Not to rehash podcasts 32 episodes in but in this episode I discuss the ATO benchmarks. While these have not been met with the warmest regards, it is about finding how to put them to work for you.

The benchmarking process is a staple of the Wise Accounting service, and you can utilise them in the same way we do. We employ them for 3 reasons:

1. To determine if a business is operating outside of the industry benchmarks and if they are an audit risk.
2. To track how a taxpayer is performing in relation to their industry peers.
3. Test assumptions on new business ventures and forecasted results to see if they pass the "sense test" and are in line with these known percentages.

The benchmarks can provide you an insight in to your business that you may not be able to get otherwise. Competitors are not going to share this information with you, and this is the next best thing. The benchmarking data will provide you a handful of key performance indicators to evaluate the performance of your business at any time.

Familiarise yourself with these ATO benchmarks and evaluate your business against industry peers: https://www.ato.gov.au/business/small-business-benchmarks/