XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • Your business name is one of the most important decisions you will make as a small business owner. A good name can generate the perception of integrity, professionalism and/or value for money. However, a poorly chosen name could ward off potential new clients, and give the impression that your business is pointless or even offensive. … Continued The post Choosing your business name appeared first ...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • When you’re reviewing your investments, it’s important to remember that income and returns come from two main sources, Capital Gains and Interim Income. In terms of your investments, it’s important to note when reviewing them, that income and returns come from two sources; Interim Income and Capital Gains Capital Gain (or Loss) The Capital Gain … Continued The post Investment Basics – Understandin...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • Small business owners often assume that only large companies, banks or governments are susceptible to cyber attacks. However, a lack of knowledge and defences make small business particularly vulnerable to an attack. Research has shown that around 71% of all cyber attacks occur to businesses that have less than 100 employees, but many CEO’s still … Continued The post Protect Your Small Business fr...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • Losing your job can be one of the most devastating things someone can go through and the results can be long lasting, possibly going beyond financial implications. Not only are there financial risks but almost just as damaging are the emotional consequences. Seeing as most people spend the most time at their jobs, the sudden … Continued The post How to Survive the Emotional and Financial Devastati...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • A small businesses can minimise their difficult periods and increase their growth by working smarter and taking advantage of potential opportunities. The following steps, when put into practice, can help to grow your business: 1. Utilise new technology By utilising technology, you will not only improve productivity but also reduce operational costs. Facebook, Twitter, Google+ and … Continued The p...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • Inventory is the largest asset on your company’s balance sheet and the biggest revenue generator you have. Therefore it is essentially the the lifeblood of your entire business. If it is poorly manages, it can be detrimental. A business without strategies regarding the inflow and outflow of goods, often risk being unable to meet customer … Continued The post How to Avoid Costly Inventory Problems ...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • When setting up a new business or preparing to upscale an existing one, obtaining financing is one of the first steps. It is more difficult to be approved for a business loan or line of credit than it is to qualify for a personal loan. Therefore small business owners must ensure they are extremely prepared … Continued The post Why banks won’t lend to a business appeared first on XO Accountants - X...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • Keep an eye out and beware of emails where they are claiming to be from certain organisations that deal with your accounts and alert you when unexpected changes occur. In order to protect you and your business from these scams, we recommend the following: do not click/open hyperlinks or attachments, or log on to the organisation’s website … Continued The post Stay Alert to Phishing Scams appeared ...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • The world was shocked by the recent White Supremacist rally that occurred in Charlottesville. Afterwards the identities of certain protesters was released on social media, which led to one man losing his job. However, this action led to the employer receiving backlash online, not the employee. Therefore this begs the question: Can you fire an … Continued The post Can you Fire an Employee for Joini...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • You may still need to lodge a tax return if your taxable income come’s in under the tax free threshold. Common reasons for this include, if you: had pay as you go (PAYG) withheld from any of your received payments during the year had any reportable fringe benefits amount on your PAYG payment summary had … Continued The post Do I Need To Lodge a Tax Return? appeared first on XO Accountants - Xero A...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • A fundamental part of any business is recruitment.As an owner, you want to ensure you are choosing the right people to be part of your team.However, are you going about it in the correct way?Recruiting in the right way isn’t always easy, due to the many legislation governs this area of workplace relations. Discrimination The … Continued The post 4 Questions You Should Never Ask in an Interview app...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • Rather than being considered as an obscure concept, cloud computing is quickly becoming the norm for small businesses everywhere. A survey conducted in 2015, found that 52% of small business owners had already adopted cloud based storage. However, a lack of awareness and knowledge regarding the advantages it can bring, was what made the others … Continued The post Why Keep Your Data in the Cloud? ...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • How much would you say you need to live on? Numerous surveys have found most people’s answer is: a little bit more than I’m earning a the moment. However, this is what is said no matter how much their income increases. People often convince themselves they aren’t doing that well by comparing themselves and their … Continued The post Revealed: The Minimum Income For a Healthy Life and How the Dole ...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • Data loss can be extremely costly for small businesses, with reports estimating the total costs to exceed $2.1 trillion by 2019. Adding to this, cyber attacks tend to target small businesses as they are less likely to have sufficient security protection in place. Accidental loss or loss due to a natural disaster can also be just … Continued The post Tips for keeping your business data secure appea...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • XO Accounting has recently launched a new tax app, able to be downloaded FREE from your App or Google Play Store on both Apple and Android devices. The App has plenty of useful calculators, tools to track your deductions and car usage as well as important dates and info. To Download the App, search X Tax … Continued The post Tax App – ‘X Tax’ appeared first on XO Accountants - Xero Accountants in ...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • As an entrepreneur it is important to ensure you are getting the most value out of your resources. Typically this means spending only on necessities. However, what one may think is a waste of capital is often what is needed to survive. While some are expensive, they are highly worthwhile. Data Analysis To ensure you are … Continued The post Worthwhile Expenses for Entrepreneurs appeared first on X...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • Utilising a customer loyalty program often brings many benefits to a business, and is simple to put into action. In addition to providing satisfaction for regular customers, there are several other benefits a loyalty program can bring, including these five: Customer Retention The most obvious benefit of implementing a loyalty program is that improves the chances … Continued The post Benefits Of Cu...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • Cloud computing is quickly becoming the norm for small businesses as storing information and using software hosted on the Internet allows for simple and accurate management of business finances. There are many other advantages to switching to a cloud based accounting software, including the following: 1. Save money Typically, small businesses will spend a large amount of money buying … Continued T...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • In 2014 a survey of 500 small business owners was carried out, as to what they loved and hated most about owning their own business. The results found that, unsurprisingly, flexibility and feeling in control came out on top in the “love” category. Meanwhile, close to 60% of owners found bookkeeping to be their most hated task. Most business owners do … Continued The post Avoid These Costly Account...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • If you’re like most small business owners, you are likely to spending a majority of your day managing the day to day operations, keeping your customers happy, and furthering your businesses growth. While spreadsheets, cash flow analysis, and financial projections may not be your first passion they are essential for you to be able to … Continued The post Tips to Keep Your Business Finances in Order...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • Keeping track of your expenses, purchases, sales and earnings is fundamental to the overall sustainability of your business. Effective bookkeeping produces the correct data you need to plan for the future, while also evaluating current practices. However many business owners dread and avoid accounting tasks, despite their proven importance. In fact, a 2015 survey saw that 40% … Continued The post ...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • If you think accounting software is only for tracking expenses and generating financial reports, then you’re losing an opportunity to improve your bottom line. By taking advantage of the insights provided by your software, you’ll benefit from a more informed approach to both marketing and customer service. Accounting software can also help in the long term … Continued The post Use your Accounting ...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • Typically the Profit and Loss account (now more correctly called a Statement of Financial Performance) is one of the easier – if not the easiest – financial document to understand by small business owners. It’s typically presented in two parts. The top half of the statement states the different forms of income received by the business for the … Continued The post Insights from your Profit and Loss...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • Small business owners spend, on average, up to 10 hours each week recording, organising, and processing their financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be both time-consuming and tedious, effective bookkeeping is the foundation of sound financial management. Are you feeling … Continu...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • Most accounting softwares are fairly simple to use, so small business owners often learn the basics to it fairly quickly. Accounting software allows owners to automate processes like invoicing and payroll, track expenses and view real time financial reports to manage cash flow, therefore making better business decisions. But what many business owners don’t take advantage … Continued The post How A...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • Preparing for tax season is really a year-round task. The first tip is to update financials on a monthly basis, using a streamlined software or cloud-based system. This way, everything you need is all in one place when tax time comes around. Well organised businesses are often better positioned to avoid penalties associated with missing or … Continued The post Tax Season Tips for Small Business Ow...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • By handling their financials themselves many small business owners think they’re saving money. While it is a skill to learn bookkeeping basics, cash flow management and tax obligations, there are several benefits to hiring an accountant to oversee your finances. By leaving your books to a pro you will have more time to better serve your clients … Continued The post Three Ways an Accountant Can Sav...

XO Accounting PTY LTD
XO Accounting PTY LTD
Blog Post
  • For small businesses, tax time is always fun! If you’re at the stage of getting ready to lodge your quarterly BAS then you likely have a lot of different questions; What are the due dates for GST? What penalties are there if I’m late with my BAS? How often do I have to pay PAYG? The lodgement dates … Continued The post Small Business and ATO Tax Debt appeared first on XO Accountants - Xero Account...

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