Using financial reconciliation to keep your business on track
As a 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 a vital role in keeping your finances–and your business–on track.
Here’s what you should know about financial reconciliation and how it can help your business.
Breaking Free from Insanity in Business: The Power of Trying Something New with a Business Advisor
In business, it can be tempting to stick to familiar routines and methods, but what if these habits are holding you back from reaching your full potential? The famous quote by Albert Einstein applies just as much to business as it does to life: “The definition of insanity is doing the same thing over and over again and expecting different results.” In this blog post, we will explore the benefits of trying something new in business and how a business advisor can provide valuable guidance and support as you take steps to break free from insanity in your business.
Paid Family & Domestic Violence Leave – Effective 1st February 2023
As an update, the Fair Work Amendment (Paid Family and Domestic Violence Leave) Bill 2022 has now passed in both houses and received Royal Assent on the 9th of November 2022.
What are your business New Year resolutions?
The beginning of a new year is the perfect time to reflect on what’s working in your business, and to set some goals for the year ahead. Now you’re in the new year, set aside some time to think about your recent achievements, and any current challenges. Think about your work style, too. If you’re like many business owners you may be guilty of bad habits that can hold your business back, such as:
Employee vs contractor – what you need to know
Depending on the nature of your business, you may have workers who are employees or contractors, or you may have both. Each has their merits, but it’s important to review which are which in order to meet your tax and super obligations.
Prepare your inventory for the holiday season
The holiday season is without a doubt the busiest time of year for many retail businesses. It’s a great opportunity to showcase all that you have to offer and bring in new products to see how they do. But, the excitement probably wears off when you think about managing all that inventory.
Don’t despair. With a bit of preparation you can manage your inventory during the holiday season, and glide through this hectic time with ease. Here are our tips on meeting your customers’ expectations while staying sane.
Changes to mandatory COVID-19 isolation periods
The rules for mandatory five-day COVID-19 isolation periods are changing in October 2022.
Employers should check for any requirements that may still apply to them. This includes any awards, registered agreements, employment contracts and workplace policies for relevant requirements or other information.
5 common payroll implementation errors you can easily avoid
Upgrading or changing your payroll system comes with a ton of wonderful benefits. Saving time and money, making everyone’s lives easier, and better integration are all good reasons to consider a change.
But if the switch is mishandled, the results can be catastrophic and lead to long-lasting problems. Read on for some tips on how to avoid a disastrous payroll system migration
5 Tips for Managing Inventory in Your Business
When starting a small business, business owners often think about things like the storefront, branding, and displays. They think of smiling employees and happy customers. It’s not usually the image of the shelves and cupboards in the back stockroom that fill their heads.
But inventory is a critical component of your business…
5 Most Common Bookkeeping Mistakes That Could Hurt Your Business
Many small business owners tend to handle their own bookkeeping, especially when they’ve just started out. However, keeping track of the finance-side of the business– everything from income to expenses to tax compliance– can be overwhelming.
Mistakes can happen quite easily and can have costly consequences to your business.
Within are five of the most common DIY bookkeeping errors that you should avoid.