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Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes called an Income statement and its main purpose is to list income and expenditure. Whereas a balance sheet is a snapshot in…

Keeping your operational expenses under control, while also remaining efficient and meeting customer demand can be a challenge – one that can catch out many new business owners. This is why running your enterprise using a lean business model is…

Unless you’ve been living under a rock, you’ll have heard about the ascendant rise of Open AI’s ChatGPT and GPT-4 (plus other similar tools). These natural language processing tools have brought AI content writing to the masses – but does…

Announced as part of the 2023–24 Federal budget, increased funding has been provided to the ATO to scrutinise taxpayers who have high-value outstanding debts of over $100,000 and aged debts older than two years where those taxpayers are: public and…

Whether you’re applying for government subsidies, taking out a business loan, or seeking investor support, you need to be able to demonstrate your ongoing viability as a business. To prove this viability, it’s important to have the right financial information…

As a business owner, you know you need to produce accounts – that’s a given. But do you know the difference between statutory accounts and management accounts? Your statutory and management accounts have two very separate purposes, and producing both…