Business Update November 2023

Welcome to our Business Update Australia’s unfair contract terms rules have changed: Here’s what you need to know Unfair contract terms in standard form consumer or small business contracts are now illegal after new laws took effect on 9 November 2023.  Businesses are encouraged to review their standard form contracts and remove or amend any unfair contract terms while contracting parties should consider whether they are protected under the reforms.…  Read more

New Fair Work Rules for Christmas Shutdowns

With the holiday season almost upon us, now is the time for employers to ensure they are complying with the new rules that were introduced this year around Christmas shutdowns. According to the Fair Work Ombudsman, a ‘shutdown’ or ‘close down’ is when a business temporarily closes during a specific period. The reasons may be that it is not viable for the business to operate during this period because it…  Read more

Financial Ratios – What Are They?

As a small business owner, you’re likely already wearing many hats. But the hat of a financial analyst might seem a little oversized, particularly if your background isn’t in finance or accounting. However, understanding financial ratios can be a game-changer for your business, helping you assess your business’s financial health and make informed decisions. Financial ratios: what are they? Think of financial ratios as a thermometer for your business’s financial…  Read more

Are you feeling the squeeze?

It seems like the perfect storm has hit, with rising interest rates and inflation soaring. As a result, households are dealing with higher borrowing costs, leaving them with less disposable income to spend. And that means businesses are feeling the pinch. To make matters worse, staff shortages are adding to the pressure. Retail sales decline affects all businesses. Almost every sector is experiencing a downturn. Building companies, property companies, retailers,…  Read more

Business Update

Why Aussies are ditching cash New data by Reserve Bank of Australia has revealed that the number of Australians paying by cash has more than halved since 2019. Of the people who held cash in their wallet in 2022, the most important reason for doing so was for emergency transactions. Why Tasmania’s economy is beating the rest of the country Tasmania’s economy is still leading the nation but NSW is…  Read more

The power of social media marketing for small businesses

As a small business owner, you know the importance of getting the word out about your company and engaging with customers. Social media platforms are indispensable tools for achieving this.  The following is a guide to help you leverage social media to increase your brand’s awareness, engage with customers, and generate leads. Step 1: Define Your Goals Before diving into the world of social media, it’s crucial to identify your…  Read more

Unlocking the potential of remote teams: Things to consider when your staff is spread out

As a small business owner, you may be considering enabling a remote work environment. With the rise of technology and the pandemic shifting the way we work, managing a remote team has become a popular option for business owners looking for new and unique ways to grow their business.  However, there are both benefits and drawbacks to consider before making the switch. We’ll start with the benefits. A larger talent…  Read more

Why SME business owners wear superhero hats

How often do you feel like a superhero, taking on the world and tackling everything that comes your way? If you’re a small business owner, chances are it’s more often than not! The demands of running a small business can weigh heavy on our shoulders at times, and as business owners we often try to do everything ourselves. The success of your business depends not just on you, but also…  Read more

Why Franchisees Should Invest in a Qualified Bookkeeper

Franchisees should invest in a reliable bookkeeper to ensure accurate financial records, timely tax filings, and compliance with franchise agreements. A bookkeeper can also provide valuable insights into the financial health of the business and help identify areas for improvement.

Business Update – May 2023

Welcome to our Business Update stay in the know with some recent news updates relevant to business and the economy. First Aussie social media platform for business owners launched A new social media platform, called ‘Business Connect’, has been launched in Australia. It is designed specifically for business owners, allowing them to connect with other business owners, share ideas, and access resources. It also provides a platform for businesses to…  Read more

New Superannuation Standard Choice Form

Information For Employers & Employees Employees use the Super Choice Form to choose the superannuation fund into which their employer will pay their superannuation contributions. Employers must provide a standard choice form to employees at the commencement of employment. The Super Choice Form is required by law, and employers are legally required to make superannuation contributions on behalf of their employees. Employees can complete the form to ensure that their…  Read more

Essential steps to managing your family’s finances

Managing family finances can be a daunting task, but with the right tools and mindset, it can be a smooth and effective experience. Here are some essential steps for managing your family’s finances, including budgeting, saving, and planning for the future. Budgeting Budgeting is the cornerstone of managing family finances. It involves creating a spending plan that outlines your family’s income and expenses. A budget helps you to keep track…  Read more

Managing Debt and Creating a Debt Repayment System

Debt can be a significant burden on one’s financial life. It can cause stress, anxiety, and make it difficult to achieve financial goals. However, with a little planning and dedication, anyone can create a debt repayment system and get on the path to financial freedom. Here are some tips for managing debt and creating a debt repayment system: Take Stock of Your Debt The first step in managing debt is…  Read more

Paid Parental Leave to be Extended to 26 Weeks by 2026

In an effort to close the gender pay gap, increase women’s workforce participation, and provide families with more flexibility during their children’s formative years, the Paid Parental Leave (PPL) system will be increased from 18 weeks to 26 weeks over the course of the next four years. There are currently two payments available to families under the Paid Parental Leave Scheme: Parental Leave Pay: For primary carer. Eligible employees receive up to…  Read more

Why Monitoring KPIs is Crucial for Small Business Success: 6 Key Metrics to Track

We know that running a small business can be challenging, and it can be easy to get caught up in the day-to-day operations without taking a step back to assess the overall health of your business. That’s why we want to stress the importance of monitoring essential Key Performance Indicators (KPIs) in your business. What are Key Performance Indicators (KPIs) Key Performance Indicators (KPIs) are measurable metrics that help businesses…  Read more

Our CEO/Founder Martine Hoosen elected to Fellow with The Institute of Certified Bookkeepers

We are thrilled to announce that our CEO and Founder Martine Hoosen was  elected to Fellow status with The Institute of Certified Bookkeepers (ICB). This prestigious recognition is a testament to Martine’s dedication and hard work within the Bookkeeping Profession. Martine has said “It’s such a privilege to be part of such a respected community of professionals and I’m looking forward to continuing to contribute to the growth and success…  Read more

Amended Fair Work Act to Include a Range of New Workplace Laws

Amended Fair Work Act to Include a Range of New Workplace Laws On the 6th of December 2022, the Fair Work Legislation Amendment (Secure Jobs, Better Pay) Act 2022 (Cth) (Act) received Royal Assent and became law. Some of the changes have already come into effect, whilst others will be rolled out over the next 12 months. Employers should start planning and preparing for the impact of these significant reforms. See…  Read more

Business Update March

Welcome back to our Business Update Changes to home-based business expenses Businesses operating from home can claim business-use expenses, including occupancy expenses and running expenses. They can now use the revised fixed rate method of 67 cents per hour for the 2022-23 income year. Find out more here. Get ready for STP Phase 2 Single Touch Payroll has been expanded with the introduction of STP Phase 2, which requires employers…  Read more

Mastering the Art of Lean Inventory: A Small Business Guide to Just-In-Time Management

As a small business owner, it’s essential to find ways to manage your inventory effectively to reduce costs, optimise warehouse space and ensure customer satisfaction. How you manage your inventory affects your cash flow, your customer relationships, and your relationships with vendors. That’s why it’s vital you use a system and process that works best for your business. Among the many methods of managing your small business inventory is the…  Read more

Techniques to Improve Workplace Productivity

The success of any business, large or small, depends largely on nurturing an efficient, productive workplace. And that includes those workplaces who have adopted flexible working arrangements. While improving employee productivity should  always be a priority when the ultimate goal is a sustainable and profitable business, the process is easier said than done. Below are some effective methods of managing a productive, happy workplace while increasing output. Establish Accountability Productivity…  Read more

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