Grants and Loans: How to Get the Best DealGrants and Loans: How to Get the Best Deal


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Grants and Loans: How to Get the Best Deal

Hello, my name is Jack and I live in Brisbane, Australia. Recently, I have been considering returning to University to complete a PhD in life science. Because I am a mature student, I will need to pay a lot of the tution fees myself. I can't really afford it at the moment so I have been looking for a grant or loan which will help me through my studies. I spent some time looking around but I am not very savvy when it comes to money. My friend works in finance and he gave me some fantastic advice which allowed me to borrow money at a super low level of interest.

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Accounting Tips for a Successful Business

A small business has great potential if you run it right. Getting professional accounting from a firm which has assisted businesses to grow is a wise move. There are other things you can do on your own as well.

Good accounting practices  

Some of the accounting practices you need to uphold to ensure success for your business include the following:

Save receipts

Always keep the receipts and other financial documents that you are issued with as well as those you issue in the course of running your business. They will help your accountant work out tax deductible items and claims. This simple move can save you money.

Keep detailed and updated records

Record all the financial transactions religiously. The best way to do this is to have a system to update all transactions as they happen. You can also update your records at the end of the day. It becomes easier for you to know the health and performance of your business. In case you might need financing in future, you will be in good standing.

Have separate accounts for personal and business use

This is to reduce the strain you will have to go through when trying to figure out which is business money and which is not. This is likely to happen if you use a single account for both business and personal use. It also helps with the auditing and evaluation of your business.

Have a backup

How would you handle a customer who has a complaint if you have no record of the service you provided? Many things can happen that will cause your records to be lost or destroyed. Even if your business is insured, one thing hard for insurance to do is retrieve your records from the ashes if your business was burnt down. To guarantee continuity even in the face of such adversity, have duplicates or a backup of your records somewhere safe.

Meet your statutory obligations

Submit your Business Activity Statement as well as Pay As You Go on time to avoid having to bear undue costs.

These in-house procedures that you practice can be augmented with the following input from your accountant. 

Operations: You need someone knowledgeable who can advise you on the ways you can optimize your business through wise use of resources.

Taxes: The accountant will also know the tax breaks you are entitled to. This saves you money which you can use to grow your business

Regulations: You will not know all the regulations about financial practices that cover your business. The accountant will guide you so that you are not in violation to any accounting laws, hence you can avoid fines and penalties.

For more information, contact a local accountant.