DJ Grigg - Blog Post Profit and Cash Flow

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 […]

DJ Grigg - Blog Post Unique Selling Point

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 […]

DJ Grigg - Blog Post PAYG

PAYGI and PAYGW: What’s the Difference?

Many people new to running a business and employing people are unsure about the difference between PAYGI and PAYGW. They are not the same thing! PAYG stands for ‘pay as you go’. This is the means the ATO uses to obtain tax payments from both employees and business owners. Paying tax ‘as you go’ throughout […]

DJ Grigg - Blog Post Contractor or Employee

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 vs Management Accounting

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 […]

Deduct Money from an Employee’s Wage – When is it OK?

There are only a few situations where you can lawfully deduct money from an employee’s wage. Make sure you check what’s allowed before deducting so that it’s following the Fair Work Act. Even if the employee agrees, it’s important to ensure you’re doing the right thing because unlawful deductions can result in heavy Fair Work […]

Invoices getting paid late? Try These 6 Tips

Xero’s Small Business surveys show that almost half of invoices get paid late. Late payment of invoices are one of the most frustrating things a business can face. Here are six tips to get paid faster. Review and adjust your payment terms and pricing – Think about how much time you give customers to pay […]

Well-being in the Workplace

Supporting and promoting health and well-being in the workplace is essential for staff and business owners alike. Providing a physically and mentally healthy workplace is beneficial for all who work there, as it reduces staff absenteeism, increases productivity, and makes the workplace more enjoyable. If you are an employer, workplace health and safety laws require […]