Small business accounting tips from the experts

Read what our experts have to say about best practices for accounting, bookkeeping and more.

Five lessons my dad taught me from running a small business

By Tim Reed - CEO of MYOB

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I am the product of a small business family. My dad started his first business the year I was born and by the time I left high school, he was running his third business. Right now, he's on his fourth.

Being part of a small business family wasn't always easy. There were good times, but there were also tough times. The hours were long and everyone had to contribute. Growing up, I started to notice the difference between our family and my friends' families, where their parents had a regular, corporate job.

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Common small business mistakes you should avoid

By Jan Barned - Principal of Financial Management Trainer

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It is so exciting running your own business.

When you first start up, you have dreams of making the big time. But as time goes on, you may discover that although you have the passion, the energy runs out quickly when each day provides the next challenge.

Don't let these common mistakes keep you down. Avoid them, and get your business back on track.

Here are the 5 most common small business mistakes I have come across:

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Five ideas that made a big difference to my business

By Pete Wargent - Co-founder of AllenWargent Property Buyers

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"Ideas are the beginnings of all fortunes," affirmed success guru Napoleon Hill, and how true this statement has proven to be.

Every successful small business must have a coherent menu of underlying "big ideas", which drive the venture forward. With that in mind, below are five big ideas which made a difference to my business.

They might work for your small business too.

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What should I do with my profits?

By Liam Shorte - Principal of Verante Fiancial Planning

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So your business has being doing well and you have a decent, consistent profit at last.

Then you look at the options of taking more salary or a dividend, and you see the tax man wants his share. Even if you leave the profits in the business, the ATO will still want a share of the pie.

I see so many clients who react to this situation by wasting funds - either by taking too much out of the business and being taxed heavily, or reinvesting it within the business in areas that add no value.

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Other resources

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Starting a business checklist - Business Australia

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From the ATO: How to choose an accounting method

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6 Ways to stop losing clients

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How to be a student of business

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Four reasons you will love superstream

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10 ways to increase your profit margins

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It doesn't need to be spring for a business clean

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