Michael Prior profile image

Michael Prior
Top 10% Taxation

Principal at PB Advisory Group

Member Since July 2013

Killara, NSW, 2071

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I am the principal of PB Advisory Group Certified Practising Accountants. We are cloud based accounting & tax specialist for small businesses, their owners and self managed super funds.
I am also currently a director of Private Health Insurer RT Health Fund Ltd where I chair the Audit & Risk Committee and are a member of the Business Development Committee.

Qualified skills

Taxation
Accounting
Business Consulting

Reputation

Top 10%
Taxation
First 100 Days

Ultimate Guide on How to Start A Business Today

Congratulations! You have an idea for a business and you want to know how you can get this business started. Below is my ultimate guide on how to start a business today in 6 easy steps.  1. Develop a business plan: This can be as simple as one page which documents the following: What your business is What products and services you are selling What is your target market Who are your compe...

Taxation

Do You Need to Register For GST?

A lot of small business owners ask themselves the same question:"Do I need to register for GST?" In order to spare you the trouble of looking for answers all over the Internet, we present you an article that covers GST registration. If you want to find out what you need to do before you register for GST, keep on reading. Do I need to register for GST? This is a question I am often asked by po...

Michael Prior answered this question

Phil Khor
Phil Khor , Founder at

Asked this question - Accounting

What accounting software package should a small business use?

Hi Everyone,

Let me say upfront I am a certified Xero Advisor and am currently obtaining accreditation on Quickbooks. I have also used MYOB extensively. The single issue that I feel has been missed in this debate is what are the needs of the business in looking at an accounting system. My advice to clients is that they should list what they want from their accounting system then we'll assist them score against all these wants and then a solution will fall out. For example is it Price, functionality such as payroll, inventory management, fixed assets, ability to have more than one person logged on at anyone time or timeliness of support, etc. At this stage I often see Xero coming out as the preferred solution albeit some time when add-ons are considered price may become an issue.

Business Management

Tips to Improve Your Revenue Stream

As an accountant, I am often asked by my clients for tips to strengthen their revenue stream. In fact, it is also a conundrum that I as small business owner, face. To improve your revenue streams you will need to understand what drives revenue and which lever you need to pull. Revenue is the main result from the following: New customers This is probably the hardest and most expensive to achie...

Taxation

Why should you use a registered tax agent?

There are a number of reasons for appointing an Accountant and/or Tax Agent to assist you with preparation and lodgement of your tax return.  For example; Provide additional time to lodge: A new client commenced business as sole trader during June 2014 issuing his first invoice on the 30th June 2014. However, he did not receive payment until mid-July and wanted to know what his tax liability wo...

Michael Prior answered this question

Phil Khor
Phil Khor, Founder at

Asked this question - Accounting

Does every small business need an accountant ?

Any business regardless of size needs an accountant and not just a bookkeeper. A good Accountant doesn't just get off on tax as some would have it but rather they are your business partner to success. They provide a great sounding board, cash flow management, business transformation strategies, can negotiate on your behalf, provide suggested software and It solutions and they will provide a considered measured assistance when youv'e made a mistake because you didn't use one.


Taxation

3 Common Tax Issues Worth Knowing

Over the past two months, whilst talking with clients, a number of tax-related issues surfaced that we thought would be good to discuss in this month’s newsletter.Business or Hobby If you run a business then the income is taxable and expenses are generally deductible while when you just have a hobby the income is not taxable nor are your expenses deductible. So is your activity a business or hob...

Michael Prior answered this question

Phil Khor
Phil Khor, Founder at

Asked this question - Accounting

Should you let an accountant pick accounting software for you?

Phil,



 



 I would be surprised if Accountants are chosen based on the software they recommend. However once you have chosen an Accountant then by all means use his/her professional expertise in helping you select an appropriate accounting system but It really depends on the complexity of business and your needs. If you have an engineering firm then MYOB or Xero are probably not the system you need.


Risk Management

Small Business and Risk Management

Small Business and Risk Management Most small businesses think they understand their risks but do they really? Furthermore, if you ask some small business owners how they manage their risks, they are to respond with “We’ve got Insurance”. Insurance is but one solution to mitigating risks. There are many others that a small business can implement at little or no additional costs other than ...

First 100 Days

Ultimate Guide on How to Start A Business Today

Congratulations! You have an idea for a business and you want to know how you can get this business started. Below is my ultimate guide on how to start a business today in 6 easy steps.  1. Develop a business plan: This can be as simple as one page which documents the following: What your business is What products and services you are selling What is your target market Who are your compe...

Taxation

Do You Need to Register For GST?

A lot of small business owners ask themselves the same question:"Do I need to register for GST?" In order to spare you the trouble of looking for answers all over the Internet, we present you an article that covers GST registration. If you want to find out what you need to do before you register for GST, keep on reading. Do I need to register for GST? This is a question I am often asked by po...

Business Management

Tips to Improve Your Revenue Stream

As an accountant, I am often asked by my clients for tips to strengthen their revenue stream. In fact, it is also a conundrum that I as small business owner, face. To improve your revenue streams you will need to understand what drives revenue and which lever you need to pull. Revenue is the main result from the following: New customers This is probably the hardest and most expensive to achie...

Taxation

Why should you use a registered tax agent?

There are a number of reasons for appointing an Accountant and/or Tax Agent to assist you with preparation and lodgement of your tax return.  For example; Provide additional time to lodge: A new client commenced business as sole trader during June 2014 issuing his first invoice on the 30th June 2014. However, he did not receive payment until mid-July and wanted to know what his tax liability wo...

Taxation

3 Common Tax Issues Worth Knowing

Over the past two months, whilst talking with clients, a number of tax-related issues surfaced that we thought would be good to discuss in this month’s newsletter.Business or Hobby If you run a business then the income is taxable and expenses are generally deductible while when you just have a hobby the income is not taxable nor are your expenses deductible. So is your activity a business or hob...

Risk Management

Small Business and Risk Management

Small Business and Risk Management Most small businesses think they understand their risks but do they really? Furthermore, if you ask some small business owners how they manage their risks, they are to respond with “We’ve got Insurance”. Insurance is but one solution to mitigating risks. There are many others that a small business can implement at little or no additional costs other than ...

Cashflow Management

Cash is King! 7 Tips for cashflow management

For any business, survival depends on continued positive cashflow. In difficult economic times the sooner the cash is in the door the better. Here are seven (7) tips for managing cashflow: 1. Build a Cash Flow plan. By doing so, you will know when your peak demands for cash will be thereby allowing you to manage more effectively. If you can demonstrate to your bank that you understand your busi...

Michael Prior answered this question

Phil Khor
Phil Khor, Founder at

Asked this question - Accounting

What accounting software package should a small business use?

Hi Everyone,

Let me say upfront I am a certified Xero Advisor and am currently obtaining accreditation on Quickbooks. I have also used MYOB extensively. The single issue that I feel has been missed in this debate is what are the needs of the business in looking at an accounting system. My advice to clients is that they should list what they want from their accounting system then we'll assist them score against all these wants and then a solution will fall out. For example is it Price, functionality such as payroll, inventory management, fixed assets, ability to have more than one person logged on at anyone time or timeliness of support, etc. At this stage I often see Xero coming out as the preferred solution albeit some time when add-ons are considered price may become an issue.

Michael Prior answered this question

Phil Khor
Phil Khor, Founder at

Asked this question - Accounting

Does every small business need an accountant ?

Any business regardless of size needs an accountant and not just a bookkeeper. A good Accountant doesn't just get off on tax as some would have it but rather they are your business partner to success. They provide a great sounding board, cash flow management, business transformation strategies, can negotiate on your behalf, provide suggested software and It solutions and they will provide a considered measured assistance when youv'e made a mistake because you didn't use one.


Michael Prior answered this question

Phil Khor
Phil Khor, Founder at

Asked this question - Accounting

Should you let an accountant pick accounting software for you?

Phil,



 



 I would be surprised if Accountants are chosen based on the software they recommend. However once you have chosen an Accountant then by all means use his/her professional expertise in helping you select an appropriate accounting system but It really depends on the complexity of business and your needs. If you have an engineering firm then MYOB or Xero are probably not the system you need.


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