Accountancy Reimagined

Last time we discussed the structure that your business could take.  Today we're going to look at a common issue when the business is just starting to grow.  Are you engaging people as an employee, or as a contractor. B oth relationships are crucial to business operations, but understanding the distinction between them is important—both for employers and workers alike. But what’s the difference, and how do these distinctions affect taxes, benefits, and rights? Let’s break it down. What is an Employee? An employee is someone who works for a company or organisation under an ongoing or fixed-term employment contract. This arrangement means the employer controls the nature of the work, how it’s done, and when it's done. Key Characteristics of an Employee: Ongoing Relationship : An employee generally works on a continuous basis, often with an indefinite term unless specified otherwise (e.g., a fixed-term contract). Control Over Work : The employer ...

Choosing the right business structure is one of the first and most important decisions you'll make when starting a business in Australia. The structure you choose affects your legal responsibilities, tax obligations, how much control you have over the business, and will also impact your future expansion and funding options. In Australia, the four main types of business structures are sole trader , partnership , trust , and company . In this blog post, I’ll explore each structure, breaking down the pros, cons, and key features to help you make an informed choice, before that, let's talk about some of the items that don't change. Any business structure will allow you to: Register a business name Register for GST  Hire employees Commence trading and run your business 1. Sole Trader A sole trader is the simplest and most common business structure in Australia.  As a sole trader, you run the business on your own and you are legally responsible for all aspects of it. Key F...

Most large businesses have a Chief Financial Officer (CFO), or other similar senior finance role leading the finance team and supporting the business, linking the day-to-day operations to the financial outcomes. Your bookkeeper or admin support are helping to keep the invoices flowing and your books up to date, your accountant is filing your taxes and meeting your regulatory needs, but who is helping you understand and run your business better? Many business owners are making financial decisions reactively, deciding whether to cover payroll or pay suppliers, struggling with cash flow surprises and wondering if they can afford to grow. Are you constantly busy but disappointed at the end of the year when you see the profit (or lack thereof)? Has revenue has increased but not profit? Are you lacking metrics that tell how your business is actually performing today, not last quarter or last year? Are you unsure what financial processes you can change to improve results? Are you stressed bec...

Welcome to the Accountancy Reimagined Blog.  These posts will discuss common financial issues experienced by businesses, services that we offer to help and hopefully some useful information for existing or prospective business owners. Based in Cairns, Far North Queensland, Accountancy Reimagined has a focus on finance systems and processes, helping business owners obtain better information with less time commitment, enabling their time to be spent actually on the business (or taking that time and enjoying the fantastic lifestyle that Cairns has to offer!) James, the founder of Accountancy Reimagined is a Chartered Accountant with over two decades of experience and has seen the value of the right financial information at the right time. One size does not fit all and at Accountancy Reimagined our goal is to ensure that the right solution is available to your business at the right time.  Allowing early identification of financial risks and inefficiencies to enable these to be res...