Business Portal Retires End of July

The ATO are replacing the Business Portal with a new, contemporary system – Online Services for Business (OSfB) If you use the ATO Business Portal you have until the end of July to switch to Online Services. Online services for business is the new way to interact with the ATO online for all tax and super needs. It has been designed in collaboration with small businesses, for small business. Improved…  Read more

3 Ways to Motivate Workers

The question of motivating employees is often on a business owner’s mind. It can be difficult to find ways to genuinely motivate employees at work, and often the old standards—performance-based bonuses, increased rewards and commissions—only work in the short-term, if they work at all. In fact, some tests have shown that the usual motivational tactics aren’t always effective. So how can you authentically motivate workers? 1. Share positive feedback Too…  Read more

21 years young!

Arrant Accounting is 21 years young!  That is 21 years of watching the financial industry change and evolve. We have supported our clients through some turbulent years; from the mining boom, the GFC and now the CovID-19 pandemic. We especially thank the loyalty of our clients, and it was through them that we were recognised as Innovator of the year (2017) and Bookkeeper of the Year (2018) Our clients have…  Read more

Employee Records – New financial year; fresh start!

Over the last year, FairWork Australia have identified more than 40 businesses that were investigated and subsequently fined and/or penalised for their failure in keeping accurate and up-to-date employee records. The proverbial phrase “to err is human” by poet Alexander Pope is never a truer word spoken!  Mistakes are bound to happen, especially unintentional ones, and FairWork are understanding of this and will help remedy any shortfalls a business may…  Read more

3 Tips to Make the Most of the End of Financial Year

Preparing your End of Financial Year (EOFY) information often feels stressful—there are receipts to sort out and reports to review, and you need to make sure you have all the necessary information about your income and expenses. It can be overwhelming, and it can make the EOFY feel daunting. The end of the financial year isn’t just a time to collect receipts and find invoices, however. It’s also a time…  Read more

Ways to Make a Difference While Making Money

Gone are the days when an entrepreneur was expected to be entirely focused on making a profit. Obviously, earning money is important to being sustainable and therefore staying in business, but it’s possible to both earn a profit and make a positive difference in the world around you, too. There are great reasons for doing so. Making a positive difference contributes to the greater good. It can also boost employee…  Read more

How to build a business you can sell

Many entrepreneurs start their business with the goal of earning an income for themselves, but they often think of the business only in terms of them running it. In truth, there is a huge benefit to starting a business either with the goal of selling it or at least setting it up so it can be sold at some point in the future. You don’t have to plan on making…  Read more

Federal Budget 2021: What it means for you

Treasurer Josh Frydenberg has released the 2021 Federal Budget and confirmed Australia’s economy is performing more strongly than was expected six months ago. This article has a summary of the “Winners and Losers” of the Budget and we’ve compiled a recap of the key points below. Get in touch with us if you have any questions. A Quick Overview This budget assumes our international borders won’t reopen until mid-2022. $1.9…  Read more

Three tips for managing construction industry cashflow

Owning a small business in the construction industry can be incredibly stressful. In addition to the long days and difficult working conditions, you have to worry about cash flow issues. It can take a long time to collect on payment from your clients or contractors who hired your business, and in the meantime you have to pay employees, cover fixed expenses, buy supplies and pay your own subcontractors. Here are…  Read more

If my business is making a profit, where is the cash?

Some small business owners find themselves in the difficult position of running a business that appears to be profitable, but still having no money in the bank. It’s an important situation to address. After all, a lack of adequate cash flow is one of the main causes of small business failure. Here are three reasons profitable businesses have little money in the bank, and what business owners can do to…  Read more

Changes to Casual Employment

On Friday 26 March 2021, the Fair Work Act 2009 (FW Act) was amended to change workplace rights and obligations for casual employees. The changes were made by the Fair Work Amendment (Supporting Australia’s Jobs and Economic Recovery) Act 2021 (Amendment Act). These changes came into effect on Saturday 27 March 2021. What’s changing The Amendment Act introduces a: Casual Employment Information Statement (CEIS) definition of casual employment pathway for…  Read more

Still Doing Your Own Payroll? Here’s 3 Reasons Why You Should Stop

At face value, it seems like a great idea. If you’re a small business owner with just a few employees, you probably think that hiring a payroll specialist is an expense that you can avoid. You feel that you can handle it yourself. You have the best intentions to keep your staff paid right and on time. What could go wrong, right? Well, lots actually. Below are the reasons why…  Read more

A Beginner’s Guide to Cash Flow Forecasting

Nobody wants their business to fail. Although it’s impossible to predict the future with 100% accuracy, a cash flow forecast is a tool that will help you prepare for different possible scenarios in the future. In a nutshell, cash flow forecasting involves estimating how much cash will be coming in and out of your business within a certain period and gives you a clearer picture of your business’ financial health…  Read more

Life Lessons to Teach Your Kids If You Want Them To Be Rich

Everyone wants the best for their children, and this includes being rich. Being rich is not just about money– it is about wealth in all aspects of life. In this article, we will share some life lessons you must teach your kids while they’re young to help them grow into adults who can build financial wealth, meaningful relationships, and an overall happy life. Lead by example Children learn from their…  Read more

5 Xero Mistakes Business Owners Make and How To Avoid Them

If you’ve just started working with Xero, it is normal to make a few mistakes while you’re learning. We see mistakes that are quite common – and unfortunately costly – so you should be aware of them if you want to get the most out of Xero’s powerful cloud accounting system. 1. Not connecting all the bank and credit card accounts dedicated for your business Make sure that you keep…  Read more

Three finance options for your business

Most entrepreneurs find a time in their business when they need to access financing. It may be in the early stages of their business, when start-up costs for offices, equipment and employees must be covered. Or it may be later on, when they have to relocate, purchase more inventory or equipment, or market their business more aggressively. Financing a business can be scary, but there are many options for entrepreneurs…  Read more

Five Ways to Manage a Healthy Cash Flow

We cannot stress further the importance of properly managing your cash flow to ensure the smooth running of your business. However, in times of crisis such as the ongoing COVID-19 pandemic, this becomes more than important– managing your cash becomes a necessity for survival. If you are experiencing cash flow troubles, here are five things you can do to manage your cash flow better. Check your expenses. Now is the…  Read more

8 things your invoice needs in order to get paid faster

So you’ve set up your business and sold some products and services. Now, you have to send an invoice to collect your payment. But what should you include on your invoices in order to get paid faster? Even if you’ve been running your business for a while, you might be missing other information that you should include. So here is a step-by-step guide on what to include on your invoices.…  Read more

JobMaker Scheme

What is it ? The JobMaker scheme provides a payment to businesses who have increased their headcount by hiring new employees between the ages of 16-35 years.  For the new employees to qualify into the scheme, they must have received a government payment such as JobSeeker, Youth Allowance or the Parenting Payment for at least two of the six fortnights prior to their employment with you (the employer).  All employees…  Read more

Go Local First!

Did you know that Australia has over 3.5million small businesses? These small businesses contributes to approximately 1/3 of Australia’s economic activity – employing millions of Australians. Almost half of our workforce is through the same small businesses. Now is the time to give back to your local community. Arrant Accounting Solutions has supported many small businesses for over 20 years; and will continue to do so for many years to…  Read more

Want to grow your business? Our free resources will help