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Business failures are at their highest rates since January 2021 as low levels of consumer spending, high inflation and interest rate increases put companies under increasing pressure, according to CreditorWatch. Considering 97.2% (2.59 million) of Australia’s businesses are classified as small businesses, it stands to reason that they are most at risk. The commercial credit reporting bureau’s August […]

Cash flow and profit are financial terms often used interchangeably by small business owners but measure very different parts of a company’s financial health. Let’s take a closer look. What is cash flow? Cash flow is the movement of money in and out of a business. There are three main types of cash flow: operating,

Unemployment and underemployment are key economic factors that impact small businesses from consumer spending to hiring challenges. Understanding these concepts can help business owners make informed decisions in an uncertain economy. Currently, Australia’s unemployment rate is 4.2%. High unemployment reduces disposable income, leading to lower sales and revenue for small businesses. Conversely, when more people are employed,

What is Peppol? Peppol is an acronym for Pan-European Public Procurement Online. It is a network that enables the exchange of electronic documents, such as invoices, orders, and catalogues, between buyers and suppliers across Europe and beyond. Peppol was initiated by the European Commission in 2008 as a project to improve the efficiency and transparency

Learn how engaging a professional bookkeeper can benefit your law practice and make your life easier As a lawyer, you have a lot of responsibilities and tasks to handle every day. You need to manage your clients, cases, documents, deadlines, and more. But one thing that you might not enjoy or have time for is

Don’t wait for the government to mandate the change, start paying your employees’ superannuation contributions monthly and get ahead of the change. What is superannuation and how does it work? Superannuation is a compulsory retirement savings scheme for Australian workers. Employers are required to pay a minimum statutory rate (currently 11.5% for the FY2024/25) of

As a small business owner, it can be a challenge to set aside time for meetings not connected to your day-to-day work. But, preparing thoroughly for a meeting with your accountant can actually save you time, not to mention money and stress. Proper preparation means you will get the most out of the meeting. Here’s

How carbon accounting can help your business reduce emissions, save costs, and gain a competitive edge What is carbon accounting? Carbon accounting is the process of measuring, reporting, and reducing the greenhouse gas (GHG) emissions associated with your business activities. It involves quantifying the sources of carbon dioxide (CO2) and other GHGs, such as methane

Did you know that the Australian Taxation Office (ATO) has the authority to disclose business tax debts to credit reporting bureaus if they remain unpaid. This means your unpaid tax debt could impact your credit record and therefore your ability to access finance and secure loans. When can the ATO disclose your tax debt? In

Managing your payroll is an important function for a small business. It ensures your employees are paid correctly and on time, creating a positive work environment. But, payroll mistakes can happen, leading to potential financial issues, legal complications and unhappy staff. Here are five common payroll mistakes and how to avoid them: 1. Misclassifying your