How do you invoice during a crisis?

It’s not easy to request payment right now, but it is important to keep cash flowing into your business so you can cover expenses and meet your obligations to others. As with all business dealings right now, a little empathy and a lot of open communication can go a long way. The following tips might be useful to keep in mind when you are asking for payment. Communication – Connecting with…  Read more

Why accurate leave management is so important

Managing employee leave might seem like quite a basic task for many businesses – especially smaller ones with only a few employees – and it can be tempting to take a relaxed approach. But unless you diligently track, manage, and pay leave for every single employee, your company could be at serious risk of making costly errors. Recent, high-profile cases of large Australian employers not staying on top of leave…  Read more

9 ways to save time (and money) in your business

Like everyone, business owners are always looking for ways to save time. Every minute spent on admin or fixing mistakes is a minute that could be spent on business-building work. When time really is money, it’s worth finding ways to reduce those tedious and repetitive tasks – and technology is the answer. Better billing – Billing can be a huge time-waster. Using a digital accounting system to extract data from supplier…  Read more

Selling with empathy

Everyone has been affected by Covid-19 and lockdown. Some people are worried about job security and spending cash. Others have the cash they’d usually spend on overseas holidays available to spend locally. To recover from such a major economic downturn, we need to increase our business activity and sales. So, how do we do this while being mindful of the struggles our customers have faced? The last thing we want…  Read more

COVID-19 Business Update – 3 March 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Government Committed to Vaccinating All Australians by October Although the vaccinations are currently behind the target set for the end of February, Federal Health Minister Greg Hunt says the government stays committed to getting all Australians inoculated by the end of October. The Australian Defence Force will also assist…  Read more

What’s inventory accounting? – Why’s it important?

Keeping track of your inventory, the time it takes to sell and the profit made on each product is essential if you want to manage your business effectively. What counts as inventory? Inventory is anything you buy to on-sell, including fully-completed items to sell in your store, products that you install in people’s homes or businesses or materials used to manufacture products. Work equipment, tools or anything else used in…  Read more

How to write subject lines that zing

Email marketing is one of the best ways to develop a relationship with your customers. It’s also a proven way to increase sales with subscribers who are interested, qualified buyers. The key to maintaining high open rates with your email campaigns is to craft catchy subject lines for every email you send out to your customers. These ten proven tips will show you how to quickly grab attention with compelling…  Read more

Protecting business relationships in a time of crisis

Strong relationships with clients, customers, suppliers and staff are a key part of business success. But in a crisis, it’s easy to focus on your own issues and neglect those important connections. Here’s how to stay connected during difficult times – because you won’t get through without strong relationships and ongoing support. Communication and contact Transparency goes a long way in a crisis, so keep the lines of communication open.…  Read more

Mortgage offset accounts: Making your loan work for you

Savvy borrowers have an endgame in sight before they even apply for a home loan, and with the right mortgage offset account, they could win that game even more quickly. Home buyers usually focus on the here and now, not the distant future. Rather than the size of their loan balance in 10 or 20 years, they are more likely to think about how much they can borrow and the…  Read more

The dangers of discounting

You might think that offering discounts is a great strategy to use when sales are falling. In reality, you’re likely to be more profitable by holding your price and accepting the reduction in sales volume than discounting a product. Let’s look at an example to show the difference in your gross profit if you discount your selling price by 10% compared to holding the price at $100 and accepting a…  Read more

COVID-19 Business Update – 24 February 2021

Welcome back to our Weekly Digest. 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.…  Read more

Choosing a financial adviser

It’s important to find a financial adviser that suits your needs and understands your goals. Your financial adviser should work with you to look at your finances and create a plan to help you achieve financial freedom. So, steps to choosing a financial adviser:   Check that they have an Australian Financial Services (AFS) License. ASIC issues this license when a business proves they can meet a minimum standard for…  Read more

Contractor or employee? How to get it right

When is a worker an independent contractor or an employee? Plenty of people ask this question as it can expose businesses and individuals to significant risk and costs under tax and employment law. Sometimes, a person might seek a contracting relationship for perceived tax benefits or the company might want to keep employment flexible. However, by law, it is the nature of the employment relationship that defines whether someone is…  Read more

Superannuation for Women: What you need to know

Superannuation is actually quite straightforward, but many people struggle with understanding how it works and why it’s important. We hear lots of clients claiming they don’t really need super – because they’ll just use the aged pension when they retire. While the aged pension does provide that support, many Australians value a broad range of leisure and recreational activities and having super saved up is a good way to ensure…  Read more

Staying afloat and thriving through a downturn

When the future looks uncertain, what can you do to prepare and strengthen your business? Recent times have certainly shown us that the future path of your business can change in an instant – usually, due to influences that are far beyond our own control. The Covid-19 pandemic and the ongoing global economic recession have both had a negative economic impact on the business world. So, when a downturn strikes,…  Read more

COVID-19 Business Update – 17 February 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Victoria lockdown to end Victoria’s five-day lockdown is due to end at midnight Wednesday 17th February as no new local COVID-19 cases were announced. While most restrictions will cease, some will continue. For example, face masks are required in most circumstances and five visitors are allowed to homes. Public…  Read more

5 Xero Mistakes Business Owners Make and How To Avoid Them

If you’ve just started working with Xero, it is normal to make a few mistakes while you’re learning. We see mistakes that are quite common – and unfortunately costly – so you should be aware of them if you want to get the most out of Xero’s powerful cloud accounting system. 1. Not connecting all the bank and credit card accounts dedicated for your business Make sure that you keep…  Read more

Five reasons to consider white-label loans

A white-label loan is essentially a home-branded loan, much like the home-branded products you see in the supermarket aisles. Like these products, white-label loans aim to deliver many of the same great features as bank-branded home loans, but for a lower cost to you: the customer.  A trend seen in supermarkets over recent years has been not only an increase in the range of white-label options on offer, but also…  Read more

COVID-19 Business Update – 10 February 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Active COVID-19 Cases at Near 2-Month Low Australia only has 46 active cases of COVID-19, the lowest number in nearly two months. However, authorities warned against complacency. New South Wales, which has now gone 23 days without detecting any local cases of COVID-19, also warned of a drop-off in…  Read more

Using social media to amplify your business

  Social media is an amplifier. It’s also an extremely cost-effective method of marketing. Social media is an extension of your voice, personality, values, and aligned connections. It enables you to grow your reach and entertain your existing customers and their connections. It’s common for customers and prospective customers to use social media to source products and services. Platforms vary, so consider the most appropriate social platforms for your business and…  Read more

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