When it comes to the overall success of your business, one of the most important decisions you’ll face is how to price for the work you do. Charge too much and you could scare away potential customers. Charge too little and you could run yourself out of business. Figuring out how much to charge is stressful, but it’s worth it. If your business doesn’t bring in enough money to pay…  Read more

Some small business owners find themselves in the difficult position of running a business that appears to be profitable, but still having no money in the bank. It’s an important situation to address. After all, a lack of adequate cash flow is one of the main causes of small business failure. Here are three reasons profitable businesses have little money in the bank, and what business owners can do to…  Read more

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Phase 1b Vaccination Roll Out to Commence on 22 March 2021 Phase 1b vaccinations will commence on 22 March 2021, and more than 1,000 general practices will join the COVID-19 vaccination program from next week to further strengthen the capacity and ensure an efficient distribution of vaccines across the…  Read more

Nobody wants their business to fail. Although it’s impossible to predict the future with 100% accuracy, a cash flow forecast is a tool that will help you prepare for different possible scenarios in the future. In a nutshell, cash flow forecasting involves estimating how much cash will be coming in and out of your business within a certain period and gives you a clearer picture of your business’ financial health…  Read more

Ella And Jett Hold Record Xero Certified Courier Mail Two Brisbane children aged 10 and 9, have broken the world record to become the youngest humans ever to become Xero accounting certified. While other kids their age were turning to games, movies and play over the summer, maths whiz Ella King, 10. and her brother Jett, 9. decided they’d follow in their accounting parents’ footsteps to qualify as Xero advisors.…  Read more

If you’ve just started working with Xero, it is normal to make a few mistakes while you’re learning. We see mistakes that are quite common – and unfortunately costly – so you should be aware of them if you want to get the most out of Xero’s powerful cloud accounting system. 1. Not connecting all the bank and credit card accounts dedicated for your business Make sure that you keep…  Read more

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australia Set for 10th Day of No Local COVID-19 Cases Australia is on track for its 10th consecutive day of no new local COVID-19 cases, with NSW hoping to ease restrictions this week after controlling a fast-spreading cluster. Meanwhile Victoria, which is hosting the Australian Open tennis tournament, has…  Read more

Most entrepreneurs find a time in their business when they need to access financing. It may be in the early stages of their business, when start-up costs for offices, equipment and employees must be covered. Or it may be later on, when they have to relocate, purchase more inventory or equipment, or market their business more aggressively. Financing a business can be scary, but there are many options for entrepreneurs…  Read more

From 4 January, the Jobkeeper rate will fall to $1,000 per fortnight for those on the tier 1 rate and $650 per fortnight for those on tier 2. The new rates will apply until the JobKeeper program comes to its scheduled end date of 28 March. Businesses looking to claim JobKeeper payments for the period running from 4 January to 28 March will need to demonstrate a decline in actual…  Read more

The JobMaker Hiring Credit is an incentive for employers and is designed to support and create new employment for young job seekers as part of Australia’s road to economic recovery from the impacts of COVID-19. If you have created a job from 7 October 2020 and employed a person previously claiming certain benefits, you may be eligible for the JobMaker Hiring Credit. The maximum claim period is 12 months from…  Read more

Running a business isn’t exactly a walk in the park. It is definitely hard work, but a rewarding journey at the same time and you can probably attest to this yourself. Sometimes, things also don’t go as planned and you may find your business under financial distress. Suddenly you find yourself falling behind on due dates, suppliers are chasing for payments, and your stress levels are skyrocketing. Regardless of the…  Read more

Good personal finance skills are important in life, but this seemingly simple concept can be difficult to master. Without having a good grasp of how to manage your money effectively, you run the risk of making financial mistakes that could significantly impact your life. Avoid money traps and manage your finances better with the following common sense financial tips. 1. Not all ‘tax effective’ investments are good investments. The term…  Read more

What is a loan guarantor? A loan guarantor is a person that agrees to repay money that is owed to the bank under a loan, if for some reason the borrower doesn’t. To become a loan guarantor, you must sign a guarantee – a legal document where you promise to do so. It is fairly common to become a guarantor for your spouse’s or children’s loan. You should not make…  Read more

Does your investment qualify for early stage investor tax incentives? What are the tax incentives for early stage investors? There are two: a 20 % non‑refundable carry-forward tax offset on amounts invested in qualifying ESICs, with the offset capped at $200,000 per investor per year (on an affiliate-inclusive basis); and a 10 year exemption on capital gains tax for investments held as shares in an ESIC for at least 12…  Read more

If you are in the travel industry, you may be eligible to additional help recently announced by the Government. Are you eligible for Consumer Travel Support Program? To be eligible for a payment, a business will need to meet the following requirements: Operating a business as either a travel agent or tour arrangement service provider prior to the announcement of the closure of international borders by the Prime Minister on…  Read more

eCommerce is growing rapidly, and recent research estimates that it will make up over 22% of global retail sales by 2023. With these statistics and the changes COVID-19 has brought, it’s more important than ever to take your retail business online if you want to stay competitive. It adds another revenue stream and keeps your business humming even while your brick and mortar doors are closed. In this article, we…  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

Every small business owner knows how challenging it is to cut down expenses without somehow compromising internal or external quality. Regardless of the nature of your business, the first step to reducing your overhead costs is to take the time to go through every single expense you have. Next, assess which ones are necessary for your business to operate smoothly, what can be trimmed down, and what can be eliminated…  Read more

So you’ve set up your business and sold some products and services. Now, you have to send an invoice to collect your payment. But what should you include on your invoices in order to get paid faster? Even if you’ve been running your business for a while, you might be missing other information that you should include. So here is a step-by-step guide on what to include on your invoices.…  Read more

When customers make a buying decision, they’re not just considering the quality and price of your products or services, they’re also evaluating the ease and convenience of the whole buying process. As a business owner, you should offer different payment options to provide the best customer experience and to ensure you receive timely payments Here are four ways your small business can accept payments in 2020: 1. Credit and debit…  Read more

In these difficult times, you may find your business slowing down and sales harder to come by. Given this trend, establishing and maintaining connections with existing and potential customers have become more important than ever. So here are some simple tips to help you step up your marketing game: 1. Strengthen your social media presence. With the extended lockdowns and social distancing rules in place, it is the perfect time…  Read more