Blog

For small business owners and payroll managers, staying up-to-date on the latest superannuation changes is essential. And, with the Australian Superannuation Guarantee (SG) set to increase from 10.5% to 11% from 1st July 2023, it’s important to understand what this means and how it could affect your business. As an employer, this increase, and subsequent increases, will have an impact on your payroll management and accounting systems. Here’s what you…  Read more

As a small business owner, you know that managing your finances is crucial to the success of your business. But with so many accounting principles and practices out there, it can be challenging to know where to start. That’s where we come in! In this guide, we’ll break down the essential accounting principles that every small business owner should know. We’ll discuss how these principles can help you keep track…  Read more

When you invest your money, it’s a given that you’re willing to take on some amount of risk. There are strategies you can employ to ensure the risk you’re taking is minimal, but it still exists. If you’re comfortable with a lot of risk to enjoy a greater reward, it’s important to understand that you could lose everything you put in. Of course, most of us aren’t putting our money…  Read more

The Australian Government unveiled its annual budget this week, which aims to stimulate economic growth, address long-term challenges, and improve social services. The budget is focused on helping with the cost of living, with tax cuts for middle and low-income earners, while also allocating funding to health, education, and small businesses. If you have any questions about how this budget affects you, please get in touch. Tax Cuts One of…  Read more

Starting a small business is both exciting and daunting. While the entrepreneurial spirit may drive you to take the leap of faith, the reality is that you may be entering a market that has already attracted some large competitors. It can be intimidating to think about competing against larger, more established competitors, but it’s not impossible. Here are some steps you can take to help your small business take on…  Read more

Debt can be a significant burden on one’s financial life. It can cause stress, anxiety, and make it difficult to achieve financial goals. However, with a little planning and dedication, anyone can create a debt repayment system and get on the path to financial freedom. Here are some tips for managing debt and creating a debt repayment system: Take stock of your debt The first step in managing debt is…  Read more

Managing family finances can be a daunting task, but with the right tools and mindset, it can be a smooth and effective experience. Here are some essential steps for managing your family’s finances, including budgeting, saving, and planning for the future. Budgeting Budgeting is the cornerstone of managing family finances. It involves creating a spending plan that outlines your family’s income and expenses. A budget helps you to keep track…  Read more

As businesses grow, managing inventory effectively becomes crucial to staying competitive and maintaining profitability. One key aspect of inventory management is reducing waste and spoilage, which can have significant financial and environmental implications. In this blog post, we will explore best practices for inventory management that can help your business reduce waste and spoilage, creating a more sustainable and cost-effective supply chain. Implement a First-In, First-Out (FIFO) system A First-In,…  Read more

When it comes to running a small business, maintaining a healthy cash flow is essential for sustainability and growth. Your business can be incredibly profitable but still ultimately fail because of improper cash flow management. To prevent that from happening, here are some best practices that can help you better manage your cash flow and maintain the financial health of your small business. Remember, the key to success is to…  Read more

As a small business owner, it’s essential to find ways to manage your inventory effectively to reduce costs, optimise warehouse space and ensure customer satisfaction. How you manage your inventory affects your cash flow, your customer relationships, and your relationships with vendors. That’s why it’s vital you use a system and process that works best for your business. Among the many methods of managing your small business inventory is the…  Read more

As a small business owner, you’re likely already aware of the importance of keeping your finances in order. Financial management goes deeper than paying your bills on time and collecting on invoices (although those are also important). It involves regularly checking up on your financial situation to make sure your accounts are in order, your records are up-to-date, and you’re spending within your budget. Among those activities, financial reconciliation plays…  Read more

Starting a business is not for the faint of heart. A certain level of stress comes with carrying the responsibility of ensuring your company’s success. If things go wrong, it all falls back on you. That said, the freedom and sense of accomplishment of running your own business make the challenges well worth it. With good planning and strong business practices, you can avoid the pitfalls and drive your business…  Read more

It is well established that financial literacy is a key component of financial independence. The more you know and understand about finance, the better equipped you are to make important decisions. Historically, women have had lower financial literacy scores than men for many reasons, including social norms, a lack of access to resources, and needing to focus on other issues. That said, women are living longer than men and studies…  Read more

While it may seem like your working years last forever, retirement still has a way of sneaking up on you. As the years go by, what once seemed like a far off dream can suddenly feel incredibly close. Planning for your retirement might seem like something you can put off until tomorrow–or next year–but the earlier you do it the more time you’ll have to make sure your finances are…  Read more

2023 is expensive. The cost of living is higher than ever, interest rates keep rising, and it keeps getting harder to stay afloat, let alone get ahead. As a result, carrying debt has become commonplace. But, with the challenges of the past few years, many of us have more debt than we’re comfortable with. How do you get ahead while you’re still trying to catch up? Here are some tips…  Read more

When you go into business as a tradie, your focus is often on performing your trade to the best of your ability – as it should be. With time, the quality of your work will speak for itself, which is the most valuable testimonial of all. However, any tradie accountant or bookkeeper will tell you there’s more to it these days. While your good reputation preceding you is undoubtedly essential,…  Read more

You’ve likely heard the phrase “in the black.” Your balance sheet is the tool that shows you whether your business is indeed “in the black.” Your balance sheet includes a section for your assets (things you own or will receive that have value), your liabilities (what you owe to others) and equity (retained earnings and funds from investors) at a specific time. The relationship between these three sections shows how…  Read more

No matter what your financial goals are, consulting with a financial planner can help just about everybody. Not only will they help you refine your goals, they’ll guide you in creating strategies for your money, and keep you accountable to your plan. They’ll also help you navigate different saving and investment strategies, so you know your money is working for you. They’ll also make sure you have the information you…  Read more

You can’t get through the news these days without hearing about inflation and how rapidly it’s increasing. Rates were generally low for quite some time and we all got used to it. Suddenly, however, everyone is getting squeezed by inflationary pressure. But what exactly is inflation, and how does it affect the money you have in the bank? Read on to learn more about what it is and what it…  Read more

Unfortunately, fraudsters are out there. They want your money, your identity, or both, and they’re getting more sophisticated all the time. There’s a wealth of opportunity for swindlers to take advantage of people because so much of what we do is now online. There are ways for you to protect yourself, both by taking action and being aware of what’s going on. Here are 8 ways to protect yourself from…  Read more