2025 is here, and it’s the perfect time to pause, reflect, and set your sights on what you want to achieve in the year ahead. Whether your focus is on growing your business, improving financial stability, or finding that elusive work-life balance, the right goals can make all the difference.
Read MoreTopics: Business Improvement, Business Planning, Business Continuity Planning, Leadership, Accountability, Decision Making
The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.
ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as having the same value for three consecutive years. With many of these assets residential or commercial Australian property, you can forgive the ATO for being incredulous.
Read MoreTopics: Superannuation, Retirement Planning, Accountability
Busy leaders need to focus on the needs of customers, prospects, employees, regulators, suppliers and so on. However, we encourage these leaders to also take an active interest in the FINANCIAL health of their business.
Conducting a periodic self-audit or financial health check helps identify areas for improvement and ensures the business remains on track towards the financial goals.
Here are some important topics to cover in a self-audit.
Read MoreTopics: Business Evaluation, Business Improvement, Accountability
All businesses should carefully monitor their cash position.
Healthy cash reserves enable investment in growth, allow distributions to owners or - for some businesses - can be a matter of survival. In any case, cash management is critical.
One way to improve the cash position is to carefully manage Accounts Receivable (or collections). Here are some Best Practices which can positively impact the cash position.
Read MoreTopics: Business Improvement, Accountability, Optimisation
Employing remote workers presents additional challenges related to financial controls.
Managers and employees may not believe they are at risk but studies by the Association of Certified Fraud Examiners show companies with fewer than 100 employees are more likely to lose money to fraud.
Leaders need to demonstrate the importance of improving financial security and minimising risk. Here are measures they can take.
Read MoreTopics: Remote, Accountability, Employment
