Expert Advice

Last week, a business owner who has been finding it hard to grow their business, told me that digital marketing does not work for them. When I hear people make such strong claims, I feel disappointed for two reasons - one, some digital agency did not do their job properly and two, this old established business is possibly giving business...

It is my good fortune that one of my best friends also happens to be my accountant. Naturally this means that on any given day I hit my longsuffering friend up for some free advice about all things financial. There is however one noticeable caveat to this arrangement; during the months of July / Aug I can forget about speaking...

There is no 'business as usual' as far as digital disruption is concerned, but one unique way organisations can prepare for such uncertainty is to employ more older workers. While younger digital natives are often thought of as an organisation's best response to the rapid pace of change, a workforce with older experienced employees can be more prepared to face...

Starting a new business is an exciting time. A difficulty may be getting all necessary legal advice, and mechanisms in place prior to starting. Although cash flow can be tight when starting out, this is an important time to receive professional advice, as it may limit the risk of unintended issues arising later. What are the legal issues / advice...

In the past couple of months we have noted a spate of disturbing burglaries within apartment buildings across Canberra. After enquiries with the police as well as with senior members of other strata businesses it appears that the issue may be wide spread. It makes one wonder if there is some degree of underlying organisation. While Vantage Strata and our...

We procure goods and services every day. For simple day to day transactions, there is generally no formal contract in place. The provisions of the Australian Consumer Laws would generally apply to the transaction. For larger contracts, it is always prudent to have a formal contract in place which addresses issues such as, who owns any intellectual property (IP) created,...

The race to the end of the year can often mean business owners don't feel they can take the time to plan for the new financial year. Yet effective financial planning is critical to ensure your business' ongoing success. Take a few moments now to complete these key time and money saving tasks: Review your products and services. Do your...

Tailored Accounts hosted the first seminar of AccountantChange #2020 in March 2017, with great feedback from all participants. The seminar brought attention to emerging issues and opportunities in four key aspects of the accounting industry: human resources, technology, economic landscape and innovation. The theme of the program emphasised the need for change, accountants being adaptive and ready for the new...

If you are developing a new website, use these points to ensure you have a great website: Take the time to understand the business. Every business really is different. I feel it's really important for me to decode the culture and the persona of a business before working out how we are going to represent it online. What are the...

I'll change me! That's how I will change the organisation for the better. Very rarely heard are these words "I'll change me" to improve the organisation. Tip: Families are no different, mum and dad if YOU change YOU the fruit you harvest will be sweeter. Tell me, why do you invest so little into YOU when you are the only...

Sixty-five per cent of employers will give their staff a pay rise of up to 3% in their next review, but 11% will not increase salaries at all. That's according to our 2017 Hays Salary Guide, released this month, which also shows that 19% of employers intend to award a salary increase of between 3 and 6%. Just 5% of...

Many Canberran's that are either retired or getting close to retirement have a large percentage of their net worth tied up in their family home. While the family home is exempt from the capital gains tax, it is a nonincome producing asset and will require a substantial amount of money to maintain each year to protect the capital value. Since...

Enterprise architecture can often be viewed as bringing order to a highly complex ICT portfolio and is thus unnecessary for small businesses. However, small-scale enterprise architecture can assist any organisation to rationalise investment by making cost-effective, technology-based decisions that support business objectives. The role of enterprise architecture in any organisation is to highlight the strategic direction of the business and...

In her relatively short tenure as Australian Small Business and Family Enterprise Ombudsman (a descriptor for which even the acronym ASBFEO appears too long), Kate Carnell and her staff have not taken a backward step in inquiring into some controversial economic issues. In her most recent report, Ms Carnell proudly eschews those who would otherwise ignore the proverbial room-bound elephant,...

At first blush, the idea of using your company's accounts payable ledger to generate cash flow is a little "left field". Traditionally, the Accounts Payable function has always been about cost management not revenue and savings, but that has changed with the emergence of what is generically referred to as supply chain finance. Choosing the right supply chain finance will...

You have a thriving business and a diverse customer base. Your sales are on target, yet cash flow is poor. You sell on credit and you are concerned that tightening the credit you give will impact on your customer relationships. The ACT is one of the slowest paying regions in Australia, payment being an average of 19 days late1. An...