News - Westcourt

What is business accounting?

Learn 24.05.2022

What is business accounting?

As small business accountants we often come across business owners who find that accounting is a foreign language that will never makes sense. And the fundamental fault for this lies in the person presenting the information – the small business accountants. The language of small business accountants is simply a language. And the better the small business accountant the more fluent they are in that language. If your small business accountant simply does not understand the subject matter at hand – then you have no chance.

Structuring your business to combat inflation

Learn 17.05.2022

Structuring your business to combat inflation

In Australia inflation has effectively not been part of the family business and investing landscape for at least two decades. So dealing with rising prices and rising costs, and engaging cloud accounting software solutions to help that, in your commercial family business to make it prepared for inflation is important.

What is Cloud Accounting and how does it help family businesses?

Learn 05.05.2022

What is Cloud Accounting and how does it help family businesses?

Cloud accounting is definitely the buzzword for Australian small and middle sized businesses. And while cloud accounting is often talked about many Perth business owners are not completely sure about what is cloud accounting and what it means for their business.

Your definitive guide to Business Tax Planning Strategies

Learn 29.04.2022

Your definitive guide to Business Tax Planning Strategies

With 30 June just around the corner many business operators across Perth and greater Western Australia are thinking about tax planning for business and their structures.

A deep dive into the New Xero Ultimate Package

Learn 29.04.2022

A deep dive into the New Xero Ultimate Package

As Xero scales up (and down) its cloud accounting solution for business across Perth and Australia it is exciting to see that Xero has recently released their new “Ultimate Plan”

West Australian Covid Grants are still alive and well

Learn 12.04.2022

West Australian Covid Grants are still alive and well

Now that JobKeeper has ended many accountants are calling the end of State Government COVID grants. And that is not the case at all. In particular the Small Business Hardship Grant is particularly attractive for businesses.

13 Estate planning tips beyond your will

Learn 04.04.2022

13 Estate planning tips beyond your will

As accountants we understand that an estate plan goes beyond preparing a will and a testamentary trust. The practice of making sure you choose the time when you transfer your estate together with the correct recipient (tax effectively) ranges from simple to deeply complex. The following are some simple tips to making sure your estate plan goes actually works.

Small Business Enjoys Independent Tax Review

Learn 29.03.2022

Small Business Enjoys Independent Tax Review

The Tax Office have made their independent review service a permanent feature of the tax landscape. The service is open to any business with a turnover under $10m. So, if you are being audited by the Tax Office, and you receive notification of the audit results, you can request an independent person with the ATO to review the findings to ensure that the approach and outcome is fair and reasonable. Currently 1,200 businesses were offered the service and 180 have used it.

5 Key Forces to Include in Your Business Plan

Learn 28.03.2022

5 Key Forces to Include in Your Business Plan

When you sit down with your accountant to strategically review your business plan: everybody needs to call the elephant in the room – blind spots. The process of business planning, monitoring and updating strategy can potentially become a group love-fest unless you have some critical high level thinking that is attempting to stretch the boundaries. As a business: all of your threats originate from 5 key forces that impact your business. And understanding the five competitive forces that shape strategy will allow your business plan to anticipate and plan a way to combat these 5 forces.

The Tax Benefits of Electric Cars

Learn 21.03.2022

The Tax Benefits of Electric Cars

With the increasing pressure to reduce greenhouse gases many people are touting the environment benefits of electric cars. However, part of the decision to purchase an electric car is a financial decision as well – and the financial impact of purchasing an electric car will be significantly impacted by the taxes and tax incentives of electric cars.

What is a Self Managed Super Fund and How Does it Work?

Learn 14.03.2022

What is a Self Managed Super Fund and How Does it Work?

A lot of media focus is on self managed superannuation funds (SMSF’s) and their benefits. However, often the benefits and opportunities with a self managed super fund is often coloured and blurred with the investment opportunities available to a SMSF.

7 Reasons Why Every Business Needs a CFO

Learn 09.03.2022

7 Reasons Why Every Business Needs a CFO

The engagement of a Chief Financial Officer (CFO) in a business is currently a buzzword among accountants and bookkeepers across Perth. And the importance of a true CFO focusing on your business cannot be overstated to ensure your business is on track and progressing strategically. Even if your small business is not yet of a size to employ a full-time CFO (and the team they need to support them) the use of a CFO service provider can still provide the following.

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