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

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

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

Many small business owners tend to handle their own accounting and bookkeeping, especially when they’ve just started out. However, keeping track of the finance-side of the business– everything from income to expenses to tax compliance– can be overwhelming. Mistakes can happen quite easily and can have costly consequences to your business. Below are five of the most common DIY accounting errors that you should avoid. Unorganised Records It takes excellent…  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