When I made the move to a Fixed Fee Pricing Model, it was a game changer for my business, in more ways than one. I found it so liberating to ditch the hourly billing mindset and say goodbye to the mental load of being ‘timesheet dependent’. Though I saw a lot of other instant benefits. BENEFITS OF FIXED FEE PRICING MODELS An increase in revenue, better cash flow, higher profit. No more… Read more
When you start a business, you’re typically your only employee and payroll is about as simple as it gets. But as you grow, you hopefully find yourself in the position of needing to take on more employees. Before you know it, what was once a very straightforward task becomes a giant undertaking that’s sucking up most of your time. This is when it makes sense to outsource your payroll. While… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Sellers still making massive profits despite interest rate rises New data from PropTrack has revealed the suburbs where sellers are still making a lot of money off of selling their homes. As interest rates started to climb in May, property values have decreased, but some areas are holding steady.… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Economist predicts rising interest rates will soon finally ease Independent economist Saul Eslake predicts that interest rates will settle somewhere around 2.5% by the end of the year. Vegetable prices set to get back on track Growers are reporting that they are starting to catch up after flooding devastated… Read more
The process of onboarding employees is often lengthy, but it’s important. New hires need to learn your company’s culture, policies, and procedures. You also need to get some critical information from them so that they can legally work for you. The onboarding process is typically long and a little dry. It may include training, equipment distribution, benefits orientation, and security policies, just to name a few. There are many benefits… Read more
Break-even point is such an under-rated and under monitored number. But with the costs of doing business climbing at an incredible rate at the moment, it’s a number all business owners should know…and monitor! If you don’t know what your Break-Even Point is right now, I urge you to review your numbers and work it out, it’s a powerful number to know! What is Break-Even Point? Break-even point is where… Read more
If you are a business owner here in Australia, there are a number of changes that you need to be aware of from 1 July 2022. Minimum Wage Increase The Fair Work Ombudsman is reminding employers that the national minimum wage has increased today to $21.38 per hour (up from $20.33) or $812.60 per week (up $40 from $772.60) based on a 38-hour week for a full-time employee. This increase… Read more
This month within Bookwiz Academy we have been discussing the topics, Managing Scope Creep, Client Reviews and how to implement Fee Increases (the right way). We have also been talking about D-Class Clients and the damage they can do to your business. When it comes to client reviews, you need to consider more than just scope and fees. You also need to determine whether a client is the right fit for… Read more
It goes without saying that EOFY can be a highly stressful time for Bookkeepers. It’s a drawn out process consisting of multiple deadlines and a lot of responsibility to ensure that client and ATO obligations are met. And to make matters worse, you are often reliant on other parties, out side of your control, supplying you will correct and timely information. For many, it also represents long hours, weekend work, and… Read more
Sometimes you want to try something new when it comes to networking with other business owners. Here are some unconventional ways for you to grow your network and bring in new leads. 1. Collaborate with others in the industry You know your niche, so you know the questions to ask others when it comes to your industry. Collaborate with people who fit your ideal market. For example, you could create… Read more
With business life beginning to return to something resembling normal, it’s a good idea to take a look at your budget and see where you may need to shift some of your priorities. Pay attention to how your spending over the past few years affected your business and either helped you achieve, or took you away from, your overall goals. Considering how your business and your employees functioned in recent… Read more
If you want your business to continue growing and thriving, you’ll need to find ways to bring in new clients. Here are 5 ways you can find new clients for your business. 1. Set aside time for marketing Regardless of whether marketing is your preferred activity, you need to set aside time for it. It’s easy to put marketing at the bottom of your priority list, but doing so makes… Read more
Welcome back to our Business Update! ASX carries momentum into a new week The local sharemarket started the week at a three-week high, coming off a rally from last week. Tech and payment firms were among the industries leading the charge. Bubs jumps 80% as deal struck to aid US Baby formula manufacturer Bubs Australia soared in value after an agreement was reached on the weekend to send 1.25 million… Read more
Welcome back to our Business Update! Super to Cover More Employees From 1 July 2022, you will need to pay super to your employees who earn less than $450 per month, provided they meet other eligibility requirements. This expands super guarantee eligibility so employees can receive super regardless of how much they earn. These new rules apply to the first payroll payment of the new pay year, regardless of the… Read more
Don’t make the mistake of assuming that just because you run a small business or don’t collect payment information that your business is safe from hackers. There is a lot of private information available that hackers and thieves can use to make money from, and businesses small and large are targets. Be aware of vulnerabilities in your system and take the steps to address them, before it’s too late. Conduct… Read more
Here’s our recap summarising the key points from the 2022 Federal Budget delivered by Treasurer Josh Frydenberg this week. You can also have a read of This article summarising the “Winners and Losers” A Quick Overview Due to soaring fuel prices, the fuel excise tax will be cut in half, saving motorists 22 cents per litre. Low-and middle-income earners will receive an extra $420 back on their tax returns to… Read more
There are two important changes to SG Super to be aware of from 1 July 2022 1. Removal of the $450 per month threshold From 1 July 2022, employers in Australia will be required to make super guarantee contributions to their eligible employee’s super fund, regardless of how much the employee has been paid. Currently, employees need to earn a minimum of $450 per calendar month from an employer to… Read more
Pricing is the one of the most important strategic decisions that a business owner can make, and it’s one of the topics that I get asked about most frequently. With the right pricing strategy, jobs are profitable, staff provide a healthy revenue stream and ROI, we have financial freedom and a healthy work life balance, and we feel content, valued and excited by the opportunities we face. Sounds idyllic, doesn’t it?! On the flipside, the wrong pricing… Read more
Welcome back to our Business Update! Business Assistance Package for WA Businesses The Level 2 COVID-19 Business Assistance Package is available for businesses in Western Australia most impacted by restrictions. The assistance includes a $66.8 million Small Business Hardship Grants Program, $2.8 million of payroll tax relief for large hospitality businesses, and $2.1 million for a COVID-19 Commercial Sporting Franchises Support Program. COVID-19 Vaccine Claims Scheme The government is developing… Read more
Long-standing clients form the backbone of a strong, well-established business. And for anyone wanting to build real value in their practice, client retention is crucial. I have been fortunate in my own business when it comes to client retention and service many clients who have been with Bookwiz for over 15 years. In this article I am going to provide my top tips on how to build lasting relationships with… Read more