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

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

The end of the tax year is right around the corner and though you may be dreading 30 June, there are things you can do to feel better prepared and make the most of your tax deductions. Because this year has been different for many people in terms of their employment situation, there are changes to tax reporting that may affect you. Here are some things to know about your…  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

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

Boutique Firm 2021 Finalist Superannuation Specialist Accountant 2021 Finalist The Australian Accounting Awards recognises and acknowledges the achievements of individuals and firms whether they are in the profession’s most senior ranks or if they’re a rising star within the industry and rewards them with a prestigious and highly sought-after accolade and national exposure for their contributions. The 2021 awards will be like no other, shining a light on the professionals…  Read more

Treasurer Josh Frydenberg has released the 2021 Federal Budget and confirmed Australia’s economy is performing more strongly than was expected six months ago. This article has a summary of the “Winners and Losers” of the Budget and we’ve compiled a recap of the key points below. Get in touch with us if you have any questions. A Quick Overview This budget assumes our international borders won’t reopen until mid-2022. $1.9…  Read more

Many entrepreneurs start their business with the goal of earning an income for themselves, but they often think of the business only in terms of them running it. In truth, there is a huge benefit to starting a business either with the goal of selling it or at least setting it up so it can be sold at some point in the future. You don’t have to plan on making…  Read more

There are many people who believe that when it comes to investing, nothing beats real estate. This may be true, but you still have to be smart when making your real estate investment decisions. Although investment properties can be a savvy financial move, there is plenty that can go wrong if you don’t fully understand the market, the types of investment properties, and your current financial situation. 1. Know your…  Read more

At face value, it seems like a great idea. If you’re a small business owner with just a few employees, you probably think that hiring a payroll specialist is an expense that you can avoid. You feel that you can handle it yourself. You have the best intentions to keep your staff paid right and on time. What could go wrong, right? Well, lots actually. Below are the reasons why…  Read more

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

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

Owning a small business in the construction industry can be incredibly stressful. In addition to the long days and difficult working conditions, you have to worry about cash flow issues. It can take a long time to collect on payment from your clients or contractors who hired your business, and in the meantime you have to pay employees, cover fixed expenses, buy supplies and pay your own subcontractors. Here are…  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

Having total control over your finances can give you an amazing sense of freedom. However, it takes a lot of discipline and hard work for you to be able to achieve this. In this article, we will share some of the most useful tips that you can start now to live a better financial life. Build multiple sources of income Whether it’s through your business, a side hustle, or investing,…  Read more

Everyone wants the best for their children, and this includes being rich. Being rich is not just about money– it is about wealth in all aspects of life. In this article, we will share some life lessons you must teach your kids while they’re young to help them grow into adults who can build financial wealth, meaningful relationships, and an overall happy life. Lead by example Children learn from their…  Read more

Everyone wants to achieve financial independence. However, until you have enough income-generating assets, you are unfortunately dependent on someone else such as your employer. Investing in properties, when done right, can provide an ongoing income stream and a cash lump sum when you decide to sell it. If you are a first time property investor, check out these five tips that can help you along your journey towards financial independence.…  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