When it comes to record keeping and tax returns, Business Activity Statements (BAS) are without a doubt one of the most hated things for small businesses in Australia. Although a lot of people choose to do their BAS on their own, you should consider using experienced accountants do yours for you.
Record keeping and tax obligations can be confusing to the best of us. If you don’t have a tax background, then it can be very easy to make mistakes on your BAS. An experienced accountant will know the system inside out, and should be able to fill out all of the relevant information without any problems. Our top 5 reasons why you should always use an accountant for your BAS include:
If you own or manage a small business, then you will know that time is money – really! Every hour you waste doing one thing is an hour that you could be spending doing something else, and these hours can add up when it comes to doing things like BAS. Often, you simply need to prioritise and do the things that are going to be the most beneficial for your business. Rather than spending hours completing your BAS every quarter (or even every month for some!), pay an accountant to do it.
Trained Lawyers can help you Negotiate Advantageous Terms
The reputation of a business is often defined by the sum of the transactions that take place in its name. There can be different transactions including purchase of raw materials, sale of services or finished goods, hiring of services among others and all these involve exchange of money. By seeking the guidance of experienced commercial lawyers, you can maximise your ability to negotiate and enjoy advantageous terms on transactions within the framework of Australian law. As a business owner or partner, you must be vigilant about every dollar that you spend and ensure that you get your hard-earned money’s worth. Every business transaction that you conduct must be accompanied by a legal contract. All parties involved in the transaction must agree to and sign the contract for the transaction to be legitimate.
Effective financial planning is essential for all businesses, whether they are a one-man operation or a large corporation. Larger companies have the resources to employ in-house experts, but if you are a smaller business or a start-up then this is not normally feasible. The alternative is to employ the services of an independent financial planner who can assist you as and when required for a fee and/or a commission.
The reason financial planning is so important to your business is it allows you to know what its objectives are, the direction it is heading and what goals it has. In addition, financial planning ensures that the pursuit of these objectives and goals are not compromised due to issues arising from a lack of funds, affordability of resources nor insufficient money to implement marketing and advertising.
A financial planner can assist you as a business owner to set plans for the next few month, the year ahead and further into the future. Bear in mind they will have worked with, and created financial plans for many other businesses of a similar size to yours. The benefit to you is they will have data on how successful those businesses have been and can use these previous plans to create the most effective plan for your business.
In the relatively short time that the internet as we know it has been around, the expansion of services and tools has increased exponentially. This applies as much to the field of digital marketing as it does to any sector but no matter how many new services appear there remains 5 core reasons why engaging a digital agency to undertake digital marketing has many advantages for online businesses.
The number of potential customers that can be reached using digital marketing, locally or globally, is massive. Before the internet, in order to get your message out, you either had to invest in a mass mailing campaign or undertake media advertising. The costs of these are huge, and the work required to physically create the marketing material was immense. The internet means a digital marketing campaign can reach across the globe, or merely down the street depending on who you wish to market to, and the logistics of setting either up are very straightforward.
There are countless examples of companies who have spent a lot of time, money, and effort to make their branding the best it can be, only for it to collapse in an instant due to losing the trust of consumers. Without trust, they have no customers, and without customers, there is no business.
The first area you can ensure your brand is seen as trustworthy comes not from your marketing or advertising but in your day-to-day dealings with your customers. It beggars belief that a company will spend a fortune on developing and marketing a product, but then scrimp on its customer service. Nothing kills the trust in your business and its brand quicker than not looking after customers once they have bought your product or service.
Due to the principles of freedom of a contract, parties in Australia may consent to any terms and provisions by entering into business agreements as long as the terms and provisions do not violate law. Despite this according to expert commercial lawyers Summers Legal, it is possible to discern certain patterns that drive Australians to include specific provisions in their business agreements. To start with, scope and application of an agreement is almost always negotiated and reflected in the agreement. In this part of the agreement, the parties provide that the overall purpose of their contract is to delineate their mutual professional rights, duties and responsibilities, as well as the nature of services, which are being provided under the terms of a separate written agreement, exercised by them.
Introductory part and status disclosure may also be included as inseparable parts of a business agreement under Australian law. In this constituent, the contracting parties affirm that they are authorised to provide services in question or sell goods at issue. Also, they reveal the legal nature of their joint enterprise, by stating what types of business entities they operate as. To elaborate further, the provision of services may be specifically regulated and discussed in a separate part of a business agreement. In this part, the parties to a contract may delineate how they are going to negotiate all commercial issues and place orders. It especially pertains to contracts of supply. Price and costs of service provided or products sold constitute a group of most important provisions in the area of business agreements. Usually, one party that provides services is keen on specifying its remuneration, which is either a fixed amount for the whole spectrum of services or a milestone of a project, or a percentage of the insurance premium paid by the consumer of the services that permits the provider to consent to other provisions of the contract.
Mergers or acquisitions are all too common in the competitive corporate world these days. Top-notch commercial lawyers can help you get a good price for your shares in case the company is bought over. Most shareholders tend to lose their bargaining power because they wait for too long to take action. However, reliable legal counsel can help you get a good price for your shares. Any corporate business is only as good as its members; any conflicts or internal disputes over important matters can result in far-reaching adverse consequences for the business.
If disputes are not resolved in the right way, the business may be rendered bankrupt or insolvent. Everything that the partners and employees have worked for is likely to be lost in a maze of courtroom battles and legal wrangling. Business disputes could include several different types of conflicts such as shareholder disputes, disagreements over business evaluation, mergers and acquisitions.