The Three KPIs That Every Business Should Track

 Discover for yourself whether you’re tracking the three most important KPIs. And if not, learn how to start doing so. The only way for a business owner to know if their company is meeting its goals is to define and track key performance indicators. However, the first part may be trickier than the second.  How do you even come up with the right KPIs to track? Know that there are…  Read more

How to Analyse Your Business’ Financial Position

Keeping a close eye on your company’s financials is essential in planning a business strategy. Here are the crucial steps to do just that. Every company should pay attention to its current financial state. It can be of immeasurable value for future business ventures and financial projections. Not to mention serve as an orientation point when deciding on the direction in which the company will move. Proper financial analysis is…  Read more

6 Tips to Move Your Business Forward in 2022: How to Prepare for the Future

Are you feeling overwhelmed by all the changes that are happening in the world? Don’t worry, you’re not alone. In fact, a lot of business owners are feeling uncertain about the future. However, that doesn’t mean you can’t prepare for growth and prosperity in the coming year. Let’s take a look at 6 tips to help your business move forward in 2022. #1 – Launch New Products or Services One…  Read more

4 Common Reasons Why Small Businesses Fail: What You Can Learn

It is a sad fact that many small businesses fail. In fact, according to the US Bureau of Labor Statistics, more than half of new businesses close within five years. In this blog post we’re going to take a closer look at those reasons and dive into the lessons you can learn from them so that your small business stays successful. #1 – Running Out of Cash A study by…  Read more

How’s the forecast looking for your business?

Whenever we’re going on holiday or have plans for the weekend, we always check the weather forecast so we can plan accordingly. It’s no different in business. The forecast tells us if there’s bad weather (poor cashflow) in store based on the direction we’re heading. Your forecast will tell you: If you have enough sales in the pipeline to give you the desired level of profit for the year. Whether…  Read more

Our Management Reporting service

“What gets measured gets managed.” – Peter Drucker If you’re not measuring your financial results and the key drivers of your business, you can’t properly manage them or implement meaningful improvement strategies. Our Management Reporting service helps you stay on track to achieve your goals, with monthly Management Reports providing a snapshot of your results. It ensures you take time out from working in your business to get perspective of your…  Read more

5 tips goal-setting tips for the year

Wouldn’t it be great to have your best year ever, this year? Whether you want to grow your business or take more time for yourself, these goal-setting tips can help you achieve your long-term plans. Think big! – What do you want from your life – and how can your business help you achieve that? Think about next year and beyond; what does your business look like in five or 10…  Read more

E-invoicing protects you against invoice fraud

Is your business using e-invoicing? It’s a fantastic way to protect yourself and your customers from invoice scams, and it can help you get paid faster. E-invoices replace emailed PDF invoices or links to online invoices. Instead, e-invoices are delivered securely to your clients, even across different accounting systems. Preventing invoice fraud Invoice scams are surprisingly common, and can be quite sophisticated. For example, with intercepted invoices everything looks exactly…  Read more

Join us for our FREE Know Your Numbers webinar

You don’t have to be an accountant or bookkeeper to understand your numbers, just as you don’t have to be a mechanic to drive a car.  Having an overall understanding of your financial reports puts you in a far stronger position to make better decisions. On 28 January 2022 at 10am we are hosting a 60 minute complimentary webinar where you’ll: Learn what each of your key financial reports tells…  Read more

Your December quarter activity statement is due soon

Your December quarter activity statement is due soon. Make sure you have checked off the following: Have you allocated all bank transactions to the correct accounts? Have you verified that the bank balance listed in your accounting software matches the balance in your bank account? Do you have tax invoices and receipts for all business-related transactions? Have you checked the GST tax codes for all transactions? Have you checked tricky…  Read more

5 tips goal-setting tips for the year

Wouldn’t it be great to have your best year ever, this year? Whether you want to grow your business or take more time for yourself, these goal-setting tips can help you achieve your long-term plans. Think big! – What do you want from your life – and how can your business help you achieve that? Think about next year and beyond; what does your business look like in five or 10…  Read more

Welcome to 2022!

We’ve made it through another year of Netflix binges, Zoom meetings, mask-wearing, and copious amounts of sanitiser. Who knows what 2022 will bring us, but no matter what happens, we’re here to support you to redefine success and achieve your goals. Once again, we can take our learnings from the past year and plan for a better 2022. Well, what we can control anyway! Before you completely eliminate 2021 from…  Read more

Do Your Employees Want to Cash Out Annual Leave? Here’s the lowdown.

Are your staff asking to cash out annual leave? There are some important rules to remember before paying out annual leave. Firstly, you must review the employee’s modern award to check that cashing out leave is explicitly allowed. Most awards do allow for excess annual leave to be paid out, and we give you the general rules here – but you need to check the relevant award for special regulations…  Read more

Keeping your business cash liquid – the difference between cashflow and profit

The foundational goal of any business is to make a profit. As a business owner, that’s one of your key financial aims – to make enough sales, at a big enough margin, to generate profit from your enterprise. But how does profit differ from cashflow? And why is cash king? How do profit and cashflow differ? To really understand the difference between generating profit and managing cashflow, we need to…  Read more

Christmas Parties and Presents – and Tax!

Christmas is a great time to acknowledge and reward your employees and other associates by celebrating and giving gifts. But don’t get caught out by entertainment rules! Claiming entertainment and gifts as business expenses is not always straight-forward, as there are implications for GST, income tax and fringe benefits tax (FBT). Is it Entertainment? Entertainment is generally not a deductible business expense. Entertainment rules can be tricky, but in general,…  Read more

Our Quick Queries service

As your accounting professionals, we want to work with you on an ongoing basis as your trusted adviser, rather than just focusing on historical data. So that you’re comfortable contacting us, we don’t charge for quick queries. Our Quick Queries service helps unlock opportunities and prevents you making mistakes that may have costly implications for the business in the future. We define a ‘quick query’ as a question that can be…  Read more

Single Touch Payroll Phase 2 Starts in 2022

All employers have been required to report payments made to employees and closely held payees to the ATO using Single Touch Payroll reporting from July 2021. Single Touch Payroll (STP) Phase 2 was initially planned for 1 July 2021 to align with the mandatory reporting for all employers, but it has been postponed to 1 January 2022. The ATO will allow employers until 31 March 2022 to start reporting if…  Read more

When Can You Deduct Money from an Employee’s Wages?

There are only a few situations where you can lawfully deduct money from an employee’s wages. Make sure you check what’s allowed before deducting so that it’s following the Fair Work Act. Even if the employee agrees, it’s important to ensure you’re doing the right thing because unlawful deductions can result in heavy Fair Work penalties later. When can you Deduct Money from an Employee’s Wages? You can only deduct…  Read more

The benefits of engaging a BAS Agent for your business

Working with a BAS agent can benefit your business more than you may realise! Many business owners starting out try to save on costs by doing their own bookkeeping, but this is one of the first tasks you can outsource to give yourself time and save money. If you can work on your business to generate more sales, why spend that valuable time on administration and accounts management? A BAS…  Read more

Company Director? You’ll need a Director Identification Number

The government has initiated a new system that attaches a unique identifying number to an individual who is a company director. If you are a company director you will need a director identification number. You can apply for a director ID from November 2021. What is a Director Identification Number? A director has one number permanently attached to them, and this is used for identification purposes for any or all…  Read more

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