E-invoicing: How can it protect you?
Is your business using e-invoicing? It’s a fantastic way to protect yourself and your customers from invoice scams. It can also help you get paid faster. E-invoices replace emailed PDF invoices or links to online invoices. Instead, e-invoices are delivered securely to your clients, even across different accounting systems. Preventing invoice fraud Invoice scams are […]
How to Improve your Procurement Spending
One of your most significant areas of business expenditure will be buying the goods and services needed for the company to operate. Whether these are raw materials, wholesale goods, or cloud services, you need someone to control this procurement process. Managing your procurement spending is vital for keeping the business cost-effective and competitive in the […]
Cash Flow and Profit: Which is King?
The foundational goal of any business is to make a profit. As a business owner, that’s one of your key financial aims – to make enough sales at a big enough margin to generate profit from your enterprise. But how does profit differ from cash flow? And why is cash king? How do profit and […]
Unique Selling Point: What’s Yours?
Making your business stand out in a crowded market can be a challenge. However, differentiating your business will be key to attracting the right customers. Give them a reason to choose you over a competitor. That’s why it’s important to identify your unique selling point (USP). Your USP give you a differentiator to communicate in […]
What is Personal Services Income?
Personal services income (PSI) is income received as payment for individual personal efforts and skills. It applies to many contractors who provide services to earn an income. PSI rules can apply to individual sole traders and other types of business entities, but not employees. If PSI rules apply, the entity is called a personal services […]
Contractor or Employee – What You Need to Know
What is the difference between a contractor and an employee, and whose responsibility is it to get right? An employee works in the business and is integral to that business, has rights and entitlements under the Fair Work Act 2009, has a reasonable expectation of ongoing work, agreed hours, and duties, is covered by the […]
Financial Accounting vs Management Accounting
What’s the difference between Financial Accounting and Management Accounting? You’re running a business, so you know the legal requirements around producing accounts and submitting tax returns. But do you truly know WHY you’ve engaged an accountant? And do you understand the value that a good accountant and business adviser can add to your company? As […]
Director Identification Number – Action Required
The government has initiated a new system that attaches a unique identifying number to an individual who is a company director. If you are a company director, you will need a director identification number by November 2022. You can apply for a director ID from November 2021. What is a Director Identification Number? A director […]
Engaging a BAS Agent – What are the Benefits?
Working with a BAS agent can benefit your business more than you may realise! Many new business owners try to save on costs by doing their own bookkeeping. However, this is one of the first tasks you can outsource to give yourself time and save money. Why spend that valuable time on administration and accounts […]
Automating Bank Reconciliations – How and Why?
What are bank reconciliations – and why should you be automating the bank reconciliation process? Good bookkeeping is all about recording and matching your financial transactions. Over a usual week of trading, you’ll have a range of payments deposited into your bank account. You will also have a host of operational expenses withdrawn from that […]