A new year means a fresh start, and for small business owners, it’s the perfect time to get organised and set the tone for the months ahead. January might seem like a quiet month, but it’s the ideal opportunity to implement smart financial practices and plan for success in 2025. Here’s how to kick off…
As December rolls around and the year draws to a close, it’s time for small business owners to reflect, prepare, and set themselves up for success in the new year. The festive season might be busy, but taking the time to tidy up your finances can make a world of difference for your business. Here’s…
Running a small business is both rewarding and demanding. Among the many responsibilities that come with entrepreneurship, managing finances effectively is crucial. Good accounting practices help you maintain a healthy business, maximise tax benefits, and make well-informed decisions. In this guide, we’ll cover essential accounting tasks that every small business owner should master to stay…
Let’s talk about one of the biggest challenges we see small business owners face: managing their accounts and finances. As your business grows, so do the complexities of handling your accounts. Among these, managing finances often becomes a daunting challenge for entrepreneurs, particularly as their businesses expand and diversify. Despite the hustle and bustle of…
It wouldn’t be business as usual without an upcoming change to your employer obligations, would it? The latest round of changes applies to superannuation. Here’s a breakdown of the new super rules that will come into force in July 2022. Minimum Income Thresholds Scrapped Low-income workers will receive a boost to their superannuation after changes…
Australia’s Director Identification Number (DIN) regime came into effect on 1 November 2021 and will require you to register for an identification number. A director ID is a 15 digit identifier that, once issued, will remain with you for life regardless of whether you stop being a director, change companies, change your name or move…
A strong relationship with a valued accountant is important for any business. If you’re looking to grow, manage challenges or even simply keep a stable income, an accountant will bring a level of expertise you most likely don’t have yourself. This is a relationship that needs to be invested in. That doesn’t mean you need…
As accountants, we are often asked by our clients about managing wages and pay increases. Federal Minimum Wage Increases On 16 June, the Fair Work Commission (FWC) announced a 2.5% minimum wage increase, applicable from the first full pay period on or after 1 July 2021. The 2.5% increase will apply to all award minimum…
When it comes to business budgets, clients often fall into one of two groups. Those who understand the benefits of proactively managing expectations and planning for growth. Or those who run for the hills when we mention preparing a budget. Budgets are a smart, strategic way to plan for the future of your business.…
Starting a new business is a very exciting time for any new entrepreneur. However, with 50% of start-ups not surviving their first 5 years, it is imperative that you know the costs before you get started. To ensure you do not miss anything, here are the top 10 hidden costs you need to be aware…