Blog

After 22+ years in business I still find recruiting new team members to be one of the most challenging tasks. So much rides on having a productive, skilled and harmonious workforce, and I feel the pressure every time I step into recruitment mode. However, over the years I have fine-tuned my recruitment process and turned something that I used to find incredibly stressful into something that I can now approach with more clarity and confidence. I admit, this…  Read more

Welcome back to our Business Update! Some good news for energy prices After recent record-busting increases in electricity costs, some good news is on the horizon – energy prices will lower over 2023 and 2024 once an expected drop in wholesale prices reaches consumers. Rent is coming down in one region According to SQM Research, rents in Australia are rising at rates not seen in over 30 years, with Sydney…  Read more

Our February Business Workshop Listings are below: Understanding Cash Flow, Profits and Budgets (ONLINE WORKSHOP) Thursday, 9 February 2023 10am – 12pm https://www.smallbusiness.wa.gov.au/workshops/understanding-cash-flow-profits-and-budgets Introduction to GST and BAS reporting (ONLINE WORKSHOP) Thursday, 23 February 2023 10am – 12pm https://www.smallbusiness.wa.gov.au/workshops/introduction-gst-and-bas-reporting Pricing Work to Make a Profit City of Cockburn – FACE TO FACE session Success Library Conference Room First Floor – Cockburn Health & Community 11 Wentworth Parade Success, WA 6164 Tuesday,…  Read more

Have you carved out some down-time over the break? I make a point of taking a step back over the festive period to allow myself time to re-calibrate. When I head back into the office, I whip out the business plan with fresh eyes, and run through a high level health-check of key areas of my business, including: ➡ objectives and strategic direction ➡ my team ➡ my systems and…  Read more

10 Days of Paid Family and Domestic Violence Leave Each Year If you or someone you know is impacted by sexual assault, domestic or family violence, call 1800RESPECT on 1800 737 732 or www.1800respect.org.au The Law Has Changed As an update, the Fair Work Amendment (Paid Family and Domestic Violence Leave) Bill 2022 has now passed in both houses and received Royal Assent on the 9th of November 2022. The amending Act…  Read more

Welcome back to our Business Update ABS data shows that payroll jobs are up, and the labour market is still tight Payroll jobs increased by 0.7 per cent in the month to November 12, indicating tightness in the labour market and disruptions from people being sick and the impact of significant weather events. Reserve Bank sceptically launches new program to explore digital currency The Reserve Bank has started a pilot…  Read more

As a small business owner it’s important to take time away from work. But worrying about whether staff are meeting deadlines and suppliers are happy translates to more stress and less time enjoying your holiday. With a little staff communication and planning beforehand, you needn’t worry that your business won’t be able to cope in your absence. If you really can’t switch off from work mode or something urgent pops…  Read more

I wanted to share some insight into one of the reasons that I started Bookwiz Academy. Over the 22 years I have spent in the industry – working, training, mentoring and advocating, I keep seeing the same thing…  Strong, intelligent, and capable business owners struggling to keep their head above water, wondering if they’ve bitten off more than they could chew, floundering to find balance between work and in life,…  Read more

There’s a very important deadline coming up on 30th November. The ATO is urging those who haven’t yet applied for their director identification number (Director ID) to do so ASAP. The consequences for neglecting this task are severe. What is a director ID? The director ID is a mandatory 15-digit identification number given to a director who has verified their identity with the ATO. Once you have it, that is…  Read more

Welcome back to our Business Update. A budget that is “resilient” but not “fancy” The Albanese government released its first budget this week, with promises that it will be well-funded, but not excessive. It’s expected that this budget will lay the groundwork for bigger changes next year. $21bn in government spending to be slashed After an audit of all departments, the Labor government says it has identified ways to cut…  Read more

Welcome back to our Business Update Unprecedented rental demand could affect interest rates As the RBA raises the cash rate to ease inflation, the astounding rise in rent prices will begin to factor into the inflation data – leading to higher interest rates. Coming soon: an electric vehicle that can tow your caravan While there is no solid release date yet, some manufacturers have planned an Australian release for vehicles…  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

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

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