How to set up a cash reserve

Running a successful business is a juggling act between cash coming in and cash going out. If you’ve built up a cash reserve, you’ll be better able to stay in business and handle short-term issues like falling sales. Build a cash buffer Businesses generally fail because they run out of cash. Cash in the bank acts as a buffer and can help you better weather the ups and downs you…  Read more

Business Update – 31 January 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Interest rates are expected to keep rising despite softening inflation Economists generally believe that the worst of inflation is behind us, but they also say that the Reserve Bank will continue to raise interest rates until prices come down. Changes to FBT and providing employees with electric cars Employers…  Read more

What is inflation and how does it affect my savings?

You can’t get through the news these days without hearing about inflation and how rapidly it’s increasing. Rates were generally low for quite some time and we all got used to it. Suddenly, however, everyone is getting squeezed by inflationary pressure. But what exactly is inflation, and how does it affect the money you have in the bank? Read on to learn more about what it is and what it…  Read more

Seven practical tips to trim your overhead expenses

Every small business owner knows how challenging it is to cut down expenses without somehow compromising internal or external quality. Regardless of the nature of your business, the first step to reducing your overhead costs is to take the time to go through every single expense you have. Next, assess which ones are necessary for your business to operate smoothly, what can be trimmed down, and what can be eliminated…  Read more

How much money do you need when starting a business?

Many people underestimate start-up costs and start their business on the back foot financially. This can mean a long crawl up to your breakeven point and into profitability. Quite often it results in the business never making a profit at all. What you need to do is prepare an estimate of capital costs you will incur on start up. These may include land, buildings, plant, machinery, general equipment, office equipment,…  Read more

Business Update – 25 January 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Some good news for energy prices After recent record-busting increases in electricity costs, some good news is on the horizon – energy prices will lower over 2023 and 2024 once an expected drop in wholesale prices reaches consumers. Rent is coming down in one region According to SQM Research,…  Read more

Ten ways to protect your business from online threats

Businesses of all sizes are under constant threat from cybercriminals and malicious software, with even some of the world’s largest and apparently impenetrable organizations making headlines in recent years after falling victims to cyberattacks. Although the risk is generally lower for smaller companies, since they don’t tend to be primary targets for hackers, it is still essential to take every precaution to make sure that you, your employees and your…  Read more

8 ways to protect yourself from personal financial fraud

Unfortunately, fraudsters are out there. They want your money, your identity, or both, and they’re getting more sophisticated all the time. There’s a wealth of opportunity for swindlers to take advantage of people because so much of what we do is now online. There are ways for you to protect yourself, both by taking action and being aware of what’s going on. Here are 8 ways to protect yourself from…  Read more

Business Update – 18 January 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Jobs and retail sales more robust than expected New data from the ABS shows that consumer price inflation picked up in November, leading to higher-than-anticipated retail spending to finish the year. Rent in cities is higher than ever Rent has increased by nearly 15 percent over last year in…  Read more

7 tips to help your small business adjust for inflation

Inflation has ballooned worldwide in recent months, and there’s no question that small businesses are feeling the pinch. Supplies cost more, employees are hard to find, and your profits are shrinking. It’s undoubtedly challenging, but you can weather the storm with the following tips. 1. Study your data Your numbers are always helpful, but in times of rapid inflation, you’ll be especially thankful that you keep a nice, clean set…  Read more

Business Update – 11 January 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. AussieSuper upgrade is still causing trouble AustralianSuper had been struggling with technology issues for two months, with the new member portal and mobile app going live in mid-November. China’s Covid woes could negatively affect Australia’s economy A senior economist warns that China’s surging Covid cases could cause trouble for…  Read more

6 factors to consider when planning for your retirement

While it may seem like your working years last forever, retirement still has a way of sneaking up on you. As the years go by, what once seemed like a far off dream can suddenly feel incredibly close. Planning for your retirement might seem like something you can put off until tomorrow–or next year–but the earlier you do it the more time you’ll have to make sure your finances are…  Read more

Setting business financial goals for 2023

Businesses tend to progress more consistently if the owner sets financial goals and makes a plan to achieve them. The new year is a natural time to decide what you want to achieve and how. With that in mind, read on to learn the steps for setting financial goals for your business for 2023. 1. Review and evaluate your 2022 goals You’ve got to see where you’re coming from to…  Read more

Start your personal 2023 budget off right

New Year’s resolutions are often top of mind this time of year; some will stick – but many won’t. Try not to beat yourself up about it. There’s always next year, after all. However, your personal budget is one area where you should keep your resolutions from slipping. While it’s true that there’s also next year when it comes to your financial goals, putting it off has real consequences that…  Read more

Is paperless payroll right for you?

When you think of payroll, you might still envision paperwork and envelopes given to employees by hand. Even with direct deposit being the norm for years, there is still a significant paper component to manage. As with most things, payroll is going digital – and for good reason. There are many benefits to digital payroll for employers and staff alike. Read on to learn why switching to paperless payroll could…  Read more

Business Update – 21 December 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Kevin Rudd is the next ambassador to the US Kevin Rudd will serve as Australia’s next ambassador to the United States. Anthony Albanese said Rudd’s appointment would strengthen Australia’s diplomatic capability and prosecution of national interests around the globe. Twitter users believe Elon Musk should step down A Twitter…  Read more

Business Update – 13 December 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. NSW builder goes into voluntary administration due to rising costs and pandemic effects Elderton Homes, a major New South Wales builder, has plunged into administration after catastrophic weather events, the pandemic, and rising materials costs made business too costly to continue. ABS data shows that payroll jobs are up,…  Read more

What is a fractional CFO?

A fractional CFO, or Chief Financial Officer, is a finance professional who works on a part-time, retainer, or contract basis. They bring the experience and expertise of a high-level CFO to your business – without the cost of hiring a full-time, in-house employee. Fractional CFOs service several clients at once typically on a part-time, retainer, or contract basis. Their specialty is providing outsourced CFO services to small and medium businesses.…  Read more

Business Update – 6 December 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Austudy, carer payments, and youth allowance to get a boost Social security payments for young people, students, and carers will increase by 6.1% on 1 January – the biggest raise in over six decades. Women are 200 years behind men for income equity A new report revealed that Australian…  Read more

4 end of the year financial planning tips

The end of the year is typically a reflective time. Something about that lull between holiday festivities and New Year’s Eve sets the stage for introspection and review. While you’re busy reflecting on the year that’s ending and the new one about to begin, make sure you take some time to consider your finances. Here are some financial tasks that should be on your must-do list before the calendar rolls…  Read more

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