• How to motivate and incentivise employees

    Each employee is motivated and incentivised by different things. While some employees are more motivated by money, others might feel motivated when their work is recognised. It is important to try to understand what will best work for an employee and reward them accordingly to ensure productivity.  Providing an incentive will motivate certain employees to be more productive and produce quality work. There are various types of incentives that can be applied, such as bonuses or travel perks. These incentives give employees more to work for than their paycheck and act as motivation to put in extra effort in the work they complete.  Recognition can also be a powerful motivator. Identifying that an employee has completed their work to a good standard and acknowledging their efforts will motivate them to continue producing good work. Employees will also appreciate their employers.. The post How to motivate and incentivise employees first appeared on Scott Associates Updates.

  • Conducting due diligence when buying an existing business

    You’ve found the perfect business for you to buy. It fits all your requirements and you’re in a position where you can comfortably buy the business. What’s next? Before you sign the contract to finalise the buy, it is important to conduct due diligence. For this, you should review the financial records, business operations and legal documents. These will prepare you to manage the business and identify any risks or problems in process that you might need to tackle head on. You will also be able to better understand what will be expected of you as owner of the business and which responsibilities have been allocated to that position.  You should review items such as:  Licenses and permits: Have all the necessary permits and licences been acquired, and if not, look into why this might be the case – were.. The post Conducting due diligence when buying an existing business first appeared on Scott Associates Updates.

  • Self-managed super funds (SMSF) aren’t just about financial investment

    Individuals may be looking to opt for an SMSF because these provide entire control over where the money is invested. While this sounds enticing, the downside is that they involve a lot more time and effort as all investment is managed by the members/trustees.  Firstly, SMSFs require a lot of on-going investment of time: Aside from the initial set-up, members need to continually research potential investments.  It is important to create and follow an investment strategy that will help manage the SMSF – but this will need to be updated regularly depending on the performance of the SMSF. The accounting, record keeping and arranging of audits throughout the year and every year also need to be conducted up to par.  Data shows that SMSF trustees spend an average of 8 hours per month managing their SMSFs. This adds up to.. The post Self-managed super funds (SMSF) aren’t just about financial investment first appeared on Scott Associates Updates.

  • Partnership Agreements: What you need to know

    A partnership agreement formalises the business relationship between two partners. It can cover everything from low-level processes, up to how dispute resolution will take place in the business.   Business partners are personally liable for the business in a partnership, therefore, determining the finer details is extremely important and can prevent complications down the line. The agreement will help allocate the responsibilities and obligations of each partner. It will also help establish the rights of each partner and how profits and losses will be distributed amongst partners.  An agreement should take the following into consideration for it to be an effective piece of documentation: Percentage of ownership: How much will each partner contribute to the business? This contribution could be in the form of capital or equipment and service – regardless, this will determine how much ownership of the business the.. The post Partnership Agreements: What you need to know first appeared on Scott Associates Updates.

  • What record-keeping requirements does the ATO have in place?

    Record-keeping, if done well, can help running a business much easier. It gives you an overview of the business’ financial progress so that owners can assess their strengths and weaknesses and make decisions accordingly. Record keeping also enables owners to meet their tax and superannuation obligations easily – all the data and information required is readily available. Finally, record-keeping provides owners with a profile, of sorts, which demonstrates the financial position of the business to banks or other lenders.  Record-keeping requirements related to tax and superannuation need to be met. The specifics will depend on the unique tax and superannuation and obligations your business may have and the structure of your business (sole trader, partnership, company or trust).  The Australian Taxation Office (ATO), requires the following from all businesses:  The records cannot be changed and further, the information should be.. The post What record-keeping requirements does the ATO have in place? first appeared on Scott Associates Updates.