Understanding What Does Net 30 Payment Terms Mean Key Highlights Net 30 payment terms provide businesses with a 30-day period to pay their invoices It is a form of trade credit that allows businesses to extend financing to their customers Offering net 30 terms can attract more customers and improve customer relationships Net 30 […]
Small Business Benchmarks Demystified Key Highlights The ATO uses benchmark ratios and data to monitor small business performance. Falling outside the benchmarks can lead to audits or questioning by the ATO. ATO benchmarks are important for tax compliance and can help businesses review their operations. They prevent tax evasion by identifying businesses that may […]
Master The Logbook Method for Claiming Car Expenses Key Highlights The logbook method allows you to track and claim car expenses on your tax return for work-related purposes, increasing your tax refund. Using a logbook to claim car expenses is more beneficial than the cents per kilometre method, as it allows you to include […]
Individual Contractor vs Employee: Key Differences Unveiled Key Highlights Understanding the key differences between employees and contractors is crucial when considering job Employees work someone else's business and receive benefits such as salary, superannuation, and paid leave Contractors are self-employed and have more flexibility in their working hours and location Legal distinctions include rights […]
Essential Tips for Superannuation for Sole Traders Key Highlights Superannuation is a voluntary but highly advisable program for sole traders to save for retirement and ensure future financial security. Sole traders have the flexibility to make personal contributions to their superannuation account and claim a tax deduction. Understanding superannuation guarantee and other regulations is […]
Simple Guide: How to Prepare a Cash Flow Analysis Key Highlights Cash flow analysis is crucial for business success as it provides insights into the movement of cash within a company. Understanding cash flow can help business owners make better decisions about spending and cutting costs. Cash flow analysis involves tracking cash flow from […]
Step-by-Step: How to Create a Financial Forecast Key Highlights Financial forecasting is essential for businesses to succeed, as it helps in planning future revenue, managing cash flow, and making informed financial decisions. The key steps financial forecasting include gathering past financial statements, deciding the forecasting method (historical or research-based), and creating pro forma statements. […]
How to Read and Analyse Financial Statements Key Highlights Financial statements, such as the income statement, balance sheet, and cash flow statement are essential tools for understanding a company's financial performance. Net income, gross profit, and cash flow are key indicators of a company's financial health and overall performance. Understanding and analysing financial statements […]
Understanding Financial Statements 101 Key Highlights Financial statements are essential for understanding the financial health of a business and making decisions. There are three main types of financial statements: the balance sheet, statement, and cash statement. By these statements, business owners can gain insights into their company's financial position, performance, and profitability. Understanding financial […]
