You’ve likely heard the phrase “in the black.” Your balance sheet is the tool that shows you whether your business is indeed “in the black.” Your balance sheet includes a section for your assets (things you own or will receive that have value), your liabilities (what you owe to others) and equity (retained earnings and […]
Read More… from What is a balance sheet and how does it help me manage my finances?
As 2024 comes to a close, we want to take a moment to thank you for trusting Morisset | Cooranbong, BAS Bookkeeping & Payroll with your business needs this year. It’s been a pleasure supporting you, whether it’s been keeping books balanced, helping you stay on top of compliance, or providing clarity for you to […]
Read More… from Season’s Greetings from Morisset | Cooranbong, BAS Bookkeeping & Payroll
When Treasurer Jim Chalmers handed down the 2024-25 Federal Budget on 14 May 2024, it was clear that the government had a diverse range of objectives. From offering tax cuts to supporting vulnerable groups, the budget is packed with measures aimed at stimulating economic growth and providing relief. Let’s unpack the key points from this […]
Read More… from Unpacking the 2024 Federal Budget: What you need to know
Managing payroll might not be the most thrilling part of running your business, but it’s an important one. Payroll errors can lead to disgruntled employees, hefty fines and legal troubles. Let’s make sure you’re set up for success and can easily dodge these common pitfalls: 1. Not Staying Updated with Legislation Things are always changing. […]
Read More… from 5 common payroll implementation errors you can easily avoid
Inflation – it’s a word that’s been on everyone’s lips recently. Rates are on the rise, and our small business community is feeling it the most. Increased supply costs, a lack of workforce, and dwindling profits are among the challenges faced. Let’s demystify inflation and delve into its impact on small businesses. Grasping Inflation In […]
If you’re like most small business owners, there are never enough hours in the day to complete every task on your list. Often you’re faced with prioritising what you need to do right now – deal with a customer, meet a deadline, attend an event – and the things you know you should do for […]
With rising interest rates and inflation soaring, households are dealing with higher borrowing costs, leaving them with less disposable income to spend. That means businesses are feeling the pinch, and to make matters worse, staff shortages are adding to the pressure. Sales decline affects all businesses. Almost every sector is experiencing a downturn. Building companies, […]
Payroll is one of those things that starts out simply enough. You start your business, hire a few employees, and things tick along pretty well. It’s straightforward enough to keep everything in line at first, but what happens to most companies is… they grow! This is a great thing, but it also means that payroll […]
While many small business owners prefer brainstorming new ideas to pouring over financial reports, getting a handle on financial analysis can be remarkably empowering. Taking the time to regularly review financial statements can help you assess and improve current performance, avoid risk and make scalable plans for future growth. Protect your company’s financial health by […]
Did you know? The Australian Taxation Office (ATO) has very specific rules for claiming a deduction for expenses. “The Dos” On this webpage,the ATO shares what it calls ‘the three golden rules for claiming your business expenses’. We call them the “Dos”. They are: ‘The money must have been spent for your business (not a private […]
When it comes to running a thriving business, understanding and effectively managing your working capital is crucial. Essentially, working capital is the cash readily available for the day-to-day running of operations. The more protracted the business cycle, the higher the working capital requirement tends to be. Your goal? To ensure you have enough working capital […]
Everyone likes making money, especially small business owners. Invoicing, however, is typically one of the tasks that small business owners like the least. Chores like creating and sending invoices get set aside for other duties that are seen as more enjoyable or even more urgent. You tell yourself you’ll get around to it tomorrow, but […]
When you start a business, you’re typically your only employee and payroll is about as simple as it gets. But as you grow, you hopefully find yourself in the position of needing to take on more employees. Before you know it, what was once a very straightforward task becomes a giant undertaking that’s sucking up […]
Good people management comes through experience. Courses will teach you the theories, but there is no substitute for day-to-day practice managing staff and their issues. Giving yourself a head start with a common-sense approach and a healthy respect for everyone you come into contact with can help to develop a happy and productive workforce. Don’t […]
Running a business comes with a lot of financial responsibilities, and as a business owner, you’ve probably come across terms like BAS (Business Activity Statement) and IAS (Instalment Activity Statement). While they may sound similar, understanding the differences between these two statements is crucial for maintaining compliance and staying on top of your tax obligations. […]
On average, small business owners spend 10 hours each week recording, organising, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood […]
Read More… from Bookkeeping Basics for Small Business Owners
In today’s digital age, online reviews can make or break a small business. With the ease of access to social media and review websites, customers can easily voice their opinions and experiences with your business online. As a small business owner, it’s essential to understand the importance of online reviews as they will impact your […]
It’s time to get savvy with your business strategy and add Cash Flow Forecasting to your business model. […]
Read More… from Unlocking the Power of Cash Flow Forecasting in Small Business
Simple ways to boost your business profits […]
The key to a profitable business is to manage and optimise your cash flow. You need to know how much money is coming in, where that money is going, and have a plan in place so that you can keep a good portion of it for profit! […]
Read More… from Unlocking Cash Flow: 5 Essential Strategies for Small Business Owners