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
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
Welcome back to our Business Update Bookwiz News After our soft launch in November, Bookwiz Academy is now ready for our next member intake! If you are a Bookkeeper or Accountant, at any stage of business, come check out Bookwiz Academy HERE. We still have our Founding Members offer available. As a bonus, today we released our FREE Toolkit “The Three Things You Need toKnow to Attract and Win Your… Read more
After 20+ 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 R-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! What’s been happening at Bookwiz? Welcome to our newest Team Member India! We would like to extend a warm welcome to our newest Bookwiz team member India. India has a number of experience working as a Bookkeeper and as an Accountant here in Perth, we know our clients are going to love her! Bookwiz Academy Back in November, we opened… Read more
The Australian government has made some important announcements over the past few months with regards to e-invoicing. In the 2021-22 Budget, the government committed $15.3 million to increase the adoption of e-invoicing, which guarantees accelerated payment terms. In this article, we will look deeper into what e-invoicing is and how any type of business can benefit from it. What is e-invoicing? Over 1.2 billion Business to Business (B2B) and Business… Read more
Welcome back to our Business Update! Merry Christmas from the Bookwiz Team! The Bookwiz Office will be closing to take a well deserved break with family and friends for the festive season from COB Wednesday 22nd December, and re-opening for normal business activities on 5th January 2022. If you are a payroll client of Bookwiz, we will still have team members around to ensure your employees will be paid. We… Read more
Welcome back to our Business Update! FBT Implications of Christmas Parties As the end of the year is fast approaching, businesses are getting ready for their Christmas party and are organising gifts for their staff. With this, it’s important to be aware of the fringe benefits tax (FBT) implications of these. Because there is no separate FBT category for Christmas parties, here are some ATO guidelines to keep you on… Read more