Choosing the right accounting software for your small business

Selecting the right accounting software is a crucial decision for your small business’s financial health and accuracy. With numerous options available, this process can seem daunting, but making an informed choice is essential to streamline operations and mitigate risks such as financial fraud and regulatory non-compliance. Introduction The challenge of choosing appropriate accounting software stems from the need to balance functionality, ease of use, and cost-effectiveness. As cloud computing continues…  Read more

Business Update – 10 July 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. ‘Rippling effect’: 3000 companies collapse Despite a desperate demand for new homes, the “rippling effect” of an economic downturn has seen a staggering number of building companies go bust in the past year with nearly 3000 failing. Mortgage holders reducing monthly repayments adding years to borrowing term Mortgage holders…  Read more

Navigating financial metrics: Why the Current Ratio is key for your business

Ever felt like the term “current ratio” sounds like something straight out of a high school mathematics class that you’d rather forget? You’re not alone. But here’s the thing – understanding the current ratio can be a game-changer for managing your business’s financial health. Here’s a simple breakdown. What is the Current Ratio? In the simplest terms, the current ratio measures your business’s ability to pay off its short-term obligations…  Read more

Business Update – 03 July 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s competitiveness hits 13-year high Australia rose to 13th from 19th place out of 67 nations for competitiveness, according to the Swiss-based IMD World Competitiveness Yearbook 2024. It was Australia’s highest ranking in 13 years. Employers call for more overseas workers as Australian ‘skills gaps’ hurt productivity Australian workers…  Read more

5 steps to test your business idea

When you’re in business for long enough, you’ll likely come up with new ideas you want to try. Innovation is important for your company to grow, to diversify its income, and to attract new customers. An important step between having an idea and jumping into it is testing the idea. Here are some important ways to test your idea, so you can launch it with confidence. 1. Talk to people…  Read more

Business Update – 26 June 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Small businesses hoping for spending boost at tax time Small businesses are hoping for a spending boost next month fuelled by tax returns starting to land in the pockets of Australians. How to check if you’re owed a share of up to $580 million in unclaimed money Revenue NSW…  Read more

What happens in a data breach and what you can do about it

You might have a mental image of data breaches happening only at big institutions like banks, password managers, or even government agencies. But the truth is, any website that stores personal information can be vulnerable to a breach. Now, not all breaches are created equal, and the impact on individuals and businesses can vary greatly. But hey, don’t panic just yet! We’re here to lend a helping hand and shed…  Read more

Business Update – 19 June 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Tips for the upcoming tax cuts Every Aussie taxpayer will receive a pay rise on July 1 with the new stage three tax cuts kicking in, and it couldn’t come at a better time as millions struggle with a cost of living crisis. No doubt some of this pay…  Read more

Business Update – 12 June 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Treasurer knocks back recession concern but admits ‘uncertain times’ Treasurer Jim Chalmers has insisted Australia is not heading for a recession, despite the economy recording its weakest growth in nearly three years. GDP growth falls to just 0.1% as household cutbacks put handbrake on Australia’s economy Australia’s economy all…  Read more

Business Update – 5 June 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Fair Work Commission increases minimum wage by 3.75% The Fair Work Commission (FWC) will increase the minimum wage for employees by 3.75%, factoring in tough economic conditions with long-term goals such as closing the gender pay gap. The new National Minimum Wage and awards wages will go into effect…  Read more

The Power of Financial Models

Financial models are invaluable tools designed to help you understand and project the financial health of your business. By simulating different scenarios and examining potential outcomes based on various inputs like sales growth, margins, and cash flow, these models provide a comprehensive picture that aids in informed decision-making. Practical steps for leveraging financial models: 1. Planning and forecasting Start by creating a base financial model incorporating your current financial data.…  Read more

Weekly Digest – 29 May 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Have you made payments to non-residents? If you make interest, dividend or royalty payments to non-residents, you may need to pay and report withholding tax. Lendlease abandoning offshore markets to recycle $4.5b into Australian opportunities Development and construction giant Lendlease Group has taken a major step to scale back…  Read more

Proactive superannuation planning: what you need to be aware of before June 30

As a small business owner, juggling multiple responsibilities is the norm. With June 30 fast approaching, understanding superannuation can save you a lot of headaches and potentially a lot of money. Let’s dive into the key aspects of superannuation you need to be aware of before the end of the financial year. Annual contribution limits for superannuation Concessional Contributions Concessional contributions are pre-tax contributions such as employer contributions and salary-sacrificed…  Read more

Business Update – 29 May 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Have you made payments to non-residents? If you make interest, dividend or royalty payments to non-residents, you may need to pay and report withholding tax. Lendlease abandoning offshore markets to recycle $4.5b into Australian opportunities Development and construction giant Lendlease Group has taken a major step to scale back…  Read more

Embracing a Growth Mindset: Expanding Your Bookkeeping Business in 2024

Embracing a Growth Mindset: Expanding Your Bookkeeping Business in 2024   As the new year begins, it’s the perfect time to reflect on your bookkeeping business and set goals for growth. Embracing a growth mindset is essential for expanding your bookkeeping business in the new year. It’s about adopting a positive attitude and being open to new opportunities and challenges. So, let’s explore some strategies to help you embrace a…  Read more

Business Update – 22 May 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. 2024 Federal Budget – NAB Economic Commentary The NAB Economics team has responded to the 2024 Federal Budget, providing commentary on what it means for health, small and medium business, education and individuals. Victoria passes legislation to phase out stamp duty on commercial and industrial properties Victoria’s transition from…  Read more

Unpacking the 2024 Federal Budget: What you need to know

When Treasurer Jim Chalmers handed down the 2024-25 Federal Budget on 14 May 2024, it was clear that the government had a diverse range of objectives. From offering tax cuts to supporting vulnerable groups, the budget is packed with measures aimed at stimulating economic growth and providing relief. Let’s unpack the key points from this year’s budget, focusing on how they impact small businesses. Tax Incentives and Extensions Instant Asset…  Read more

What the 2024 Federal Budget means for you

The highly anticipated 2024 Federal Budget has promised to address the continued rising cost of living stress, with energy bill relief at the forefront of these measures. Treasurer Dr Jim Chalmers handed down the government’s third Budget, determined to deliver cost of living relief without adding to inflation. The latest MYOB Business Monitor research of 1,000 small and medium-sized enterprises (SMEs) shows that Budget measures that relieve cost-of-living pressure are…  Read more

Business Update – 15 May 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. ATO flags 3 key focus areas for this tax time As ‘tax time’ approaches, the Australian Taxation Office (ATO) has announced it will be taking a close look at 3 common errors being made by taxpayers: Incorrectly claiming work-related expenses; inflating claims for rental properties; failing to include all…  Read more

Are your customers really happy, or can you do better?

Most businesses understand that customer satisfaction is crucial to their success. Happy customers are more likely to remain loyal, refer others, and leave positive reviews. This trend has only been amplified by social media and online review sites, where negative feedback can spread quickly and damage a company’s reputation. In an increasingly competitive marketplace, having an effective customer service system is no longer enough: you need to be able to…  Read more

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