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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

As financial year-end approaches at the end of June, it’s time to start preparing. With some clever organisation, you can navigate the year-end easily. Here are some tips to help you effectively prepare: 1. Gather your paperwork Spend the next few weeks gathering what you’ll need, including: Financial records showing your income statements as well

Running a small business is a rewarding endeavour but tax compliance can bring unique challenges. There are a number of common mistakes that small business owners often make that can have significant financial implications. To help you avoid these, here are the top five tax mistakes Australian small business owners make with strategies for how