Local Networking – still a good investment

Networking can spark mutually beneficial partnerships, lead to new opportunities, and attract more customers through word of mouth.  Making a few good local business connections can go a long way helping your business grow. Small business owners may believe networking isn’t valuable in the age of social media. On the contrary, it’s still vital for people to get to know your face in the community. And fellow business owners are…  Read more

5 Common Bookkeeping Pitfalls — and How to Avoid Them

Although most entrepreneurs recognise the importance of careful financial management, few want to spend their time dealing with numbers. Unfortunately, not keeping a close eye on your income and expenses can be very costly for a business. Here are five of the most common bookkeeping pitfalls, and some simple tips for getting back on track. Mixing business and personal All too often, entrepreneurs adopt a “buy now, sort later” approach…  Read more

STP – Count the Heads not the Eggs on 1 April

If you’re are a small business owner with close to 20 staff then this Sunday you’ll be counting heads not eggs to see if you will be designated as a substantial employer and captured in the mandatory reporting of Single Touch Payroll (STP) commencing on 1 July this year.  Happy Easter! April Fools Day Joke? Well, it’s no joke although I must say someone at the ATO has a quirky…  Read more

Cash flow is King

Cash flow is king in business. Check out the great infographic and post from the awesome team at Practice Ignition

Getting the work–life balance right

As a small business owner it’s hard to juggle your work and outside responsibilities. It’s important to run your business effectively and still have a life outside the office. You need a good balance between work and play for your health and well-being. Small business owners often fall into the trap of working too hard, ending up exhausted from the constant work demands associated with self-employment. So as we say…  Read more

Differences Between Gross and Net Profit (and Why Neither Matter Unless You Get Paid!)

Wondering if you’re doing everything you can to boost income and cut costs? Or if your business is actually generating more profit this year than it was last? The best way to answer these questions is with a thorough assessment of profitability. That’s where gross and net profit calculations come in. These are two of the most important metrics for measuring your capacity to generate income relative to costs and…  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.

Insights from your Profit and Loss Statement

Most small business people would agree that their Profit and Loss statement (now more correctly called a Statement of Financial Performance) is among the easier – if not the easiest – financial document to understand. It’s typically presented in two parts. The top half of the statement reveals the various sources of income the business has received for the period covered, such as a month, quarter, half year or full…  Read more

Cash Flow – finding the money within your business

Wondering if you’re doing everything you can to boost income and cut costs? Or if your business is actually generating more profit this year than it was last? The best way to answer these questions is with a thorough assessment of profitability. That’s where gross and net profit calculations come in. These are two of the most important metrics for measuring your capacity to generate income relative to costs and…  Read more

Strengthening Your Balance Sheet

Your Balance Sheet (now more correctly called a Statement of Financial Position) reveals a great deal about your business, including the total value of your assets – the things you own; how much you owe to others – your liabilities; and the level of your solvency. It’s called a balance sheet because assets must always equal liabilities plus shareholders’ equity. The two sides balance. The mothership of your financial statements,…  Read more

Paperwork – Are you struggling?

Many small-business operators are struggling with paperwork and are making significant personal sacrifices over and above running their day-to-day business. While it’s easy to put the extra work on the backburner, there are several actions small business owners can take to ensure they aren’t caught out at tax time. By starting early as well as seeking out help from their advisers or using accounting software and good bookkeeping routines, SMEs can save a great deal of personal time and stress further down the track.

New Financial Year – Resolution starts now

Resolution – the quality of being determined or resolute So what are your new financial year resolutions for your business in 2016/17? Are you determined to make a change this year and move forward with confidence and fresh ways of looking at your business? Is it my imagination or does each financial year end seem to come around quicker than the last? Here we are once again at the start of…  Read more

9 Things You Can Do Today to Comply with Fair Work

How well do you know the Fair Work Act? Would you be ready for the Fair Work Ombudsman to pay you a visit? Research by TSheets, a time tracking company based in Sydney, has revealed that non-compliance has cost businesses more than $161 million in back pay since the legislation was passed and that in one industry — fast food — only a third of businesses were found to be fully…  Read more

‘Tis the Season for a Partnership

Conference Season Its September, its Spring. Its conference season for bookkeepers.  So lets talk partnership.  Yes, you’ve paid big dollars in partner or conference fees, flights, accommodation, that little black number for the gala events and taken time from your business to attend.   You have high expectations of content, of the WOW factor, it’s your conference, it’s all about you.  But so often we forget about the.. Partnership So often…  Read more

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