In an effort to increase profitability it is not always easy to just simply increase prices. The alternative is to create efficiencies, increase your service offering or in Arnotts case, reduce product sizes. The Arnott’s example highlights some important factors to consider when implementing this strategy. Give us a call if you are struggling with the profitability of your business, we are here to help!
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Business never stands still. Change is constant, so it’s important that you keep up to date with amendments and issues that affect your business. Especially factors that impact on taxation and your business profitability.
Wave Vs Xero
We often recommend both software packages in our practice in different circumstances. One is cheap (free in fact) and will get you by, while the other is a full service accounting package which will easily accomodate growing businesses. The question we often ask is, do you want to grow your business? It is a rhetorical question really. If you are trying to decide which software to use in your business, then read this article from someone who has used both to aid in your decision.
Tax on Trusts
Bill Shorten and labour specifically, lacking enough media attention, have brought up the old spectre that is tax on trusts. While the tax benefits of trusts are well known, it is often the lesser known benefits of asset protection and estate planning that are more important when setting up these structures. Practically a tax on trusts will make no difference to an individuals bottom line. What it will do is create a compliance nightmare as businesses either change the way they receive payments from trusts or restructure their businesses into tax effective structures. If you […] Keep reading >