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The Government recently announced there will be changes to the JobKeeper and JobSeeker payments, mainly in that these payments will be reduced and extended. First and foremost, these updates are at the time of writing. Based on the prior stimulus measures that.....
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Running a business is not easy. If it was then everybody would do it. There is a reason why over 50% of businesses fail within the first 5 years. If you don’t want to be one of those businesses, then avoid these common small business mistakes.
Work-life balance is massive, and I can appreciate that one of the reasons to get into business was the dream of work-life balance. However, business ownership is not easy and being great at the job is just one part of running a successful business. If you want to run a successful business you need to be able to come up with strategies to grow your business as well as understand the numbers to make better business decisions. If you’ve bought a job, then unfortunately you won’t make more than the income you were aiming to replace.
The truth is, there is a direct relationship between the price you pay for your accountant and bookkeeper and the quality you receive. No matter what stage you are in business, invest in a good accountant and bookkeeper and appreciate the value of the work they provide. I've never heard of a successful business without a good accountant and good bookkeeping, these are the foundations of a successful business. Your time is much more valuable then book work, so let the professional do it.
In our modern society technology is making running a business easier than ever with instant data at your fingertips. Say goodbye to the shoe box method of retaining receipts and hello to the click and flick method. If you’re not embracing technology wherever you can in your business, you’re missing out on opportunities to grow your business because you don’t have crucial information at your disposal.
Payments to workers on a regular basis, even in cash could still be treated as employee payments. So, it’s important to know where you stand when it comes to employees. With STP being introduced from 1 July 2019 it is even more important that you’re aware of how to deal with employees.
Receipt-tracking is a necessary part of business ownership. You need to keep track of receipts to understand spending patterns and effectively manage your company's finances. And if you want to claim deductions at tax time, you’ll need to submit receipts along with your tax return.
This is a big NO NO. If you’re not getting paid, then you don’t have a business, so this is something you need to get this under control as quickly as possible. Implement a policy and be strict with its implementation. The beautiful thing is, technology makes the invoice collection process even easier these days with automatic invoice reminders or even online payments.
Make sure you’re on the right track with this online checklist.
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