I recently increased the revenue for my bookkeeping practice by $100k…….without taking on any new clients. In fact, I actually reduced the number of clients I was working with. I did this by doing 4 things: 1. I increased my monthly minimum fee I decided that I was not going to keep any clients that were worth less than $500 per month in revenue. If they were good clients, but… Read more
You started your business with plans of earning a living and being successful, but an unfortunate fact of business is that life happens and financial set-backs can occur. Whether those set-backs are pandemic-related or linked to other urgent situations, the effect is still the same. Your finances are negatively affected and it’s up to you to lead the recovery. Here are 5 steps you can take to help your business… Read more
Running a successful business requires you to make smart decisions about everything from who you hire to how you spend your money. There are many legitimate expenses to cover, but it’s easy to overspend in areas that aren’t helping you or your business. Spending wisely is key to owning a sustainable business. Here are four practical money saving tips for business owners. 1. Have a list of all your subscriptions,… Read more
Welcome back to our Business Update! We’re thinking of everyone affected by lockdowns around the country and encourage you to reach out if you have any questions about your business during this time. Read on for assistance that may be available to you. NSW Expands COVID-19 Lockdown New South Wales has expanded the COVID-19 lockdown to include regional areas including Tamworth and Dubbo, and popular tourist spot Byron Bay. The… Read more
EOFY is traditionally a highly stressful time for Bookkeepers. Many are working nights, weekends and giving up valuable family time to ensure their clients obligations are met. Based on the countless posts on forums I’m seeing at the moment, many bookkeepers are being pushed to their limits. And, with the additional stress of lockdowns and extra work due to Covid19, it is going to be a tough few weeks ahead!… 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
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
Online reviews are an important marketing tool for many small businesses. They give potential customers and clients a chance to see how effective your goods or services are, how responsive you are to your clients, and what other people’s experiences of your business have been. The vast majority of people check online reviews before making a purchasing decision. When reviews are great, that’s a fantastic thing. It’s when you get… Read more
Welcome back to our Business Update! WA Small Business Lockdown Assistance Grants Program The Western Australian Government has announced targeted grants to help small businesses affected by the recent lockdown in the Perth and Peel regions. The program will provide grants of $2000 to small businesses in industry sectors most severely impacted. The intention is to help small businesses offset some of the direct costs of the lockdown and business… Read more
Welcome back to our Business Update! Australia- New Zealand Travel Bubble Now Open The long-anticipated travel bubble between Australia and New Zealand started on Monday, marking the first step towards the gradual reopening to the rest of the world. Since October, Australia allows New Zealanders to arrive without going into quarantine, but New Zealand has taken a more cautious approach. The start of this travel bubble comes ahead of the… Read more
Welcome back to our Business Update. Phase 1B of Vaccine Rollout Begins Phase 1B of Australia’s COVID-19 vaccination rollout plan started this week to further cushion the health, social, and economic impacts of the pandemic. Priority groups in Phase 1B include: elderly adults aged 80 years and over elderly adults aged 70 years and over health care workers not vaccinated in Phase 1A Aboriginal and Torres Strait Islander adults over… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. COVID-19 Vaccination Drive On Track, Says PM Prime Minister Scott Morrison said the vaccination drive against COVID-19 is on track to meet the target of having everyone inoculated by October, despite delays. As of 7 March 2021, the total number of people who have been vaccinated stands at 86,369.… 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
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
Welcome back to Business Update. Read on for the latest updates and some ideas to help us all move forward. Second Shipment of Pfizer Vaccine Arrives in Australia The second shipment with about 166,000 doses of the Pfizer-BioNTech COVID-19 vaccine arrived late Monday, as Australia entered the second day of a nationwide immunisation drive. Total weekly doses will be increased to 80,000 next week, from 60,000 doses this week. When… 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
Having total control over your finances can give you an amazing sense of freedom. 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, building your income network can help you secure your financial future. Starting early means you can compound over… Read more
Everyone wants the best for their children, and this includes being successful. Being successful is not just about money– it is about wealth in all aspects of life. In this article, we will share some life lessons you should 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
Thank you for your amazing support during this incredibly busy and challenging year. We hope you and your loved ones enjoy a safe and healthy festive season. We look forward to working with you next year! As usual, here are the latest updates and some ideas to help us all move forward. November Retail Sales Surge Preliminary data showed Australian retail sales jumped 7% in November from the month before,… Read more
Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s updates and some ideas that help make doing business easier. Australia Bounces Out of Recession As Economy Grows 3.3% Australia’s economy grew by 3.3% in the third quarter as it rebounded from its first recession in nearly 30 years. This rebound in Q3 GDP reversed around 40% of… Read more