Business Advisory

Accounting for Startups: Building a Solid Financial Base

Jumping into the startup world is exciting, but there’s one thing you really need to nail down from the start: Accounting. Here’s the thing: Accounting for startups isn’t just about filling out forms and ticking boxes; it’s what keeps your business on solid ground. If you overlook it or don’t get it right from the …

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ATO Audit Insights for Effective Business Management

For small business owners, the prospect of an audit by the Australian Taxation Office (ATO) can seem intimidating. Yet, it’s important to remember that these audits are a standard part of ensuring legal compliance and accuracy in your financial affairs. There’s no need for the word ‘audit’ to set off alarm bells. Managing an ATO …

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Business vs Hobby: Navigating the Fine Line with ATO’s Rules

As an accountant, one question I get all the time is, “When does a hobby become a business?” This is a critical distinction when it comes to your tax obligations. In this post, I’ll walk through the key factors that transform a hobby into a bonafide business in the eyes of the Australian Taxation Office …

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Succession Planning for Businesses: Steps to Protect Your Legacy

For most entrepreneurs, starting a business is a labour of love. You pour everything into building your company from the ground up. Long nights, early mornings, and years of hard work and sacrifice. But every founder needs an exit plan. One day, you’ll want to retire, pursue new ventures, or just take a permanent holiday.  …

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Sole Trader vs Company: Which Business Structure is Right for You?

Many small businesses begin as sole traders, which is when an individual owns and runs the business by themselves. It’s a simple, inexpensive way to get started. However: Sole traders often consider switching to a company structure as the business grows.The question: What is a company structure? And when is the right time to make …

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how to manage cashflow for small business

How To Manage Cashflow: A Guide For Small Business

Cashflow. For many small business owners, just hearing the word evokes frustration and stress. Maintaining a healthy cash flow isn’t easy in today’s world of fluctuating revenue, looming expenses, and unpredictable hiccups. As an accountant, I’ve seen firsthand how cashflow problems can bring even the most promising ventures to their knees. But with the right …

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Business Accountants Central Coast

Case study: The importance of a healthy relationship with your accountant

We all know the importance of having healthy relationships with our family, friends, and loved ones.  But with your accountant…? Let me explain. Read on about one of our clients, James (name changed for confidentiality), and how his healthy relationship with the Central Coast accountants at MYC Partners helped him realise his dreams of owning …

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