Regardless of your industry, you can benefit from knowing basic accounting terms. A majority of business owners need to have a working knowledge of accounting phrases, especially if you are in charge of your company’s books.
It is a common fallacy that you should not try to understand your accountant because the field has its unique language. You will be in a better position if you take a little time to become familiar with the accounting vocabulary.
As any business owner can tell you, there are not enough hours in a day to keep up with all of the facets of running a company. While being busy is good, being overwhelmed leads to costly mistakes and burnout.
A timely solution for the issue of being too busy is for you to think about outsourcing some of the tasks that are on your plate. While some of the aspects of your company need your direct oversight, others are fine in the hands of a qualified person.
In business, it is easy to become overly excited about profits and strong sales. While both are excellent and arguably two of the reasons you are in business, you do not want to jump too quickly and put the cart before the horse. At the same time, fear is a killer of companies. And no one wants to contemplate missed opportunities.
In response to the coronavirus (‘COVID-19’) pandemic currently impacting the economy and businesses generally, each Australian State and Territory Government has announced relief and other support packages as part of the broader economic stimulus measures. To assist tax practitioners and their clients, the NTAA has prepared the following tables which briefly summarise some of the key initiatives announced by each State and Territory Government as at the time of writing.
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On 8 April 2020, the Federal Government passed a package of Bills through both Houses of Parliament (which received Royal Assent on 9 April 2020) to give effect to (amongst other things) the JobKeeper Scheme. Subsequent to this, a Legislative Instrument was released by the Treasurer containing the detailed rules of the JobKeeper Payment.
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The plan will benefit businesses such as convenience stores in train stations, cafés in government buildings, and restaurants in tourism precincts, such as Elizabeth Quay and Yagan Square. It will also benefit eligible small businesses leasing land from the State, such as caravan park and eco-tourism operators.
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The current COVID-19 outbreak continues to increase globally. We are following advice from the World Health Organisation (WHO) and the Australian government in regard to the spread of Coronavirus (COVID-19).
We have been making preparations to avoid unnecessary harm to team members, clients and our local communities. Our foremost concern continues to be preserving the health and well-being of our people and our clients during this period.
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Over the past few weeks, the government has activated a series of measures designed to assist businesses and individuals through the Covid-19 crisis.
We have summarised all the key information that relates to Government’s Economic Response to Coronavirus and how it impacts your business.
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