The contribution margin ratio helps you understand how much profit a product brings after covering the costs that vary with production. You calculate it by subtracting variable costs from the product’s sales revenue. Variable costs or COGS, are expenses that…
When starting your own business, one of the critical decisions you’ll face is choosing the right business structure. Your choice defines how your business will be operated and impacts your tax obligations and legal responsibilities. Let’s delve into the key…
Effective financial management is the lifeblood of any successful business and at its core lies the age-old practice of bookkeeping. But within this practice, there are different methodologies—like the single-entry and double-entry systems—that can mean the difference between financial clarity…
When it comes to managing finances, bookkeeping and accounting play vital roles. Although they may appear similar at first glance, there are distinct differences between these two financial functions. In this blog post, we will delve into the nuances of…
Small businesses in Australia are facing mounting debt levels, with outstanding debts to the Australian Taxation Office (ATO) skyrocketing from $26 billion to $44 billion in the span of two years. As a result, many business owners are seeking a…
Business owners often find themselves caught up in the day-to-day operations of their businesses, struggling to prioritise tasks and work on strategic growth. However, shifting focus from working in the business to working on the business is essential for achieving…
In recent times, small business owners have been faced with a significant challenge. Lack of customer confidence. Numerous small businesses establish deep connections with their recurring clients, which creates a substantial advantage over larger competitors. Talk to your customers to…
The economic challenges of the year 2023 mean this is a good idea for your business to consider costs. Tough conditions, unpredictable supply chains, and rising inflation mean it’s time for expert support for your finances. Here are 7 strategies…
According to new rules, all the directors of existing and new companies require to have DIN (Director Identification Number). You need to register by yourself with mygov ID and some information related to your id i.e. income tax assessment details,…
Stamp duty is a substantial upfront cost that adds up a substantial amount for first-time home buyers. According to the government, stamp duty alone adds up to more than two years of savings for first-time home buyers. What Is Stamp…