Shout out to small businesses everywhere

The opening up of NSW relies on small businesses turning up and that’s what small businesses do best. Many small businesses have been crawling along during the lockdown but in 2 weeks, they will get back up, rally their employees and be ready to support and serve their community. Cafes, hairdressers, gyms, beauty providers, retail stores… the list goes on. What can you do? Support your local businesses – eat…  Read more

3 good reasons to get your bookkeeping sorted out …. Now.

We get it , bookkeeping is not your favourite part of running your business. It’s an annoying and frustrating chore that takes up a lot of time and is easy to put off until tomorrow, but avoiding your bookkeeping can be disastrous . Not having immediate access to your company’s current financial situation can result in a series of errors that could ultimately cost you your business. Here are three…  Read more

Can I claim the cost of my cup of coffee?

Can I claim the cost of my cup of coffee through my business? This is a question that we are commonly asked by our clients. The answer is, it depends on the amount of fun that you are having while you drink the coffee. If your having too much fun, then its likely to be considered by the ATO to be entertainment, and you can’t claim GST  or get a…  Read more

Can I claim the cost of Christmas gifts through my business?

Christmas is a time for giving and as a business owner you may wish to give back to the people who keep your business going. Here are some tips on how you should treat gifts to your staff and customers in your accounts: Gifts to staff are treated differently to gifts to suppliers or customers. Gifts to staff that are valued at less than $300 are NOT tax deductible so…  Read more

It’s month end so here are the questions that you need to ask…

It’s month end so here are my tips as to what questions you should be asking your bookkeeper / accounts team. 1. Are the accounts finalised ? You need to make sure that your accounts have been reconciled and everything entered before you start using the numbers to make decisions. Ideally your accounts should be finalised within the first week of the month so your information is current and relevant.…  Read more

Scenario Planning .. just a fancy way of saying ” what if”

Running a business in 2020 has been a little bit like taking a ride on one of those jet boats in the harbour, filled with sharp turns and sometime 360 spins. We have been hit with the unexpected challenges of lockdown periods and the resulting economic uncertainty.  The instruction to date has been to “ hold on tight “ until the end of the ride. The question now is what…  Read more

Job Maker – How does it work

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

More JobKeeper changes expected

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

Client Showcase – Red Belly Active

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

Changes to Job Keeper – what you need to know.

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

Open for business

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

Why virtual bookkeeping works

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

Are you ready for Single Touch Payroll?

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

What to do if you are operating at a loss

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

Client Case study: Creating the perfect virtual accounting system.

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

Do you know your break-even point?

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 – keeping the wheels of your business turning

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

Why a holiday should be part of your business plan

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

5 questions to ask when you are reviewing your profit and loss report.

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

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

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