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
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
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
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
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
Your 30s are an exciting time. You’re typically making more money than you were in your 20s and you’re looking to the future to determine the type of life you want to live. Your 30s are also a great time to take control of your finances, so you have more security and flexibility in the coming years. Here are 5 financial tips to follow in your 30s, to help you… Read more
Every business needs a financial plan. Your financial plan gives you a way to monitor and review your cash flow, make adjustments to your spending, and anticipate any upcoming financial issues. It can also make you more prepared to request funding or find investors so you can bring more money into your business. Although many business owners are aware that financial planning is important, it is often overlooked. Without a… Read more
It’s one thing to manage workers when they’re all in the same place at the same time. However, when you run a construction business with field workers, things can get a lot more challenging. Not only are you typically not on the same job site as them, you might also have workers scattered over a variety of sites and projects. Managing them doesn’t just mean scheduling them and making sure… Read more
For many business owners, partnerships are an ideal way to run a business. Operating a business with a partner means you don’t have to make all the decisions on your own. It means you have someone there with you, to help you carry the burden and share ideas with. That can be a great thing, when it lasts. Unfortunately, many business partnerships fail. Although they fail for a variety of… Read more
How to Solve Growing Business Pains Experiencing business growth can be both exciting and challenging. As your business moves to the next level, some things may take you by surprise. This Forbes article discusses some of the most common growing pains and some tips on how to deal with them. Constantly fixing mini-crises. When everyone turns to you every time a mini-crisis arises and you constantly put out fires, you lose focus on… Read more
Bank feeds automatically import transactions from your bank or financial institution directly into your Xero organisation, eliminating the need to import transactions manually. Different options are available as per the technical capabilities and preference of the banks and financial institutions. You can set up a direct, Yodlee, or PayPal feed to connect your bank account to Xero. Direct feeds Where we have an agreement with your bank or financial institution,… Read more
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
Finalise Single Touch Payroll data in Xero Overview Sign off your Single Touch Payroll (STP) data and send it to the ATO. Update an employee’s STP data after submitting it. What you need to know At least one pay run needs to be filed using STP before you can finalise your STP data for that financial year. You don’t need to process a STP finalisation before your first pay run in the… Read more
ATO data-matching program — lifestyle assets The ATO will acquire lifestyle assets data from insurance policies for 2020–21 through to 2022–23 for the following assets where the value is equal to or exceeds nominated thresholds. Asset class Minimum asset value threshold Marine vessels $100,000 Motor vehicles $65,000 Thoroughbred horses $65,000 Fine art $100,000 per item Aircraft $150,000 The data items include: • client identification details (names, addresses, phone numbers, dates… Read more
With cryptocurrencies gaining notoriety, many people are unclear on how or when they can be taxed. Despite widespread belief to the contrary, you can be taxed on gains made as a result of obtaining or using cryptocurrency. If you’ve made a profit from trading cryptocurrency, for example, you need to declare it at tax time. Here is some important information on cryptocurrencies and their implications for your taxes. How cryptocurrency… Read more
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
If you ask 100 business owners what they like least about running a business, chances are good that bookkeeping will rank high on the list. It’s an annoying and frustrating chore that takes up a lot of time and is easy to put off until tomorrow. Avoiding your bookkeeping is dangerous, however. Not knowing your company’s financial situation can result in a series of missteps that could ultimately cost you… Read more
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
For some people, early retirement is a choice. For others, it’s a necessity. Regardless of which group you fall into, there are some steps you can take to help make early retirement a reality and live the life you dream about. 1. Know your goals Before you know exactly how much money you need to save, you need to know your goals for retirement. Do you want to live in… Read more
A Quick Overview The Superannuation Guarantee (SG) is scheduled to increase to 10% from 1 July 2021. If you have employees, you need to be ready for this legislated increase. What is Superannuation Guarantee? The Superannuation Guarantee is the minimum super an employer must pay to their employees super fund. The current SG percentage rate is 9.5% of employees Ordinary Time Earnings, but this is changing. Ordinary Time Earnings or… Read more