting very clever and try multiple ways to reach into your personal details and use them to benefit only themselves. The ‘Little Black Book of Scams’ explains the different types of scams going around, how to protect yourself and who to contact if you believe your have been ‘scammed’ . Little Black Book… Read more
New $130 Billion JobKeeper Stimulus Package announced. There is constant change happening for all Australians during this unprecedented time. We are here to help, to listen and to advise. Jobkeeper Payment – Fact sheet for EmployeesDownload Jobkeeper Payment – Fact sheet for EmployersDownload Fact sheet supporting businesses to retain jobsDownload Read more
Watch out for myGov tax scam The Australian Cyber Security Centre (ACSC) has issued a warning for taxpayers to stay safe during tax-time from the scammers impersonating trusted brands like myGov or the ATO which trick people into giving them money or personal details. These scams can come through as emails, text messages and fake myGov login pages. Usually these scams will say that a taxpayer is entitled to a… Read more
Most 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 overdraft extension. The money you need might already be there—locked up in inventory, assets or your debtors’ book. You can often free up… Read more
Single Touch Payroll is a Government initiative that will change the way you report on your payroll to the ATO from 1 July 2019. Under Single Touch Payroll (STP), all businesses will report on salary or wages, pay as you go (PAYG) withholding and superannuation directly to the Australian Taxation Office (ATO), electronically, and at the same time as you pay your employees. This new streamlined reporting to the ATO… Read more
Businesses want to grow and help a larger audience, but too many make mistakes that cripple their growth. Even worse, they keep repeating them! Don’t do the same; avoid the blunders outlined below. Hiring Toxic Personalities Businesses hire more staff as they grow. But if they expand too quickly, they will feel pressure to fill positions on their team, even if the job candidates have a few personality flaws. While… Read more
According to online security software vendor, Norton, the scary reality is that 978 million people in 20 countries were affected by cyber crime in 2017. In New Zealand and Australia, one in four small businesses experienced a cyber-attack or hacking attempt. “It’s an unfortunate fact that the impact of cybercrime is a reality for all businesses,” Xero Head of Security, Paul Macpherson, said at the recent Xerocon conference in Brisbane.… Read more
By next month Xero will make it mandatory for all users have two-step authentication (2SA) to protect their login and any unauthorised use. This change is to support best-practice security measures in accordance with the Australian Tax Office’s (ATO) updated requirements. What you need to know: From Tuesday 16 October (next week): Xero users who have yet to enable 2SA will see a screen that prompts set up. On a… Read more
In a recent twist in the ‘fake tax debt’ scam, the ATO have received increasing reports of a new scam method where scammers impersonate registered agents to lend legitimacy to their phone call. The fraudsters do this by: > coercing the victim into revealing their agent’s name > initiating a three-way phone conversation between the scammer, the victim, and another scammer impersonating the victim’s registered agent or someone from the… Read more
Over 500 small business owners were surveyed about what they love and hate most about owning their own business. Unsurprisingly, flexibility and feeling in control ranked first in the “love” category. Meanwhile, almost 60% said bookkeeping was hands-down their most hated task. Most business owners understand that effective financial management is key to their success. But lack of knowledge, frustration, and even avoidance can add up to accounting mistakes that… Read more
There are all kinds of groups dedicated to networking. Some are highly structured with performance requirements, exclusive membership, and the payment of dues. Others are free form, come as you please and no charge. Not every group is right for every kind of business. You will find that some groups may simply not have connections in the market you are seeking to attract. You will find some groups have rules… Read more
They both work with financial data; they’re both essential for managing a successful business. Yet the roles and duties of a bookkeeper and accountant rarely overlap. If you’re like many business owners, you may not be exactly sure of the differences between a bookkeeper and accountant – and whether you should hire one, or both. An established, growth-focused company will employee the services of both an accountant and bookkeeper. The… Read more
It’s no secret that data loss can be a costly nightmare for a small business, with recent estimates citing the total cost of data breaches exceeding $2.1 trillion by 2019. Unfortunately, cyber attackers increasingly target small businesses because they are less likely to have security protection in place. Accidental loss or loss due to a natural disaster can be just as harmful to a business, with recovery efforts and delays… Read more
Good news for small business owners: according to the Small Business Administration, nearly 80% of small businesses survive their first year. However, that number begins to drop as time rolls on. Only half of small businesses pass the five year mark, and a mere third celebrate their tenth anniversary. Taking steps to create a good foundation in the early days of your business is essential for a sustainable and profitable future.… Read more
Thinking about turning your passion into a paying gig? These steps will help you avoid some common mistakes as you set out to earn an income from your favorite pastime. Do you have what it takes? Unless you’ve run a business before, it’s easy to get carried away with the idea of how perfect it will be to get paid for doing what you love. Reality check: the stress of… Read more
Although most entrepreneurs recognize the importance of careful financial management, few want to spend their time dealing with numbers. Unfortunately, not keeping a close eye on your income and expenses can be very costly for a business. Here are five of the most common bookkeeping pitfalls, and some simple tips for getting back on track. Mixing business and personal All too often, entrepreneurs adopt a “buy now, sort later” approach… Read more
Looking for simple ways to cut costs? These tips will help you make a noticeable difference to your bottom line. 1. Reduce staff costs Without a doubt, having someone to help deal with routine tasks can greatly improve productivity. The rub is that hired help is often too expensive for small business owners. Internships can be a real win-win: a student gets hands-on experience assisting you with marketing, accounting or… Read more
What do Warren Buffet, Bill Gates, Mark Cuban, and Arianna Huffington have in common? All of these smart, savvy, successful business leaders share a passion for self-improvement through reading. If you want to improve your skills as a business owner, why not spend a bit of time each day reading books that guide you to greater success? This reading list of 4 inspiring business books will help you get started:… Read more
Businesses of all sizes are under constant threat from cybercriminals and malicious software, with even some of the world’s largest and apparently impenetrable organizations making headlines in recent years after falling victims to cyberattacks. Although the risk is generally lower for smaller companies, since they don’t tend to be primary targets for hackers, it is still essential to take every precaution to make sure that you, your employees and your… Read more