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James Solomons

Accounting, Business & Technology; Advocate, Entrepreneur & Educator

Federal Budget 2016 – Reflection

The Federal Budget has been and gone for 2016 and as we knew, it was going to be an “election” budget. Purposeful is the term I used to describe it and in my opinion its a shame that a budget will pass by for another year without there being any major benefit for anyone. So much could have been done to assist small business but alas, an extension of accelerated depreciation was all that medium businesses got. Nothing further for small businesses.

So it goes without saying that the highlight for me was being part of an expert panel on the morning after the budget to discuss what ‘could have been’. The panel included

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6 practical steps to introduce advisory services in your firm

The next phase of the accounting industry — where accountants become true advisers to their clients and not just data hoarders — is very much underway.

But it’s often difficult to know exactly where to start, and what changes to make to help that transition. Having made that change myself in recent years, with a practice of 150+ business clients and growing, here are some practical tips for any firms looking to fundamentally change the way they approach advice.

Let the technology do the heavy lifting
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Tips on getting paid faster….

Earlier this month some of my expert tips on getting paid faster were featured in an article written by Cathy Anderson from Huffington Post. Cathy liked them so much she immediately implemented them in her own small business….

Here is the article !

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Using the new financial year to help your business get ahead

The new financial year is the perfect time to reset, re-evaluate and prepare for the year ahead. As a business, you would have recently closed off your books for the last financial year so most of what you need to know about your business is readily available to you. You’re in a great position to know what’s doing well and what needs to change, and sorting out your finances early will take the stress out of tax time next year.

Below are some tips to help you start the new financial year right.

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Five resolutions to kick off the new financial year

Cloud software can help you track which customer segments are spending most, influencing where your marketing focus should be as you expand in the new financial year.

The flurry of activity that is EOFY should have died down by now, making it the ideal time for small-business owners to take a retrospective look at how their business performed over the past 12 months and how they can take their business to the next level in 2016-17. Just as we set resolutions when the clock strikes midnight on 31 December, it’s a good idea to look at our goals for the new financial year to help grow profits and strengthen the business.

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Maximising the value of doing a stocktake to reduce your tax

Keeping track of trading stock is a vital part of running any small business day to day, but it becomes particularly important during tax time. Most people aren’t aware that damaged or outdated stock at the back of your storeroom might actually be worth something. And that by doing a stocktake, you can deduct the fall in value of your trading stock against your business income at tax time. Here’s a few tips on how to do this easily and efficiently.

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EOFY: Understanding your accounting needs and planning for the year ahead

The end of the financial year can often be a busy time for small business owners. All your business accounting needs to be finalised, tax returns need to be completed and submitted, and planning for the year ahead needs to be done. It’s not all bad news however, as tax time is the perfect opportunity to reassess where your business is at and where you want it to be.

Here are a few tips to help you get through the period as easily as possible, and hopefully save your business some money and plan for an even better year ahead.

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EOFY Making the most of the government’s small business tax custs

The 2016 federal budget gave small businesses a reason to be excited about the end of the financial year – a company tax cut to 27.5% with the threshold lifted to include businesses with less than $10 million turnover (up from $2 million). For profitable small businesses, that’s potentially thousands of extra dollars each year to reinvest back in the business.

The budget measures, which come into effect on 1 July this year, mean business owners need to start planning what needs to change about their tax strategies. Here are a few tips on how to optimise your small business tax planning by timing your income and expenses, and ensuring you make the most of the new tax measures.

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EOFY Tips for Small Businesses

Sharing some more tips for small businesses for the readers of bit.com.au

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Time to get tax wise

Great to be able to share some end of year tax tips for readers of the Herald Sun & Daily Telegraph

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