Procurement of goods & services
Expert Advice
We procure goods and services every day. For simple day to day transactions, there is generally no formal contract in place. The provisions of the Australian Consumer Laws would generally apply to the transaction. For larger contracts, it is always prudent to have a formal contract in place which addresses issues such as, who owns any intellectual property (IP) created,...
Tips for the new financial year
Accounting
The race to the end of the year can often mean business owners don't feel they can take the time to plan for the new financial year. Yet effective financial planning is critical to ensure your business' ongoing success. Take a few moments now to complete these key time and money saving tasks: Review your products and services. Do your...
AccountantChange #2020 and the future landscape of the accounting industry
Bookkeeping
Tailored Accounts hosted the first seminar of AccountantChange #2020 in March 2017, with great feedback from all participants. The seminar brought attention to emerging issues and opportunities in four key aspects of the accounting industry: human resources, technology, economic landscape and innovation. The theme of the program emphasised the need for change, accountants being adaptive and ready for the new...
Nine rules I follow when creating successful websites
Expert Advice
If you are developing a new website, use these points to ensure you have a great website: Take the time to understand the business. Every business really is different. I feel it's really important for me to decode the culture and the persona of a business before working out how we are going to represent it online. What are the...
How will I change the organisation?
Expert Advice
I'll change me! That's how I will change the organisation for the better. Very rarely heard are these words "I'll change me" to improve the organisation. Tip: Families are no different, mum and dad if YOU change YOU the fruit you harvest will be sweeter. Tell me, why do you invest so little into YOU when you are the only...
‘Sedate’ pay rises of sub-three per cent ahead for most
Recruitment
Sixty-five per cent of employers will give their staff a pay rise of up to 3% in their next review, but 11% will not increase salaries at all. That's according to our 2017 Hays Salary Guide, released this month, which also shows that 19% of employers intend to award a salary increase of between 3 and 6%. Just 5% of...
Perfect time to downsize
Property
Many Canberran's that are either retired or getting close to retirement have a large percentage of their net worth tied up in their family home. While the family home is exempt from the capital gains tax, it is a nonincome producing asset and will require a substantial amount of money to maintain each year to protect the capital value. Since...
Enterprise Architecture: The foundation of good security
Cyber Security
Enterprise architecture can often be viewed as bringing order to a highly complex ICT portfolio and is thus unnecessary for small businesses. However, small-scale enterprise architecture can assist any organisation to rationalise investment by making cost-effective, technology-based decisions that support business objectives. The role of enterprise architecture in any organisation is to highlight the strategic direction of the business and...
Ombudsman’s observations on those overdue
Expert Advice
In her relatively short tenure as Australian Small Business and Family Enterprise Ombudsman (a descriptor for which even the acronym ASBFEO appears too long), Kate Carnell and her staff have not taken a backward step in inquiring into some controversial economic issues. In her most recent report, Ms Carnell proudly eschews those who would otherwise ignore the proverbial room-bound elephant,...
Need working capital? Your Accounts Payable ledger may hold the answer!
Cash Flow Solutions
At first blush, the idea of using your company's accounts payable ledger to generate cash flow is a little "left field". Traditionally, the Accounts Payable function has always been about cost management not revenue and savings, but that has changed with the emergence of what is generically referred to as supply chain finance. Choosing the right supply chain finance will...
Debtor management
Business Law
You have a thriving business and a diverse customer base. Your sales are on target, yet cash flow is poor. You sell on credit and you are concerned that tightening the credit you give will impact on your customer relationships. The ACT is one of the slowest paying regions in Australia, payment being an average of 19 days late1. An...
Parlous attention to payroll procures penalty
Expert Advice
Airport lounges, once a haven of the elite and well-heeled travellers, are now most often the province of business types. So, whilst awaiting the departure of a flight recently and patronising such an establishment, I happened across a copy of that revered publication, The Australian Financial Review, open at an article headed "Accountancy firms liable for underpayments". As an accountant...
Unauthorised use of your brand – what are your options?
Expert Advice
Businesses often see their branding misappropriated. However, the range of intellectual property and allied rights which can attach to branding means care must be taken in developing a suitable strategy before taking action. Branding registered as a trade mark If the branding in question has been registered as a trade mark, then the simplest course is to consider trade mark...
Fringe Benefits Tax spotlight – customer loyalty programs
Accounting
Do you provide employees with a business credit card associated with a customer loyalty program? Are employees able to convert loyalty points accumulated in connection with the business credit card to rewards (e.g. goods, personal flights, holiday accommodation etc.)? Do you as an employer use the points accumulated under your business credit card to reward employees (or potential employees) with...
What is Native Advertising?
Expert Advice
Native Advertising is the future of advertising, magazines, newspapers, blogs and websites. It is basically paid editorial or advertorial. Or you could call it 'content marketing'. The way the old media (including online) worked was that the content was written by journalists and was 'objective', 'unbiased' and 'news'. There was a solid brick wall between 'journalists' and 'advertising'. The thought...
It’s still ‘horses for courses’ online
Expert Advice
Marketing in today's world is confusing. There are traditional offline marketing mediums like print, TV, radio, outdoor advertisements and there are online options such as search engines, blogs and social media. Ideally, your marketing mix should have both offline and online mediums. In this article, let's focus on the online bit and break it down into smaller chunks. Before we...
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