Tips to Keep Your Business Finances in Order

If you’re like most small business owners, you spend the majority of your time managing daily operations, keeping customers happy, and looking for new ways to grow. Spreadsheets, cash flow analysis, and financial projections are probably not your first passion. However, measuring profitability, creating realistic budgets, and planning ahead for the future are crucial to your professional success. Follow these four tips to get a handle on the numbers, and…  Read more

Be careful of inactive super funds and their attached insurances

Please check your super contributions have been made! Wow! Life is just downright hazardous these days!  If you have not been contributing to your super fund (or more importantly your Employer has not been making the mandatory contributions), consider yourself warned – drastic implications!  Read on! https://www.smh.com.au/money/insurance/warning-on-lost-life-insurance-cover-through-super-funds-20190603-p51txi.html  Read more

5 Apps for Tracking Small Business Expenses

Did you know that 50% of small business expenses are generated on the go? It’s no wonder the majority of expense receipts end up shoved in coat pockets or an old shoebox. In spite of all of the high-tech options out there, 47% of small businesses are still using spreadsheets for expense management, leaving room for errors that could really hurt their bottom line come tax time. Why not take…  Read more

Everything you need to know about Single Touch Payroll

Do you have employees? Then you need to be ready for Single Touch Payroll! By now you may have heard the buzz around Single Touch Payroll. It’s a pretty big deal for any business that has employees. So…what do you need to know and how does it affect you? Keep reading to find out. What is Single Touch Payroll? Single Touch Payroll (STP) is a new way to do your…  Read more

Make sure all the information is in!

Whilst you may be eager to get your tax return done come July 2019, make sure all your ducks are in a row! https://www.publicaccountant.com.au/news/ipa-issues-tax-time-warning-lodge-early-at-your-peril?utm_source=Public%20Accountant&utm_campaign=07_06_19&utm_medium=email&utm_content=1  Read more

How to turn your hobby into a business

Thinking about turning your passion into a paying gig? These steps will help you avoid some common mistakes as you set out to earn an income from your favorite pastime. Do you have what it takes? Unless you’ve run a business before, it’s easy to get carried away with the idea of how perfect it will be to get paid for doing what you love. Reality check: the stress of…  Read more

So you’ve launched your business – now what?

Good news for small business owners: according to the US Small Business Administration, nearly 80% of small businesses survive their first year. However, that number begins to drop as time rolls on. Only half of small businesses pass the five year mark, and a mere third celebrate their tenth anniversary. Taking steps to create a good foundation in the early days of your business is essential for a sustainable and…  Read more

Changes to obtaining an ABN – Good news!

We live in a highly regulated country – no argument there.  There are two things in life that seem largely unregulated in Australia and can have huge implications on everyone’s lives – businesses and babies! Now, I don’t think I have the time nor money (but certainly the conviction) to tackle the subject of people having more foresight before ending up with that bundle of joy, but I can at…  Read more

SOS-925 has been selected as Small Business Digital Champions!

Small Business Digital Champions The Small Business Digital Champions project is an Australian Government initiative designed to make it easier for small businesses to engage with digital technology and unlock their potential. The goal is to help businesses be more effective, competitive and ultimately, more profitable. As part of the project, 100 small businesses have been selected to receive a digital transformation, including products and services from the Corporate Partners.…  Read more

What are the warning signs of employee fraud?

Billing schemes. Skimming. Check tampering. Employee fraud is a real risk for entrepreneurs of fewer than 100 employees. In fact, according to the Association of Certified Fraud Examiners 30% of fraud cases take place in small businesses. This article will help you identify the most common signs of fraudulent activity before an unscrupulous employee destroys your business. Identifying high risk employees When an employee has something to hide, their conduct…  Read more

What to do if you get audited

No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by the tax authority to review your accounts and confirm your taxes have been paid to date – don’t panic. Prepare. These four steps will help you get through the process with minimal stress and the best possible outcome. Respond promptly If…  Read more

Can a Virtual Assistant Help Your Business?

When you run a small business you likely want to spend as much time as possible on the tasks that make money for your business. Unfortunately, there are many day-to-day chores that require your time but aren’t necessarily worth your energy. Faced with those errands, many small business owners either spend their valuable time and energy on chores they hate or put them off until the last minute. That’s where…  Read more

Similarities and differences between a bookkeeper and an accountant

They both work with financial data; they’re both essential for managing a successful business. Yet the roles and duties of a bookkeeper and accountant rarely overlap. If you’re like many business owners, you may not be exactly sure of the differences between a bookkeeper and accountant – and whether you should hire one, or both. An established, growth-focused company will employee the services of both an accountant and bookkeeper. The…  Read more

Are you ready for Single Touch Payroll?

Do you have employees?Then you need to be ready for Single Touch Payroll! By now you may have heard the buzz around Single Touch Payroll. It’s a pretty big deal for any business that has employees. So…what do you need to know and how does it affect you? Keep reading to find out. What is Single Touch Payroll? Single Touch Payroll (STP) is a new way to do your payroll…  Read more

Why Bookkeeping is Crucial to Your Success

Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering…  Read more

Let’s get serious about some time off

This could not come at a better time.  We have just had Easter.  Did you have a break, or work? Or maybe a bit of both.  Sometimes you need to disconnect from the grid! https://insidesmallbusiness.com.au/planning-management/five-technology-hacks-to-create-some-worklife-balance  Read more

5 Common Bookkeeping Pitfalls — and How to Avoid Them

Although most entrepreneurs recognize the importance of careful financial management, few want to spend their time dealing with numbers. Unfortunately, not keeping a close eye on your income and expenses can be very costly for a business. Here are five of the most common bookkeeping pitfalls, and some simple tips for getting back on track. Mixing business and personal All too often, entrepreneurs adopt a “buy now, sort later” approach…  Read more

Cash Flow is King

Cash flow is King… it is an oldie but a goldie!  There are a few simple tricks, starting with: Not letting it go until it is paid for!  Now if think you are in an industry that cannot do that – BE DILIGENT! If you are not careful and collect those funds, you will be somebody else’s bank! It can turn into an arduous ordeal to collect YOUR funds.  There…  Read more

SIX things a tradie needs when starting a business

This is a good article for a tradie starting out – but can I add?? You need a good Bookkeeper (BAS Agent, preferably) and a good accountant! But read on! https://insidesmallbusiness.com.au/planning-management/the-best-tips-for-tradies-starting-their-own-business  Read more

Great reasons to shorten your workweek

Okay, there probably aren’t a lot of people who need to be convinced that a shorter workweek is a great idea. Small business owners, however, might be on the list of people who need a little encouraging. After all, every day they take off could mean a longer day to make up for the missed hours. There are some very real benefits to working a shorter week and those benefits…  Read more

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