There is no denying that the COVID-19 pandemic has had a unprecedented impact on small businesses worldwide, regardless of their location. Due to the disruption caused by prolonged lockdowns, most SMEs were experiencing cash flow, debt, and manpower issues. Consumer buying and spending patterns have changed forever – Small businesses are shutting down and facing…
Technology has revolutionized the way we have been doing things in every aspects of our life. It has replaced a lot of tedious work that required many labor hours, and it is the same for accounting. Here we have for you 4 different ways that you can use to assess accounting technology and its suitability…
The primary aim of any business is to drive profit. Making a business profitable requires strategic and financial expertise that sometimes small-scale businesses and start-ups may not possess. At times, even large-scale and developed businesses need extra financial support. For this outsourcing the accounting function to an expert costs less than hiring an in-house accountant…
Budget variance is the practice of creating a periodical variance report – monthly, bi-monthly, and quarterly through employing the use of a tool to assess financial and operational data. The larger aim of budget variance is for companies to spot points of variance in the actual versus budgeted figures, and also determine the factors that…
When starting a business, the product is your priority and everything is secondary to the product. It’s the product that you believe in and is working so hard for! As soon as the idea is conceived, you think of investment models, partnerships, marketing, and even what the primary platform (website, social media, etc) would…
There has been a paradigm shift in the past decade with a renewed interest in entrepreneurship, with starting a business being a dominant career choice for many. Entrepreneurs start businesses with a skillset in the service or product that they are offering but struggle when it comes to effective business administration. Many small business owners…
When you’re running a business, it’s easy to get bogged down in day-to-day problems and forget the bigger picture. However, successful businesses invest time to create and manage budgets, prepare and review business plans and regularly monitor finance and performance. Structured planning can make all the difference to the growth of your business. It will…
COVID-19 has hit businesses hard and fast. Owners saw their small businesses closing down without notice, indefinitely. Many were not prepared to deal with the sudden closures, and those that were found their cash resources dwindling as the lockdowns and closures grounded the economy to a halt. Rather than focusing on growth and expansion, businesses…
Small businesses are faced with a wide range of problems that lead to a high rate of failure. The Australian Centre for Business Growth revealed that accounting problem was one of biggest factor that contributed to this failure. As your local accountant in Blue Mountains and greater Sydney, we can help small businesses deal with…
The best investment that a start-up can make, is to hire a Virtual Chief Financial Officer (CFO) right from the beginning of its Journey. While starting a new company is exciting, it is often stressful. It’s essential to assemble a team of seasoned advisors, including accountants, who can help you make important financial decisions. As…
COVID – 19 has had an unprecedented impact on businesses around the world. Significant decline in sales has resulted in the depletion of cash reserves across many businesses. Once cash reserves run dry, this can cause irrevocable damage to your business.Here are some tips that can help you survive this liquidity crunch. Tax planning: The…