Cost of living relief coming, just not a big budget cash splash. Australians can expect some fresh cost of living relief in May when the federal budget is unveiled, but Treasurer Jim Chalmers has ruled out a big cash splash. Business conditions improve in February February saw an uptick in business conditions as the economy showed signs of sustained resilience at the start of the new year, NAB reported in its latest monthly business survey.… 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
Your balance sheet (now more correctly called a Statement of Financial Position) reveals a great deal about your business, including the total value of your assets – the things you own; how much you owe to others – your liabilities; and the level of your solvency. These three aspects will be studied carefully by lenders and investors − and by buyers, if you intend to sell your business. But they… Read more
When it comes to managing your finances, there are two professions that can help you understand your numbers, and ensure you have the plan to get to where you want to be. Accountants and financial planners can both play an important role in your financial success, but there are some important differences between the two. For any successful business, it’s advisable to have both an accountant and a financial planner… Read more
The Australian government has made some important announcements over the past few months with regard to e-invoicing. In the 2021-22 Budget, the government committed $15.3 million to increase the adoption of e-invoicing, which guarantees accelerated payment terms. In this article, we will look deeper into what e-invoicing is and how any type of business can benefit from it. What is e-invoicing? Over 1.2 billion Business to Business (B2B) and Business… Read more
On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable to employee payments, expense receipts, and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood of your business. Feeling overwhelmed by mountains of paperwork and complex calculations? Here are three… Read more
A Canadian bank recently surveyed over 500 small business owners about what they love and hate most about owning their own business. Unsurprisingly, flexibility and feeling in control ranked first in the “love” category. Meanwhile, almost 60% said bookkeeping was hands down their most hated task. Most business owners understand that effective financial management is key to their success. But lack of knowledge, frustration and even avoidance can add up… Read more
Hiring an accountant is widely considered the best practice for small business owners. But delegating financial analysis and reporting doesn’t mean completely checking out of the process each month or quarter. On the contrary, it’s recommended that business owners work closely with their accountants throughout the year to better understand their financial position, and make smart plans for future growth. Want to increase your accounting knowledge so you can have… Read more