Does your Accountant and Bookkeeper have access to your Xero?
Hello, Sue here, your Xero Hero.
I wanted to share with you one easy thing you can do to help you with your Xero File, and that’s give NGR Accounting (or your bookkeeper) access to view it.
Your Online Accounting Software is one of the most useful tools available to businesses. Not only does it let you have access to your accounts from anywhere in the world, but it means you can collaborate with others remotely.
This collaboration speeds up your accounting and bookkeeping work. This means that:
- Your bookkeeper and/or the team at NGR Accounting can review your file at any time, allowing us to confirm that your books are balanced.
- It gives us the opportunity to make sure you’re meeting all your compliance needs, from ATO reporting, BAS reconciliation and even Super Guarantee payments are being made on time.
- It reduces your travel time, by allowing us to review your file, without you even leaving your office.
- Improving efficiency within your business if you have an internal bookkeeper or office clerk, where you (the business owner) will be able to overview, every entry reconciled.
So, the next question is:
How do I give my accountant access to Xero?
After you have completed all the above steps, your accountant or bookkeeper will receive an email with the invitation link. They will need to accept the invitation so that they can access your Xero. This access is provided immediately.
Note: This invitation is only valid for 14 days. If your accountant or bookkeeper does not accept the invitation within this timeframe, you can resend the request by following these steps:
- Click on the organisation name and select Settings.
- Click on Users.
- Click on the name of the pending user.
- Click Resend
- Optionally, you can add a message or use the default text.
- Click Send invite.
Next Steps:
If you have any issues setting this up, want to confirm what email address to use, or any other questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at info@ngraccounting.com.au
If you ever need a quick refresher on how this is done, we will also be adding this guide in our Resources page on our website.
FULL DISCLAIMER:
The information provided by our firm is of a general nature and does not consider your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
Dated: 12th February, 2024
JM
Festive Financial Hangovers
Hey guys, Nathan here.
It’s coming up to the Festive time of year, of course for most it starts from the Melbourne Cup, and before you know it you’ve been to four, five, sometimes 9-10 Christmas Parties.
And for a lot of us, Christmas and New Year is an exciting time of the year, not only celebrating, but being social, having parties, and then there is the expensive act of gift giving.
As exciting as this time of year is, many individuals tend to overspend and overindulge in the festivities, leaving them financially hungover as we head into the New Year.
So, today I would like to share a few strategies to help you spread the festive love without breaking the bank! So, let’s go.
1. Start early and plan ahead
The main key to avoiding the financial hangover during the festive season is to start early.
Get a jump on your gifting well in advance. Create a comprehensive list of everyone you plan to buy for and allocated a budget for each person. Starting early also allows you to take advantage of the off-season sales, making sure you’re finding the perfect gift at the best prices.
By planning, you not only reduce the stress associated with last-minute shopping but you’re also gaining a better control over the finances. It’s a win-win situation that sets the stage for a smooth festive season. So, let’s go… and get that gift list organised. (I’m happy with chocolate presents!)
2. Take advantage of Off-season Sales
Hint: Who said you can only shop for Christmas gifts in December?
Embrace the savvy shopper in you by taking advantage of off-season sales throughout the year. Many retailers offer discounted prices on various items during off-peak times, allowing you to grab a great deal on plenty of gifts.
Consider purchasing gifts that aren’t time sensitive, such as decorations, wrapping paper or even non-perishable treats. By spreading your gift shopping over the months heading into the season, you’re not only saving money, but also avoiding the financial strain of a single big-ticket spending spree.
So, be on the look out for those sales – it’s a budget friendly game changer.
3. Create a Christmas Gift Fund.
Let’s talk about creating a dedicated Christmas Gift Fund.
This simple yet effective strategy involves setting aside a small amount of money each month specifically for gift purchases. Treat it like a savings account dedicated to spreading joy during the festive season.
By consistently contributing to this fund, you’ll build a budget cushion that makes gift shopping a breeze. It’s an easy and practical way to manage your finances, ensuring you have the funds you need when it’s time to purchase those thoughtful presents.
So, why not start building your Christmas Gift Fund today?
4. DIY and Personalised Gifts
I’m not going to lie, sometimes the most meaningful gifts don’t come with a hefty price tag. Consider do-it-yourself (DIY) gifts or personalised items for your loved ones. Not only are these gifts cost-effective, but they also carry a special touch that can’t be replicated by store-bought items.
Get creative with your gift ideas. Personalised photo albums, handmade crafts, or even a thoughtful letter can make a significant impact. The joy is in the effort and the personal connection you create through your gifts. So, let’s get those creative juices flowing and make this festive season extra special.
Spreading the festive love is not just about the gifts themselves, but also about the thoughtful planning that goes into those gifts.
Remember the goal is to enjoy the holiday season without the financial stress that often accompanies it.
If you’re wanting to discuss your finances, and your financial goals for the new year, please feel free to contact us on 02 9011 6669 or via our email: info@ngraccounting.com.au
Please know that if you’re feeling overwhelmed and need to speak to someone about your financial situation, please know that there is help available. If you don’t know where to start, you can call the free National Debt Helpline on 1800 007 007. The helpline is open Monday to Friday, 9.30am – 4.30pm.
More information can be found at https://moneysmart.gov.au/managing-debt/urgent-help-with-money
FULL DISCLAIMER:
The information provided by our firm is of a general nature and does not consider your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
Updated 06 December, 2023
JM
Mental Health Month: Financial Goal Setting for a Positive Mindset
Hey guys, Nathan here, The Profit Generator. This month is all about Mental Health Awareness, and today, I want to talk about something that can truly transform your life: financial goal setting and its profound impact on your mental wellbeing.
In a world where financial stress is all too common, taking control of your financial destiny through setting and achieving goals can be a game-changer. So, let’s go and explore how setting financial goals can pave the way for a more positive mindset and a brighter financial future.
The Power of Financial Goals
We all have dreams and aspirations, whether it’s
- buying a home,
- starting a business, or
- taking that dream holiday.
Financial goals are the roadmaps that turn these dreams into reality. They give us purpose and direction, helping us navigate the complex world of personal finance.
Boosting Self-Esteem
Setting financial goals and accomplishing them can significantly boost your self-esteem. When you set a goal and work diligently to achieve it, you prove to yourself that you are capable and in control. This sense of accomplishment can also translate into increased confidence and a more positive self-image.
Consider the client I worked with, Sarah. She had always dreamed of starting her own bakery but felt overwhelmed by the financial aspects. Through careful goal setting and forecasting cash flows, we helped her create a step-by-step plan to fund her bakery. Achieving each milestone along the way not only brought her closer to her dream but also boosted her self-esteem and her belief that she could succeed.
Reducing Anxiety
Financial anxiety is a significant contributor to stress and poor mental health. However, when you have clear financial goals and a plan to achieve them, it can significantly reduce this anxiety. You have a roadmap, a sense of control, and a vision of a brighter financial future.
Don’t forget, when we start working towards SMART goals, and plan to achieve them, we’re looking at goals that are:
- Specific
- Measurable
- Achievable
- Realistic and
- Timely
How to Set Financial Goals
Now that you understand the power of financial goals, let’s discuss how to set them effectively.
1. Define Your Goals Clearly
Your financial goals should be specific, measurable, and achievable. Whether it’s paying off credit card debt, saving for a down payment on a house, or building an emergency fund, make sure your goals are crystal clear.
2. Break Down Your Goals
Large financial goals can be intimidating. To make them more manageable, break them down into smaller, achievable milestones. This step-by-step approach not only makes your goals less daunting but also provides a sense of accomplishment at each stage.
3. Create a Budget
Budgeting is a critical tool for achieving your financial goals. It helps you allocate your income effectively, ensuring you have the resources to work towards your objectives. Be sure to track your expenses and adjust your budget as needed to stay on course.
One effective method controlling your bank balance is to divide your periodic pay cheque into different bank accounts. For example, dividing your salary paid into bank accounts that are primarily there to fund based on pre-determined percentages:
- rent/mortgage,
- in case of emergency,
- social and recreational, and
- a holiday fund.
4. Seek Professional Guidance
Working with a financial advisor, like the team here at NGR Accounting, can be invaluable. We have the expertise to help you set realistic goals, create a customised financial plan, and provide ongoing support and guidance.
Real-Life Success Stories
To show the power of financial goal setting, let me share a few success stories from our clients:
Emma’s Homeownership Dream
Emma had always wanted to buy her own home, but she felt overwhelmed by the prospect. After working with us to set a budget and create a savings plan, she not only bought her dream home but also gained a newfound sense of security and happiness.
Lisa’s Debt-Free Journey
Lisa was trapped in a cycle of credit card debt. With a clear plan and achievable goals, she not only paid off her debt but also learned valuable financial habits that transformed her relationship with money.
Financial goal setting is a powerful tool for improving your mental wellbeing and achieving your dreams. When you set clear, achievable goals, break them down into manageable steps, and create a budget to support your objectives, you take control of your financial destiny.
So, let’s go and start setting those financial goals today! The best time is now for anyone who not yet started their financial journey!
Remember, you don’t have to do it alone.
Our team at NGR Accounting is here to support you every step of the way. Together, we can turn your dreams into reality and pave the path to a brighter financial future.
If you have any questions or want to share your own success story, feel free to reach out. We’re here for you!
If you have any questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at info@ngraccounting.com.au
FULL DISCLAIMER:
The information provided by our firm is of a general nature and does not consider your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
Updated: 17th October 2023
JM
Unlocking Success: The Power of Networking for Your Business
Hey guys, Nathan here. I wanted to chat to you about Networking for your business, and its benefits. So, let’s go!
In today’s business world, networking has become an indispensable tool for fostering growth and success. It’s not just about exchanging business cards and shaking hands; it’s about building valuable relationships that can propel your business to new heights.
In this blog, I want to dive into the world of networking and uncover and share with you:
- Its benefits,
- Share 5 best practices for effective networking, and
- Provide recommendations on finding the right networking group for your business.
Benefits of Networking for Your Business:
Networking is more than just socialising – it’s an investment in your business’s future.
Here are three key benefits I see for your business, to participate in networking:
- Expanding Your Reach: Networking opens doors to a vast pool of potential clients, partners, and collaborators. By connecting with individuals from diverse backgrounds and industries, you can tap into previously untapped markets and opportunities.
- Building Credibility and Trust: Building genuine relationships within your industry and your local area, can enhance your business’s credibility and trustworthiness. When people know and trust you, they are more likely to refer clients, offer partnerships, and vouch for your expertise.
- Access to Resources and Knowledge: Networking introduces you to a wealth of knowledge and resources. You can gain insights into industry trends, learn from the experiences of others, and access valuable advice that can help you make informed decisions and avoid costly mistakes.
Best Practices for Effective Networking:
Successful networking requires more than just showing up at events… it involves strategic and thoughtful approaches. Here are 5 best practices to make the most of your networking efforts:
- Set Clear Goals: Before attending any networking event, define your objectives. Are you looking for new clients, seeking partnerships, or simply gathering industry insights? Setting clear goals will help you focus your efforts and measure your success.
- Be a Good Listener: Networking isn’t just about talking about your business; it’s also about listening to others. Show genuine interest in their stories, challenges, and aspirations. This fosters authentic connections and opens doors for future collaborations.
- Follow Up Promptly: After making initial connections, I recommend that you follow up promptly. Send a personalised email or message to express your interest in staying connected. Timely follow-ups demonstrate professionalism and commitment.
- Offer Value: Networking is a two-way street. Share your expertise and resources to help others, and they will be more inclined to reciprocate. Offering value can range from sharing a helpful article to making introductions to potential clients or partners.
- Diversify Your Network: Don’t limit your networking efforts to people within your immediate industry. Branch out and connect with professionals from diverse backgrounds. Sometimes, fresh perspectives and ideas come from unexpected sources.
Finding the Right Networking Group for Your Business:
Choosing the right networking group can impact the success of your networking efforts. Here are 5 recommendations to help you find the perfect fit:
- Define Your Objectives: Determine what you want to achieve through networking. Are you looking for:
- Industry-specific groups,
- Local business associations, or
- Online communities?
Having a clear objective will narrow down your options.
- Research and Attend Events: Attend a few events as a guest to assess the group’s dynamics and whether it aligns with your goals. Pay attention to the quality of connections, the level of engagement, and the overall atmosphere.
- Seek Recommendations: Reach out to your existing network and ask for recommendations. Colleagues, mentors, or industry peers may have valuable insights on reputable networking groups.
- Online Networking Platforms: Explore online platforms like LinkedIn and industry-specific forums. These platforms provide opportunities to connect with professionals worldwide and access virtual networking events.
- Evaluate Membership Costs: My last recommendation is the most important. Consider the costs associated with joining a networking group, including membership fees and event expenses. Ensure that the potential benefits justify the investment.
Networking is a powerful tool for business growth, offering a so many benefits when approached strategically. By expanding your reach, building credibility, and accessing valuable resources, networking can be a game-changer for your business.
Remember to follow best practices, set clear goals, and find the right networking group that aligns with your objectives.
Start making meaningful connections today and unlock the potential for your business’s success.
If you have any questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at info@ngraccounting.com.au
FULL DISCLAIMER:
The information provided by our firm is of a general nature and does not consider your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
Updated 06th October 2023
JM
The Profit First Revolution: Transforming Small Business Finances
Hey guys, Nathan here.
Today, I want to dive into a financial strategy that has been a game-changer for countless small and medium-sized businesses – Profit First.
You might be wondering, “What exactly is Profit First, and why is Nathan so passionate about it?” Well, I’m here to answer those questions and show you why this system is the key to transforming your business’s financial health.
What is Profit First?
First things first (pun intended), let’s break down what Profit First is all about. It’s not just another accounting method; it’s a revolutionary way to manage your finances that puts profitability front and centre.
Traditionally, businesses follow a model where they prioritise expenses, taxes, and everything else, hoping that there’s something left over for profit. The problem? Often, there isn’t much, if anything, left for profit, and this can lead to financial stress and even business failure.
Profit First flips this model on its head. It starts with the fundamental principle that profit should come first, not last. With Profit First, you allocate a percentage of your income to profit from every deposit you receive. This simple shift in mindset and approach changes everything.
Why I’m Passionate About Profit First
You might be wondering why I’m such a big advocate for Profit First. It’s not just because it’s a buzzworthy term in the financial world. It’s because I’ve seen its incredible impact on businesses, and I believe it’s the path to financial success for small and medium-sized businesses.
When I started NGR Accounting, I was on a mission to help businesses not just survive but thrive. And that’s precisely what Profit First does. It can transform your business from just getting by to truly thriving.
But it’s not just about the numbers; it’s about the people behind those numbers – you. I’ve seen the relief and joy on my clients’ faces when they realise that their hard work is translating into real, sustainable profit. It’s about peace of mind, security, and the freedom to grow your business without financial worry.
Benefits for Small to Medium-Sized Businesses
Now, let’s talk about why Profit First tailor-made for small and medium-sized businesses (SMEs) like yours. These businesses face unique challenges, and Profit First addresses them head-on.
Cash Flow Management:
SMEs often struggle with cash flow issues. Profit First’s system ensures that you always have enough cash to cover your expenses and taxes while still setting aside a healthy profit. It’s like a financial safety net for your business.
Stress Reduction:
Running an SME can be stressful, especially when finances are tight. Profit First takes the guesswork out of your finances. You’ll know exactly where your money is going, which eliminates financial stress and uncertainty.
Financial Stability:
SMEs need a solid financial foundation to grow. Profit First establishes that foundation by making profitability a non-negotiable part of your financial strategy. This stability is crucial for long-term success.
Growth Opportunities:
Profit First not only secures your business but also provides the financial freedom to explore growth opportunities. Whether you want to:
- expand your product line,
- open a new location, or
- invest in marketing
Profit First gives you the means to do it.
How to Get Started
Now that you’re excited about Profit First, you might be wondering how to get started. Well, the good news is that it’s not as complicated as it may seem. Here are the first steps:
Assessment:
Start by assessing your current financial situation. Understand your income, expenses, and debt. This will be your starting point.
Setting Up Accounts:
Open separate bank accounts for your different financial purposes:
- Profit,
- Owner’s pay,
- Taxes, and
- Operating Expenses (OpEx).
Target Allocation Percentages (TAPs):
Determine the Target Allocation Percentages (TAPs) that will go into these accounts. This will depend on your specific financial goals and needs.
Consistency:
Stick to the plan consistently. Make these allocations with every deposit you receive.
Regular Review:
Periodically review your financial accounts to ensure you’re on track and adjust as needed. Even better, get a Profit First Professional (like myself) to coach you through your business journey!
and… That’s just the beginning of your Profit First journey.
In upcoming blogs, we’ll delve deeper into each step and provide you with more insights and tips. So, stay tuned for more Profit First goodness that will transform your business’s financial landscape.
Profit First isn’t just about making money. It’s about securing your business’s future, reducing stress, and giving you the freedom to focus on what you do best – growing your business.
– Nathan Rigney, The Profit Generator
If you have any questions or want to learn more about how Profit First can work for your specific business, don’t hesitate to reach out to us at NGR Accounting. We’re here to support you on your journey to financial success.
If you have any questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at info@ngraccounting.com.au
FULL DISCLAIMER:
The information provided by our firm is of a general nature and does not consider your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
Updated: 28th September 2023
JM
5 Reasons You Might Need a Bookkeeper
Hello everyone, Sue, your Xero Hero, here to discuss Bookkeeping, and why it’s so important for your business.
There are a few questions I like to ask clients when looking into whether having an external bookkeeper. These are:
- What are your current bookkeeping processes and who handles them in-house?
- Are you satisfied with the accuracy and timeliness of your financial records and reports?
- How much time are you or your employees currently spending on bookkeeping-related tasks?
- Have you experienced any challenges or issues related to bookkeeping, such as compliance errors or inaccuracies in financial records?
- Are you looking for additional support and guidance in financial management, tax planning, or strategic decision-making?
- Would you prefer to have more time and resources to focus on core business activities rather than bookkeeping?
- Are you open to exploring the services and expertise offered by professional external bookkeepers to enhance your financial processes?
As you know, many business owners are becoming increasingly time poor with all the compliance and documentation required to continue to run a business.
Considering a Self Managed Super Fund?
Long Term Financial Goals? Considering a Self Managed Super Fund?
Time to speak to an Accountant!
Hey guys, Nathan here. A lot of clients have been considering their long-term financial goals, and one solution may be Self Managed Superannuation Funds.
Planning for your retirement is a critical aspect of financial management, and many Australians opt for self-managed super funds (SMSFs) to have more control over their retirement savings. However, before embarking on the journey of setting up an SMSF, I recommend that you should consult your accountant.
In this blog, I will explore 5 key reasons why seeking professional advice from an accountant is crucial before considering an SMSF. I will discuss taxation advice, compliance advice, accounting services, investment advice, and the importance of ongoing support to ensure a successful SMSF journey.
Taxation Advice:
Managing the tax implications of an SMSF is complex, and seeking taxation advice from NGR Accounting is crucial. We will be able to help you understand the tax obligations associated with SMSFs, including:
- contributions,
- investment income, and
- pension payments.
The team at NGR Accounting will guide you on tax planning strategies to maximise your SMSF’s tax efficiency, ensuring compliance with Australian Taxation Office (ATO) regulations. By leveraging their expertise, you can minimise tax liabilities and optimise your retirement savings.
Compliance Advice:
Operating an SMSF involves strict compliance with legislation and ATO regulations. Engaging with an accountant who specializes in SMSFs can provide you with valuable compliance advice.
We will ensure that your fund meets all regulatory requirements, such as:
- preparing financial statements,
- conducting annual audits,
- lodging tax returns, and
- complying with superannuation rules.
By adhering to compliance obligations, you can avoid penalties and maintain the integrity of your SMSF.
Accounting Services:
Managing the accounting aspects of an SMSF requires accuracy and attention to detail. We can offer comprehensive accounting services tailored to your SMSF’s specific needs. We will take care of bookkeeping, financial reporting, and preparation of financial statements. Additionally, we will assist with maintaining accurate and up-to-date records, facilitating the smooth operation of your SMSF. By entrusting your accounting tasks to a qualified professional, you can focus on achieving your retirement goals.
Investment Advice:
Making informed investment decisions is vital for the success of your SMSF. Consulting NGR Accounting will provide you with valuable investment advice tailored to your financial objectives and risk tolerance. We will analyse various investment options, such as shares, property, and cash, considering both short-term gains and long-term growth. We can also guide you on diversification strategies and asset allocation, helping you build a well-rounded investment portfolio within the confines of the SMSF investment rules.
Ongoing Support:
Establishing and managing an SMSF is a long-term commitment, and having ongoing support from your accountant is invaluable.
We will keep you updated on legislative changes, ATO rulings, and compliance requirements relevant to your SMSF. Regular reviews and discussions with us will help you stay on track with your retirement goals and adapt your strategies as needed. Additionally, we can provide guidance during major life events, such as transitioning to retirement or transferring wealth to beneficiaries. The ongoing support from your accountant ensures that your SMSF remains robust and aligned with your evolving needs.
Considering a self-managed super fund (SMSF) is an important decision that requires careful planning and expert advice.
By consulting with us before embarking on an SMSF journey, you can benefit from our expertise in taxation, compliance, accounting, investment, and ongoing support. We will guide you through the complexities of SMSF management, ensuring compliance with ATO regulations and optimising your retirement savings.
Remember, engaging an accountant who specializes in SMSFs will provide you with the tailored advice and services necessary to make informed decisions and achieve financial security in your retirement years.
If you have any questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at info@ngraccounting.com.au
FULL DISCLAIMER:
The information provided by our firm is of a general nature and does not consider your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
Updated 30th June 2023
JM
Starting a New Employee?
6 Compelling Reasons to Consult Your Accountant before Starting a New Employee
Hello everyone, it’s Sue. I thought it might be a great idea at this time of year, to discuss putting on a new employee, and in this blog post, I thought I would highlight 6 reasons why contacting NGR Accounting before employing a new staff member is highly recommended.
ATO Compliance:
The ATO has specific regulations and requirements that employers must adhere to when hiring new employees. We are well-versed in these obligations and can ensure that you meet all ATO compliance requirements. From obtaining Tax File Numbers (TFNs) to registering for Pay-As-You-Go (PAYG) withholding, we can guide you through the necessary steps to avoid any penalties or legal issues.
Employment Structure and Tax Implications:
Employment structures can significantly impact your tax obligations. Consulting with NGR Accounting before hiring a new employee will allow you to determine the most suitable employment arrangement for your business, such as full-time, part-time, or casual.
We will provide insights into the associated tax implications, including payroll tax, superannuation contributions, and fringe benefits tax (FBT), helping you make informed decisions that align with your financial goals.
Financial Impact Assessment:
Adding a new employee to your workforce entails financial considerations beyond the employee’s salary or wages. NGR Accounting can conduct a comprehensive financial impact assessment, considering factors such as recruitment costs, payroll taxes, superannuation contributions, and workers’ compensation.
This assessment will provide you with a clear understanding of the financial implications associated with hiring a new employee, helping you plan and budget effectively.
Award Interpretation and Payroll Setup:
Navigating the complex landscape of employment awards can be challenging for business owners. NGR Accounting can assist in interpreting relevant industry awards and determining the correct rates of pay, allowances, and entitlements for your new employee. Additionally, we can guide you in setting up your payroll system accurately, ensuring compliance with award conditions and avoiding potential underpayment issues.
Employment Contracts and Policies:
Creating appropriate employment contracts and policies is essential for establishing clear expectations and protecting your business’s interests. NGR Accounting can review and provide guidance on drafting employment contracts and developing workplace policies that align with legal requirements and industry standards. This will help you mitigate risks and maintain a harmonious work environment. We can also recommend the right specialist, if required, to make sure you and your employee are covered.
Tax Incentives and Grants:
NGR Accounting can also inform you about any available tax incentives or grants related to employing new staff members. We can help you identify and leverage government programs designed to support businesses in hiring and training employees. By taking advantage of these opportunities, you can potentially reduce your overall recruitment costs and receive financial support during the onboarding process.
Engaging the expertise of the team at NGR Accounting before employing a new team member is crucial for a smooth and compliant onboarding experience.
Our knowledge of ATO requirements, tax implications, financial assessments, and employment regulations will help you make informed decisions and avoid costly mistakes. By proactively involving us, you can focus on building a successful team and nurturing your business while ensuring adherence to ATO regulations and maintaining financial stability.
If you have any questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at info@ngraccounting.com.au
FULL DISCLAIMER:
The information provided by our firm is of a general nature and does not consider your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
Updated 21st June, 2023
JM
When should I talk to my accountant? When you’re Buying Big
Hey guys, Nathan here… I thought I would take some time to discuss Capital Expenditure.
As a business owner, I know that making decisions on capital expenses can be challenging.
It is essential to consider these expenses carefully as they can have a significant impact on your business’s financial health. This is why it’s important to speak to an accountant before making any Capex purchases.
In this blog, we’ll go over ten reasons why you should speak to an accountant before making any Capex purchases for your business.
Tax Implications
Making Capex purchases can affect your business’s tax obligations. We can advise you on the tax implications of Capex purchases, including depreciation and how to claim them on your taxes.
Cash Flow Management
We can help you manage your cash flow (check out our blog on Cash Flow Forecasting) and determine the best way to finance Capex purchases. We can advise you on different financing options and help you decide which one is the best for your business.
Financial Analysis
Before making any Capex purchases, it’s important to conduct a financial analysis to determine the impact on your business’s finances. We can provide you with that financial analysis and projections to help you make informed decisions.
Budgeting
We can help you create a Capex budget and determine the appropriate amount to allocate to these purchases.
Opportunity Cost
Capex purchases involve opportunity costs, which are the benefits you give up by choosing one option over another. We can help you evaluate the opportunity cost of Capex purchases and determine if they are worth the investment.
Return on Investment (ROI)
An accountant can help you calculate the ROI of Capex purchases, which is the measure of the return on your investment. This can help you determine if the investment is worth it.
Business Valuation
Capex purchases can affect your business’s valuation. We can advise you on how Capex purchases can impact your business’s value and help you make informed decisions.
Compliance
Capex purchases can be subject to different compliance requirements. We can advise you on compliance requirements and ensure that you are meeting all necessary regulations.
Risk Assessment
Capex purchases can involve risks, such as the risk of equipment failure or technological obsolescence. We can help you assess these risks and determine the best way to mitigate them.
Strategic Planning
Capex purchases can have a significant impact on your business’s strategic planning. We can help you align your Capex purchases with your business’s long-term goals and objectives. (If you need help working out your strategic plans, please check out our Blogs on Planning!)
Taking time to have a genuine conversation with myself and my team before making Capex purchases can help you make the informed decisions that will benefit your business in the long run.
We can provide you with valuable advice and guidance on:
- Tax implications,
- Cash flow management,
- Financial analysis,
- Budgeting,
- Opportunity cost,
- Roi,
- Business valuation,
- Compliance,
- Risk assessment, and
- Strategic planning.
I absolutely recommend that before you make any Capex purchases, please take some time to reach out and talk to myself and the team at NGR Accounting.
It could be the best investment you can make for your business’s financial health and success. Further reading, I would also check out our last blog: What is PPSR? And Why is it Good for My Business
If you would like to discuss this further, please feel free to contact NGR Accounting at 02 9011 6669 or via email at info@ngraccounting.com.au
FULL DISCLAIMER:
The information provided by our firm is of a general nature and does not take into account your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness, or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
Updated: 17th May 2023
JM
What is PPSR? And Why is it Good for My Business
So why is PPSR good for your business?
Security for your assets
Reduction of credit risk
By registering on the PPSR, your business can also reduce their credit risk. This is because creditors are more likely to extend credit to a business that has secured their assets. This increased security can also result in lower interest rates for credit, which can save businesses money in the long run.
Easy registration process
The registration process for PPSR is simple and can be completed online. This means that businesses can register their security interests without having to spend a lot of time or resources. Also, the cost of registration is low, making it an affordable option for businesses of all sizes.
Increased transparency
The PPSR also promotes transparency in business dealings. By registering on the register, businesses can view the security interests of other parties, providing greater transparency around the financial health of potential customers or partners.
Compliance with regulations
- protect their assets,
- reduce credit risk, and
- increase transparency in business dealings.
FULL DISCLAIMER:
The information provided by our firm is of a general nature and does not take into account your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
Our firm is not responsible for the content of any third-party websites that may be linked to or from our website. The inclusion of any links does not imply our endorsement of the website. It is your responsibility to evaluate the accuracy, completeness and usefulness of any information provided by these third-party websites.
By accessing or using the information provided by our firm, you acknowledge and accept the terms of this disclaimer.
Updated 9th May 2023
JM
