Avoid a GST audit with these simple principles

The thought of a GST audit would frazzle most people. Unfortunately, it does happen and could happen to you. The Australian Tax Office (ATO) conducts GST audits to ensure businesses fulfil their legal obligations and operate appropriately within the system. These audits may be conducted by phone and/ or visit from the ATO to check the integrity of information lodged. Some of the key factors that may raise concerns are:…  Read more

6 tips to great bookkeeping

Record keeping (also known as bookkeeping) is no one’s favourite task. However, the reality is if you own a small business, good record keeping is vital. Many start-ups, as well as existing business owners tend to neglect this aspect of their business until the end of financial year (EOFY) is upon them. By law, every business is required to maintain accurate and timely records. I can’t stress enough how important…  Read more

Tax Deadlines for your Business

Here we go again… another financial year coming to an end soon. As you prepare to trudge through the minefield of payroll and financial year end obligations, here’s a list of the important end of financial year (EOFY) deadlines for your business.   During May Your accountant should have a look at your financial data to help with any tax planning strategies for year end.  If you are using MYOB AccountRight…  Read more

5 Tips to Help Small Business Growth

1. Implement the right business systems and staff The right business systems and staff are paramount to your success.  If you are looking to drive small business growth, then you are going to need more staff. Attract and keep the best people, set measurable standards for their performance and then regularly review their work to ensure they are achieving their goals.  Take a realistic look at your financial reports to determine what…  Read more

MYOB Cloud Accounting

Imagine this scenario – you are sitting in your office working on your MYOB accounts.  You have a live feed set up with your banks, so that the transactions are available within your MYOB file without you having to enter them or import them.  No need to wait for bank and credit card statements to turn up in the mail or your boss to find where they have vanished to.…  Read more

Tips for Better Inventory Management

Inventory is often the biggest asset that a business has, and the profit of inventory based businesses is dependent on the best management of the stock. So what are tips to make sure that the stock is correctly managed, for the best profitability of the business. Use analysis to track the performance of the stock. Stock turnover is a measure of how quickly stock is being converted into revenue/how many times…  Read more

ERP – Operational Software

ERP software manages the entire operations of middle tier business. It can provide Manufacturing, Job, Complex Inventory, Distribution and Service solutions. Freeway provides mobile ERP solutions. MYOB Advanced is CLOUD based ERP.  Read more