Blog - BUSY01 and First Class Accounts Ovens and Murray

Business and Bookkeeping Tips
to help you grow and thrive

Employing Casuals? Here’s What You Need to Know About the New Rules
Employing Casuals?Here's what you need to know about the new rules.Casual Employment New Rules from March 2021The Fair Work Act[...]
Payroll Updates
Payroll UpdatesNavigating Payroll? We can help keep you up to date on changes this year, including new rules for casuals.Minimum[...]
Do you feel like a slave to your business
Do you feel like a slave to your business?Feeling like a slave to your business implies the loss of control;[...]
What do you want from your business
What do you want from your business?When you started your business, you probably dreamed about flexible hours and highly profitable,[...]
5 signs you’re undercharging
5 signs you're undercharging Are you undercharging for your services? It can be hard to tell, particularly if you’re in[...]
How do you get your outstanding invoices paid?
How do you get your outstanding invoices paid? Do you dread following up outstanding invoices? It can be frustrating when[...]
Managing finances in your business
Managing finances in business When you are busy running a business getting your head around effective financial management can be[...]
5 ways to improve your cash flow
5 Ways to Improve your Cash FlowIn our last blog, we discussed ways of managing your cash flow. We know[...]
Managing better cash flow
Managing Better Cash flowWe all know that cash flow management is vital for a growing business. But where do you[...]
Accessing business funding
Accessing Business FundingCash is the fuel that powers your business. But, does your business have enough capital in your company[...]
10 ways to improve your margin
10 ways to improve your marginImprovements can always be made at the margin. Small tweaks to your processes or systems[...]
The benefits of offering online payments
The benefits of offering online paymentsDid you know the easier it is for people to pay you, the faster you[...]
Creating a watertight accounts receivable process
Creating a watertight accounts receivable process In business, it doesn’t get much more important than making sure your customers pay[...]
Should I focus on profits or cash flow?
Should I focus on profits or cash flow? Turning a profit is at the heart of running any successful company.[...]
Vaccinations and the Workplace
Vaccinations and the Workplace The Fair Work Ombudsman (FWO) has released guidance for employers on vaccinations and the workplace. Currently,[...]
Choosing the right apps for your business
Choosing the right apps for your businessSoftware technology has evolved massively in the past decade, with cloud-based apps now fundamental[...]
7 ways to save time and money in your business
7 ways to save time and money in your business ​We all know that time is money. So, it’s worth[...]
Single Touch Payroll Reporting for Closely Held Payees Mandatory from July
Single Touch Payroll Reporting for Closely Held Payees Mandatory from July ​Closely held payees must be reported via Single Touch[...]
Is Your Business Eligible for JobMaker Payments?
Is Your Business Eligible for JobMaker Payments? The JobMaker Hiring Credit scheme is designed to encourage businesses to employ additional[...]
Should you buy or lease your business assets
Should you buy or lease your business assets? There are certain items of equipment, machinery and hardware that are essential[...]
Cash Flow Management
Why you need to forecast your cash flowCash flow is the lifeblood of your business. And when it comes to[...]
Pricing Strategies
Pricing Strategies What's the best way to establish a price for your products or services? Getting your pricing right is[...]
Work from Home Shortcut Claim Extended
Good news if you work from home. The shortcut method* for calculating work from home deductions has now been extended[...]
Tips to being a proactive business
Tips to being a proactive business Recent times have certainly shown us that the future path of your business can[...]
Leadership lessons: JUST FOR ME
Leadership Lessons JUST FOR ME There are thousands of books written about leadership. We’ve distilled some lessons from some of[...]
JobMaker scheme – key points
JobMaker Scheme - Key Points The JobMaker hiring credit scheme is now open for registration. Here’s a summary of some[...]
Five benefits of outsourcing your Payroll
Five benefits of outsourcing your payroll When it comes to running a business, time is an irreplaceable commodity and we[...]
Leveraging your technology
Leveraging your technology The decisions you make in your business are only as good as the data you use to[...]
Building a better business in 10 steps
Building a better business in 10 stepsThere’s no magic bullet to building a better business; it’s about taking small steps[...]
Saving time and money with a bookkeeper
Saving time and money with a bookkeeper Turning a profit will be high on your list of goals as a[...]
Safeguard your business
Safeguard your business Small business is all about relationships. But when these go wrong, it is devastating. Ensure you have[...]
Strategic alliances: the benefits of working together
Strategic Alliances: the benefits of working together Your business may compete head-to-head with a number of other companies, but this[...]
Cash flow vs profitability
Cash flow vs profitability.We all know that understanding cash flow is vital to the success of your business. And having[...]
Setting Sales Targets
Setting Sales Targets Setting sales targets for your business is standard practice for any aspirational, growing company. If you’re going[...]
Contractor or Employee
Contractor or Employee What You Need to Know Should your staff be contractors or employees? There are many factors to[...]
What are the benefits of forecasting?
What are the benefits of forecasting? There are many benefits to forecasting for your business. First and foremost is that[...]
Coming out stronger
Coming Out StrongerWhat does the future look like?2020 and the COVID-19 pandemic has brought significant challenges for many people, including[...]
Demystifying your balance sheet
What story does your Balance Sheet tell? Do you understand the story your Balance Sheet tells about your business? It’s[...]
Cutting costs or increasing your prices
Are you considering cutting costs or increasing your prices? With more than 85% of SMEs expecting a lower profit in[...]
Why data matters
When making decisions about the future of your business you need clean and accurate date.
Understanding your cashflow statement
Understanding your cashflow statement. Your cashflow statement can give you great insight into your business operations.
Financial freedom
Financial Freedom. Your business should deliver you the cashflow you need and the discretionary time to enjoy it.
Nine ways to improve business performance
Here are nine ways to improve business performance with purpose, vision and the courage to super-charge your business.
Six reasons to look at your financial reports
Six reasons to look at your financial reports Making time to look over your financial reports each month is an[...]
The Fundamentals of a Business Budget
A business budget is one of the essential tools in managing your business finances and actively building your business.
Xero’s short-term cashflow feature for businesses
For most businesses, income and expenditure don’t always happen at the same time so focusing on strong cashflow management is vital.
Review your expenses – and save yourself money
Running a business will always mean incurring certain expenses, or ‘spend’. What can you do to reduce your spend levels?
Understanding working capital to maintain business success
If cashflow is the lifeblood of your business, then working capital is the health check you should regularly undertake to keep your business alive.
Your critical numbers
It goes without saying that our success needs to be measured. But it’s important for us to know what to measure. Your critical numbers are the levers.
How healthy is your working capital?
We all know that cash is king when it comes to business success, but what exactly is ‘working capital’ and how does this financial metric help measure the health of your business?
How to use forecasts and scenario-planning
With the right data analysis and forecasting tools, you can project sales, cash, revenue and profits into the future – and get in control of your business.
Lessons learned in lockdown – for your business and life
Lockdown has been tough and continues to impact businesses. For some, it uncovered new priorities though. What lessons did you learn from this enforced period of business shutdown?
Dealing with uncertainty – tips for business owners
We know that you invest more than simply time and money into your business. So, how do you get more clarity around your future plans? And how do you work on the short-term future of the business, when sales, income and cash are in short supply?
Key numbers to focus on in your business now
What are the key reports to focus on in your business? As a business owner, it’s always been helpful to have an understanding of accounting – but in the post-lockdown world, it’s never been more important to have a good grasp on your finances.
Cashflow and cost control
More than ever, cashflow is a vital part of staying afloat, whether your business is in recovery or growth mode.
Reduce your debtor days and improve your cashflow
Reduce your debtor days and improve cashflow. Cashflow is vital for sustaining business viability. Here are ten things you can do to reduce payment times?
6 secrets to getting prompt payment
Keeping positive cash flow is really important for a small business. If you’re struggling with late payments, here are 6 simple tips to try.
4 Tips to help your debtor management
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.
Inventory Management Best Practices for Retailers
Inventory management is incredibly important in retail and proper inventory management can be the difference between a lost sale and a lifelong customer.
How to create a cash flow forecast for your business
A cash flow forecast is an important tool for business planning. And right now, understanding the cash coming in and going out of your business is vital.
Managing cashflow and accessing emergency funding
Need help with cash flow or emergency funding? We’ll help you crunch the cashflow numbers and access the best funding – removing some of the worry during these testing times.
The value of cashflow forecasting
The value of cashflow forecasting During challenging times, many businesses are seeing income either disappear completely or drop to dangerous[...]
Keeping your cashflow strong in tough times
Small businesses are particularly vulnerable in tough economic times. We can help with strategies for healthy cash flow, so you can continue to thrive.
Social distancing: Running effective online meetings
In unprecedented times, businesses must adapt to remain productive and effective. Running online meetings is an easy way to ensure social distancing.
Covid-19 Advice for Employers
The outbreak of the Covid-19 virus is having a huge effect on employers. The Fair Work Ombudsman has provided guidance about workplace entitlements and obligations.
Gift cards and vouchers now have three year expiry
Gift cards and vouchers now have a mandatory three-year minimum expiry period and a ban on post-purchase fees. Have you updated your terms and conditions on cards and vouchers?
Top 8 things to outsource in your business
Looking to scale your business? You’ll need to work more on it & less in it. Consider outsourcing to better leverage your time
Understanding Your Balance Sheet
To understand the financial position of a business at a specific point of time, look at the balance sheet.
Modern award annualised salary changes
Salary changes - Recent changes made by the Fair Work Commission mean that you need to review employment agreements to ensure they are compliant.
Understanding your profit and loss statement
Are you confident in reading and understanding your profit and loss statement? Would you like to know more about the relationship between costs and revenue to make better business decisions?
Are you playing in the growth game?
Business growth doesn’t need to mean more risk, more hours and more headaches. To be successful, start by identifying the opportunities for growth in your business and industry.
Regain control of your business
Not all business owners want to grow their business. Some may just want more control. Afterall, your business is there to serve you; you shouldn’t be a slave to it.
Be, Do, Have
Are you grinding away in your business waiting for rewards that will enable you to be a better parent/partner/friend? Stop! Be that better person now. Let it drive what you do and what you have.
Introducing remote working?
Remote working is on the rise, and it's flexibility has many benefits for a business. So, what should you consider before introducing remote working?
Your workspace can impact productivity
Does your office inspire productivity? A great workspace is about keeping your people happy, productive and working towards the key goals of your business. It also helps to build your brand with customers.
Looking after yourself as a small business owner
As a small business owner, do you find looking after yourself a challenge? Owning and working in a small business can eat up all your spare time.
Developing great leadership
Many leaders rightly focus on improving their systems and teams, but you must also develop yourself to meet the new demands.
Establishing document systems and processes
It’s essential that you regularly review your business’s systems and have clearly documented processes in place - for consistency, efficiency, and so that you can delegate more responsibilities to your team.
Use the Fresh Start Effect
Fresh Start Effect. Set a landmark in your calendar to start on a new goal and you've set the groundwork for the Fresh Start Effect. Goal setting.
Planning for seasonal dips in income
Seasonal dips in income can be highly challenging when you’re a small business. But there are proactive ways to predict, plan for and overcome these dips in revenue.
How to make your out-of-office email work harder when you’re away
About to head off on holiday? Here’s why you should take some time to create your out-of-office message.
Making data meaningful for your business
Data is only powerful with context, it needs to be accurate and organised and you need to be clear on the necessities vs the niceties.
Have you got a strategy for a financially stress-free holiday period?
Holiday breaks are a time to re-charge for the year ahead. However, for business owners, this time can be stressful without careful cash-flow planning.
Finding the balance
Looking for a little more work-life balance? Sometimes it seems impossible when you are in the thick of it. The following ideas might help provide some light at the end of the tunnel.
What’s in the forecast?
When we set out on a hike, we always check the weather forecast. It’s no different in business. Don't run your business without an annual forecast
Collect your debtors faster
Did you know that you still have to pay tax on your debtors, even if you haven’t yet collected them? This is because you pay tax on your sales figures, whether you’ve collected the cash or not. So, how do you collect your debtors faster?
Choosing a new business bank account?
In the market for a new business bank account? Choose a bank that understands your banking, financial and funding needs.
The true cost of a new employee
It can be a big decision to commit to having a new member but the right person will help drive your business forward or give you more time in your day.
Hold me accountable or else what?
Building a Better Business in 10 Steps What are you doing to build yourself a more successful business? There’s no[...]
Closing your business
Closing your business. Are you considering closing your business? Or have you recently sold your business? If so, do you know what your obligations are?
Get on top of time wasters in your working week
Working from home If you are working from home for your business, you should be able to claim some of[...]
Building a Better Business in 10 Steps
Building a Better Business in 10 Steps What are you doing to build yourself a more successful business? There’s no[...]
Automation can ease your business workload
Automation can ease your business workloadSmall and medium-sized businesses are spending on average 120 hours a year on admin tasks,[...]
Reporting PAYGW correctly
Reporting PAYGW Correctly PAYG and claiming tax deductions From July 1 2019, If you don’t meet PAYG withholding obligations for[...]
Keeping your receipts
Keeping debt low Keeping debt low through proactive credit control. Having a large amount of debt in your business is[...]
Keeping debt low
Keeping debt lowKeeping debt low through proactive credit control. Having a large amount of debt in your business is bad for[...]
Living above the line
Living above the line There are three winning behaviours and three responses that’ll sink your team. Are you living above[...]
The five A’s of change
Working from home If you are working from home for your business, you should be able to claim some of[...]
Insuring your business
Insuring your business When it comes to business, it’s better to be safe than sorry. Protecting your business with the[...]
Working from home
Working from home If you are working from home for your business, you should be able to claim some of[...]
Become a digital business
Become a digital businessIn the online, connected world that we now live in, it’s important for your business to become[...]
Supercharge your business
Supercharge your business with these ten tips. Here are ten ways to make sure that you continue to drive through[...]
Why bookkeeping is essential for your business
Why bookkeeping is essential for your businessAs a small business owner, do you need a bookkeeper, an accountant, or both?Bookkeepers[...]
Get into the habit of doing your bank reconciliation
Get into the habit of doing your bank reconciliation When it comes to bank reconciliation, it’s important to get into[...]
Getting your business records ready
Getting your business records ready.There is a lot to deal with at the end of the financial year, so it's[...]
There’s an app for that!
There's an App for that!Are you overwhelmed with paperwork? Or do you spend too much time wading through administrative tasks?[...]
Single Touch Payroll Compulsory for all employers from 1 July
Single Touch Payroll is now compulsory for all employers. Single Touch Payroll (STP) is a new system of reporting wages,[...]
How much should you charge
How much should you charge? Getting your pricing right is one of the best ways to plan for business success.[...]
Getting ready to exit your business
Getting ready to exit your business Looking to sell up? Need a plan? Talk to us about creating a workable[...]
Scam Alert – Payment re-direction
Scam Alert - Payment re-directionAs a business owner, high on your priority list is to protect your assets, employees, reputation[...]
Have you explored Deep Work?
Have you explored Deep Work? Have you explored Deep Work? The way you structure your day has a huge impact[...]
Employee Payment Summaries are due soon – for the last time!
Employee Payment Summaries are due soon - for the last time! The end of the payroll year will be here[...]
Teaching your kids about money
Teaching kids about money Teaching your kids about money is all about finding the right moments to have a conversation.[...]
Employing casual workers
Employing casual workersHaving access to a casual workforce can be a great way for your business to manage busy periods[...]
Is your small business ready for Single Touch Payroll?
Is your small business ready for Single Touch Payroll?For employers with 19 or fewer employees, single touch payroll (STP) legislation[...]
Keeping debt low through proactive credit control
Keeping debt lowCredit control: Having a large amount of debt in your business is bad for cashflow, weakens your overall[...]
Do you have a home office?
Do you have a home office?If you have a home office for your business, you should be able to claim[...]
Make your business more profitable
Make your business more profitableIs profitability a key business goal for this year?Making a profit isn’t something that happens overnight.[...]
Get strategy at the heart of your successful business
Get strategy at the heart of your successful businessPutting strategy at the heart of your business activity should give you[...]
Set your business up for success with the right structure
Set your business up with the right structureBefore you start a new business it’s essential to make sure you’re choosing[...]
Profit Vs Cash
Profit Vs CashDid you know that there’s a massive difference between profit and cash?Here, we explore the differences across five[...]
Keeping your tax and expenses in check
Keeping your tax and expenses in check when you are self-employedRunning your own business requires you to wear a lot[...]
All you need to know about single touch payroll
Single touch payroll regulations may require you to make some changes. Automation or outsourcing will make compliance less of a[...]
The low down on GST and your small business
Is your small business registered for GST? You might not be entirely confident of your projected earnings, so it’s fine[...]
Remote work is on the rise – here’s what you need to know
Remote work is on the rise. Here's what you need to know.Remote working has many benefits for your business and you[...]
Getting on top of your invoicing
Getting on top of your invoicingOne way to help your small business succeed is to get on top of your[...]