The Fundamentals of a Business Budget
A well-structured business budget is a critical tool for effectively managing your financial position and driving sustainable business growth. A budget provides a forward-looking view of your expected cash inflows and outflows over the next financial year, allowing for strategic planning and informed decision-making. To gain a comprehensive understanding of your business’s financial health, it […]
Reducing the uncertainty: financial forecasting and planning
Uncertainty can significantly impact financial planning, making it challenging to make informed decisions regarding operational budgets, investment strategies, and growth funding. By leveraging financial forecasting and scenario planning, businesses can enhance their financial management, anticipate challenges, and mitigate potential risks. Financial reports—such as cash flow statements, profit and loss reports, and management accounts—provide valuable insights […]
Coping with the skyrocketing cost of living
With the rising cost of living impacting Australian households, from fuel prices to supermarket bills, it’s essential to find ways to manage these pressures. Across the OECD, the prices of essential goods and services have continued to increase. To better cope with these rising costs, here are 12 practical steps you can take: Increase Your […]
Get in control of cashflow
It is often stated that cashflow is the lifeblood of a business, and this holds true in practice. Maintaining a positive cashflow position—where cash inflows exceed cash outflows—ensures the liquidity necessary for day-to-day operations, business improvements, and sustainable growth. Conversely, when expenses exceed income, cash reserves can become insufficient. This may lead to increasing debt […]
Understanding Your Balance Sheet
To assess the financial position of a business at a specific point in time, refer to the balance sheet, also known as the statement of financial position. Together with the profit and loss statement, and potentially other reports such as the statement of cash flows, these financial statements provide a comprehensive overview of both the […]
What’s new in Xero (February 2025)
Xero has introduced several enhancements in the first two months of the year. Key updates include: Enhancements to New Invoicing Automated Bill Entry Users can now upload bills directly into Xero and create multiple bills simultaneously by dragging and dropping files. Xero will automatically generate draft bills with key details extracted from the documents, which […]
More tax relief for drinks companies: how will it improve your excise refund?
Australian businesses involved in brewing, distilling, and wine production are set to benefit from enhanced tax relief, providing a reduction in their tax liabilities. Excise Remission Cap and Wine Equalisation Tax (WET) Rebate Increases Currently, brewing and distilling businesses can claim a full refund of excise duty paid, up to a limit of $350,000 per […]
Reducing the uncertainty: key ways your accountant can assist
For business leaders, the ability to anticipate future developments is invaluable. However, the current economic climate is characterised by volatility, making it increasingly difficult to predict market conditions and formulate long-term strategies with confidence. While external economic, political, and regulatory uncertainties cannot be controlled, they can be effectively managed. Market fluctuations, cost variability, and shifting […]
How your accountant supports business development
As your accountant, our expertise extends beyond financial management. We offer strategic advisory services to help drive the development of your business, ensuring that business development (BD) becomes an integral part of your long-term growth strategy. Effective BD enables businesses to move beyond incremental growth and achieve accelerated expansion. By applying the right expertise and […]
Interest rates come down: how could this affect your business finances?
The Reserve Bank of Australia has recently lowered the official cash rate to 4.1%, down from 4.35%. This marks a significant shift following thirteen consecutive rate increases between May 2022 and November 2023. For businesses, this change presents both opportunities and financial considerations, particularly in relation to borrowing costs, cashflow management, and investment decisions. Key […]
