Blog

If you’re like most small business owners, there are never enough hours in the day to complete every task on your list. Often you’re faced with prioritizing what you need to do right now –…  Read more

Nobody wants their business to fail. It’s impossible to predict the future with 100% accuracy. However, a cash flow forecast will help you prepare for different possible scenarios. Cash flow forecasting estimates how much cash…  Read more

As a business owner, you may be wondering what qualifies as a business expense? The Australian Tax Office (ATO) dictates three rules to follow when questioning is something can be claimed: The expense must be…  Read more

Many small business owners tend to handle their own accounting and bookkeeping, especially when they’ve just started out. However, keeping track of the finance-side of the business– everything from income to expenses to tax compliance–…  Read more

Every small business owner knows how challenging it is to cut down expenses without somehow compromising internal or external quality. The first step to reducing your overhead costs is to evaluate every single expense you…  Read more

Although we are in a post-COVID normal, many business owners and employees still work from home in some capacity. This incurs additional costs that can be deductible at tax time. However, you can’t claim everything,…  Read more

As an accounting firm, we understand that it can be hard to stand out amongst the crows. But here at XO Accounting, we pride ourselves on ensuring you get the most our of your business…  Read more

Tax time is fast approaching, so it’s important to know what you can claim. One category you may not think about is clothing and grooming. The ATO has several stipulations for whether you can claim these,…  Read more

End of financial year is a good time to review different aspects of your business and plan how you want to move forward in the new year. You have a years worth of data to…  Read more

With the end of financial year quickly approaching, it’s important to get your tax information together early. Use the checklist below to ensure you are well prepared before visiting your accountant. Income PAYG Summaries Pensions…  Read more