SUNSHINE Coast accountants have painted a bleak, although realistic picture of business conditions in our region.
Matt Richards, from Accounting North, and Andrew Burness, from Kevin P. Scambler and Associates, shed some light on the C[pounds sterling]mixed bagC[yen] of performance currently being experienced across the Coast.
Mr Richards said the present economy was playing a part in delaying many business owners from getting their tax done.
C[pounds sterling]We have found a substantial number of clients who have deferred preparation of their end of year financials due to cash flow,C[yen] he said.
C[pounds sterling]We believe a key factor in this has been the poor economic conditions of the Coast, making cash flow tight for a lot of businesses.
C[pounds sterling]In saying that, there are still a number of businesses that are growing and doing quite well, so it is a mixed bag at present.C[yen]
Mr Burness agreed.
C[pounds sterling]There have been a number of businesses that are doing quite well, however there are not many of these. Most businesses we have seen are struggling, yet still managing to continue. They are basically treading water.
C[pounds sterling]There are also others that have found the decline too much and just could not afford to keep going.C[yen]
Both men also had some advice for business owners at tax time. They said one of the most common mistakes was incorrectly claiming GST or not declaring it at all. …