As a business owner, the idea of combining work with travel is appealing, but when it comes to tax deductions, the Australian Taxation Office (ATO) is strict. Many professionals are wondering what they can claim when traveling overseas if they attend a business event or conference.  Unfortunately the answer isn’t as straightforward as some might think.

The ATO places the burden of proof on taxpayers to demonstrate that their travel is primarily for business purposes.

Many business owners assume they can claim an entire trip simply because they attended a conference. In reality, some book a conference and then build a holiday around it, thinking they can claim the whole adventure as a tax write-off. The ATO is wise to this and expects clear documentation proving that the trip was for business purposes, not a disguised holiday. You’d be surprised at the type of analytics and data matching the ATO uses to flag inflated or bogus travel claims.

What you can claim

If your overseas trip is primarily for business, certain expenses may be tax-deductible, including:

• Airfares and transport costs directly related to business activities,
• Accommodation for business-related stays,
• Conference or seminar registration fees,
• Meals and incidental expenses during the business portion of the trip; and 
• Travel expenses required for meetings with clients, suppliers or partners

The ATO requires detailed records, including itineraries, receipts and proof of business engagements. Keeping a travel diary is essential to capturing all movements and expenses.

Clothes and other costs 

Accidents happen while traveling. If you forget a suit or a shoe heel breaks, you might need to replace them, but these expenses are not claimable. Clothing is considered a private expense. However, if you require specific work-related safety gear such as steel-capped boots for a trade event, these could be deductible.

Dining out can be deductible if the meal is part of a business-related event, like a networking dinner or a client meeting. However, personal meals while traveling are not deductible.

When it comes to transport, if you take a taxi or rideshare to a conference or business meeting, that expense is claimable. But if you use transport for sightseeing or personal activities, you have to cover those costs yourself. 

If you incur overseas phone or internet charges purely for work, they are deductible. However, if mixed with personal use,  then you must apportion the expense accordingly.

What you can’t claim

Certain expenses are not deductible.  While this should seem obvious, you would be surprised by the types of things that people try to claim.  The personal portion of any trip, such as sightseeing or extended stays for leisure, is not claimable. Nor are expenses for family members or non-business companions. Extravagant or unnecessary expenses, such as luxury entertainment or shopping are definitely not included. Essentially any travel not directly related to business purposes should not be claimed.

If your trip involves both business and leisure, you can only claim the portion directly related to work. For example, if you attend a three-day conference but stay two extra weeks on holiday, those additional days are not deductible.

Avoiding red flags with the ATO 

The ATO closely monitors overseas travel deductions, so maintaining accurate records is crucial. To avoid issues, you should keep detailed receipts and records of all expenses, maintain a travel diary to document business-related activities and ensure that business activities are legitimate and not just incidental to a holiday.  If you are unsure, seek professional advice. 

Claiming an overseas business trip on tax can be legitimate, but only if it meets ATO requirements. The best approach is to be honest, keep thorough records and ensure that business is the main purpose of the travel.

The post Overseas business travel tax deductions: What you can and can’t claim appeared first on Inside Small Business.

We have seen a monumental shift in employment due to the pandemic. A lot of people have lost their jobs or have been forced to cut back on the number of hours they work due to COVID. In addition, a lot of people have loved working from home so much they have decided not to go back to the office.

As a result, we are seeing a significant surge in the number of people taking up a side gig, contracting work and pursuing their own ventures. Effectively, these people are starting up their own businesses and, therefore, should be managing their activities as legitimate businesses.

The Australian Bureau of Statistics reported last year that the number of small businesses jumped by 15.2 percent over the last financial year. This means there are a lot of people at risk of falling foul of the ATO.

There are some basic things you must do if you are running a business or side hustle from home.

Apply for an ABN

For many people who have been employed and are used to having their pay drop into their account every week or month, this is a completely new way of earning money and they have little to no understanding of their accounting and taxation obligations and the associated requirements around setting up and running a business. Like any other business, they need to apply for an ABN.

In addition, they also need to register for GST when their business reaches turnover of $75,000 or more. If you start a new business and expect your turnover to reach $75,000 or more in the first year of operation then you need to register for GST straight away.

Source a good accounts system

Keeping track of your business finances is important. The best way to do this is to sign up to a cloud-based accounts system. Thankfully, many systems such as Xero, QuickBooks or FreshBooks are cloud-based and are really easy to use.

They enable you to easily manage your financials and also upload your receipts as you go via plug-and-play apps like Hubdoc. They also integrate with your bank account and can be easily accessed by your accountant which makes tax time a much simpler and more streamlined process.

Many also have free versions that only require you to start paying once you require certain functionalities.

Find a good bookkeeper

Bookkeeping is one of the most important aspects of starting up a business and bookkeepers are in high demand at the moment.

While people are busily trying to build up their client base and deliver services as a side gigger or contractor, they don’t have time to be focusing on the bookkeeping and accounting side of things. They are going to get themselves into trouble with the ATO.

This is why it is important for anyone who is now working in a side gig or contractor capacity to find themselves a good bookkeeper to ensure they are meeting their obligations and importantly capturing and recording all of their expenses so they can claim them come tax time.

Bookkeeping is an incredibly vital and important profession at any time, but at the moment with so many people in need of bookkeepers, it is also time when work demand is at an all-time high.

As a national firm of accountants and bookkeepers, we help many start-ups and businesses but we also have to assist quite a few that have experienced significant issues with bookkeepers who have not fully understood the complexities of bookkeeping work. It is important to surround yourself with good people when starting a business as it will make the journey so much easier.

The post Start-ups on the rise: an accountant’s advice on setting up properly appeared first on Inside Small Business.

Whether you are an individual, side-gigger, solopreneur, business owner, freelancer, start-up or larger business, there are some key things that you should do to prepare yourself for tax time that will help to reduce the amount of money you have to hand over to the ATO come tax time.

Record work-related expenses

Be ruthless with yourself and make sure you record all of your work-related expenses so that you remember to claim them at the end of the financial year. Keep all your receipts.

Take photos of your receipts using apps like Hubdoc that integrate with cloud-based accounting systems such as Xero. These apps convert your receipts into data that is then uploaded straight into your accounting system. This can be done while you are on the go which means you don’t lose or miss information.

Make tax-deductible donations

We all support causes. Why not show your support and donate some funds to a charity organisation. For a donation to be tax-deductible, it must be made to an organisation endorsed as a Deductible Gift Recipient (DGR), and must be a genuine gift.

Make extra contributions to Super

Make additional payments to superannuation. This is only taxed at 15 per cent. But there is a limit on how much you can contribute without paying more tax and this is currently $27,500 per financial year. Take the time to explore your super options. More people are setting up their own self managed super funds so they have more control over where their money is invested.

Investment expenses

Remember to claim investment expenses and your investment loss from the prior year as this can be carried forward to offset future gain.

Quantity surveyer

Get the most out of your investment property. Use a quantity surveyor to prepare a depreciation schedule for your rental property. This will ensure depreciation is captured and included in your tax return.

A tax depreciation schedule is 100 percent tax-deductible. This means you can claim the fee charged by the quantity surveyor as part of your tax return.

Pay interest on time

Ensure you make your loan repayments on time.

Capital gains discount

Utilise the 50 per cent discount on capital gains for assets you have held for at least one year.

For people who invest in crypto, if you’ve had the crypto for more than 12 months, you may be eligible to discount your capital gain by 50 per cent.

Structure your assets

Explore the use of different structures such as a family trust to better manage your assets and distribution of income.

Private health insurance

Having private health insurance coverage means you avoid having to pay the Medicare levy surcharge.

Tax plan with your accountant

Maintain communication with your accountant and ensure you undertake a tax planning session once a year. This will help you to plan for the future and ensure that you have identified all the opportunities to minimise your tax bill at the end of the year.

Tax planning is important for everyone but especially so if you are a business owner or freelancer.

The post Top tips to help reduce your tax bill at the end of the financial year appeared first on Inside Small Business.

I am regularly asked by my clients at this time of year, what type of receipts do I need to keep and what type of expenses can I claim at tax time. With COVID pushing a lot of our activities online, the answer this year is a bit more complicated.

Unfortunately, the answer is not so simple. It really depends on where you have the party, who comes along, how much you spend, what type of gift you give, and in 2020 it also depends on what online platforms you invest in.

Given this area of tax law can be a bit confusing, I thought it would be helpful if I outlined what businesses need to think about. To start with, always remember the number “300”.

According to the ATO, Christmas parties are considered to be entertainment benefits and may attract fringe benefit tax (FBT). An organisation putting on a Christmas party will be exempt from FBT if:

• The costs associated are considered to be minor benefits. The ATO will consider the costs to be minor benefits where they are provided to employees or their partners on an infrequent basis and are not considered to be a reward for services;
• The costs are less than $300 per person including GST; and
• The Christmas party is undertaken on the business premises or online, on a working day.

The ATO states that if employee family members come along and the cost per person is greater than $300 including GST, then FBT will apply to the portion that is over $300 and the business will be able to claim a tax deduction and GST credit for this amount as well.

If clients attend the virtual or in-person shindig, then they are not subject to FBT, but the business can not claim income tax deductions or GST credits on their share of the cost.

If the Christmas party is held off the business premises, then the rules change slightly. While staff and their families are subject to the same tax treatment, if clients attend, regardless of their cost, they are not subject to FBT and the business can not claim any tax deductions or GST credits.

The other area of interest for businesses at the end of the year is gifting.

Many businesses like to thank staff with a gift at the end of the year.

If the gift is considered a minor benefit by the ATO then no FBT is applicable. To be minor the gift must be less than $300 including GST and not an entertainment gift.

Entertainment gifts have different tax implications. These include tickets to performances, the theatre, sports events or even a holiday. As long as they are less than $300 inclusive of GST, these gifts are not subject to FBT and the business can’t claim a tax deduction or GST credits. If the gift is more than $300 including GST per employee, then FBT is applicable and the business can claim a tax deduction and GST credits.

Gifts for clients are generally tax deductible, however, I do recommend keeping spending to a reasonable level, this includes placing or sending online purchases.

Clarifying this for businesses helps them to make the right bookkeeping entries and avoid any nasty surprises at tax time.

Coco Hou, CPA, Managing Director, Platinum Accounting

The post How you declare virtual Christmas parties and online staff presents at tax time appeared first on Inside Small Business.

Most accountants enjoy their jobs, but their roles can be very stressful and at times quite lonely, and the current climate is only amplifying this reality as so many businesses lean on their accountants to help them find ways to deal with losses and a struggling economy. The reality is that accountants are under increasing stress across the country as businesses face the fight of their lives.

While accountants are often in need of support, they are usually the ones providing support. They could actually be the people best placed in society to help individuals facing mental health problems that are a result of financial stress. After all, if your business is facing financial problems, you’re far more likely to hire an accountant than a psychologist.

An accountant will never be able to replace a trained mental health professional, but they can at least know the benefit of asking: are you ok? Accountants need to be able to empathise with a client’s situation and comfort them in times of stress. Given the state of the current environment, accountants need to ensure they are looking after themselves too.

The mental health of accountants is something we should all be aware of, especially at this time. I’ve put together some tips to help accountants manage the stress.

1. Talk to colleagues

Coffee breaks, microwave meetings, work parties, networking nights – many of which can be done via ZOOM, are all great ways to connect with your colleagues. At the end of the day, no one knows the true emotional toll that accountants face than another accountant.

I also encourage accountants to approach their bosses with some ideas to reduce stress in the office and create a positive environment for everyone. This could be regular mental health morning teas or creating a more collaborative office set up.

2. Separate yourself from your clients

Separating your clients’ emotions and your own is critical. Working within an emotionally challenging field you want to feel for your clients but you do not want to feel like them. If you do not create this distance you will risk undermining your own health and ability to help them.

When you are helping a client through a difficult situation it is natural to connect with their emotions. However it is important to remember that emotional distancing does not make you less caring, just more clear headed and less of a potential burnout case.

3. Open up with family

Keeping your family in the loop with how you are feeling is a great step in ensuring you are supported at home. If your family is aware that you are feeling stressed, sad, angry or frustrated at work, they can help you create a routine to leave these emotions at the front door before you enter your safe space.

No one likes working on the weekends, so put practices in place to avoid taking home your emotional workload or compartmentalise work and home life.

4. Create a stress-free zone

A stress-free zone could be for the whole office, or just for you. Declaring a stress-free zone will give you the opportunity throughout your workday to momentarily take a break from your desk. This zone could be a quiet space in your office building, home, or a bench in a local park.

Coco Hou, CPA, Managing Director, Platinum Accounting

The post How accountants can cope with the stress of COVID appeared first on Inside Small Business.

Many people working from home are doing so because they are drawing on services such as internet, electricity and water. For many, a part of the home has now become an office where work is undertaken.

Here are some tips to assist workers working remotely from home.

Record keeping

If people want to claim deductions for expenses associated with services they may be using while working from home, they will need to undertake careful record keeping.

Keeping a timesheet is essential for claiming utility deductions. This enables the person preparing the tax return to understand what portion of the individual’s home running costs can be attributed to their work from home time. Utilities may include electricity, gas, phone, internet, and water, even rates and insurances.

Documentation

Many people may also have to go out and buy technology, office equipment, furniture, consumables such as paper, and other items to set up work at home. These expenses may also be claimed.

People should be diligent with record-keeping and to keep invoices and receipts for tax purposes. Invoices and receipts are important for work-related purchases. The more claims you make, the more evidence you need.

Make use of apps

I always encourage my clients to download and use simple apps that help you to capture and manage expenses.

In the old days, people used to keep these in shoe boxes. Thankfully apps make record keeping a lot easier. You can simply take a photo of the documents and upload them to the cloud.

Most good apps will integrate with cloud-based accounting solutions. This means your accountant can access the information easily when preparing your tax return. Ideally, ask your accountant which apps they use and download one of these.

Travel

While most people are confined to their homes, travel can be necessary for some. If you need to leave the home to travel somewhere to purchase items essential to your work, you may incur costs doing this.

If you travel by car or public transport costs are incurred. You may need to put petrol in your car. Keep a logbook for your vehicle and keep track of the kilometres travelled.

Easily overlooked items

Don’t forget to include expenses associated with car insurance or subscriptions for services that you may need to access in the course of your work such as media accesses.

Purchasing assets

For workers purchasing items to set up workspaces at home such as desks, chairs and other items, it is important for wage and salary earners to know that the threshold for instant assets write off is $300. However, for business owners, including sole traders, the threshold is $150,000, up from $30,000. So, for those with available funds, it is a good time to shop if you have the cash.

Higher running costs claims are now allowed. The ATO has increased this from 52 cents per hour to 80 cents per hour for running expenses while working from home.

The ATO has also loosened requirements around workspaces. No dedicated working area is required. Each family member can make a claim through their own return, even though they might be sharing the working space. This was not allowed in the past. It is now much easier to claim. You only need to keep a timesheet, no other substantiation is required. Importantly the ATO wants to avoid “double-dipping”. Expenses must be out of pocket expenses. If the expenses are reimbursed by your employer, then the claim is not allowed.

Coco Hou, CPA, Managing Director, Platinum Accounting 

The post Accounting tips for working from home appeared first on Inside Small Business.

The biggest barrier people have in finding a mentor is the fear of rejection. People wrongly assume that people don’t want to mentor them.

Mentorship is a two-way street

If you take the initiative to go out and talk to people you admire, you’ll be amazed about how many of them actually want to talk to you. Don’t forget: people want to be mentored, but people also want to be mentors.

It feels good to help people, which is why people become mentors in the first place! Experts want to pass on what they have learnt, and help good people struggling to make it in a competitive industry. All experts were once an amateur.

Another barrier to mentorship is the failure of people to open up and accept advice from other people. Mentorships rely on the ability for a mentee to admit they’re wrong and follow another person’s advice.

To become a mentee, you have to throw your ego out the window. There isn’t a mentor in the world who will persist with a stubborn mentee who disregards everything they say.

There’s always more to learn

Mentorship starts with vulnerability and weakness on behalf of the mentee. If you think you’re always right, there’s no point seeking a mentor. After all, if you’re the perfect accountant, why do you need a mentor? To get a good mentor, admit that you’re not good enough and that you need help.

The best time to find mentors is at a university, through an association or at a training centre.

Most businesses can’t afford and don’t need a gigantic team of accountants. As a result, a lot of accountants work alone or in very small teams. The best place to meet people is through an educational institution or association events.

If you’re at university, get to know your lecturers. Talk to them after class. Ask lots of questions. Show your enthusiasm. Even email them for one-on-one meetings where you can discuss the course content with them.

Lecturers and educators make great mentors. Not only are they experts in the field you are interested in, but they will have a range of valuable contacts in that field.

If an industry leader calls a lecturer looking for a young, enthusiastic accountant, you want to make sure that you’re first on their list of recommendations.

Cast your net(work) wide

Educators make great mentors, but so do your peers. Talk to your classmates and get involved in social events. You never know, a friend of yours could end up being your mentor one day. At the very least, they might introduce you to their own personal mentor. It’s always worth casting a wide net.

Young people don’t know what to expect from a mentor and struggle to define what a mentor actually is. A mentorship is a difficult thing to define. Put simply, you know it when you see it. What’s undeniable is that the best mentorships are built over time. Unfortunately for a lot of young people, mentorships don’t happen instantaneously.

Don’t think that you need to put a label on a mentor-mentee relationship. Simply ask: ‘do you mind if I call you every two weeks to get some advice?’ If you do that, you’ve just gained a mentor without much effort! A request like that is also difficult to reject because it’s not a very big commitment.

Coco Hou, CPA, Managing Director, Platinum Accounting

The post How to get a good mentor by being an amazing mentee appeared first on Inside Small Business.

It’s an accountant’s job to ensure that a business remains profitable and financially successful. If at the same time, an accountant can improve the state of the environment, why not? Why not achieve two significant outcomes at once?

A lot of business owners fear that embracing sustainability will do damage to their bottom line. This perception that profits and sustainability are opposing forces discourages sustainable behaviour.

People wrongly assume that one must trade sustainable behaviour for financial success. However, this isn’t always the case. There are so many ways that businesses can promote sustainable practices that also just happen to be profitable as well.

Riding bikes and e-bikes instead of driving cars saves money on parking, insurance, maintenance and other costs. A lot of businesses are now moving to e-bikes instead of cars. Purchasing electric and hybrid vehicles saves money on fuel. Purchasing printers that print duplex saves paper. Solar energy is increasingly becoming more financially viable.

Switching off lights and devices and moving to energy-saving products or mode can save money on energy, whilst also extending the life of equipment and capital. Donating old furniture, instead of throwing it out, can build relationships and goodwill with your community.

Putting a scrap paper box near a printer can help you save money on paper. Ditching paper cups and plastic straws will save you countless trips to the supermarket and help the environment. Choosing cleaning products which are kind to the environment is also important.

There are countless benefits to going green, but most importantly, a sustainable business will help you attract the best employees. Millennials, who are the next biggest group of employees, want to work at a place that is helping, rather than harming the environment. Going green will make your business a place where everyone wants to work.

Sustainable practices are the way of the future. Choosing to not go green might even be impossible for a business moving forward. Selecting sustainable suppliers can even bring in a whole new customer base. There are swaths of people who are looking for sustainable alternatives to everyday items and don’t fear, they are actually willing to pay more for sustainability.

People are aware of the strength that their purchasing power wields in today’s economy. This new generation views buying a product as “voting” or “endorsing” it, and they certainly don’t want to endorse a product that is hurting the environment.

Charitable giving is something that more and more accountants are having to take into account. Accountants can even suggest to their clients that charitable giving becomes a key part of their balance sheets. Setting aside funds for sustainable spending each month is a practice more and more businesses are embracing.

I’ve seen some businesses that treat charitable giving as an integral and necessary part of their spending. For a lot of businesses, donating some of their revenue back into their community is an expense just like any other.

Of course, it’s not always accountants that make those sorts of decisions. However, what accountants can do is inform or remind their employers or clients about what other businesses are doing.

Coco Hou, CPA, Managing Director, Platinum Accounting

The post Is good accounting the key to saving the environment? appeared first on Inside Small Business.

Essentially, salary sacrificing is a simplified way to minimise your tax bill, by using your pre-tax salary to buy goods or services that you would normally buy with your after-tax pay. In the eyes of the tax department you’re earning less when you are salary sacrificing and therefore will be taxed less.

It is an arrangement between you and your employer, which enables you to pay for certain goods or services straight from your pre-tax salary – hence where the name comes from: employees sacrificing some part of their salary, in return for the desired benefits.

Salary sacrificing is one of the smartest ways to finance and purchase your car. The most common arrangement is a novated lease – you lease a car and your employer takes the repayments and running costs out of your pre-tax income.

If planning on buying a new car, novated leasing makes the most sense, especially if you’re on the top tax bracket. In addition, you can reduce the Fringe Benefits Tax paid against your purchase by making contributions to the operating costs of the vehicle with post-tax income.

However, a mistake is often made of employees focusing on the tax deduction rather than the total cost. It doesn’t make sense to spend a large sum on a flashy car you wouldn’t normally buy. Remember, paying for an expensive car through a pre-tax nominated lease means that you are still purchasing an expensive car.

The benefits of salary sacrificing:

• Reduced income tax liability: by making repayments from your pre-tax salary you are reducing the amount of income that is liable for taxation – the higher your tax rate, the greater the benefit.
• Allows employees to take some of their remuneration in the form of concessionally taxed benefits instead of taking it all as fully assessable salary.
• Allows you to buy the benefit in pretax dollars: if your tax rate is 32.5 per cent, you get 32.5 per cent better buying power.

The drawbacks of salary sacrificing:

• It’s is not for everyone: maximum benefits are achieved if the car is predominantly used for work purposes, and note this does not include home-to-work and work-to-home.
• Your company may have to pay Fringe Benefits Tax which they will probably seek back from you as part of the cost of the vehicle.
• You will not necessarily get the full GST credit for the purchase.
• You don’t own the car, while you will have full-time access to the car, it is not technically yours.
• Your employer must agree: everyone is eligible to salary sacrifice, but it is up to your employer to agree to it.
• It will make tax returns more complex, and possibly too difficult for you to do alone.
• You are liable for the car, and should you lose your job the car – including payments –is still your responsibility.
• It may tempt you into buying something you otherwise wouldn’t buy – remember, you still have to pay for it.

Before considering salary sacrificing, you must consider your options, and understand your particular circumstances. At the end of the day, you still have to pay for it.

However, it is undoubtable that sacrificing part of your salary each month to finance a car could be an excellent way to reduce your taxable income and save money.

Note that each individual’s situation will be different. Tax benefits, FBT and tax savings will be totally dependent on your specific circumstances. So, don’t do it just because everyone else at work is doing it.

If you work for a not for profit (NFP) organisation then you may like to go directly to the CFO and have the conversation. Some NFP’s have nil or reduced Fringe Benefits Tax.

Coco Hou, CPA, Managing Director, Platinum Accounting

The post Why salary sacrificing is a good way to purchase a car appeared first on Inside Small Business.

Unfortunately, small businesses experience fraud losses at a rate of around 200 times that of larger businesses. Internal fraud is a big issue for small businesses with more than 50 per centof frauds involving losses of less than $100,000.

Many small businesses are susceptible to fraud because they lack the necessary accounting controls, usually allocate bookkeeping and accounts management responsibilities to one person, tend to place greater responsibility and trust in people and are less likely to be audited.

Business owners usually start their own business because they have a passion for something. Many do not have a lot of experience with finances, so they often hire a single person to take care of finances. To make things easier they also give this person access to the bank account. Fraud happens at small businesses mainly because responsibility is concentrated with one person.”

The most common types of fraud in SMEs include:

• Payment of fraudulent invoices. Fake invoices are raised for non-existent suppliers and monies are paid into an unidentified bank account
• Payment of inflated invoices. Staff collude with suppliers to submit inflated invoices. These are then paid by the business and staff are given a kickback from the supplier. Unfortunately this a very common scenario. We saw this recently with the alleged fraud against NAB involving an executive and bank events supplier
• Issuing of fake refunds to customers or clients
• Payroll fraud. Payments are made for overtime or for hours which did not take place. In some cases, depending on the size of the organisation, fake employees are created in the payroll system
• Cash theft. Skimming of monies for non reported sales
• Online payments. Busy bank accounts which have many transactions are at risk of additional payments being made

All accountants need to be trained to be able to assist business owners to better equip their operations to minimise fraud. There are some simple things business owners can do:

1. Firstly, they must ensure all staff are carefully vetted and appropriately trained. In the case of bookkeeping roles, additional checks must be made to determine the person’s suitability.
2. Secondly, there must be a separation of duties for roles that involve accounts management and money handling.
3. Thirdly, regular oversight is essential. All accounts must be checked and audited on a regular basis to identify the nature of every transaction in a randomly selected period.

Accountants must be trained to probe, identify unusual activities, delve into the detail, and ask the difficult questions. When it comes to working with small businesses, accountants need to ensure a business is not only well structured and compliant but also minimising its risk of fraud.

Coco Hou, CPA, Managing Director, Platinum Accounting

The post Accountants must help small-business owners to detect and avoid fraud appeared first on Inside Small Business.