Cash Flow Forecasting: Benefits and Best Practices
As a small business owner, you know that keeping tabs on your financial health is key to success. While profits are important, understanding your cash flow is equally crucial. But what exactly is cash flow forecasting, and how can it benefit your business? What is Cash Flow Forecasting Before we dive into forecasting, let’s look [...]
5 Minutes With… Saqeb
In August 2023, Saqeb joined the Hoffman Kelly team as one of our fantastic accountants. We took the opportunity to sit down with Saqeb and learn about his interests outside of the office. If you could only watch one movie for the rest of your life, what would it be? The Dark Knight Rises. Who is [...]
Becoming a Budget Master
Budgeting stands as the cornerstone of financial management for businesses of all sizes. In essence, budgeting isn't just about crunching numbers; it's about understanding your business' financial pulse, setting achievable targets, and steering your enterprise towards success. Let's delve into the realm of budgeting and unpack the fundamentals that need to be considered for an [...]
Navigating Fringe Benefits Tax: What Small Business Owners Need to Know
As a small business owner, you're juggling multiple responsibilities, from managing operations to keeping an eye on finances. However, one thing you shouldn’t let fall to the wayside when it comes to your finances is Fringe Benefits Tax (FBT). With the FBT year coming to an end on March 31st, understanding and managing your FBT [...]
Stage 3 Income Tax Changes: Implications for the Medical Profession
In recent months, Australia’s government has shifted away from the long-promised Stage 3 tax reforms, originally legislated to mostly benefit high-income earners, to changes which instead benefit workers at lower income levels. These shifts have ignited discussions across various sectors. While sitting in a hospital waiting room for what seemed like an age, I contemplated [...]
Unlocking Profitability & Margins: A Fundamental Guide for Business Owners
Having a solid understanding of profitability and margins is the bread and butter of any successful business. These financial metrics serve as vital signposts, guiding business owners toward informed decisions that can bolster their bottom line and ensure long-term success. So, let's explore the fundamentals of profitability and margins, and unpack actionable strategies to boost [...]
5 Minutes With… Jayden
Jayden is a Client Manager at Hoffman Kelly, who joined the team over seven years ago when he was just an undergraduate. We sat down with Jayden to learn a little bit more about him outside of the office. If you could only watch one movie for the rest of your life, what would it be? [...]
Merry & Tax Savvy: Your Guide to Festive Deductions
As the holiday season approaches, many of us are eager to spread Christmas cheer through gifts and donations! While the joy of giving is undeniable, before you dive headfirst into the festivities, it's essential to consider the tax implications associated with your generosity. This guide will help you navigate the complexities of tax deductions, ensuring [...]
5 Minutes With… Cindy Ren
Cindy joined the Hoffman Kelly team in July 2023 as a client manager. We sat down with Cindy to learn a little bit more about her outside of the office. If you could only watch one movie for the rest of your life, what would it be? Soul Surfer. The movie is based on the [...]
Unlocking Employee Benefits: Navigating FBT Implications for Small Businesses
In the dynamic world of small businesses, offering enticing employee benefits can be game-changing for staff recruitment and retention. From additional super contributions to providing perks like motor vehicles, phones, and concert tickets, these offerings not only enhance your employees' experience but also carry significant tax implications that need careful consideration. Let's delve into the [...]
10 Strategies for Managing Risk in Construction and Manufacturing Businesses
In the world of business, risk and uncertainty are inevitable factors that every business leader must confront. For the construction and manufacturing industries in Australia, these challenges can be particularly complex due to their unique characteristics. As an accounting firm specialising in business advice for privately owned businesses in construction and manufacturing, we’ve seen it [...]
5 Minutes With… Eric
Eric’s journey started at Hoffman Kelly during his last year of undergraduate studies. He is now an accountant and has been working at the firm for five years. We sat down with Eric and asked a few questions to find out more about him outside of Hoffman Kelly. If you could only watch one movie for [...]