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How to Make a Family Business Succession Plan

April 24, 2025 Business Advisory Comments Off on How to Make a Family Business Succession Plan
Business advisor discussing how to make a family business succession plan

Wondering how to make a family business succession plan that actually works? Start by defining your goals; who will take over, when the transition will happen, and how ownership will be structured. Then, involve your family early, clearly document responsibilities and timelines, and gradually step your chosen successor into leadership.

Once that’s underway, get expert advice. A business advisor can help structure the handover legally and financially, minimising tax and ensuring a smooth transition.

At M2 Corporate, we’ve guided countless family-owned businesses through smooth and successful successions. With decades of experience and industry recognition—including being finalists in the Australian Accounting Awards and winners of multiple Accountants Daily accolades—we bring a depth of knowledge that helps avoid common pitfalls in your succession planning and secure long-term success.

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ATO Audit Guide: Causes, Triggers, Penalties, and How to Prepare

April 1, 2025 Accounting Blogs, Business Advisory Comments Off on ATO Audit Guide: Causes, Triggers, Penalties, and How to Prepare
Business advisor preparing an ATO audit guide

ATO audits can be stressful—but with the right accounting practices and business advisory support, they don’t have to derail your business. Whether you’re a sole trader, a growing SME, or managing multiple entities, understanding the ATO audit process helps you stay prepared and in control.

ATO audits are part of the Australian Taxation Office’s compliance strategy to ensure individuals and businesses are meeting their tax obligations. While they can feel intrusive, audits are often targeted based on specific triggers and conducted professionally. Knowing what’s involved means you can respond calmly, gather what’s needed, and minimise disruption to your business.

This guide explains what to expect if you’re audited, what triggers audits, potential penalties, and how both business accountants and business advisors can support you before, during, and after an audit.

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Cash Flow Planning Guide & Template

March 28, 2025 Business Advisory Comments Off on Cash Flow Planning Guide & Template
Business advisor writing a note in her notepad as part of a cash flow planning strategy

Looking to take control of your business finances? Effective cash flow planning is key to making confident decisions, preparing for growth, and avoiding unnecessary financial stress. Whether you’re a sole trader or running a growing company, having a reliable strategy in place can be the difference between smooth sailing and a financial headache.

A well-managed cash flow strategy gives you clarity on when money is coming in and going out—so you can stay ahead of expenses, invest wisely, and navigate slower months without panic. It’s not just about surviving—it’s about setting your business up to thrive.

That is why our business advisors have prepared this simple cash flow planning guide and template.

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Business Expansion Strategies for Australian Companies

February 28, 2025 Business Advisory Comments Off on Business Expansion Strategies for Australian Companies
Mace Turco explaining business expansion strategies to a business accountant in a team meeting

Are you looking to scale your business or explore new markets? Our business advisors in Perth have outlined their most recommended business expansion strategies that can help your company thrive in competitive environments.

The best business expansion strategies involve thorough market research, strategic entry planning, efficient operational scaling, leveraging diverse funding options, embracing digital transformation, navigating global markets with precise legal and regulatory adherence, and customising solutions to fit specific business needs.

As a recipient of multiple industry awards, our business advisors have offered not only strategic guidance but also practical solutions that drive real results in this blog.

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Accounting & Compliance: What is Compliance in Accounting?

December 31, 2024 Accounting Blogs, BAS Comments Off on Accounting & Compliance: What is Compliance in Accounting?
Accountant explaining what is compliance in accounting

What is compliance in accounting? It refers to the practice of ensuring a business meets all legal, regulatory, and financial reporting obligations. This includes accurate record-keeping, timely tax payments, and adherence to Australian accounting standards. Compliance accounting safeguards businesses from fines, legal issues, and reputational damage by promoting transparency and accountability.

In Australia, compliance is not just a legal requirement but also a foundation for sustainable business growth. Companies must follow guidelines set by authorities like the Australian Taxation Office (ATO) and the Australian Accounting Standards Board (AASB) to maintain integrity and avoid penalties.

To help you ensure your compliance, our business accountants in Perth have prepared this helpful, simplified guide.

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How Much Does an Accountant Cost?

December 11, 2024 Business & Finance News Comments Off on How Much Does an Accountant Cost?
Accountant discussing how much an accountant costs with small business owners

When you’re running a business, understanding costs – even, ironically, accounting costs – is crucial for planning and financial health. So, how much does an accountant cost?

Accountant fees can range from a few hundred Australian dollars per month for basic services to several thousand for comprehensive, ongoing support. The exact figure depends on your business size, complexity, and the level of professional guidance you require.

Below, our business accountants have outlined the typical cost of an accountant for a small business, medium business, or large business in an Australian context, outlining what’s usually included at each level.

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Can AI Do Bookkeeping?

November 4, 2024 Bookkeeping Comments Off on Can AI Do Bookkeeping?
Infographic showing the documents you need to take to a small business accountant including income statements, bank statements, cash flow statements, and BAS

Artificial Intelligence (AI) is transforming industries worldwide, prompting business owners to ask: Can AI do bookkeeping?

Yes, AI can perform many bookkeeping tasks by automating routine processes and enhancing efficiency. However, professional bookkeepers are crucial in ensuring these AI tools are implemented correctly and used to their full potential.

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What Is a Bookkeeper?

October 24, 2024 Bookkeeping Comments Off on What Is a Bookkeeper?
A bookkeeper organising receipts of expenses.

A bookkeeper plays a vital role in the financial health of any business. But what is a bookkeeper, and how do they contribute to your company’s success?

A bookkeeper is a financial professional responsible for recording and organising all financial transactions within a business. They ensure that every sale, purchase, receipt, and payment is accurately documented in the company’s ledgers. This meticulous record-keeping forms the foundation for all subsequent accounting tasks, such as preparing financial statements, managing cash flow, and filing taxes.

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Can a Bookkeeper Lodge BAS?

September 27, 2024 BAS, Bookkeeping Comments Off on Can a Bookkeeper Lodge BAS?
Bookkeepers discussing BAS

As a business owner, you might wonder, can a bookkeeper lodge BAS (Business Activity Statements) on your behalf?

The short answer is yes—but there are specific conditions and regulations involved. Understanding these can help you make informed decisions about managing your financial obligations.

For professional assistance, our experienced bookkeepers in Perth are here to guide you through the process.

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What Is Account Reconciliation?

September 27, 2024 Bookkeeping Comments Off on What Is Account Reconciliation?
Accountants doing account reconciliation

Account reconciliation is a crucial financial process that ensures the accuracy and integrity of your business’s financial records.

By comparing your internal financial records with external statements, account reconciliation helps identify discrepancies and maintain accurate accounting.

For businesses seeking to streamline this process, our experienced bookkeepers in Perth are here to assist.

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