4 Ideas to Manage Customer Wait Times Without Hiring More People

Balancing customer experience against your budget is a difficult task. You need the right amount of staff working to keep customers happy, but not so many people that workers are standing around looking for things to do. If your customers have long wait times, that’s good news for you initially—it means your business is popular. The bad news is customers won’t wait around forever for you to fix your time…  Read more

How To Combat Inflation

5 Ways to Beat Inflation Business owners will encounter a lot of opportunities and face hurdles in 2022. One of the greatest challenges is likely to be inflation due to the increase in national debt, among other factors. This Forbes article shares some tips on how entrepreneurs can fight back. Do more with less. Many have improved their financial discipline due to the pandemic. Continue to cut waste and find…  Read more

E-invoicing: A Huge Cashflow Win for Australian Businesses

The Australian government has made some important announcements over the past few months with regards to e-invoicing. In the 2021-22 Budget, the government committed $15.3 million to increase the adoption of e-invoicing, which guarantees accelerated payment terms. In this article, we will look deeper into what e-invoicing is and how any type of business can benefit from it. What is e-invoicing? Over 1.2 billion Business to Business (B2B) and Business…  Read more

4 Reasons Your Business Should Consider Digital Receipts

Receipts are vital to successfully running a business. You need receipts to track your purchases and expenses. Your clients need receipts for their tax purposes and to manage their finances. Paper receipts have been around a long time, so many people are used to them and may even be resistant to moving away from them. Thanks to technology, paper receipts are becoming more a thing of the past. There are…  Read more

4 Benefits to Hiring a Bookkeeper for Your Business

Bookkeepers can be highly beneficial for businesses of any size. They offer expertise and insight into areas that you may not have experience in. They can also take some tasks off your to-do list, freeing up your time and energy to focus on other matters. Here are 4 benefits to hiring bookkeepers to help you manage your business. Expertise A bookkeeper is an expert at managing, sorting and recording your…  Read more

Business Update – December 2021

FBT Implications of Christmas Parties As the end of the year is fast approaching, businesses are getting ready for their Christmas party and are organising gifts for their staff. With this, it’s important to be aware of the fringe benefits tax (FBT) implications of these. Because there is no separate FBT category for Christmas parties, here are some ATO guidelines to keep you on track: Exempt property benefits– The costs…  Read more

Is your home loan protected?

Buying a property is a big investment. It’s often one of the most important investments people make in their lives. When it comes to getting a mortgage, many buyers focus solely on the immediate steps they have to take and fail to consider the right protections. What insurances can protect your home loan? First, let’s take a look at the three key types of insurance that will protect your mortgage.…  Read more

Top 3 reasons start-ups fail and how to avoid them

The start of a business is an exciting time. You’ve got a great idea for a business and are enthusiastic to get started. It’s important to plan ahead to give your business the best chances for success. Planning ahead means anticipating challenges and developing ways to successfully address them, so they don’t upend your start-up. Here are three reasons why start-ups fail and ways you can avoid them Lack of…  Read more

Questions to Prepare for When Pitching to Investors

If you’re looking for people to invest in your business, be prepared to answer some important questions. Investors look for smart investment opportunities—that means they want to find out as much as they can about you and your business before they make a decision about whether or not to invest with you. It’s vital to have well thought-out answers to investors’ questions. Give them evidence you’ve thoroughly examined your business…  Read more

Using Technology to Grow

Modernise your Financial Department It is not uncommon for startups and small businesses to operate with limited resources. But smart technology tools can enable small teams to operate at a larger level, giving them a competitive edge despite their size. This Forbes article discusses how you can take a modern approach to finance and adopt a strategy that encourages business growth. Employ more strategic cash flow management. Improving simple practices…  Read more

Understanding Australia’s Director Identification Number

In its 2020 Budget Digital Business Plan, the Australian government announced the full implementation of the Modernising Business Registers (MBR) program. The program is designed to both establish the new Australian Business Registry Services (ABRS), and enhance how businesses register and manage their information with the government. Although the ABRS rolls out progressively between 2021 and 2024, one of the immediate changes is that business directors must obtain a director…  Read more

How Much Cash Does My Business Need?

Your business needs cash. Cash is what keeps your company in operation and enables it to grow, so you should know how much cash your business needs to survive. Although many people think the answer is linked solely to operating expenses, this isn’t the case. There is no single factor that determines how much cash every business needs to have on hand. Somewhere between 3-6 months of operating expenses is…  Read more

How to Scale Your Business with Minimal Effort

If you want your business to grow, at some point you’ll have to think about scaling it. Scaling it isn’t exactly the same as growing it, though they are often used interchangeably. Growth refers to adding resources and increasing your revenue in a linear fashion. You double your number of offices to double your number of customers, for example. Scaling means increasing your revenue without a substantial increase in the…  Read more

4 Ways Small Start-ups Can Take On Established Competitors

Starting a business means you’ll be in competition with other companies that already exist. It’s actually a good thing if you have competition to go up against. Competition pushes you to be innovative. It also means there’s an established market for your goods or services. The key to benefiting from competition is knowing how to effectively take on competitors so your company earns a profit. Here are some ways to…  Read more

Wage & Training subsidies and incentives

Wage Subsidy Scheme for Apprentices and Trainees The government has announced the expansion of the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. Ask us if you have any questions. Training Incentive Allowance The Training Incentive Allowance can help with tuition fees, books, childcare, equipment, transport and any…  Read more

Tax Dim sum

Fuel Tax Credit Rate Hike Fuel tax credit rates increased on 2 August 2021 in line with fuel excise indexation. If you claim less than $10,000 in fuel tax credits per year, you can use simplified methods including: the rate that applies at the end of your BAS period the Basic method for heavy vehicles to calculate your claims if you use a heavy vehicle. You can find the updated…  Read more

Alternate Ways to Improve your ROI’s

4 Ways Your Business Can Increase Its ROI in 2022 Finding ways to boost your business’ profit margins can be challenging, especially if you’ve already tried many of the traditional ways of improving the stability of your cash flow during the pandemic. This Forbes article shared some unusual methods to grow your ROI. Invest in high-performing marketing platforms. Look into platforms that are not as saturated as Facebook, including Youtube…  Read more

Tax Tit Bits

Fuel Tax Credit Rate Hike Fuel tax credit rates increased on 2 August 2021 in line with fuel excise indexation. If you claim less than $10,000 in fuel tax credits per year, you can use simplified methods including: the rate that applies at the end of your BAS period the Basic method for heavy vehicles to calculate your claims if you use a heavy vehicle. You can find the updated…  Read more

COVID Grants for Lockdowns

All hotspots: COVID-19 Disaster Payment for recognised lockdowns This Federal Government support is lump sum payment for workers who cannot earn income because of a state public health order. You can check your eligibility here. NSW Grants The NSW Government will be offering financial support to businesses or not-for-profit organisations impacted by the recent COVID-19 restrictions and stay-at-home orders. NSW: Micro-business grant The micro-business grant is a $1500 fortnightly payment…  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

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