Category: Business

Understanding Your Profit and Loss Statement

  • On November 28, 2019
Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes called an Income statement and its main purpose is to list income and expenditure. Whereas a balance sheet is a snapshot in time, the P&L shows transactions over a specific period of time. This can be a […]

Holiday cashflow for your small business

  • On November 8, 2019
Whether you’re heading into a holiday period, or just planning to take a break (and congratulations, because a healthy business means work-life balance), it’s important to keep your cash flow under control. This means pre-planning and being proactive. When you’re not in the office, there are still overheads and salaries that need to be sorted. […]

Financial Habits of Healthy Businesses

  • On October 31, 2019
Most young businesses are ambitious and focused on their goal of creating brand awareness and product launches. Often, what they end up neglecting are the business finances, especially if the founders are not business graduates or financial specialists. Startups and new businesses are most prone to run into bankruptcy in their first year. A major […]

Making data meaningful for your business

  • On October 20, 2019
Three steps to ensuring data is meaningful for your business Raw data describes the facts and figures that business processes every day. Over time, every business hoards a certain amount of data and it only becomes meaningful to a business after it has been processed to add context, relevance and purpose. For example, in a […]

What’s in the Forecast

  • On October 7, 2019
When we set out on a fishing trip or hike, we always check the weather forecast. It’s no different in business. The forecast tells us if there’s bad weather (poor cashflow) in store based on the direction we’re heading. Your forecast will tell you: Whether you have enough sales in the pipeline to give you […]

Dividends and paying yourself as a director

  • On September 20, 2019
As the director of a limited company, dividend payments are the usual way for you to take money out of the company – and see a financial return on your investment into the company. Dividends are payments made to the company’s shareholders when the business has made a profit. What’s not re-invested into the company […]

Automation can ease your business workload

  • On September 15, 2019
Small and medium-sized businesses are spending on average 120 hours a year on admin tasks, according to recent research into productivity at UK SMBs. If your people are spending 120 hours wading through tedious and unproductive admin, that’s bad for the business and for your overall efficiency. Fortunately, technology and software automation can go a […]

Tax Deductions for Tradies

  • On September 15, 2019
No one likes paying taxes, but with a little proactiveness, one can end up easing the tax burden. Tradies busy in meeting vigorous work targets and tough deadlines hardly get a chance to learn about any tax deductions they may be entitled to. But in order to avoid an excruciating tax bill, they must take […]

Get your business records ready for end of year

  • On July 9, 2019
There is a lot to deal with at the end of the financial year, and while your tax return may not be due for some months yet, it is good business to get your 2019 records in order before you get stuck into the next tax year! What records do you need to have ready? […]

Single Touch Payroll/STP

  • On June 24, 2019
Single Touch Payroll (STP) is a new system of reporting wages, tax and superannuation information to the ATO. Initially, large employers were required to report from 1 July 2018. Now, all employers must enter into the reporting system from 1 July 2019. Small and micro employers have until 30 September to enter the system. STP is a […]