Australian SME Business News and Accounting Articles

Staying ahead of the competition is the number one priority of all businesses. For small ones, the same applies—but much focus must be given to every organisational facet in order to achieve a holistic growth that leads to the top of the ladder. Efficiency must the current operating goal. Follow these five tips in order to boost the overall efficiency of your small business.

People: Provide a better working means.

Small businesses today, despite their finger-countable number of employees, still need to ensure that everyone working for the organisation has access to faster, easier means of collaboration.

The zenith of the internet’s power gave way to different opportunities for small businesses, yet one issue remains certain: cyber attack.

According to global statistics, cyber attacks can cripple the financial state of any business, especially those ones that are still in the start-up phase. Hackers are creative enough in bypassing defences regularly, and their attacks are even masked up to some extent.

You cannot afford to be lagged in the business industry as letting this happen will mean losing your customer base and not growing your investment.

In these times of financial uncertainties and tough business competitions, you have to exhaust all your efforts to keeping your business afloat.

After receiving criticisms against her government, Prime Minister Julia Gillard vows to bring new flexibility into the tax system.

Just last night, Julia Gillard made more changes to business tax rules in response to calls for the reduction in company tax from 30 per cent to 25 per cent.

Although Gillard did not give specific details as to the changes, she wants delegates during next month’s two-day forum in Canberra to discuss options for a tax system that would better support businesses.

According to Gillard during the Australia Industry Group dinner in Canberra, the aims of the changes include "removing distortions, lifting barriers, delivering flexibility ... (and) encouraging enterprise."

It is clear that investing in high quality accounting software packages is an efficient way to keep a business on the right track and to keep off threats brought about by insolvency.

This came after AAP’s report that there was a 21.1 per cent increase in terms of the number of Australian firms that hit financial meltdown in June.

It is expected that the number will rise further in the coming months according to Taylor Woodings, the accounting firm that did the research.

“Most of them are where there's been a problem for a number of years. It's not indicative of the current economic climate,” said Michael Ryan, managing partner of the firm. It is seen that such problems can build up over time. 

The Productivity Commission has been tasked by the Australian Federal Government to undertake a study that aims to make businesses easier to operate.

The study will address regulatory reform opportunities and evaluate reform outcomes.

This study will replace the commission’s fifth annual review of regulatory burdens on businesses, seek public submissions, and in six months will have to report back to the government.

According to Nick Sherry, the minister assisting on deregulation, a key driver of productivity growth is the ongoing regulatory reform which is being recognised by the Gillard government.

This year is not the time for business credit to surge. This has been seen especially with the country’s biggest lender stating that the “engine drivers” of economic growth are not borrowing cash but are holding on to it.

The major banks’ prediction of a sizeable rebound in lending to small and medium sized enterprises, and the pickup of the number of loans given to companies in the 2 million or less category in September 2010 gave the industry hope of a sustained recovery especially with the increased demand from small businesses. However, these hopes have been stalled by a subdued retail sector and the natural disasters in Queensland, New South Wales, and Victoria.

Businesses compete for their market. And with the many companies that come out these days, the competition even gets tougher. Companies and businesses therefore have to strengthen their strategies and do everything in order to attract their prospective clients.

This is one of the many reasons why the leaders of the accounting profession have come to a decision to implement the International Financial Reporting Standards or IFRS by January 2012. The IFRS is part of their goal for change. However, the problem seen is how they will get to that goal.