The recent banking royal commission has highlighted some appalling behaviour on the part of the big banks.
Unfortunately, the recommendations don’t tackle some of the key structural issues that lead to their poor behaviour in the first place. For instance, a lack of separation between their banking and ‘financial product sales’ businesses, which turned ordinary banking customer service clerks into salespeople. Many bank boards also don’t have a mandatory employee representative who can raise issues of malpractice and do something about it from the top down. As a result, the banks have always chased profit at the expense of many individual costumers and as the heat dies down from the royal commission, that same tendency will re-emerge. We’ve had a serious enquiry into banking every 10 to 15 years within the sector since the deregulation of the 1980s because we never fully resolve these issues.
1. They don’t get you the highest possible tax return.
This is a big one for individuals and businesses. Everyone wants to pay the lowest amount of tax possible while sticking within the law. But when you sit with your accountant and they ask you the same stock standard tax questions and habitually punch your details into a computer before churning out your predicted tax bill and quoting you on their fee…. you’re often left doubting that they found every saving possible for you. They’re just doing the bare minimum. Make sure you partner with an accountant who probes you for information, asks follow up questions and gets the information out of you they need to optimise every element of your tax return in your favour. Our staff have deep, up-to-date tax knowledge and they work harder so you enjoy the best possible tax result each year.
With Christmas around the corner, now’s a good time to put some plans in place so you can have a more profitable, less stressful 2019.
Be sure to set goals and plans that are both financial (your budget, loan balances, number of new clients you’d like to attract and personal (holidays, education, credit card balance). The old adage with goals is that they should be SMART – specific, measurable, achievable, realistic and time based. Also, make sure someone knows about your goals and can hold you accountable to achieving them. There’s nothing like a bit of constructive pressure to kick your performance up a gear. With my clients, we break down their next 12 months into 3-month segments and track how they’re doing along the way, making adjustments as we need to.
Once you’re clear on how to set goals, these are some of the areas you might like to focus on in your business over the next 12 months to help take it to new heights.
What are some goals you could develop within each?
With marketing, there can be a tendency to do what’s always worked for your business. With some rapid changes occurring amongst audiences though, it’s important to be aware of the trends so you can keep your marketing up to date. You can even try some bold new strategies to deliver stand out results that exceed what you’ve achieved before.
Here are 5 areas to understand and use as a platform for your campaigns in 2019.
Whatever kind of organisation you run, a broadcaster, a government, a pizza shop, one of the most important decisions you’ll make is your choice of staff.
But how do you find good ones?
First and foremost, take chance out of it. Don’t simply post a job ad, or ask a friend for a recommendation and hope it works out.
What to expect of your Accountant
We all know, from working with tradespeople to real estate agents, there are big differences in performance between the best and worst in any profession.
So, what should you expect from a good accountant?
Here are 5 qualities to look out for. In fact, you should demand them.
IS YOUR COMPANY COMPLIANT?
What we don’t often do at the end of a calendar year is legal compliance housekeeping, but perhaps we should. Legislation and regulations change throughout the year and these have an impact on your business. Perhaps your company took on more employees and has a higher turnover? These are excellent indicators of growth and success but also have the potential to attract new legal obligations.
Here is a list of 5 commonly overlooked legal issues you should review to ensure that your company is compliant this year…
Know the rules !
1. Corporate Governance
Corporate Governance Rules apply to every company regardless of their size, and the Australian Securities Investment Commission (ASIC) will issue fines for failure to keep your company records up to date.
Make sure all relevant documents have been lodged with ASIC, and the company register is complete. Consider whether your shareholder’s agreement and constitution still reflect the nature and structure of your company.
The end of the year is also a good time to follow up with your directors to make sure they have disclosed any new conflicts of interest and share trading activities in the course of the year.
2. Privacy Principles
If your company experienced growth and now has an annual turnover of more than $3 million it will now trigger the Privacy Act. There are also legislative triggers for smaller businesses who deal with personal information or sensitive health and financial information.
Review your company’s position and if in doubt seek some advice.
3. Finance Arrangements
There is no one size fits all finance solution and Companies often find that they ‘outgrow’ their finance arrangements, particularly during growth stages. When this happens facilities will need to be amended, updated and renegotiated.
It is also important to make sure you are complying with all of your obligations under your finance facilities, particularly in relation to any security you may have offered to secure loans.
We’re now one month into the new year, how are things going so far? Have you got all your plans in place? If not, we can help with budgeting, cashflow forecasting and general advice to help you ensure you reach your goals this year. Come in and see us or we can come to you.
This month in Sciacca’s News we’re bringing you:
- 5 things you need to do to ensure your business is compliant
- Top Marketing Tips for 2016
- Reviewing your salary packaging arrangements
If you have any queries at all, please get in touch.