New rules for Stapled Super Funds

New rules commence on 1 November 2021 regarding Stapled Super Funds for new employees who are eligible to choose a fund. You’ll have an extra step to take if you have new employees who start from 1 November 2021 and they don’t choose a super fund. You may now need to request their ‘stapled super fund’ details from the ATO.  A stapled super fund is an existing super account of an…  Read more

Your critical numbers

The Covid-19 crisis has created a “new normal” for businesses. Traditional ways of working are being challenged and we now need to innovate, adapt, re-engineer, and reinvent the way we work. Lockdown gave us time to consider our options, but two important questions often remain unanswered: How will we know if we are on track or not? Are our new plans actually working? It goes without saying that our success…  Read more

Redefining success

If there’s one positive to take from the events of the last two years, it’s the opportunity to consider what’s important. For those of us in business, it’s important to redefine our plan and goals that ensure the business delivers our definition of success. The natural extension, for those with team members, is to revise what the business needs to deliver to the team. Personal success Your definition of personal…  Read more

Increasing your stock turn in a slow-moving economy

If you sell stock or inventory, it’s essential you understand stock turn and how to increase it. Obsolete, or ‘dead’ stock will harm your cashflow and your ability to increase profit, particularly in a slower-moving economy. The longer stock takes to sell, the longer you have your cash tied up in the stock before it can be sold for a profit. The older the stock, the less likely it is…  Read more

Profit vs cash

There’s a massive difference between profit and cash. Let’s explore the differences to make a better plan to increase both. 1. Sales. Profit increases when you increase sales; cash increases when you collect the money from customers. To increase both your profit and cash from sales: Delight your customers Generate more leads and referrals Convert a higher number of quotes or proposals Increase transaction frequency Increase transaction value 2. Invoicing.…  Read more

The dangers of discounting

Offering a discount might seem like a great way to respond to a drop in sales, but it’s a race to the bottom. Get in touch to discuss strategies to respond without discounting your product or service and maintaining your gross profit You might think that offering discounts is a great strategy to use when sales are falling. In reality, you’re likely to be more profitable by holding your price…  Read more

Casual Employment Changes

Conditions surrounding casual employment law will be changing. From 27 September 2021, employers that are not small business employers (ie those with fewer than 15 employees) will need to assess whether any existing casual employee that was employed before 27 March 2021 are eligible to be offered the conversion to permanent employment (part-time or full-time). Employers will be required to : make a written offer to convert their casual employees…  Read more

The 10 ways to lift your margin

Improvements can always be made at the margin. Small tweaks to your processes or systems can make a massive difference to the end result. It’s the same with your business margin – a 1% increase in your gross margin on $500,000 of sales is an extra $5,000 on your bottom line. The best part about improving your margin is that you increase your profit without needing to lift your sales.…  Read more

Understanding your numbers to improve your results

Understanding your financial reports, or knowing your numbers, is critical to business success. It allows you to make better business decisions, measure the impact of those decisions, take corrective action where necessary and, ultimately, enjoy better results. By understanding your financial reports, you’ll: Know if your business is growing or shrinking Discover trends in your business and be able to respond accordingly Compare your actual results to your expectations Identify…  Read more

Driving your business with reporting

Would you drive a car without monitoring the dashboard? Don’t wait till year end to review your financial results! Respond faster with regular reporting and keep driving your business forward! Do you wait for your Annual Accounts to arrive before you look at your numbers for the year? By the time your accounts have been finalised, the data is historical. Any changes you make as a result of reading these…  Read more

Cash Flow Advice for Small Businesses

Solid cash flow management is vital to ensuring your business survives, but not everyone understands what cash flow is or how to manage it. That’s likely what makes it a leading cause of stress for small business owners. In fact, a Capital One study found that 42% of small business owners say cash flow management is a major concern for them. Cash flow refers to the movement of money into…  Read more

4 Money Saving Tips for Business Owners

Running a successful business requires you to make smart decisions about everything from who you hire to how you spend your money. There are many legitimate expenses to cover, but it’s easy to overspend in areas that aren’t helping you or your business. Spending wisely is key to owning a sustainable business. Here are four practical money saving tips for business owners. 1. Have a list of all your subscriptions,…  Read more

What do you want from your business?

When you started your business, you probably dreamed about flexible hours and highly profitable, stimulating work. Ideally, you would’ve adopted best practice and documented those dreams in a succinct Business Plan. The plan would specify how much cash you need from the business, your role, and the hours you’d be working. In other words, what the business was going to deliver to you personally as an owner. But that was…  Read more

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

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