How To Run Your First Instagram Competition

How To Run Your First Instagram Competition Article by Sarina Shaw, Marketing Manager One great way for Small Businesses to build a fan base is to run an Instagram Competition. With over 800 million active users, Instagram is the perfect platform to engage your audience and develop your following. To run an effective Instagram Competition there are a number of factors that need to be well thought out beforehand. It doesn’t have…  Read more

Seven Ways to Be the Leader Everyone Wants to Work For

Seven Ways to Be the Leader Everyone Wants to Work For Written by Dr Susan Roberts [EdD, MHRM]   Achieving productivity and financial targets are generally top priorities for business leaders.  Provided service and/or product orders are being maintained at optimal levels, targets that are not being met by employees over a sustained period are likely to elicit ‘why’ questions from managers. This article outlines likely employee responses in terms…  Read more

Top 10 Financial Reporting Red Flags to Watch Out For and What Corrective Action We Recommend

Top 10 Financial Reporting Red Flags to Watch Out For and What Corrective Action We Recommend Written by MVP’s Bruce Mitchell (Chartered Accountant)   An entity’s financial reports are the most objective way to assess its health. As the saying goes “the numbers don’t lie”. An entity’s numbers should indicate that all is well, if that is indeed the case, and should alert you to the first signs of trouble,…  Read more

FACT GUIDE: An FBT Guide For Employers

FACT GUIDE: AN FBT GUIDE FOR EMPLOYERS   The Fringe Benefits Tax (“FBT”) year ends on 31 March. In this Fact Guide, we’ll walk you through what fringe benefits are, whether you should be registered for FBT and other critical information you need to know regarding reporting and lodgment. Fringe Benefits Tax (“FBT”) FBT is the tax imposed on non-cash benefits that you (the business owner) provide to employees “in…  Read more

Building Social Proof For Your Business, And Why It’s So Important

Building Social Proof For Your Business, And Why It’s So Important   A loyal client base is paramount for a successful business. To build a loyal base you need to earn your clients trust, which is why developing your social proof is critically important for your business. So, what is social proof? Coined by the author Robert Cialdini in the book Influence, social proof is the influence that the actions and attitudes…  Read more

Top Five Resolutions For Business Success in 2019

Top Five Resolutions For Business Success in 2019   Let’s get straight to the point – Here are our Top Five New Year’s Resolutions for business success in 2019. 1. Review & Revise Your Business Plan All businesses should have a business plan, and once a year (at a minimum) owners should go back and revisit the plan to compare how things are going against what was originally planned. A…  Read more

The Essential Tips for Handling Workplace Conflict: A Staff Manager’s Guide

The Essential Tips for Handling Workplace Conflict: A Staff Manager’s Guide Written by Susan Roberts, HR Specialist.   Handling workplace conflict arising from: words that should not have been said, faulty assumptions about why someone has behaved the way they have, disagreement about decisions made, differences in personality, beliefs and backgrounds, unmet needs, or ambiguity in role and direction is never easy, especially if you are a party in the…  Read more

Managing your business cash flow over the holiday period

Managing Your Business Cash Flow Over The Holiday Period Written by MVP Director, Kelvin Smith. December is usually the busiest time of the year for retail and hospitality businesses. But businesses in other sectors often find that their sales slow down and their customers stop paying them for a few months. So cash flow dries up. Whether your business is large or small, well-established or in start-up mode, you need…  Read more

17 Tips to Minimise Your Business Tax

17 Tips to Minimise Your Business Tax   Now is as good a time as any to start implementing tax minimisation strategies in your business. We’ve listed our best 17 tips below. Minimise Your Business Tax Tip 1: Is your business a “Small Business” entity? Small businesses can access a range of tax concessions from the ATO. To qualify as a “Small Business Entity”, the business must have an aggregated turnover…  Read more

7 Reasons Xero is better for business

7 Reasons Xero is Better for Business Article by Kelvin Smith, Director. Way back in 2011 MVP Financial was one of Perth’s early adopters of Xero. Since then I’ve seen it grow and develop into the most user-friendly software platforms available. More business owners seem to be choosing Xero for their accounting software over older competitors like MYOB and QuickBooks, so below we’ve listed the top 7 reasons to make the…  Read more

Capital raising for business growth – without borrowing

Capital raising for business growth – without borrowing Written by Robert Marusco When business owners think about how to grow, typically the number one decision to consider is how and where to get the capital required to implement their business strategy. Taking out a business loan is generally the first (and possibly only) plan of action for most. If you’re reading this article because this is the exact decision you’re…  Read more

Warning Signs of Employee Fraud

Warning Signs of Employee Fraud   Employee fraud is a hot topic in the Perth media at the moment, what with the $1.2 million dollar fraud committed by Perth socialite, Annabelle Martincic over a two year period. Martincic was granted access to the company’s (M3 Residential) bank accounts, conducting “voluntary” financial work as she was in a relationship with one of the co-directors. The fraud was only realised when another director…  Read more

Accounting & Bookkeeping Tips for Tradespeople

Accounting and Bookkeeping Tips for Tradespeople   Tradespeople are very busy. Working long hours and having busy schedules means that there is little time for people running a building, plumbing or electrical business to sit down and work out their tax obligations, get compliant, balance the books and organise payroll, these being just a few of the financial tasks required to operate a business today. This means is that tradespeople…  Read more

New GST withholding rules for Taxpayers buying from property developers

New GST withholding rules for Taxpayers buying from property developers   Article by Michael Florio, MVP Accountant Will the new GST withholding rules affect you? New GST withholding rules mean those who purchase certain types of properties and land will be responsible for withholding and paying GST on behalf of the property developer. Why has the ATO made this change? There has been a growing number of businesses in the property…  Read more

Don’t Get Caught Paying Huge ATO Audit Costs

Don’t Get Caught Paying Huge ATO Audit Costs   Costs relating to the Australian Taxation Office’s (ATO) compliance initiatives continues to increase. In fact, in the last financial year, the ATO raised $15.6 billion (a 13% annual increase). To combat the costs of unplanned professional fees which can arise as a result of initiatives instigated by the ATO and other relevant government revenue agencies, we encourage all of our clients (and you)…  Read more

Don’t miss the opportunity to save tax before 30 June 2018

Don’t miss the opportunity to save tax before 30 June 2018   With the end of financial year (EOFY) approaching quickly, now is the time to discuss with your accountant and financial adviser the actions you can take before 30 June to reduce your tax and grow your wealth. For 2018, key priorities are likely to be: Maximising superannuation contributions without exceeding the relevant caps Bringing forward deductible expenses Deferring taxable income, and…  Read more

Succession planning: How emotionally prepared are you to exit your business?

How emotionally prepared are you to exit your business?   Article written by Janean Hicks, Director of MVP Wealth Succession Planning: How emotionally prepared are you to exit your business? It behoves a smart business owner who is planning the end of his/her relationship with a business started long ago, to think not only about the sale and how to best go about it, but also about his/her personal and family…  Read more

Banking Royal Commission – What Impact Will It Have On Your Business?

Royal Commission – What impact will it have on your business? Article by Janean Hicks – Director of MVP Wealth   As you have probably heard, a banking Royal Commission is being held to investigate the financial advice industry after the big four banks and AMP were accused of malpractice. The aim of the Royal Commission is to find out just how widespread the issue is and to raise standards…  Read more

A Bite-Sized Guide To The Federal Budget 2018

  A Bite-Sized Guide To The Federal Budget 2018 Tuesday’s Federal Budget 2018 is Scott Morrison’s third budget and the last before the next federal election. With that in mind…. this most recent budget has been developed! So, what does this mean for you? Well, there are some goodies headed your way thanks to Australia’s record-breaking run of economic growth and some new revenue measures. Here’s a quick guide to what’s in…  Read more

Contributing to Super and Claiming a Tax Deduction

Contributing to Super and Claiming a Tax Deduction   In the lead-up to 30 June 2018, we want you to be aware of new opportunities to save tax with super contributions. With all the new contribution cap rules, it’s easy to forget that there is one way the Government has made it easier to save tax and get money into super. Before July 2017, only people who were self-employed could contribute money…  Read more