Issue 102 - December 2015
Recently an industry recognised provider, Bstar, prepared a report on small businesses in Australia. We at Brentnalls SA thought we would share the key points with you.
Bstar's report found that small business owners are optimistic and the overwhelming majority (92%) enjoy being in their own business, even in the current economic climate. Across all industries, business owners believe there are opportunities to grow their business, with 79% being focussed on growth in the 2015/16 financial year. Research showed however that, with most business owners admitting they spend little to no time assessing their own performance or planning strategies for improvement, the majority also cannot be certain their optimism in this regard is justified.
The challenge it seems is not in starting a business but staying in business and most particularly in expanding and achieving growth. Many business owners don't know how to achieve this.
The report found that small and micro businesses fail for three main reasons:
- lack of strategic business planning - only 1 in 4 business owners had prepared a formal business plan.
- limited business and financial management skills - 71% of businesses surveyed don't invest in developing their own business and management skills.
- a lack of quality external professional advice.
Without strategic business planning, business success and growth is largely accidental and many businesses with great potential will fail. Research points to the need for business owners to spend more time working on their business, not merely working in the business with only 1 in 4 currently allocating regular time to strategic business planning.
Bstar asked business owners what their most significant business concerns were and collated the results in the table on the right. This is a long and valid list and businesses will experience many of these issues through the lifecycle of their business.
Do you have a business concern or want to grow your business? Not sure where to start? Take the first step and give Brentnalls SA a call.
This month we have been celebrating 15 years of Brentnalls SA. The firm which started with 19 staff in November 2000 has now grown to 56. We thank you, our valued clients and business associates, for your support-we couldn't have done it without you.
What is the R&D Incentive and what does it do for businesses?
The Research & Development (R&D) Taxation Incentive is designed to increase businesses' investment in innovation and encourage Australian industry to undertake research and development activities. It does this by reducing company tax substantially and, in certain circumstances, providing a sizable tax refund. At Brentnalls SA, we consider the R&D Tax Incentive to be a specialised but valuable and generous incentive for our clients to consider. We can help you identify and access the R&D Tax Incentive (as well as other incentives), provide support and assist with implementation.
How is it calculated?
If your company has incurred R&D expenditure of at least $20,000 in the financial year, you may be eligible. Businesses with an aggregated turnover of less than $20 million could be eligible for a 43.5% refundable tax offset, which is broadly equivalent to a 145% tax deduction. If your company's turnover is more than $20 million, the tax offset is reduced to 38.5% and is non-refundable, which is broadly equivalent to a 128% tax deduction.
R&D is principally about generating new knowledge through experimentation and using this knowledge to develop new or improved products, systems or processes.
When considering eligibility for R&D the following criteria needs to be considered:
- Does the project involve developing a new product, an improved product, a new process or improved process?
- Have you planned the project and worked out the time frame for completion?
- Do you have the rights to use the technology?
- Are you aiming to exceed statutory standards/spec requirements?
- Is your project on engineering or science principles or 'know how'?
- Have you experienced any technical challenges during the past 12 months?
- Are your activities generating new knowledge?
If the answer is yes to these questions it may be worth discussing your eligibility further.
As technology advances, we are able to change the way we complete everyday tasks and at Brentnalls SA we are always looking at ways to improve our of use technology to assist our clients.
We have introduced a new portal to facilitate the secure uploading of documents so that you are able to electronically sign and return documents without the need to print and mail back.
A digital (or electronic) signature is an alternative means of formally and legally signing a document. The Electronic Transaction Act of 1999 covers the acceptance of digital signatures by our legal systems. The ATO have advised that this is compliant with their processes for signing of ATO documents.
We are currently using the portal with clients for whom we complete Business Activity Statements. This allows us to email a link to the secure portal for clients to electronically sign the document. This is completed through a task system within the portal. Once the task of signing the document has been completed, we are notified and lodgement of the document then occurs.
In the future we will increase the use of the portal to allow all Financial Statements, Income Tax Returns and ASIC documents to be signed electronically.
The portal is provided to us through our software supplier MYOB; but you don't need to be an MYOB client to use it.
You are able to sign in using an MYOB Account (with any email address) or you are able to use a Google account.
The portal uses strict security measures including TLS 1.2 encryption, oAuth authentication and security tokens. All data is stored in the cloud on MYOB Servers which are located in Australia. Even with the strictest security we understand that some clients may not wish for their information to be online and so we will continue to offer the current methodology ofdocument signing if that is your preferred option.
Please contact our office if you have any questions.
Vend is a Point of Sale (POS), E-Commerce and Inventory Management system for iPad, Mac and PC.
Vend can have the greatest benefit in a retail environment including retail shops, beauty salons and cafes and restaurants. It includes a POS system including customer loyalty and gift card functionality, online stores, inventory management, customer lists and end of day reporting.
Vend makes it easy to sell to customers in both a shop-front and online setting, report on product sales, manage customers and track inventory levels in real time.
Vend is cloud based so you can access it anywhere and on any device, but it also works offline so you can continue to operate when the internet is down.
Vend works with a wide range of hardware (eg. cash registers, receipt printers, PCs) or you can purchase a bundle of hardware tailored to your needs.
Vend will streamline your sales, inventory and reporting processes. It will make it easier for you to recognise top sellers, identify inventory re-order points, manage and grow your customer base by tracking their favourite products and, with Vend's loyalty program, set and report on regular sales targets.
Vend can work across multiple stores or locations and can assist your business to focus staff on busy periods and control costs through knowing what sells and what doesn't.
Vend integrates with Xero and Quickbooks Online, but can also be used as a stand alone system.
You are able to complete a one month free trial of Vend.
The initial plan comes at no cost and allows you to have a single outlet with 10 active products, 1000 customers and 1 user.
The starter plan at $59 per month (billed annually) is perfect for new businesses or retailers with a small product range and allows you a single outlet with 500 active products, unlimited customers and users and 24/7 email support.
The advanced plan at $85 per month is designed to meet the needs of growing retail businesses and features a single outlet, unlimited products, customers and users and 24/7 email support. It also provides you with E-Commerce functionality and a Retail Dashboard.
Congratulations to David Heinjus for winning the 2015 Syngenta Growth Award for Community & People. The award recognises David's leading contribution to the community. David was one of just seven winners in various categories across Australia and New Zealand.
Congratulations to Fluid Management Technology, finalist for the Impact Awards
Congratulations to Louise Flohr on being the joint winner of the Australian Society of Agronomy's 2015 Young Agronomist Award.
Congratulations to Dr. April Armstrong of Collins St Surgery, winner of the 2015 WA Start-Up Award at the Telstra Business Women of the year.
Congratulations to the Manolev family for raising $1,989.75 in the City to Bay fundraising for SIDS and kids.
Congratulations to Cameron Mitsos and Quang Nguyen on the completion of their university degrees. Good luck to Caitlin Norsworthy who is awaiting results from her final subject.
This year Brentnalls SA took part in Movember and we were also joined by our mo bro's from Clare Medical. LtoR: Stefan Sapio, Alex Cianca, Alex Sacca, Gavin Mitchell, Danny Haydon, Dr James McLennan, Dr Tod Owen, Dr Morne Scheepers we raised $3,358.
We would like to advise that our Office will be closed for Christmas and New Year from Wednesday 23rd December 2015 at 12 noon and will re-open on Wednesday 6th January 2016.
We take this opportunity to wish you all a Merry Christmas and a happy and safe New Year.
This month we are supporting Kickstart for Kids, a not-for-profit charity which helps disadvantaged school children in South Australia by providing breakfast and lunch programs and a mentoring program.
Hi my name is Jessica Jurek. I started working for Brentnalls SA in October 2011 as a Practice Administrator. Since returning from maternity leave earlier this year, I am now the Training Co-Ordinator as well, making sure staff have their training needs organised.
I love helping out charities when I can, with Cancer Council being on the top of my list. I help organise the Biggest Morning Tea for Brentnalls SA and have organised a Longest Table Dinner at my bowls club where we raised over $2,000 for the Cancer Council. Organising events like these is very meaningful to me as I think it is important to raise awareness and much needed funds.
During my time off I enjoy spending time with my 16 month old daughter, Amity. In summer, I enjoy watching and playing lawn bowls. During football season I will either be at the games or watching them on the TV, cheering on the Crows.