JobKeeper changes coming in September

The government has announced changes to the JobKeeper scheme. The Treasury’s review found that the subsidy was still “needed” but required a “test to ensure that JobKeeper is well targeted”. Be prepared This means there will be changes to your current situation and your entitlements will be affected. The details of the changes are being announced now and we will ensure our clients are fully informed as to how this…  Read more

Payment Summaries have changed

Last year’s introduction of Single Touch Payroll (STP) means that tax time this year will be a little different. Employers are now required to report pays, taxes and superannuation information directly to the ATO each payday through STP. Employers that do report this way will not have to give you a payment summary as they usually would at this time of year. Instead, employees will get an end-of-year income statement…  Read more

Questions to ask as your small business recovers from COVID-19

As small business owners look to operations after COVID-19, there are some important business questions to ask. These questions will help you determine what adaptations you want to keep, whether your business model is working, and if there are additional changes you want to make to keep your company operational through future economic downturns. It’s not always fun to do this sort of examination, but the answers to these questions…  Read more

Ways to benchmark your business

For many business owners, determining the success of a business comes down to how much profit the company makes. Of course, finances are an important measure of an company’s overall success. If you don’t bring in more than you spend you won’t be in business for long. Profit, however, isn’t the only important benchmark by which to measure your business. There are other important factors business owners can and should…  Read more

Instant Asset Write-Off Extended

Good news! Last week the government announced that the Instant Asset Write-off has been extended for six months, taking the initiative to 31 December 2020. Australian businesses with less than $500 million annual turnover will be able to take advantage of the write-off and invest in assets to support their business. This government initiative is designed to help the economy reopen and boost economic growth. The instant asset write-off applies on…  Read more

How cash flow forecasts can help you

  Managing cash flow is a vital part of running a successful business. Some business owners think managing cash flow simply means keeping track of how much money enters and leaves their business, but there’s actually more that goes into it. Cash flow forecasting, for example, is an incredibly valuable tool that helps you anticipate cash flow issues, plan for days when your cash flow is limited, and show the…  Read more

What to do when reopening your business

As many business owners look to life after COVID-19, an important question comes up: how do we plan to reopen our business? For most businesses, the easing of restrictions doesn’t mean a return to business as usual. There are rules and regulations in place about how companies can operate, including how many people can be on their premises at one time and how employees must be protected. Customers may not…  Read more

Sometimes we have to say no

A little note from us Our role as advisors is to support small businesses, but we cannot compromise our standards along the way, particularly as the effects of COVID-19 continue to rage on for our clients. The Tax Practitioners Board (TPB) together with the ATO recently released a statement as a reminder of the ethical responsibilities of accountants and bookkeepers. The core of their message was that the ATO will…  Read more

COVID-19 updates you should know

8th April 2020 Rental waivers and deferrals for commercial tenants Prime Minister Scott Morrison announced some new measures for landlords and tenants yesterday (Tuesday 7th April). The new mandatory code will apply to tenancies where the tenant or landlord is eligible for the JobKeeper program, which means those that are in financial distress. This code was described to include “good-faith principles” where landlords must not terminate the lease or draw…  Read more

What the Coronavirus Stimulus Package means for you

  It’s hard to escape the news of the Coronavirus as it continues to have a huge impact on people across the world. Closer to home, the Morrison Government has announced a stimulus package in response to the anticipated economic downturn. This package includes a number of economic stimulus measures for the 2019/20 and 2020/21 income years, with most of targeted at helping small to medium-sized businesses. Here to help…  Read more

Three signs you’re addicted to work

Running a small business is hard work. Entrepreneurs know they have to put in long days and give up personal time in pursuit of success. There’s a line, however, between putting in some extra time and becoming addicted to work, and it’s important to know the difference between them. Being addicted to work—sometimes referred to as being a “workaholic”—can have serious negative consequences for your personal life and your health.…  Read more

Three Reasons to Focus on Fantastic Customer Service

Small business owners know that to find a loyal customer base, they have to stand out from their competitors. One of the best, and easiest, ways to do that is to have outstanding customer service. How you treat your customers reflects your entire business. People think positively on companies that treat their customers and clients well. Unfortunately, many small business owners focus a lot of attention on their products and…  Read more

Eight Characteristics of successful small businesses

We now look at eight characteristics important to successful businesses. International researchers who have studied many small businesses have found that these characteristics consistently play a part in the success of small companies. The eight characteristics are: Owners leading by Example Having a simple business structure Information sharing among employees Staff are carefully chosen Staff commitment and loyalty A unique product or service A specific Customer focus Prompt follow up…  Read more

Ideas for business goals this year

The start of the year is the perfect time to dust off last year’s business plan and set some new goals for the future. While some entrepreneurs love planning, others feel overwhelmed by the process. How do you decide on just a handful of goals that take priority, with so many moving parts that make up a business? These tips can help you get started brainstorming how your company can…  Read more

6 Essential Accounting Terms for Small Businesses

Hiring an accountant is widely considered best practice for small business owners.  But delegating financial analysis and reporting doesn’t mean completely checking out of the process each month or quarter. On the contrary, it’s recommended that business owners work closely with their accountants throughout the year to better understand their financial position, and make smart plans for future growth. Want to increase your accounting knowledge so you can have more…  Read more

Why Bookkeeping is Crucial to Your Success

Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering…  Read more

Corporate gift ideas

As a small business owner, you may know the importance of recognizing your clients’ ongoing patronage—but you may not have a large budget to support high end gift giving. Your clients will love these four simple and unique gift ideas. The best part? They can be personalized to suit the recipient’s tastes, and customized to fit any budget. Subscription memberships Designed to surprise and delight, box subscriptions are the gift…  Read more

How to prevent employee theft

The recent statistics on employee theft is shocking. According to one US source, 75% of employees admit to having stolen at least once from their employer—and employee theft costs a company on average 7% of their annual revenues each year. As a business owner you may not be aware of the many ways employees can steal from you. Some common methods include: redirecting company checks to personal accounts and altering…  Read more

Is Bitcoin worth considering as a payment method?

For many small business owners, the offer of low payment fees is a very attractive proposition. Bitcoin – a digital currency that allows low-cost peer to peer payments – offers an interesting alternative to traditional payment methods. When you buy or sell with bitcoins, fees are set by bitcoin users. Typically those fees are much lower than the 2-3% transaction fees incurred in a typical credit card transaction. Before you…  Read more

Want to grow your business? Our Free Resources will Help