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For small businesses, bookkeeping is an essential task—but is it better done in-house or outsourced? The answer can depend on the size of your business and the resources you have available internally.
So, let’s explore the benefits, drawbacks, and factors to consider when deciding whether outsourcing bookkeeping is right for you.
• Save Time: Free yourself to focus on growing your business rather than managing day-to-day financial records.
• Expertise on Tap: Gain access to qualified professionals who stay updated on the latest tax laws and compliance requirements. This helps you avoid possible mistakes where legislation might be a factor.
• Cost-Effective: Avoid the expense of hiring full-time staff, training costs, and ongoing software expenses by only using a bookkeeper when required.
• Scalability: Easily adjust services as your business grows or experiences fluctuations in financial workload.
• Less Direct Control: You’ll need to trust an external provider with your financial data and rely on their timelines.
• Data Security Risks: Sharing sensitive information means you must choose a reputable provider with strong security measures in place.
• Dependency on External Partners: Changes or disruptions in the outsourcing partner’s operations could impact your bookkeeping processes.
As you can see, we suggest using a capable, reputable bookkeeper who can have all the above bases covered if you’re looking to outsource. Speak with the Attune team if you’re looking to outsource and we can guide you in the right direction.
The choice to outsource bookkeeping often depends on your business’s internal capabilities:
• Small Businesses with Limited Resources:
If you’re a solo operator or have a small team, bookkeeping can take valuable time away from revenue-generating activities. Outsourcing becomes a practical solution that provides professional service without the overhead of in-house staff. Conversely, if your operation is small enough, bookkeeping might be in your own job description for a time, but keep outsourcing in mind as you grow.
• Medium-Sized Businesses:
Growing businesses with increasing transaction volumes may find that internal teams are stretched too thin. If hiring and training a dedicated bookkeeper is too costly, outsourcing can offer scalable support tailored to your needs. Deepening your team with an external party to help can help with growth too.
• Businesses with Established Internal Teams:
For companies with the budget and structure to employ in-house bookkeepers, outsourcing may not be necessary. However, it can still be useful during busy periods, such as end-of-year reporting or tax season. In these situations, discuss your outsourcing needs with the Attune team so we can help guide you on the best strategy.
Consider outsourcing bookkeeping if:
• Financial tasks are consuming too much of your time.
• You’re missing deadlines or struggling to stay compliant.
• Your business is growing, and finances are becoming more complex.
• You lack the internal expertise or resources to handle bookkeeping efficiently.
At Attune Advisory, we understand that every business is unique. Our tailored Business Process Outsourcing can help alleviate your workload while ensuring accuracy, compliance, and peace of mind.
Whether you’re growing, scaling, or simply looking for more time to focus on your business, we’re here to help. Contact our team today on 1300 866 113 and take the stress out of managing your books or send us an email to start the conversation, you won’t regret it.
As the new year approaches, business owners face an ever-changing landscape. Preparing for 2025 involves adopting forward-thinking strategies that address technological advancements, evolving consumer expectations, and economic uncertainties. Whether you run a small business or a growing enterprise, future-proofing ensures that your business thrives in the face of challenges and opportunities.
Although this sentiment is true year round (every year), we thought we’d put together a brief guide to explore some actionable strategies to position your business for success in 2025 and beyond.
Technology continues to revolutionise industries, and staying ahead means leveraging the latest innovations. Key areas to focus on for your business could include:
1. Artificial Intelligence (AI) Integration
AI-driven tools, such as chatbots and predictive analytics, can streamline operations, enhance customer experiences, and provide actionable insights. For example, automating routine tasks like data entry allows your team to focus on more strategic initiatives.
2. Cloud Computing
Cloud-based systems offer flexibility and scalability, ensuring seamless operations regardless of physical location. Transitioning to cloud platforms can reduce costs, improve security, and facilitate collaboration among remote teams.
3. Cybersecurity Measures
As businesses adopt more digital tools, protecting sensitive information is crucial. Investing in robust cybersecurity solutions helps safeguard your data against increasing threats.
Sustainability is no longer just a buzzword—it’s a business imperative. Companies prioritising eco-friendly practices are better positioned to attract eco-conscious consumers and gain a competitive edge, not only that, but you’ll likely find tax incentives for taking steps to improve your businesses environmental impact whether they be deductions or indeed R&D Grants …
1. Reduce Carbon Footprints
Simple changes, like adopting energy-efficient equipment or sourcing from sustainable suppliers, can significantly reduce environmental impact.
2. Circular Economy Participation
Explore opportunities to reuse, recycle, or refurbish materials, reducing waste while demonstrating your commitment to the environment.
3. Transparent Reporting
Consumers and investors increasingly favour companies that report on their environmental, social, and governance (ESG) practices. Highlighting your sustainability efforts can strengthen your brand reputation.
Economic shifts and potential regulatory changes make financial planning more critical than ever. Smart preparation can help you navigate uncertainty while capitalising on new opportunities.
1. Tax Readiness
Stay informed about upcoming tax reforms and incentives for businesses. Leveraging these changes can improve cash flow and optimise your tax strategy.
2. Scenario Planning
Build financial models that account for potential disruptions, such as supply chain interruptions or fluctuating interest rates. Scenario planning equips your business to respond effectively to unexpected challenges.
3. Diversify Revenue Streams
Expanding your offerings can mitigate risk and stabilise income. For example, explore complementary products or services to tap into new customer segments.
The Attune team are at the ready to help in each of these areas, with an experienced team to guide you into the future with strategic thinking, so if you’re planning for the future, speak with us to learn where we can help you get to as the new year kicks off.
Customer expectations continue to evolve, making it essential to refine your engagement strategies. Some of these may be linked to using Ai, others may be a simple shift in one or two of your daily processes …
1. Personalised Experiences
Use data to deliver tailored recommendations and services. Personalisation fosters loyalty and enhances customer satisfaction.
2. Omnichannel Communication
Ensure customers can reach your business through multiple channels, from social media and email to chat support and phone lines.
3. Loyalty Programs
Rewarding repeat customers encourages retention and creates advocates for your brand. Simple gestures, such as discounts or exclusive offers, go a long way in fostering long-term relationships.
As businesses adopt new technologies and adapt to changing markets, investing in your employees’ skills is essential. Not only will some upskilling broaden your businesses capabilities, but also keep your employees happy at work!
1. Training and Development
Offer training programs to upskill employees in areas like digital literacy, leadership, and problem-solving.
2. Flexible Work Models
The pandemic highlighted the importance of flexibility. Offering hybrid or remote work options can improve employee satisfaction and productivity.
3. Fostering a Growth Mindset
Encourage employees to embrace change and continuous learning. A culture of innovation helps your team adapt to evolving demands.
Preparing for 2025 is about more than just reacting to changes—it’s about anticipating them and positioning your business for growth. By embracing technology, sustainability, financial resilience, and customer-centric approaches, your business can not only survive but thrive in the coming year and years beyond.
At Attune Advisory, we specialise in helping Australian businesses build long-term success through tailored advice that can really make a difference. Contact our team today on 1300 866 113 to discuss strategies for future-proofing your business or send us an email to start the conversation, you won’t regret it.
Missing a BAS (Business Activity Statement) deadline can feel overwhelming, but it’s not the end of the world. For Australian business owners, staying on top of BAS is crucial to maintaining compliance and avoiding unnecessary penalties. The good news? With the right guidance and steps, you can minimise the stress and even avoid repeat mistakes in the future.
In this guide, we’ll walk you through what happens if you miss a BAS deadline, what actions to take, and how to stay ahead in the future.
The BAS is a critical part of business operations, requiring you to report and pay your Goods and Services Tax (GST), Pay As You Go (PAYG) withholding, and other taxes. Late lodgement or failure to lodge can result in penalties and interest charges from the ATO (Australian Taxation Office). Beyond financial consequences, repeated late lodgements may flag your business for further scrutiny.
Staying on top of BAS deadlines ensures smooth cash flow, compliance with tax laws, and avoids disruptions in operations.
Missing a BAS deadline triggers the ATO's automated penalty system. Key consequences include:
• Failure to Lodge (FTL) Penalty: This fine is calculated based on penalty units. The longer you delay, the more it costs.
• General Interest Charge (GIC): The ATO applies interest to any outstanding amounts, compounding daily.
• Possible Audit Risks: Chronic late payments may increase the likelihood of an audit, creating additional stress for your business.
Understanding these implications is the first step to tackling a missed deadline.
If you’ve fallen behind, don’t panic. Here’s what to do:
1. Contact the ATO: Inform them of the delay and seek an extension where possible. Proactive communication can sometimes result in leniency.
2. Lodge ASAP: Even if you can’t pay the full amount immediately, lodge your BAS to minimise penalties and discuss an extension with either your Attune Advisory accounting partner or by contacting the ATO directly.
3. Apply for Penalty Remission: If you have a genuine reason for missing the deadline, you can request the ATO to reduce or waive penalties.
4. Set Up a Payment Plan: The ATO allows you to set up payment plans to settle your debt gradually.
Avoiding late lodgements in the future is all about systems and support:
• Automate Reminders: Use accounting software or set calendar alerts to remind you of BAS due dates. With Attune on your side, you’ll be part of our reminders where we may request information pertaining to your BAS in the lead up to lodgement time.
• Delegate the Task: Outsourcing BAS preparation and lodgement to the Attune team, frees you to focus on your core business – you won’t miss a BAS with help from our team.
• Regular Record-Keeping: Keep financial records up to date to avoid last-minute stress.
Late BAS lodgements can be a headache, but they don’t have to derail your business. At Attune Advisory, we specialise in helping business owners like you navigate the complexities of tax compliance. Whether you’ve missed a deadline or want to ensure it doesn’t happen again (or even once!), our team can assist with everything from lodgements to penalty remission requests.
Don’t let missed deadlines hold you back - reach out to Attune Advisory today for expert support in managing your BAS and staying compliant on 1300 866 113.
Investment properties are a strategic way to build wealth, but as an owner you have an opportunity to maximise the benefit by understanding the valuable tax-saving opportunities available. By understanding and applying (the correct) available deductions and strategies, you can significantly improve your financial returns.
Whether you’re just starting or already managing a portfolio, exploring these benefits can ensure your investment performs at its best.
With that in mind, we thought we’d create an overview to get you started before you speak with the Attune team about your investment property goals and subsequent tax opportunities…
As a property investor, you’re entitled to claim several common expenses to reduce your taxable income:
• Mortgage Interest: The interest portion of your loan repayments is deductible, providing substantial savings, especially early in the loan term.
• Council Rates and Insurance: Essential ownership costs like council fees and landlord insurance can also be claimed as deductions.
• Property Management Fees: If you use a property manager, fees for tenant placement, rent collection, and inspections are deductible, making outsourcing more affordable.
Understanding and claiming these deductions consistently ensures you’re not leaving money on the table and strengthens your financial position. Setting your structure up correctly from the start will go a long way in ensuring you’re eligible for deductions that fit within your strategy.
Beyond the obvious, there are lesser-known deductions that could add up:
• Depreciation on Fixtures and Fittings: Assets like appliances, blinds, and carpets lose value over time. A depreciation schedule, prepared by a quantity surveyor, allows you to claim this annual loss in value.
• Prepaid Expenses: If you’ve prepaid for repairs, services, or insurance, you may be able to claim the full amount within the current financial year, depending on timing.
• Advertising Costs: Any expenses associated with finding tenants, including online listings, signage, or agent fees, are deductible.
If you’re after advice on how these deductions might apply to your investment(s), chat to the Attune Advisory team and we can assist with implementing them.
The distinction between repairs and improvements has a major impact on your deductions:
• Repairs: Work that restores the property to its original state, such as fixing plumbing, repainting, or repairing an appliance, can be claimed immediately in the financial year the expense occurs.
• Improvements: Changes that enhance the property’s value, such as building a new deck or upgrading a kitchen, are capital expenses. These can only be claimed over time as part of the property’s depreciation.
Understanding this difference ensures accurate reporting and compliance while maximising your returns and once again, the Attune team can help you put together both current deductions and a depreciation schedule that assists with forecasting the benefits you’re receiving from your investment.
When selling your property, planning for CGT is essential to protect your profits:
• Holding Period: By holding the property for at least 12 months, you qualify for a 50% discount on the taxable gain, significantly reducing the tax burden.
• Improvement Records: Keep detailed records of renovations and improvements, as these costs can increase the property’s cost base and reduce your taxable capital gain.
Proactive CGT strategies allow you to retain more of your hard-earned profit.
Navigating the tax complexities of investment properties can be challenging, but expert advice makes all the difference. At Attune Advisory, we specialise in helping property owners unlock the full potential of their investments. From identifying deductions to long-term CGT planning, our tailored strategies ensure your portfolio works harder for you.
Ready to maximise your property’s performance? Contact Attune Advisory today on 1300 866 113 and take the next step toward achieving your financial goals.
