Cash is Not Profit and Vice Versa

The purpose of a business is to make money, and that means you have to know the difference between profit and cashflow. Net profit is what you have left after you deduct all your business expenses from all your revenue. You change net profit only by changing the things that affect revenue and expenses. For […]

How’s the forecast looking for your business?

Whenever we’re going on holiday or have plans for the weekend, we always check the weather forecast so we can plan accordingly. It’s no different in business. The forecast tells us if there’s bad weather (poor cashflow) in store based on the direction we’re heading. Your forecast will tell you: If you have enough sales […]

Key points in the Federal Budget 2021-2022

The Federal Budget 2021-22 has many announcements and proposals aimed at economic recovery and includes investment in jobs, essential services, business incentives and tax cuts. Budget Highlights for Business Temporary full expensing measures extended until 30 June 2023 – the time frame for eligible businesses to claim an immediate deduction for the total cost of depreciating […]

Should I Focus on Profits or Cashflow?

Turning a profit is at the heart of running any successful company, but should profits be the only financial focus if you want to create a stable, long-term business? Cashflow is the beating heart of your business. Without an even and predictable flow of cash into the company, you can’t cover your overheads, pay your […]

Welcome to 2021!

What a year 2020 was… none of us saw that coming! We hope you had a well-deserved, relaxing break! While there’s a lot of uncertainty about what 2021 will bring, we can take our 2020 learnings and plan for a better 2021. We’re all relieved to see the end of 2020, but before we completely […]

Protecting Business Relationships in a Time of Crisis

Maintaining strong relationships with clients, customers, suppliers and team members is a key part of business success, but in times of crisis it is easy to focus on your own issues and neglect those important connections. Here are a few tips on how to stay connected during difficult times – because you won’t get through […]

How does an accountant save you money?

Making a sustainable profit will typically be near the top of your list of goals as a business owner, and if you want to make the best margins, you need to keep an eye on the money that’s going out of the business, as well as what’s coming in. So, how can your accountant help […]

Challenges for Small Businesses Coping with Debt

Risk is part of running a business. You cannot easily plan for recession, natural disasters or other negative events, because if you take a too-cautious approach then you’ll never succeed. But sometimes the odds will go against you. If you find yourself unexpectedly further in debt than you would like, don’t panic. There are options […]