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
I am very excited to announce that Bookwiz Academy has launched! I’ve been working in the background on this for some time now, and I’m so proud to have launched our Membership Program. I have created this platform to help Bookkeepers & Accountants organise, systematise and scale their businesses. By joining our membership, you’ll be receiving weekly content that includes: Monthly Insights – Personal insights from me on the lessons… Read more
I would like to share with you another one of our wonderful clients, Tony’s House of Tender Meats . I can personally vouch for the quality of meat and I have to say, Grant makes THE BEST sausages I have ever had! (not to mention he is THE NICEST guy!) Tony’s House of Tender Meats are an Artisan Butchery specialising in superior grade meat, personalised service, and expert advice. They butcher… Read more
Welcome back to our Business Update. Read on for the latest updates and some ideas to help us all move forward. Upcoming Key Dates for October 2021 Here are the upcoming key dates for the month of October: 28 Oct 2021 September quarter Super Guarantee due September quarterly BAS due September quarter PAYG instalment due Skills Shortage After 2 Years of Lockdowns After two years of stop-start lockdowns in the… Read more
Many entrepreneurs start their business with the goal of earning an income for themselves, but they often think of the business only in terms of them running it. In truth, there is a huge benefit to starting a business either with the goal of selling it or at least setting it up so it can be sold at some point in the future. You don’t have to plan on making… Read more
If you’re looking to grow your business, you might consider expanding your service offerings. Adding additional services is a good way to increase your profitability, diversify your income and expand your market. But there are important things to consider before adding to your income streams. Here are 4 important things to keep in mind when you consider adding to your services. 1. Does the expansion complement your business? The best… Read more
If you want your business to grow, at some point you’ll have to think about scaling it. Scaling it isn’t exactly the same as growing it, though they are often used interchangeably. Growth refers to adding resources and increasing your revenue in a linear fashion. You double your number of offices to double your number of customers, for example. Scaling means increasing your revenue without a substantial increase in the… Read more
You’ve probably heard the maxim that it’s better to work smarter than harder. Working smarter means allocating your time, energy and money so vital tasks get done more efficiently, freeing up your personal time. Too many business owners think they must keep working harder—taking on more responsibilities and working longer hours—to be successful. It makes sense, because you’re responsible for your business, but that route leads to work overload and… Read more
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. Australia Post Pauses Melbourne Parcels Australia Post announced that parcel pickups, collections, and business lodgements would be paused in Melbourne for five days from Friday because of COVID-19 backlogs. Australia Post had already… Read more
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