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
In its 2020 Budget Digital Business Plan, the Australian government announced the full implementation of the Modernising Business Registers (MBR) program. The program is designed to both establish the new Australian Business Registry Services (ABRS), and enhance how businesses register and manage their information with the government. Although the ABRS rolls out progressively between 2021 and 2024, one of the immediate changes is that business directors must obtain a director… Read more
If you’ve just started working with Xero, it is normal to make a few mistakes while you’re learning. We see mistakes that are quite common – and unfortunately costly – so you should be aware of them if you want to get the most out of Xero’s powerful cloud accounting system. 1. Not connecting all the bank and credit card accounts dedicated for your business Make sure that you keep… Read more
Treasurer Josh Frydenberg has released the 2021 Federal Budget and confirmed Australia’s economy is performing more strongly than was expected six months ago. This article has a summary of the “Winners and Losers” of the Budget and we’ve compiled a recap of the key points below. Get in touch with us if you have any questions. A Quick Overview This budget assumes our international borders won’t reopen until mid-2022. $1.9… Read more
Many small business owners tend to handle their own accounting and bookkeeping, especially when they’ve just started out. However, keeping track of the finance-side of the business– everything from income to expenses to tax compliance– can be overwhelming. Mistakes can happen quite easily and can have costly consequences to your business. Below are five of the most common DIY accounting errors that you should avoid. Unorganised Records It takes excellent… 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
Good news! This week the government announced that the Instant Asset Write-off has been extended for six months, taking the initiative to 31 December 2020. Australian businesses with less than $500 million annual turnover will be able to take advantage of the write-off and invest in assets to support their business. This government initiative is designed to help the economy reopen and boost economic growth. The instant asset write-off applies… 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
There’s a new way to access online government services. The way you access government services for both business and personal matters is changing this month. myGovID and Relationship Authorisation Manager (RAM) will replace AUSkey at the end of March 2020. We’ve detailed what you need to do and when, but please get in touch if you have any questions. What is AUSkey? AUSkey is a secure login that identifies you… 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
If you’re a small business owner whose company hasn’t gone through hard times, that’s great but it’s likely to happen at some point. As much as we dream about being brilliant enough at business that we’ll never face slow times, there are many things beyond our control that can negatively affect our business. Here are four tips for getting your business through difficult periods so you can look forward to… 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