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How to Handle Christmas Shutdowns
Many Australian businesses temporarily shut down at some point during the year, commonly over the Christmas-New Years period. With a bit of preparation and know-how, employers can handle the annual shutdown seamlessly and lawfully. Here are some key considerations if you are planning to shut the business for a short time: Check the clause covering shutdowns in the relevant modern
Plain English Guide to Cash Flow
What is Cashflow? Cashflow refers to the movement of money into and out of your business over a specific period. In the most basic terms, cashflow is the process of cash moving out of the business (cash outflows), and cash coming into the business (cash inflows). The ideal scenario is to be in a ‘positive cashflow position’. This means that
Super Guarantee Rate Rises in July to 11%
In July 2023, the superannuation guarantee statutory rate will rise to 11%. Annually, the rate is increasing by 0.5% until July 2025 when it will reach the legislated 12%. Prepare Now for the July Rate Rise Review your current superannuation costs for all employees, both hourly and salaried. Review any salary packaging arrangements. Is the agreement inclusive of superannuation or
Tips for Running a Small Business
Create a Business Plan Have a clear vision of what you want to achieve, the product or service you will offer, and the target market you want to serve. This will help you make informed decisions and track your progress. Manage your Finances Keep track of your income, expenses, and profit margins. Use accounting software to simplify bookkeeping and invest
Getting your Bookkeeping Ready for a Digital Future
Keeping up-to-date records of your business transactions isn’t the most glamorous part of being an entrepreneur, that’s for sure. But, in reality, having accurate and up-to-date bookkeeping is actually one of the core ways to keep your finances (and your business) under control Digital bookkeeping is the future of your finance The digital age has revolutionised the way many business
What is more important, cash flow or profit?
Cashflow and profit are two of the most important financial metrics for any business. But while they’re both related to the financial performance of a company, they measure different things. Knowing the difference – and how cash and profit contribute to your success story – is a vital skill if you want your business to have the best possible financial
Why you should invest in a bookkeeper
Investing in a bookkeeper is one of the smartest decisions a business owner can make. While many business owners try to handle their finances themselves to save money, the truth is that managing your own books can be time-consuming, confusing and complex and may ultimately be detrimental to your long-term financial growth. Here are just a few reasons why you
five signs you are undercharging
Are you undercharging for your services? It can be hard to tell, particularly if you’re in a niche industry or you’re a contractor. Costs have been rising, so it may be time to rethink your own pricing. Here are five signs that you might be undercharging: What should you be charging? Finding your pricing sweet spot could take a little
Paid Family & Domestic Violence Leave: New Entitlement Rules
Employees of non-small business employers can now access 10 days of paid family and domestic violence leave in a 12-month period. Employees of small businesses can access the leave from 1 August 2023. Employees have had an entitlement to unpaid family and domestic violence leave (FDVL) for some time as part of the National Employment Standards (NES). But as of
New Accountability Measures Proposed for ABN Holders
Originally announced in the 2018–19 Federal Budget, and now set out in draft legislation, are newly introduced accountability measures for ABN holders. Once in effect, this will mean you will have to: Currently, there are no registration penalties for ABN holders when it comes to lodging tax returns. That is, you can continue to quote an ABN regardless of whether
