Ho-ho-hold off before buying your end-of-year 'thank you' yacht for your best employee (hint, hint Ian) - fringe benefits tax may apply!
Check out the ATO’s guide to Work Christmas Parties and Gifts in preparation for the festive season:
We think our Director, Ian and his stunning wife, Bec scrubbed up alright for the "Frock Up for our Farmers" Charity Ball on Saturday night at NEX, Newcastle. What do you think? 😉
The event, via Farms Australia Relief Movement (FARM) Foundation, helps to raise community awareness and the much needed funds to assist our Aussie farmers experiencing stress and hardship through these tough times.
#farmsaustraliareliefmovement #frockupforourfarmers#supportcountrycommunities #NEX
Lake Mac Business Awards: McCallum Partners - Partnering with business
Check out today’s copy of the Herald @newcastleherald and find us in the Local Business Feature!
https://www.theherald.com.au/story/5542938/partnering-with-business/?cs=5070
@mccallumpartners @newcastleherald #LMBEA
Feeling very proud of the McCallum Partners Accounting team having just been named finalists in the Lake Macquarie business Excellence awards. Also a big congratulations to all the other amazing businesses that have been named finalists too.
Why do you own a business?
It’s interesting to consider this because we are shocked at how many business owners haven’t taken the time to consider this fundamental question.
From a big picture perspective, having a business provides you with a lifestyle. That’s it!
It gives you cash now to fund your family spending, and hopefully a lot of cash in the future when you sell your business. And it’s very similar to having a Self Managed Super Fund (SMSF), an investment property or share investments. They give you cash either now or in the future, or a combination of now and future.
Having a business, SMSF or an investment property is not the important thing. The important thing is what the cash you receive from owning these allows you and your family to do.
Your plans for what you do will do with your business, SMSF or investment property in the future are what we call your ‘end game’.
A wise person once said that “the point of having a business is to sell it – even if you don’t want to right now.” This one pearl of wisdom could mean hundreds of thousands or even millions of dollars more for you in the future if you let it guide you now.
Here’s how… as you run your business, start to make decisions now to plan for selling it – even if you don’t plan to sell it for many years. The biggest thing you can do is to make changes so that your business does not depend on you. If your business needs you to operate – can you really sell it? Absolutely not.
Setting up systems for your business is the key. You can then train your team to follow your systems, and then you can gradually delegate what you do to the right team members, and then you’ll find that you’ve got a business that can partially run without you.
Would you like us to be your sounding board?
As your accountants, we can help you to work out your end game, and plan to have a business that you can sell for a much larger amount in the future because it doesn’t depend on you. Contact us today to find out more.
Everyone that knows us here knows how much we love Xero and what it can do for our small business clients. Now there is another reason to love Xero - Xero Projects.
As a small business, it’s important to know which jobs deliver the best return on investment, and which ones need to be reined in. Projects is a great fit for those small businesses that have simple job costing and tracking needs.
Interested? Give us a call on 4044 1133 to see if Xero Projects might be a fit for your business.
Bookkeepers can help your business with day-to-day accounts – recording sales and other transactions. But they can do a lot more too. So when does it make sense to hire a bookkeeper?
A bookkeeper is someone who records the financial transactions of your business. They also:
- keep track of sales, purchases, payments and receipts
- work on the design maintenance and review of internal business processes
- organise, collate and record financial data on a day-to-day basis and store this information in general ledgers
- record the financial information of your business in a standard way, so that accountants can also access it.
Why do you need a bookkeeper?
If you started your own business, it’s likely that you’re passionate about running it and concentrating on the tasks you love doing. But if you’re like most business owners, you’re not so interested in recording all the details of every financial transaction.
Without proper bookkeeping, it would be easy for transactions to go unrecorded, left to pile up until the end of a financial period. Mistakes could be made and important details could be lost or forgotten.
That's where bookkeepers come in. They can lighten the load on the business. They can take away the day-to-day recording of receipts, invoices and other transactions.
What does a bookkeeper actually do?
Bookkeepers are trained and use the same financial recording methods as accountants. They do this so that your accountant can quickly and easily process your financial information. They will:
- Take all your receipts, invoices and other transaction details.
- Record the information in accounting software using proper accounting methods.
- Work with you to make sense of the numbers, for example assigning costs to specific clients.
But there's more to bookkeeping than recording daily transactions. People who do this work are usually highly skilled at using accounting software. They will be able to advise you on:
- add-on solutions to streamline your business workflow, such as POS tools
- payroll services to simplify the way you pay your staff
- bookkeeping rescue work, tidying up mistakes made by inexperienced staff
- training for small business on using accounting software.
They can also offer day-to-day support for small business owners. In fact a good bookkeeper is your partner in keeping things running smoothly within your business.
So the EOFY has been and gone, but are you ready for the new year ahead? Have you looked at your budgets and business plan lately? Considered ways to grow your business? The little things you do today can have a big impact further down the line. Give McCallum Partners a call on 4044 1133 to see how we can help you.
Thinking about a self managed super fund? Confused? Here's some useful information from the ATO. If you would like more information, McCallum Partners has access to a network of financial advisers who can help you determine if a SMSF is the right fit for you.
As a business owner you know how important it is to understand the numbers that drive your business. Greater understanding leads to greater control and reduced stress levels. If you need help understanding your numbers, McCallum Partners are well placed to help get you on track.
Dreams are meant to be realised, and the way to make your business dreams a reality is to plan for success. Rising to the challenge of helping our clients achieve their dreams is something we here at McCallum Partners strive for every day. Call us on 4044 1133 to see how we can help your business.
Due to growth in our business, we are currently looking for an Accountant to join our friendly, professional team. Click on the title of this post to view details and don't hesitate to contact us if you have any queries. We look forward to hearing from you!