A year in business - PowerPoint PPT Presentation

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A year in business

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When running a business, it’s important to regularly keep track of how your business is going. As a business owner, there are a variety of financial reports and statements you can use to track your business. – PowerPoint PPT presentation

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Title: A year in business


1
A year in business
2
  • Regular business and tax reporting
  • When running a business, its important to
    regularly keep track of how your business is
    going. As a business owner, there are a variety
    of financial reports and statements you can use
    to track your business. These reports can help
    you to
  • keep track of your business finances
  • make business decisions
  • set goals for your business
  • apply for finance for your business (such as
    approaching an investor or a bank for a loan).

3
  • To help you get started, learn how to create a
    budget using our free financial templates.
  • Tip Most businesses will also need to
    lodge business activity statements (BAS) every
    month or quarter for tax purposes.

4
  • Did you know?
  • If your business is a company, you will be sent
    an annual statement to complete around the
    anniversary of the date you registered your
    company.
  • End of Financial Year (EOFY) reporting
  • There are a number of reports and tasks you can
    complete at the end of your financial year (30
    June, for most businesses) for reporting and tax
    purposes. These reports and tasks are useful to
    track how your business is going year by year,
    and include

5
  • summarising your income and expenses in a profit
    and loss statement
  • conducting a stocktake
  • summarising your record of debtors and creditors
  • pulling together any records of asset purchases
    or money you spent on improvements to your
    existing assets over the year, so you can
    calculate depreciation expenses to claim
    for capital gains tax purposes
  • completing and lodging your income tax return to
    report your business income and claim deduction

6
  • Tip to avoid delays in processing your return,
    make sure you use the correct Business industry
    code see the Australian Taxation Office
    (ATO) Business industry code tool
  • pay super contributions for your employees and
    send the data electronically read SuperStream fo
    r more information about reporting and paying
    super electronically
  • lodging other yearly reports or returns, such
    as PAYG withholding, fringe benefits tax
    (FBT), Goods and Services Tax (GST), and
    the taxable payments reporting system.

7
  • Did you know?
  • If you operate a business as a sole trader, you
    need to lodge a tax return including the
    supplementary section business and professional
    items schedule for individuals regardless of
    your income.
  • Find out more
  • Find out more about essential tasks at end of
    financial year (EOFY).
  • Find out what reports and returns to lodge with
    the ATO.
  • Check out our information on income and
    deductions and business activity statements.

8
  • Growing your business
  •  
  • As a business owner, its important to plan for
    your businesss future, including ways to grow
    your business. The coronavirus (COVID-19) has
    impacted the growth opportunities for many
    businesses, so finding ways to grow your business
    will help keep it going, for example

9
  • creating or offering new products
  • using new business processes to make you more
    efficient or save costs
  • entering new markets and expanding your customer
    reach.
  • Its important to update your business plan as
    your business goals change. This will help you to
    grow in a way that is sustainable for your
    business, taking into account the resources you
    have and what opportunities are best for your
    business.

10
  • Find out more
  • Have a look at the South Australian Department of
    State Growths information on Growing your
    business.
  • Check out our Growing a business checklist, which
    takes you through the different methods and
    issues you should consider when growing your
    business.
  • Advertising your business

11
  • Advertising can help you to reach a larger
    audience and attract more customers to your
    business. There are a number of ways to advertise
    your business, including through
  • having your own business website  provides a way
    for people to reach your business and details in
    their own time and location. You may even be able
    to set it up so you can sell your goods or
    services directly from your website
  • social media  engage with your customers and
    advertise your business by sharing your messages
    with your audience online

12
  • email newsletters or blogs regularly create
    content related to your business to keep your
    audience engaged. If using an email newsletter,
    its important that you get permission before you
    send emails to people
  • newspapers and magazines have a print
    advertisement or list your services within the
    classifieds
  • television advertising on television can be
    costly, but can help you reach a large audience

13
  • radio similar to advertising on television,
    though the cost is usually less and the audience
    reach is more localised
  • mail dropping advertisements in mailboxes can
    be a simple cost effective way to reach your
    local area
  • phone books and directories have your business
    listed on various business directories so you can
    be found by potential customers when theyre
    looking for a service.

14
  • When choosing the best way to advertise your
    business, consider the audience you are trying to
    reach, as well as the costs involved. You dont
    have to spend a lot of money to advertise and
    promote your brand, so choose what is likely to
    be the most effective for your business.

15
  • Find out more
  • Check out our advertising page for more
    information on advertising your business.
  • Read more about Ways to advertise your
    business on the Business Victoria website.
  • Not sure where to start? Here are some tips and
    tools to help you develop a marketing strategy.
  • Read about some things to consider before
    you promote your business.
  • Read about marketing your business during
    COVID-19 and how to keep your customers loyal
    during the pandemic.

16
  • MARKETING
  • Saving money on energy costs 
  • Reviewing the energy usage in your business is a
    great way to help you save on costs. While it
    seems like a necessary expense, you can often
    find ways to save through
  • understanding how energy is being used in your
    business and where you can reduce your usage
  • reviewing your contract and searching or
    negotiating for better deals
  • upgrading to more energy efficient equipment
    while this may be a big cost upfront, it may save
    you money in the long run.

17
  • Being environmentally conscious in your business
    can also boost your business and brand reputation
    to the public.
  • Find out more about environmental management in
    your business.
  • If your business is struggling with energy bills
    due to COVID-19, find out what help you can get
    with your energy bills.

18
  • SAVING ON YOUR ENERGY BILL
  • Planning for exiting your business
  • Even though you may not want to think about
    selling or closing your business, its important
    to plan properly for when and if you do.
  • There can be many reasons why you decide to exit
    your business, including

19
  • your business is no longer viable to keep running
  • you are looking to retire or pursue other
    opportunities in life and no longer want to run
    your business
  • you have achieved your business goals and are
    ready to close or pass the business on
  • your business is forced to close as it has become
    insolvent.
  • Whatever your circumstances are for exiting,
    planning your exit ahead of time will help make
    what can be a difficult and emotional process
    easier.

20
  • Watch the journey of selling or closing a small
    business video series for help through the
    process of exiting your business.
  • Tip If you are selling or closing your business
    you should cancel your ABN.
  • Did you know?
  • You can call the ATO if you sell or close your
    business, to find out if you need to finalise any
    GST, employee, contractor or other obligations,
    and what records you need to keep.

21
  • Find out more
  • Read about the important things to consider
    when deciding whether to sell or close your
    business.
  • Find information on tax issues to consider
    when changing, selling or closing your
    business on the ATO website.
  • Check out these suggested steps to guide you
    through the process of closing your
    business or selling your business.

22
  • Find out more about closing your
    company and cancelling your business name with
    the Australian Securities Investments
    Commission (ASIC).
  • https//www.ikeep.com.au/
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