3 Tips to Make the Most of the End of Financial Year

Preparing your End of Financial Year (EOFY) information often feels stressful—there are receipts to sort out and reports to review, and you need to make sure you have all the necessary information about your income and expenses. It can be overwhelming, and it can make the EOFY feel daunting. The end of the financial year isn’t just a time to collect receipts and find invoices, however. It’s also a time…  Read more

Important Change for Employers: Superannuation Guarantee increasing to 10% on 1 July 2021

A Quick Overview The Superannuation Guarantee (SG) is scheduled to increase to 10% from 1 July 2021. If you have employees, you need to be ready for this legislated increase. What is Superannuation Guarantee? The Superannuation Guarantee is the minimum super an employer must pay to their employees super fund. The current SG percentage rate is 9.5% of employees Ordinary Time Earnings, but this is changing. Ordinary Time Earnings or…  Read more

Business Update – 16 June 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Melbourne’s Lockdown Lifted Lockdown in Melbourne was lifted on 11 June, but restrictions remain in place including a mandate to wear face masks at all times outside the home, limiting travel to within 25 km, and preventing some businesses from operating. Although restrictions have been eased further in regional…  Read more

Business Update – 9 June 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Melbourne’s 2-Week Lockdown to ease on 10 June with some restrictions to remain Melbourne will emerge from a two-week lockdown at 11:59 pm on 10 June, after only two new infections arose in Victoria on Tuesday. Victoria was plunged into a one-week “circuit breaker” lockdown on 27 May, but…  Read more

3 Consequences of Avoiding Your Bookkeeping

If you ask 100 business owners what they like least about running a business, chances are good that bookkeeping will rank high on the list. It’s an annoying and frustrating chore that takes up a lot of time and is easy to put off until tomorrow. Avoiding your bookkeeping is dangerous, however. Not knowing your company’s financial situation can result in a series of missteps that could ultimately cost you…  Read more

Business Update – 2 June 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Melbourne to Stay in Lockdown For Another Week Melbourne’s lockdown has been extended for another seven days, but stay-at-home measures will be lifted in regional Victoria. Residents of Greater Melbourne will only have five reasons to leave home: shopping for food and supplies, authorised work and education, care and…  Read more

5 Steps to an Early Retirement

For some people, early retirement is a choice. For others, it’s a necessity. Regardless of which group you fall into, there are some steps you can take to help make early retirement a reality and live the life you dream about. 1. Know your goals Before you know exactly how much money you need to save, you need to know your goals for retirement. Do you want to live in…  Read more

6 Vital Money Management Tips for First-Time Entrepreneurs

Financial management is a vital part of running a successful business, but often entrepreneurs start their business with little understanding of how to make solid financial decisions. Managing your finances is about more than bookkeeping and paying taxes—although those are also important to a sustainable business. It’s about managing cash flow, preparing for income fluctuations, and having the resources to take advantage of opportunities. Here are 6 money management tips…  Read more

Business Update – 26 May 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. VIC: Melbourne’s Lockdown Fate Hangs in the Balance Authorities are locked in emergency talks about placing Melbourne in a five-day lockdown. A fresh cluster of COVID-19 cases in Victoria has grown to 15 in three days, and the next 24 hours are particularly critical as some of the infected…  Read more

How to create a watertight accounts receivable process

Accounts receivable is about getting paid for the work you do – in business, it doesn’t get much more important than that. The process covers every part of the payment lifecycle – finding customers, communicating expectations, billing correctly and following up on late invoices. Here’s how to build an effective accounts system in your small business: Pick the right clients – Before you take on new customers, run credit checks and…  Read more

4 Ways to Make the Most of Business Down Time

Every business experiences slow periods when the market for their goods or services lessens and sales drop. Business owners might be tempted to view down times as unproductive or wasted, but there are ways you can make the most of your business during these seasons. Here are four ways to ensure this time isn’t wasted. Take a good look at your business When things are busy it gets easy to…  Read more

Developing an effective sales process

Businesses that have a clearly documented sales process generate more revenue; it ensures the sales team knows the correct process and provide a consistent experience. Customers and prospective customers will receive the same service no matter which member of your sales team they deal with, strengthening your brand and building a relationship of trust. Does your business have a documented sales process? Is it followed by every member of your…  Read more

COVID-19 Business Update – 17 March 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Phase 1b Vaccination Roll Out to Commence on 22 March 2021 Phase 1b vaccinations will commence on 22 March 2021, and more than 1,000 general practices will join the COVID-19 vaccination program from next week to further strengthen the capacity and ensure an efficient distribution of vaccines across the…  Read more

Why banks won’t lend to a business

How to obtain financing is a common concern for new businesses and those preparing to scale. Getting approved for a business loan or line of credit is more difficult than qualifying for a personal loan. It’s crucial that small business owners are adequately prepared to meet with a lender to present their business in the best possible light and qualify for the money they need. Here’s what you can do…  Read more

Common Homeowner’s Insurance Terms That You Should Know

While homeowner’s insurance isn’t required by law, it is often required if you are taking out a mortgage in order to purchase your home. There are a lot of things that you need to think about when purchasing homeowner’s insurance, including what types of coverage you think you need. This can be a challenging task, especially if you are not up to date on your homeowner’s insurance terminology. The following…  Read more

Kindness is a business trend

Kindness was the byword of 2020’s lockdown. As the community faced a crisis together, a sense of goodwill and generosity extended to small local businesses, with a push to buy local and support shops, cafes and others affected by the pandemic. However, according to findings in Xero’s Small business trends 2021, many small business owners underestimate the value of kindness and community support. Valuing community support Xero’s report showed that…  Read more

8 things your invoice needs in order to get paid faster

So you’ve set up your business and sold some products and services. Now, you have to send an invoice to collect your payment. But what should you include on your invoices in order to get paid faster? Even if you’ve been running your business for a while, you might be missing other information that you should include. So here is a step-by-step guide on what to include on your invoices.…  Read more

Do you need to plan for your retirement?

Longer life expectancy is creating difficulties when it comes to navigating the financial and emotional realities of retirement. With the developments of modern medicine and technologies, life expectancy is changing. In fact, an Australian today who is over the age of 65 is likely to live well into their 90s! With longer life expectancies, most retirees can’t afford to stay on autopilot with their retirement – there’s a growing number…  Read more

COVID-19 Business Update – 10 March 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. COVID-19 Vaccination Drive On Track, Says PM Prime Minister Scott Morrison said the vaccination drive against COVID-19 is on track to meet the target of having everyone inoculated by October, despite delays. As of 7 March 2021, the total number of people who have been vaccinated stands at 86,369.…  Read more

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

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