While technology can streamline business processes, it can also create major problems. Technology and working-life website, Lifehacker, has come up with what it says are 10 of the most common mistakes, in no particular order, that small businesses make in IT. Thankfully, it also suggests how to avoid them!
Credit reporting and receivables management company, Dun & Bradstreet (D&B), has found that new or inexperienced entrepreneurs often send business plans to potential investors before their plan is fully completed or vetted.
Here are some common mistakes that D&B says too many business owners make when developing a business plan; and they are turning potential investors away.
The Tax Office’s small business benchmarks provide a snapshot of what it sees is happening in an average business operating in a particular industry by using financial ratios.
Employers in the building and construction industry need to be aware of a significant change in reporting requirements for your ‘taxable payments annual report’.
There are a variety of decisions that are required to be made at year end to manage your tax bill. Your choices will be based on your businesses activities, both past and future, and also when you are looking to exit.
A survey of directors, auditors and other financial professionals has revealed that, on average, directors believe their knowledge of the more technical accounting issues was just “fair”.
The Tax Office says that it has encountered several myths and assumptions adopted by both workers and employers when it comes to trying to decide the tax status of a job appointment. It found that employers continually rely upon some inaccurate factors when making distinctions about what makes a worker an employee or contractor — and therefore the tax treatment that applies in these cases.
At the end of 2014 the government announced its Single Touch Payroll (STP) initiative with a promise that it will cut red tape for employers by simplifying tax and superannuation reporting obligations. The application is still about a year away, but STP builds on the ongoing initiatives to build and improve the current Standard Business Reporting products, and utilises the innovation of software developers to provide accounting software solutions that meet the needs of employers.