Last night the Treasurer announced a number of initiatives in the Federal Budget aimed at kick starting the ecconomy towards growth. One of these initiatives was the Job Maker Scheme. Under the scheme, Job Maker hiring credits will be available for each new job created from today , 7th Oct 2020 to 6 October 2021. Credits, to a maximum of $10,400 per new position created will be paid over a… Read more
7 August 2020 You may have heard the news that Treasurer Josh Frydenberg has announced that the government will expand the JobKeeper scheme again. This comes a few weeks after they announcement that JobKeeper 2.0 to start at the end of September. Below is a roundup of what has been announced and what we expect to see, but please note that this is not legislated yet and is still subject… Read more
Welcome to the first of our Client Showcase series where we celebrate the great work that our clients are doing and talk about how they are overcoming the challenges of operating a small business during this current Covid climate. Our showcase today focuses on Red Belly Active, a high end golf & activewear brand based in Sydney . Red Belly was founded by golfing friends, Shannan Webber and Helen Haynes… Read more
Job Keeper Changes Coming in September This week the PM announced the Job Keeper wage subsidy scheme will be extended from September through to March next year, with some changes. This comes as businesses continue to struggle and as an increase in infections has been reported in Melbourne. The Job Keeper subsidy has been extended to 28th March 2021. There are, however, some changes that you should know about. Please… Read more
Now that some of the Covid 19 restrictions are lifting it’s time for businesses to come back and regain ground. A time to reset, rethink and reassess. For some businesses the fight isn’t over and hard times are still ahead but for many this is an opportunity to do business right and perhaps come out stronger and more focused. Actually for my businesses, Covid19 was a opportunity to really take… Read more
Balanced Advantage provide virtual bookkeeping services only, which means we don’t provide on site bookkeeping. This doesn’t mean that we never visit our clients – we love seeing our clients! It means that the majority of our work is done off site using cloud technology. We are often asked by potential clients why we choose to work in this way. Interestingly, we are never asked this question by our own… Read more
Do you have employees? Then you need to be ready for Single Touch Payroll! By now you may have heard the buzz around Single Touch Payroll. It’s a pretty big deal for any business that has employees. So…what do you need to know and how does it affect you? Keep reading to find out. What is Single Touch Payroll? Single Touch Payroll (STP) is a new way to do your… Read more
Operating at a loss simply means you’re spending more money than you’re making. And while it’s not uncommon, especially for new businesses, it’s still not an ideal situation and one that shouldn’t be allowed to continue in the long term. Otherwise, eventually you’ll run out of cash reserves and be out of business. So the first thing you need to identify is why you’re operating at a loss. If it’s… Read more
We love the freedom of a virtual business and enjoy working with business owners with the same sense of adventure. Recently we have been working with a virtual not-for-Profit who has been growing rapidly and now employs a team of 30 staff located across NSW. Our aim for this client was to centralise the accounting function , collect the financial information from various locations, create a paperless audit trail, create… Read more
All business owners need to be aware of their break-even point — that is, the number of units they need to sell in order to cover their operating costs. Once you’ve reached your break-even point, it’s time to celebrate: your business is no longer in the red, and you are officially earning a profit. This article will show you how to calculate your break-even point so you can make wise… Read more
Payroll is usually the least popular member of business process family but is the one that quietly keeps your employees happy and the wheels of your business turning . It’s also the process that can cause your business problems if you get it wrong, which is sometimes tricky with the ever changing technical requirements. Here are our tips for staying on top of your payroll. Use accounting software that makes… Read more
I’m at the end of a fabulous family holiday after a year of working through without a break. While I have always tried to squeeze in an annual holiday, this year seemed different … I didn’t just want the holiday, I needed it. After a busy year of growth , taking on new clients, employing new staff , I have realised that the break has had benefits for both me… Read more
It is the first week of the new month and this is the perfect time to be reviewing your results from the previous month. My tip is to keep your accounts up to date throughout the month so that you can run a profit and loss at any time and get a snapshot of how your business is doing. So how should you do it ? Here are my 5… Read more
App in Review Deputy Deputy is a team management tool that has been around in the app marketplace for a while, so you might wonder why I am writing about it now. For a long time, I shied away from using Deputy, incorrectly believing that it was an expensive solution to the ongoing headache of scheduling staff. It was only after my client and I had battled through spreadsheets and… Read more
No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by the tax authority to review your accounts and confirm your taxes have been paid to date – don’t panic. Prepare. These four steps will help you get through the process with minimal stress and the best possible outcome. Respond promptly If… Read more
Steady, reliable cash flow is crucial for the survival of any small business – so taking steps to ensure your customers pay promptly should be a key priority. It is easy to feel overwhelmed and to take your eyes off debtor collection but the truth is it is easy to collect your debts quickly , you just have to stop emailing and start talking! Business is all about human relationships… Read more
Good news for small business owners: according to the US Small Business Administration, nearly 80% of small businesses survive their first year. However, that number begins to drop as time rolls on. Only half of small businesses pass the five year mark, and a mere third celebrate their tenth anniversary. Taking steps to create a good foundation in the early days of your business is essential for a sustainable and… Read more
Looking for a cost-effective means to create another income stream? Consider this: ambitious companies are always on the lookout for the next lucrative business idea. Licensing your intellectual property to another company can be a win-win when both parties see eye to see, and result in a worthwhile pay out for all concerned. Wondering how to get started licensing your bright business ideas? Read on. Intellectual property 101 If you’re… Read more
For bootstrapping young businesses, making a professional first impression as you build your brand is key. Although hiring a branding expert may be too large an expense in the early days, you can still help your business stand out in the best possible way without breaking the bank. Just follow these simple marketing moves that will help people to know, like, and trust you. 1. Build credibility with your own… Read more
Taking out a business loan may be your first plan of action for financing business growth. But there are excellent reasons to consider other options for finding capital to expand your business. For one, it can be very difficult for a small business to secure financing, especially in the early days. You’ll need to prove to a lender that you aren’t a high risk, with financial documentation that shows your… Read more