Category: tax accounting
Outsourcing Compliance Services
‘Do what you do best and outsource the rest,’ says legendary management consultant Peter Drucker (1989). From Drucker’s perspective, a company should outsource functions ...
Accounting Practices KPI’s
An accounting practice’s key performance indicators (KPIs) are the set of quantifiable measures that are used to gauge or compare performance in terms of ...
Managing the Practices Debtors
The objective of debtor management is to minimise the time between issuing an invoice to a client and collecting payment in full. A practice’s ...
Working Capital Management
Working capital management involves ensuring a practice has positive working capital so it is able to continue its operations and have sufficient funds to ...
Practice Sin 7 – Poor Time Management
Principals often spend too much time on activities that have no value. The Pareto analysis can be applied to time management. This is the ...
Practice Sin 4 – Failing to Change
As the business environment changes, practice owners must change. The ‘old’ ways of doing things must be changed when technology makes the new ways ...
Practice Sin 3 – Operating the Practice Like a Hobby or Vocation, not a Business
Operating an accounting practice can be very personally rewarding and satisfying as principals have the freedom of being their own boss plus the satisfaction ...
Practice Sin 2 – Underinvesting in Personal Professional Development & Training
Too many practice principals do not take the advice of Stephen Covey (Seven Habits of Highly Successful People) and spend the time to ‘sharpen ...
Abolition of Tax Deductions in the 2017 Federal Budget?
The Federal Government is once again looking at the abolition of work related tax deductions. Why? Because there $16 billion annual cost would go ...
Sturgeon’s Law – 90% of Accountants
Sturgeon's revelation - commonly referred to as Sturgeon's Law, is an adage commonly cited as ‘ninety percent of everything is crap’. It is derived ...