Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. NSW Records 16 New Local Cases, New Restrictions Reimposed NSW recorded 16 new cases of COVID-19 since the last time health officials spoke at 11 am on Tuesday. There’s also one mystery case where authorities still haven’t identified the source of COVID-19 detected in a nine-year-old child from Sydney’s… Read more
Some small business owners find themselves in the difficult position of running a business that appears to be profitable, but still having no money in the bank. It’s an important situation to address. After all, a lack of adequate cash flow is one of the main causes of small business failure. Here are three reasons profitable businesses have little money in the bank, and what business owners can do to… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Melbourne’s Lockdown Lifted Lockdown in Melbourne was lifted on 11 June, but restrictions remain in place including a mandate to wear face masks at all times outside the home, limiting travel to within 25 km, and preventing some businesses from operating. Although restrictions have been eased further in regional… Read more
When it comes to the overall success of your business, one of the most important decisions you’ll face is how to price for the work you do. Charge too much and you could scare away potential customers. Charge too little and you could run yourself out of business. Figuring out how much to charge is stressful, but it’s worth it. If your business doesn’t bring in enough money to pay… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Melbourne’s 2-Week Lockdown to ease on 10 June with some restrictions to remain Melbourne will emerge from a two-week lockdown at 11:59 pm on 10 June, after only two new infections arose in Victoria on Tuesday. Victoria was plunged into a one-week “circuit breaker” lockdown on 27 May, but… Read more
Living a debt-free life is one of the dreams of many people. However, paying down your debt is easier said than done. Some people struggle to keep up with their monthly bills and become overwhelmed with the amount of debt they have to pay. In these circumstances, it’s easy to “stick your head in the sand” instead of tackling the issue head-on. This approach only means you’ll be off track… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Melbourne to Stay in Lockdown For Another Week Melbourne’s lockdown has been extended for another seven days, but stay-at-home measures will be lifted in regional Victoria. Residents of Greater Melbourne will only have five reasons to leave home: shopping for food and supplies, authorised work and education, care and… Read more
At face value, it seems like a great idea. If you’re a small business owner with just a few employees, you probably think that hiring a payroll specialist is an expense that you can avoid. You feel that you can handle it yourself. You have the best intentions to keep your staff paid right and on time. What could go wrong, right? Well, lots actually. Below are the reasons why… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. VIC: Melbourne’s Lockdown Fate Hangs in the Balance Authorities are locked in emergency talks about placing Melbourne in a five-day lockdown. A fresh cluster of COVID-19 cases in Victoria has grown to 15 in three days, and the next 24 hours are particularly critical as some of the infected… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. JobMaker Hiring Credit’s Second Claim Period Now Open The second claim period of the JobMaker Hiring Credit is now open. So if you’ve taken on additional young employees between 7 January and 6 April 2021, you may claim the following payments: up to $10,400 over a year for each… Read more
Nobody wants their business to fail. Although it’s impossible to predict the future with 100% accuracy, a cash flow forecast is a tool that will help you prepare for different possible scenarios in the future. In a nutshell, cash flow forecasting involves estimating how much cash will be coming in and out of your business within a certain period and gives you a clearer picture of your business’ financial health… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australia to Reopen Doors to India Australia will lift a ban on its citizens returning from COVID-ravaged India next week, as state officials reported that an outbreak in Sydney appeared to be contained. The Prime Minister stood by his decision to impose a biosecurity order last month barring all… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Perth Dodges New Lockdown West Australian Premier Mark McGowan announced on Sunday that there will be no second snap-lockdown in Perth, but COVID-19 restrictions will still be imposed after reports that a hotel quarantine security guard and two of his housemates tested positive for the virus. Nightclubs will be… Read more
If you’ve just started working with Xero, it is normal to make a few mistakes while you’re learning. We see mistakes that are quite common – and unfortunately costly – so you should be aware of them if you want to get the most out of Xero’s powerful cloud accounting system. 1. Not connecting all the bank and credit card accounts dedicated for your business Make sure that you keep… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Flights Between NZ and Western Australia Resumes New Zealand has reopened quarantine-free travel with Western Australia from midday Wednesday. This comes after it was revealed a traveller from Perth was able to enter New Zealand despite the Australian city being locked down. Travelers who have been identified as contacts… Read more
Running a business isn’t exactly a walk in the park. It is definitely hard work, but a rewarding journey at the same time and you can probably attest to this yourself. Sometimes, things also don’t go as planned and you may find your business under financial distress. Suddenly you find yourself falling behind on due dates, suppliers are chasing for payments, and your stress levels are skyrocketing. Regardless of the… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australia- New Zealand Travel Bubble Now Open The long-anticipated travel bubble between Australia and New Zealand started on Monday, marking the first step towards the gradual reopening to the rest of the world. Since October, Australia allows New Zealanders to arrive without going into quarantine, but New Zealand has… Read more
Good personal finance skills are important in life, but this seemingly simple concept can be difficult to master. Without having a good grasp of how to manage your money effectively, you run the risk of making financial mistakes that could significantly impact your life. Avoid money traps and manage your finances better with the following common sense financial tips. 1. Not all ‘tax effective’ investments are good investments. The term… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australia Drops COVID-19 Vaccine Target Prime Minister Scott Morrison said he won’t set a new target date for Australians to get vaccinated, as concerns about the AstraZeneca vaccine and European export restrictions delay the rollout of the programme. Despite this, Australia is still ahead of some nations including Canada,… Read more
Many small business owners tend to handle their own accounting and 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. Below are five of the most common DIY accounting errors that you should avoid. Unorganised Records It takes excellent… Read more