S & H Tax Accountants

Category: Business

5 Effective Ways to Find New Clients
If you want your business to continue growing and thriving, you’ll need to find ways to bring in new clients.

Here are 5 ways you can find new clients for your business.

1. Set aside time for marketing

Regardless of whether marketing is your preferred activity, you need to set aside time for it. It’s easy to put marketing at the bottom of your priority list, but doing so makes it more difficult for you to bring in new clients. If you set aside a certain amount of time every week, or even every day–ideally at around the same time of day or week–you’ll be more consistent and successful with your efforts.

Have a list of marketing goals, such as “post 3 times on social media this week” or “write two blog posts this month” and spend your time working towards those goals.

2. Ask your clients for referrals

Your happy clients are a fantastic source of new leads. They’re satisfied with the work you’ve done and they can tell their friends and colleagues about how you helped them. Get comfortable asking your happy customers for referrals.

You can do so
- face-to-face, for example at a meeting where you’ve just given them great news or a fantastic outcome
- through email using a pre-written template that talks about how much you enjoy working with them and how you want more clients like them, or
- on social media, where you put out a general call to your happy followers to share your business with others.
3. Join social media groups

Many of the social media networks enable groups, where you can talk to people in your communities. Although you can use the group to pitch your services and directly ask for leads, a better method is to use the forums to educate people and highlight your expertise, without the selling. People will begin to look to you when they want advice and insights and ultimately will turn to you when they need to make a purchase.

4. Genuinely get to know people

Sometimes the best way to get a client is simply by talking to new people. Make it a habit to be curious about the people around you. Ask them questions with the intention of getting to know them, rather than selling to them. Learn about their passions, their pain points, and the things they need help with. Then assist them. Showing genuine interest in others makes them feel valued, builds your relationship, and fosters trust. From there, it’s easy for them to make the decision to work with you.

5. Form a partnership

It doesn’t have to be a formal business partnership, but reach out to businesses in complementary industries to suggest a referral relationship in which you each refer relevant clients to each other. You could also agree to partner up on specific projects. For example, a graphic designer and a website developer could either refer clients to each other or work together on projects that require both their skills.

New clients are vital for growing your business. By being strategic, purposeful, and genuine, you can easily find new clients.
13/04/2022
3 Ways to Delight Your Online Customers

Businesses are increasingly moving online to expand their reach and provide the best possible experience to their customers. Being online, however, means more competition, so business owners must come up with ways to amp up their game to gain a bigger market share.

If you own an eCommerce business or are looking to start one, read on to learn about ways to delight your online customers.

Put the buyer’s journey at the forefront

The buyer’s journey refers to the path that your customers take when they make a purchase from your website. Your responsibility is to focus on the buyer’s journey and give them a clear path to navigate.

The homepage is the face of your online store, so be sure you make a positive first impression. Just by looking at the homepage, it should already be clear to your customers what products or services you’re offering. This is also your first opportunity to show why your business stands out.

You can group your products into collections such as, “Bestsellers” and “New Releases”, or have seasonal offerings such as “Holiday Deals”. Have a robust search function that enables customers to easily find specific products. Aside from making your online store easy to navigate, you should also ensure mobile-friendliness to meet the needs of shoppers that increasingly want to make purchases quickly from their smartphones.

Make sure to set clear expectations such as using a “Start Now” button if there are a few steps to take, or a “Buy Now” button that implies immediacy.

Make the process easy and straightforward

Customers love a straightforward buying experience. A simple process makes it easier for them to keep saying “yes” to the purchase and gives them fewer reasons to abandon their cart.

To make more sales, it’s imperative to make it easy for your customers to navigate your site and reach their goals. Ensure that the shopping process is as streamlined and smooth as possible. Make sure all links work on your site, and all product or service descriptions are accurate and up-to-date. If possible, have a one-click buy option available so people in a hurry can make a purchase quickly and easily.

If you sell products that encourage repeat purchases, have an option for your customers to easily buy the same product again, either through a subscription or a “buy again” button.

Integrate the right apps into your business

As technology continuously evolves, more and more apps are being developed to automate and streamline processes. In order to scale and grow your online business effectively, it is important to have the right tech in place.

Xero is leading cloud-based accounting software that can help ease your accounting burden and save time working on your books. Aside from making your data secure and easily accessible from the cloud, what’s great about Xero is that you can integrate a range of other apps that support retail businesses with things like inventory, payments, shipping, and many more–making this cloud accounting system even more powerful.

Final Thoughts

The future looks bright for small businesses, as customer preferences change and people turn their focus to local or independent businesses.

To establish a successful eCommerce business, you also need to ensure your numbers are on track. So let our team of accountants take over the finance side of your business while you focus on doing what you do best–growing your business.

31/03/2022
Tax tips for new business owners
Want to avoid paying more than you should come tax time? Or a frantic last-minute search for missing financial records?

New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial data needed to submit their return.

The organization is key when preparing for tax time. As is taking advantage of the many tools and resources out there to support new entrepreneurs.

Set yourself up for success by following these four pillars of the painless tax prep.

1. Commit to clean bookkeeping from day one

Year-round, effective bookkeeping is the best way new business owners can minimize tax season stress. With the wide range of accounting software out there, there’s no reason to rely on time-consuming manual methods that leave room for error.

All-in-one options like Xero, KashFlow, and QuickBooks automate your most important bookkeeping processes, including:
- Tracking expenses;
- Tracking sales and income;
- Creating and sending invoices and
- Managing inventory.
With your financial records all in one place and up-to-date, you’re better positioned to maximize your refund, while avoiding penalties associated with incorrect or incomplete tax returns.

2. Capture every business expense

Each year, 21% of small business owners claim less than half of their business expenses, largely because they don’t have a reliable system for documenting expenditures while on the go.

Without carefully logged receipts, entrepreneurs must forfeit valuable tax deductions, sacrificing cash they could be funneling back into their business.

Cash in on claimable expenses by using a mobile app to record receipt data, track mileage and generate expense reports. As an added bonus, many of these tools sync with your all-in-one accounting software.

3. Separate business from personal

Right from day one, small business owners should clearly divide their personal and business expenses. Differentiating between the two will make it much easier to claim deductions on your tax return – and support those claims in case of an audit.

Recommended steps to separate your business and personal finances include:
- Create a separate bank account for your business, and designate a credit card solely for business purposes (this will help you track expenditures while building up your credit and borrowing power);
- Never combine business and personal expenses (for example, if you buy printer ink for your home and your business at the same time, ask for two separate receipts);
- Pay yourself a set salary from your business checking account each month (this will help you determine how your income, as well as the business, will be taxed).
4. Always consult with an accountant

Not sure exactly what you can claim as a business expense? Wondering which accounting software to use or how to interpret local tax regulations?

Consult with an accounting professional to put your mind at ease – well before the filing deadline! In addition to managing the nuts and bolts of tax preparation, regular meetings with an accountant will help you continuously improve bookkeeping practices and better understand the financial workings of your small business.

Those organizational strategies you commit to now will promote positive relations with your local tax authorities – and the long-term financial health of your company.

As we all are aware that tax season is here, this time of year can be very stressful as businesses will need to make sure they have all of their financial records accurate and organised as well as making sure they have every expense listed. S & H Tax Accountants are aware of the stress, however we are here to help. Our firm offers services to not only individuals but also businesses, our accountants are well qualified and vastly experiences. We pride ourselves in maintaining top tier level of service to our clients, our firm also provided advice to businesses in need. Book an appointment today with S & H Tax Accountants, call us at 03 8759 5532 or email us at info@sahtax.com.au
08/03/2022
6 Tips to Improve Your Delegation Skills
When you run your own business, it’s tempting to take on every responsibility. There are many reasons for doing so: because you want something done a specific way because you don’t have the time to explain how to do it, or because you’re not sure someone else can handle the task.

Delegating saves you valuable time and energy. Sharing duties with your team also fosters a sense of responsibility, engages them, and helps them develop their skills.

Here are six tips to help you improve your delegation skills.

1. Know when to delegate

If you’re like many people, you hold onto as many tasks as you can and only begin delegating once you feel too busy or worn out to take on another thing. It’s good to get used to delegating before you become burned out, so you can more appropriately and effectively choose which tasks should be handed off to others. You may have to begin by delegating small, low-stakes tasks, especially if delegation makes you uncomfortable.

Here are questions to ask before you delegate:
- Is it vital that you do the task yourself (be honest about this–do you really have to be the person to take this on)?
- Is there someone else who has the relevant skills, experience or interests to take it on?
- Is there someone else keen to do it?
- Do you have time to give detailed information about the task?
- Are you available to monitor progress?
2. Match the task to the appropriate person

Often, business owners delegate a task by finding someone who has time to do it. Just as you have your strengths, so do your team members. When you delegate, make sure to take into account the person who is most suited to it based on their skills, their level of knowledge or experience, and their interests. Unless absolutely necessary, don’t push someone into a task they have no experience or interest in.

3. Make sure the delegated individual understands what’s being asked of them

You may understand what needs to be done but your team may not. Spend time with those involved to ensure they’re on board as well. They need to know the goals or objectives, how the task is to be accomplished, what success looks like, and your expectations.

4. Communicate openly

Leave room for your team members to come back with questions or concerns. Follow up with them yourself to see how they’re progressing and what support they need. Address any challenges they have and celebrate their successes. If there are milestones or delivery deadlines, check periodically to make sure all activities are still on track.

5. Coach employees through barriers

Where possible, avoid taking a task back. It’s tempting to step in when they encounter an obstacle, especially when an activity is time-sensitive. Doing so prevents them from learning or growing. Instead, coach your team members through their challenges. Make sure they have the support and knowledge needed to complete their task.

6. Encourage feedback

When you delegate, it’s important to follow up with constructive feedback that celebrates what worked well and provides insights for improvement. Be prepared to accept feedback. Your team might have ideas about how the activity could have gone more smoothly–perhaps with more thorough instructions or by delegating to someone else.

Delegating tasks to others is a great way to help them develop their skills and knowledge while taking responsibility off your hands. If delegation is difficult for you, it’s worthwhile to consider what’s holding you back and work to overcome your hesitations.
08/03/2022
4 Tips to Improve Your Business Negotiation Skills
Owning your business requires many skills, and among the most important might be the ability to manage negotiations. As a business owner, you could find yourself negotiating in many circumstances, such as:
- Salary and job expectations with a potential employee
- Financing terms with a lender
- Payment terms with a supplier
- Lease or property agreements
- Equipment agreements.
Your ability to negotiate will have an impact on your financial situation, which is why it’s a good idea to refine your skills. That way, you’ll feel confident when discussion time comes around.

Here are four tips to improve your negotiation skills.

1. Be prepared

One of the best things you can do to improve your skills is to be prepared for any negotiation. By being prepared you’ll be better able to negotiate beneficial agreement terms and you’ll identify when someone is offering you a great deal that you should take advantage of.

This means doing your research to understand the scenario you’re negotiating in. Get to know what terms businesses like yours have agreed to, what other options you have available to you and how they’d stack up against the agreement you’re considering.

Also give thought to what you would consider a good agreement. Ask other people how they have handled similar negotiations. Finally, make sure you know what you’ll do if negotiations fall through. It’s easier to walk away from a negotiation if you know you have a back-up plan in place.

2. Know what you’re willing to give up

Before you go into the negotiations, it’s important to not only know what you want but what you’re willing to give up. Would you lose an investor so you keep more shares in your company? Would you give up partial control of your company for more shares? Would you pay more money for additional storage space?

Understand what you’re willing to give up and what you won’t yield on.

Knowing what you will–and won’t–give up on helps you stay focused and prevents you from making snap decisions that you ultimately wind up regretting. It also helps you evaluate whether the deal is a good one for you, and enables you to push to keep the things that are most important.

3. Practice negotiating

There are plenty of opportunities in your daily life to practice your negotiation skills in a low-stakes environment. You can practice negotiating where you want to eat for dinner, who has to do the chores, and what activities to take part in on the weekend. Use these situations to develop your listening skills and your ability to find a way to mutually beneficial terms.

4. Keep it conversational

Negotiations are about both sides walking away feeling positive about the deal that has been reached. You don’t want a negotiation to become adversarial. Remember that you are having a conversation to reach a point of agreement between all parties involved, and keep in mind that the negotiation isn’t personal. You and the other parties both want to get something out of the agreement, and you likely both want the other side to come away happy as well.

Final Thoughts

Negotiation is an important part of business life. Ideally, you want to feel confident, relaxed and prepared going into any negotiation. The best way to do so is to do your research, know what you want, practice your skills and keep things conversational.
08/03/2022
Differences Between an Accountant and a Financial Planner
When it comes to managing your finances, there are two professions that can help you understand your numbers, and ensure you have a plan to get to where you want to be. Accountants and financial planners can both play an important role in your financial success, but there are some important differences between the two.

For any successful business, it’s advisable to have both an accountant and a financial planner because their skills are so complementary and they can work together to help you better meet your financial goals.

There are areas where they are similar, of course. Both can help determine if your financial plans are feasible and can provide you with important strategies for managing your money. And while they can both advise you, neither can make decisions for you.

Here are the main differences between accountants and financial planners.

Accountants

Your accountant is responsible for keeping accurate financial records, making summaries, and undertaking analyses of your financial transactions. Depending on their role or specialty, they may also undertake auditing, inventory accounting, and financial forecasting.

They’ll also help ensure your business is compliant with tax regulations and may advise you on important financial issues related to your business, such as decreasing costs, setting prices or wages, managing expenses, and budgeting. Additionally, they can help you determine the best way to set up your business, how to increase your returns after-tax, and how to grow your business.

Further areas accountants can help you include
- Payroll
- Lowering your tax burden
- Preparing business plans
- Forensic accounting
- Selling, buying, or merging a business.
Financial planners

Financial planners advise you on your wealth management. Typically, they are specialists in areas such as tax planning, managing your portfolio, or retirement planning. They may also advise you on solving your debt or building your long-term wealth.

People who have specific financial goals in mind can turn to a financial planner to develop the best path forward to achieve those goals and improve their financial wellbeing.

Specifically, financial planners can help you with
- Philanthropic strategies
- Retirement planning
- Investing
- Estate planning
- Budgeting
- Inheritance tax planning
- Cash flow modeling
- Portfolio construction.
Who to hire and when

If you run a business, it’s a good idea to have both an accountant and a financial planner on your team. Both will help set you up for success, lessen your risks and develop strategies to enable you to thrive financially. Often, accountants will know of good financial planners to bring onto your team, and vice versa.

If you feel you can only hire one, that one will be based on your specific needs. If you’re working towards long-term wealth or other financial goals, considering investing, or concerned about setting up your estate, talk to a financial planner. If your needs have more to do with running a business, daily transactional financial activities, or dealing with your taxes, an accountant will help you.

Develop relationships with both

In an ideal situation, you’d have both an accountant and a financial planner on your team. Keep in mind that for them to help you to their best abilities, they need to get to know you, your plans, and your challenges. By developing a solid relationship with both and being open and transparent about your financial situation and any issues you face you can better enable both to help guide you toward success.

Final thoughts

Whether you’re planning for your business or for your personal finances, it’s a good idea to have someone around who can give you expert advice and advise you on the best financial path forward.

Need an Accountant, S & H Accountants are the one for you. We are one of the best accounting firms in Cranbourne. We offer all types of tax services not only for individuals but also for companies, trusts and businesses. Our team consists of well-qualified, vastly experienced as well as extremely professional individuals. We also do offer bookkeeping services, which will manage your transactions for you! S & H Tax Accountants aim to provide the best level of service to our clients. Book an appointment today, call us on 03 8759 5532 or email us on info@sahtax.com.au
08/03/2022
Tips to Navigating the Post-pandemic Business Landscape

Covid has resulted in many business transformations. While some small businesses found themselves shifting their offerings, others moved online or found new niches. If you’re wondering how to continue moving your business forward following Covid, you’re probably not alone.

Here are some important tips for navigating the business landscape following Covid.

1. Explore your remote options

Having a business model that enables you and your staff to work remotely gives you incredible flexibility in how you run your business. That doesn’t mean you have to move to an entirely remote work-force, although you can if you want to, but it does mean that should your staff have to work from home, they can still access the information they need to do their jobs.

Where information may have been stored on your computers’ hard drives, consider moving to cloud-based options, which allow for secure remote access. If you have documents that need signing or require collaboration, look into tools that allow staff to do so from wherever they happen to be.

2. Create an in-person experience for people purchasing from you remotely

Where possible, shift your business so your customers or clients get a remote experience that comes close to matching the experience they have when they visit your store or office.

You can explore offering telemedicine either online or through phone calls. If you have a retail store, consider offering virtual reality changing rooms, so people can see how the clothes they want to buy online look on them. Furniture stores can enable customers to upload pictures of their rooms so they can see how the furniture they’re considering would look in those rooms.

While a remote experience won’t ever be exactly the same as an in-person experience, there are things you can do to give customers and clients similar services that make their purchasing decisions easier.

3. Talk to your customers and clients about their needs

What your customers and clients needed from you before Covid may now have changed, and it’s important for you to identify those changes and shift accordingly. Many households have changed their routines and developed new habits, some of which will persist for years.

Is there a new product or service you can offer to help them? Are they concerned about being in your office in person? Are they more eager than they used to be to get out of their homes? Have they shifted to online shopping enough to justify you having an online store?

Don’t guess at the answers to these questions, reach out to your customers to ask. Ask them how their habits have changed, what they’re looking forward to buying from you and what concerns they have about returning to in-person transactions.

4. Explore your data

While it’s important to talk to your customers and clients about how their lives have changed, take note of how your market has changed. If you run a hospitality business that thrived on tourism, have you made up for it by marketing to locals? Are more of your customers coming from a different market segment than they used to? Did a service you provide suddenly take off during Covid?

Look at what your numbers and data are telling you. Although not all changes will be permanent, how your numbers have shifted can indicate new paths for you to follow and new ways to market your business.

Final Thoughts

The post-Covid business landscape will most likely look different from pre-Covid. By following a few steps, you can make the transition smoother for you, your team and your clients.

08/03/2022
How to Make Work-from-home Work for Your Team
More companies are exploring their options when it comes to employees working remotely. There are numerous reasons for doing so:
- Increased worker morale
- More flexibility in work schedules
- Enhanced cost savings by not paying for office space.
With all the benefits, it makes sense that employers are considering whether or not working from home can work for their team.

Here are 3 steps you can take to make working remotely as successful as possible.

1. Be upfront about your policies

You’ll need policies about what you expect from your team as they work from home. Do you need them working Monday to Friday, or is their schedule somewhat flexible? Are there meetings you’ll require them to be part of? Are there certain procedures or security protocols they still need to follow?

Have a policy book or set of guidelines that specifically lay out your expectations for employees who work remotely. In it, include the expectations you’ll hold yourself to, as well. Will you be available at certain hours if they need you? How much time do you need to respond to emails or phone calls? Will the company check in on employees periodically to see how they’re doing?

Setting your expectations upfront allows your team to work more cohesively because they know what you expect from them. While you probably won’t foresee every issue that could come up, you can address some common areas of uncertainty.

2. Communicate more than you used to

When staff is in the office, they have access to additional information they may not have when working remotely. In the office, they might share information about a project while standing in the breakroom or pop in for a quick chat about a client. When they work remotely, they don’t have those same opportunities.

If there’s a question about whether your team should know something or would want to know it, share it, so you can be certain they know everything they need to. Not everyone will get that information through the grapevine when they work remotely, so you’ll need to be vigilant about sharing it yourself, or delegating someone to keep everyone informed.

These days, there are many possible channels, including phone, email, text, IM, Slack, Zoom, and Skype. Do you have different channels that you use depending on the information being shared? Make sure employees know the best methods of sharing information depending on the purpose.

3. Encourage informal communications

One thing your team might miss is the social aspect of gathering in one space. Previously, they saw each other every day and likely had informal chats at break time or throughout the day. Schedule a group lunch or break time and encourage your team to join. Don’t make it mandatory, as they may have other pressing priorities –such as feeding their own children or walking their dog.

Having the space available gives them the opportunity to catch up with their colleagues and feel part of the team. Make sure the lunch chat is informal–don’t encourage talking about work.

Final thoughts

There may be other things you need to do, such as providing your team with necessary equipment or technology access to enable them to do their job successfully. It’s also always a good idea to ask your colleagues regularly for feedback on what is working well and what is more challenging when working from home, and adjusting as necessary.
08/03/2022
Essential tips to help you sell your house quickly

Once you’ve made the decision to sell your home, chances are you’d like to do it as soon as possible. While some houses sell almost as quickly as they hit the market, others sit for a considerable amount of time without generating any offers from prospective buyers. Fortunately, there are several steps that you can take to increase the odds that your house is in hot demand and sells quickly.

Choose the Right Real Estate Agent

While every area has a handful of real estate agents who make a name for themselves by outselling their competitors, that doesn’t necessarily mean that one of them is the right agent for you.

While a top seller may be just what you need, it’s more important that you choose an agent with whom you can work well and feel comfortable. Whether you choose a realtor who is an outgoing overachiever or a laid-back professional who takes a more relaxed approach is entirely up to you.

Pick the Right Price

There’s nothing that will knock your home out of the running more quickly than a price that’s too high. Before pricing your home, do your research and find out what comparable homes in your area are selling for. While your real estate agent will help you determine where to place your asking price, it is always a good idea to be an informed party in the process. Perform internet searches to locate homes in your neighborhood and the adjoining ones to find homes similar to yours and see how they’re priced and which ones are selling.

Stage Your Home

Although not all sellers invest the effort required to create a warm, welcoming atmosphere in their home so it looks inviting when potential buyers come through, smart sellers do. If you’ve ever watched the real estate shows on the home improvement channels on television, you’ve probably been exposed to the concept of home staging. De-cluttering, improving curb appeal, cleaning, and creating a neutral atmosphere are all key components of staging your home in a way that helps prospective buyers be able to imagine themselves in your home and encourages them to make an offer.

List Your Home on the Internet

Nowadays most home buyers start their search for a new house on the internet. What that means to you is that you should get your home listed on the internet as early in the selling process as you can. Ensure that your realtor gets your house, along with numerous attractive photos of the interior and exterior of the home, onto as many real estate search sites as he can. The more people that view your home, the more likely you’ll attract the buyer that is going to come through with an offer for your asking price.

While selling a house in a hurry can pose challenges, they’re nothing that you can’t overcome with proper planning and action. Before you know it, you’ll have a signed contract in hand and be happily packing boxes for the move to your new place.

08/03/2022
Nine Tips to Reduce Debtor Days for Construction Business Owners

Steady, reliable cash flow is crucial for the survival of your construction business – so taking steps to ensure your customers pay promptly is a key priority.

Debtor days refer to the length of time it takes clients, on average, to pay you for the work you’ve done. A higher number of debtor days means clients are taking longer to pay you. A lower number of debtor days means clients take less time to pay you, which means there’s more cash available for your business to use.

In the construction industry, debtor days can average as long as almost three months. Shortening that length can have a huge impact on your cash flow.

When your clients consistently pay on time, you’ll avoid the dreaded “feast or famine” cycle. You’ll be able to pay your vendors, suppliers, and employees on time, and, not least of all, yourself. Additionally, if clients start taking too long to pay you, you may leave money on the table in exchange for collecting anything at all.

Implement these nine tips to get paid without delay.

1. Provide payment terms upfront

Before you start working with any new client, always provide your terms in writing. Clearly state your rates, payment due dates, and your policies regarding late payments – including any fees you’ll charge on balances owing. Make sure your client signs the agreement indicating that they are aware of your terms and conditions. Don’t work with any client who refuses to sign.

2. Understand your client’s payment process

Large clients may have lengthy payment processes that require invoice verification. They may also receive dozens, or even hundreds, of invoices on a regular basis. As a result, their policy may be to pay invoices only on certain days or only after so many days have passed from receiving the invoice.

If possible, submit your invoices with their payment cycle in mind. If they only pay on the 15 of the month, get your invoice in before that date, so you can get paid this month instead of next. Make sure your invoices have all the information your client needs to quickly and efficiently approve your invoice. Have a checklist of all the information to include so they can approve it without coming back to you with questions.

3. Invoice immediately

Invoice as quickly as you can. If your invoice is on completion of a project, have your invoice ready to go by the final day, so you can send it right away. Every day you wait to send an invoice is another day you’ll wait to be paid.

If you’re currently preparing your invoices manually, switch over to an accounting system with automated billing. You’ll never forget to invoice a client, and you’ll eliminate errors. You’ll also be able to see when the invoice was sent, who it was sent to, and when they viewed the invoice.

4. Follow up on invoices

Send an invoice reminder before payment is due. People forget about their invoices, or invoices get misplaced, and a simple reminder can go a long way to helping clients remember.

Call your customer immediately when a payment is a past due. Ask for the status of the invoice and if there’s anything you can do to speed up payment. Sometimes a simple change, like including a purchase order number on the invoice, can speed up processing times.

5. Reward early payers

Consider offering clients a 2% discount when they pay their invoice within ten days. In this scenario, a $1000 invoice would be reduced to $980 – not a huge loss for you, but an attractive cash-saving incentive for your customers. It can be worth it if it frees up cash for your business.

6. Charge interest

As part of your terms, specify that if a client’s payment is past due, a weekly fee of 2% will be added to the total until funds are received in full. If the client goes past due, charge them interest.

7. Get paid upfront

Collect a partial deposit – or the entire amount in full – before you begin a project.

8. Suspend service

Stop your supply of products or services until you receive payment. With this tactic, you’ll avoid the accumulation of an even greater loss with a consistently late or non-paying client.

9. Stay on top of who owes you

Monitor who owes you money and how much on a weekly basis so you can act fast if a customer hasn’t paid on time.

Final thoughts

Perhaps the most important tip for encouraging prompt payment is excellent communication. Be clear on your terms and ensure you send out your invoices promptly.

When you follow up on a late invoice, ask when you can expect a payment, and agree on a date.

If the money still isn’t forthcoming, consider your legal options. You may not want to resort to legal action, but it’s important to send a message not only to that unpaying client but also to others that you will take the necessary steps to ensure payment.

07/03/2022
4 Tips for Positioning Yourself as a Market Leader
Small business owners often feel that they have to do something to stand out from the crowd and attract an audience. If that’s how you feel, you’re definitely not alone. Many business owners try to stand out by creating fancy websites that grab attention. Those may work in the short term, but it’s worth considering other ways to market yourself as an industry leader and build relationships with your ideal customers.

So how can you position yourself as a leader?

It’s all about establishing trust with your clients by showing them that you’re an expert in what you do and you care about their pain points.

Here are four tactics you can use to build relationships that turn prospects into clients.

1. Reach out on social media

Social media is a great place to raise brand awareness, but you can also use it to highlight your expertise. Show your customers you understand their needs by sharing content relevant to them. If your clients are in a specific industry, share posts about that industry. If they have certain needs in common, write about those needs.

Topics you could write about:
- Changes in legislation that might affect them
- Trends you see in their industry
- Seasonal issues that would affect their business
- Major upcoming issues and how to address them
Ask questions to better understand what they want to read about or to encourage discussion. When they comment on your posts, respond. Answer questions, thank them for commenting, and find ways to take the conversation further.

You can also do searches on social media for groups related to your industry. Look for groups that are asking questions in your area of specialty, then provide answers to their questions.

2. Write articles for contribution sites

There are many “contribution sites” seeking great content. If you have something to say that’s relevant to your clients, write articles and contribute them to those sites. Once the article is posted, share it across your social media platforms and emails, to encourage people to read.

3. Encourage testimonials

Social proof shows prospective clients that there are people who love your company, and your products or services. People want to work with companies they like and trust, and they rely on the word of other people to help them determine whether they can trust your company.

When you have enthusiastic clients or customers, encourage them to share their thoughts through testimonials and reviews on social media. Ask for ratings and reviews on your social media sites, encourage clients to share information about your business to their networks, and ask your really happy clients to write a testimonial or be the subject of a case study for your website.

4. Focus on a niche

It’s a lot more difficult to be a leader in anything if you’re trying to help everyone in any area possible. Helping everyone with everything is also a recipe for burn-out. You become a specialist by knowing one or two areas really well. Focus on one or two industries or niches that you can become known in based on what your ideal customers need from you. When people have an issue related to your specialty they’re likely to come to you, but if they only think of you as a generalist, you might wind up far down their list.

Final thoughts

With a little work and time spent getting to know your ideal clients, you can effectively position yourself as a market leader.
04/03/2022
Secrets to Keeping Your Employees Happy

Traditionally, employers have relied on giving employees raises as a way to retain their staff and reward them for being hard-working and loyal. Raises can get expensive, and there is often an upper limit for what you can offer when it comes to increasing salaries and wages.

Keeping your employees happy makes business sense. You want to keep your good employees, and it costs money to find, hire and train new staff. Beyond that, employees that are satisfied and feel valued are more motivated and productive.

Here are some ways to keep your employees happy that don’t rely on higher salaries.

Offer flexible work arrangements

Not everyone wants or is able, to work a regular Monday to Friday from 9 to 5. Some people have family priorities or other commitments that keep them busy during regular business hours. If it makes sense for your business, consider flexible work arrangements, such as compressed workweeks (longer days in exchange for more days off), varied start and end times, or job-sharing arrangements. Remote work is another option that employees may want to take advantage of.

Not only will your employees appreciate flexible work arrangements, your customers and clients may also benefit from your business having increased availability.

Pay for professional development

Good employees want to improve their skills and grow professionally. Often, other priorities get in the way of upgrading skills. Paying for professional development, for example by having a fund people can access or by bringing in experts to run workshops, shows your staff you care enough to invest in them. Meanwhile, your business benefits by having staff trained on the newest procedures and technologies.

Encourage work-life balance

Employees want a life that’s fulfilling, but it’s difficult to find a balance between work life and home life. Having an employer that encourages a work-life balance makes it easier. Avoid messaging (texting, phoning or emailing) employees after work hours and make it clear that people should enjoy their personal time. Encourage employees to take their sick leave and use their vacation days. Be a role model by striving for work-life balance yourself.

Be transparent

Being open and honest with your workers fosters a sense of trust and belonging among your staff. Have regular meetings where you discuss your organization’s goals, strengths, and challenges and receive input and feedback from your team. This encourages engagement and shows your workers their perspective is valuable.

Having a set of values that applies to your staff

Sometimes organizations create noble values that they apply to their customers, but they don’t apply them to their workers. Employees see clients and customers being treated well but then wonder why those same values aren’t applicable to them. Create a set of values that applies to your staff. Set out how you want your staff to feel. Do you want them to feel valued? Supported? What does that look like in your organization?

Ask your staff what they need

It’s difficult to come up with solutions that everyone will find meaningful. Ask your staff what would be valuable to them–and what would make them happy enough to stay. They may be happy with additional vacation days or more banked sick time, for example. Listen to their suggestions and consider whether any of the options they mention could work for your organization.

While increasing salary is one thing you can do to keep your employees happy, there are other things they may value that you can offer.

24/02/2022
How to Win Your Customers Back in 2022
Whether your small business is business-to-business (B2B) or business-to-consumer (B2C), you likely deal with some level of customer churn, especially given the COVID-19 pandemic. Even customers who love your business and your products may have lapsed for a variety of reasons.

Whatever their reasons for leaving, it’s still a great idea to try to win them back. Why? Mainly because winning back a lost customer still has a higher success rate than converting a prospect into a customer. After all, they’ve already bought your product or service once, so you don’t have to convince them of the need. And you don’t need to build brand awareness, they already know you exist.

Even if you can’t win everyone back, those you can bring back to your business will affect your bottom line–and will do so at less expensive overall.

Here are some strategies to win back customers who have left

Ask why they left

You can learn a lot from customers simply by asking the right questions. The information you get may enable you to make some adjustments or start a conversation to win them back. For example, you may learn that your product or service is missing a vital feature that your competitors are offering. Based on that, you may want to adjust your product or service.

Consider sending a survey to your customers to find out not only why they left, but why they chose you in the first place, and what you could do to win them back. These surveys can be sent when someone cancels their membership or goes a long time without ordering from your company.

Ask questions like:
- Why did you decide to become our customer?
- What did you like most about our product/service?
- What circumstances caused you to leave our company?
- If you switched to a competitor, what made you choose them?
- What could we do to earn back your business?
Identify people who are more likely to come back to you

You won’t win over every lapsed customer, but there are some who are more likely to return to you. Those include people who left because of pricing issues rather than service issues, those who left without voicing any complaints, and those who referred you to others. Additionally, the clients who purchased the most from you were also likely highly satisfied with you at some point and probably easier to sell to again.

This step is easier to do if you have customer relationship management (CRM) software and can follow your clients through their lifecycle.

Offer the right solutions

Determine what you’re willing to do to win them back and come up with solutions that could address their reasons for leaving. For example, if you’re willing to lower your price slightly or offer a special discount for returning customers, you can offer that to lapsed clients. If you don’t want to drop the price but can offer a premium service at no additional cost, consider that solution.

If customers said your product didn’t have enough features, let them know you’re upgrading your product and invite their feedback on the changes you make. This lets them know you heard their concerns and gets them invested in the final product.

Know your churn rate

Your churn rate is the percentage of people who stop using your product or service in a time period. You determine the time period (say, a week, a month, a quarter, or a year). Take the number of customers you lost in a time period and divide it by the number of customers you had at the start of that same period. Then, multiply that number by 100 to get the percentage.

If you have 500 customers at the start of the month and lost 10, then you have a churn rate of 2%.

A lower churn rate indicates you have happy customers who love your brand and your product.

Final thoughts

You can learn a lot from the customers who have left your business, both in terms of how you can win them back and how you can win over new customers. Take the time to survey them to find out why they left and what you could have done differently and make adjustments you feel are necessary.
24/02/2022
Business Update – 23 February 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Australia Welcomes Back International Tourists

After almost two years, vaccinated international tourists and business travelers began arriving in Australia with few restrictions. Prime Minister Scott Morrison said 1.2 million people had visas to enter Australia with 56 international flights due to touch down in the first 24 hours of the border reopening.

$22 Million Health and Medical Research Support

Six Australian health and medical researchers are set to receive a share of $22.9 million through the National Health and Medical Research Council (NHMRC) Partnership Project scheme to further ground-breaking research that will improve health and treatment outcomes for Australians.

Research: Businesses Turn to International Talent

More than 70% of Australian business leaders plan to hire international talent on a permanent basis in 2022 ad 61% plan to hire international talent on a contract basis to sustain their talent pipeline, according to research from Robert Half Australia.

Booster Shots Now Required To Be Fully Vaccinated

Australians will need to receive booster shots to be considered fully vaccinated against COVID-19, although authorities said foreign travellers will continue to need only two shots to enter the country. If you haven’t received a booster within six months of your second dose, your vaccination status will be considered “overdue”.

Safe Transition Industry Support Package

The WA Government has launched a $77 million Safe Transition Industry Support Package to assist eligible businesses and individuals in sectors most affected by the decision to delay the full reopening of WA’s borders. It includes nine support programs for the international education, tourism, aviation and events sectors.

NSW Unveils $1 Billion Support Package for Businesses

The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak. The package will provide a payment of 20% of weekly payroll costs to businesses that can prove at least a 40% decline in turnover across January. Payments would range from a minimum of $500 to a maximum of $5,000 a week.

Rapid Antigen Tests Now Free for Some Australians

Individuals who hold any of the following concession cards can access up to 10 free rapid tests from pharmacies over the next three months:
- Pensioner concession card
- Commonwealth seniors health care card
- DVA gold, white or orange card
- Health care card
- Low-income card
If you fit the criteria, you need to visit your local pharmacy in person to get your free tests, or your carer or guardian can do it for you.

Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

The payment will be:
- $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
- Additional $1,000 for CBD businesses;
- Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
- Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.
The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

Pandemic Leave Disaster Payment

People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

Support for Small Businesses

If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

Learn more about the available support, and the small business debt helpline for free, independent advice.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.
24/02/2022
Business Update – 16 February 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Booster Shots Now Required To Be Fully Vaccinated

Australians will need to receive booster shots to be considered fully vaccinated against COVID-19, although authorities said foreign travellers will continue to need only two shots to enter the country. If you haven’t received a booster within six months of your second dose, your vaccination status will be considered “overdue”.

Borders to Reopen to International Travel

The borders will be reopened to vaccinated tourists and other visa holders from 21 February. Unvaccinated travellers who have a medical reason for not getting inoculated will need to apply for a travel exemption and will be required to quarantine at a hotel.

Safe Transition Industry Support Package

The WA Government has launched a $77 million Safe Transition Industry Support Package to assist eligible businesses and individuals in sectors most affected by the decision to delay the full reopening of WA’s borders. It includes nine support programs for the international education, tourism, aviation and events sectors.

Career Foundation for Young Australians

The Australian Retail Association’s (ARA) Retail Ready Youth PaTH-Way Program offers retail-specific training leading into employment for 200 jobs seekers aged between 15 and 24. The ARA program is an innovative partnership between the retail industry and the Australian government.

Uncertainty Over Jobs Data

Some uncertainty remains around key labour force data for January due to the impact of the Omicron variant. The Reserve Bank of Australia and the federal government are both predicting the jobless rate to fall below 4% this year, a level not seen in about half a century.

Supply Chain Issues Likely to Continue

While COVID-19 cases are dropping, retailers have warned supply chain issues are expected to continue for up to 18 months. This is due to the international shipping crisis sparked by the COVID-19 pandemic and the shortage of freight space on ships, shipping containers, and pallets.

NSW Unveils $1 Billion Support Package for Businesses

The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak.

However, the payment will be capped at half of what was offered during the Delta wave in 2021, after the federal government refused to split the cost of the package.

The package will provide a payment of 20% of weekly payroll costs to businesses that can prove at least a 40% decline in turnover across January. Payments would range from a minimum of $500 to a maximum of $5,000 a week.

Rapid Antigen Tests Now Free for Some Australians

Individuals who hold any of the following concession cards can access up to 10 free rapid tests from pharmacies over the next three months:
- Pensioner concession card
- Commonwealth seniors health care card
- DVA gold, white or orange card
- Health care card
- Low-income card
If you fit the criteria, you need to visit your local pharmacy in person to get your free tests, or your carer or guardian can do it for you.

Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

The payment will be:
- $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
- Additional $1,000 for CBD businesses;
- Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
- Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.
The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

Pandemic Leave Disaster Payment

People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

Support for Small Businesses

If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

Learn more about the available support, and the small business debt helpline for free, independent advice.

Webinars to Help You Become More Efficient with Tax and Super

The ATO will be offering two webinars this January and February to help you streamline processes and manage your tax and super online.
- Connecting online with the ATO: sole traders. You can register here.
- Connecting online with the ATO: businesses. You can register here.
These sessions will teach you the ins and outs of GST, pay as you go withholding, pay as you go instalments, how to lodge your tax returns, and more. Need expert help with your tax and super? Get in touch with us today!

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.
17/02/2022
Business Update – 9 February 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Borders to Reopen to International Travel

The borders will be reopened to vaccinated tourists and other visa holders from 21 February. Unvaccinated travellers who have a medical reason for not getting inoculated will need to apply for a travel exemption and will be required to quarantine at a hotel.

Business Confidence Rebounds in January

Business confidence bounced back in January as the Omicron outbreak quickly peaked, as the National Australia Bank business survey for January showed confidence rebounded 15 points. This pick-up in business confidence may further continue into February due to the reopening of international borders.

Australia-UK Free Trade Deal a Step Closer

Australia and the UK is one step closer to a new free trade agreement that will benefit farmers, business owners, investors, and travellers. The free trade will remove red tape and barriers to exports.

The deal is set to remove taxes on 99% of Australian exports worth $10 billion and UK imports worth $200 million. Trade Minister Dan Tehan hopes that the free trade agreement will be finalised within the next year.

Deloitte: Business Investments Likely to Rise After Omicron

Government and business investment in Australian projects is expected to grow steadily in 2022 before accelerating in 2023 and 2024, according to the latest quarterly Investment Monitor report of Deloitte Access Economics. The report stated that before the Omicron outbreak, business investment had returned to pre-COVID levels and had never dropped more than 5% below where it was before the pandemic hit.

Investment in New South Wales and Victoria is expected to grow the fastest.

Lifeline’s Crisis Text Service Goes 24/7

The government has invested $1.5 million to launch a 24/7 crisis text service to expand its support for Australians struggling with the challenges of the COVID-19 pandemic. Australians are reaching out to Lifeline’s crisis support and suicide prevention services in record numbers, hitting more than 3700 calls in one day last month.

Lifeline’s 13 11 14 crisis support service allows you to speak to a trained crisis supporter any time of day or night.

NSW Unveils $1 Billion Support Package for Businesses

The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak.

However, the payment will be capped at half of what was offered during the Delta wave in 2021, after the federal government refused to split the cost of the package.

The package will provide a payment of 20% of weekly payroll costs to businesses that can prove at least a 40% decline in turnover across January. Payments would range from a minimum of $500 to a maximum of $5,000 a week.

$24 Million for Research to Reduce Pressure on Emergency Departments

Through the Medical Research Future Fund, the government will invest up to $24 million in research to improve acute care systems and reduce emergency department waiting times in hospitals. Up to $3 million will be provided for the top research proposal in each state and territory, to ensure the research provides nationwide benefits.

Rapid Antigen Tests Now Free for Some Australians

Individuals who hold any of the following concession cards can access up to 10 free rapid tests from pharmacies over the next three months:
- Pensioner concession card
- Commonwealth seniors health care card
- DVA gold, white or orange card
- Health care card
- Low-income card
If you fit the criteria, you need to visit your local pharmacy in person to get your free tests, or your carer or guardian can do it for you.

Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

The payment will be:
- $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
- Additional $1,000 for CBD businesses;
- Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
- Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.
The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

Pandemic Leave Disaster Payment

People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

Support for Small Businesses

If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

Learn more about the available support, and the small business debt helpline for free, independent advice.

Webinars to Help You Become More Efficient with Tax and Super

The ATO will be offering two webinars this January and February to help you streamline processes and manage your tax and super online.
- Connecting online with the ATO: sole traders. You can register here.
- Connecting online with the ATO: businesses. You can register here.
These sessions will teach you the ins and outs of GST, pay as you go withholding, pay as you go instalments, how to lodge your tax returns, and more. Need expert help with your tax and super? Get in touch with us today!

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.
09/02/2022
Business Update – 25 January 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

WA Cancels Plan to Reopen Borders on 5 February

All states and territories, except Western Australia, have reopened their internal borders despite a record surge in cases. Last Thursday, WA Premier Mark McGowan made a shock announcement that the reopening of borders, which was originally set on 5 February, would be delayed indefinitely or at least until the percentage of triple dose vaccinations hit 80%.

Currently, triple dose vaccinations are at around 26%.

EU and US Cut Australia from Travel Lists

The US and Europe have downgraded Australia’s travel safety rating due to the surge in Omicron cases. The European Council took Australia off its travel green list, which means restrictions will be imposed for non-essential travel. On the other hand, the US listed Australia at its highest risk rating.

While it have become more difficult for Australians to visit these countries, it is now easier for them to get home. A PCR test is no longer required for international arrivals to the country, and instead, a rapid test within 24 hours of departure will be accepted.

Rapid Antigen Tests Now Free for Some Australians

Individuals who hold any of the following concession cards can access up to 10 free rapid tests from pharmacies over the next three months:
- Pensioner concession card
- Commonwealth seniors health care card
- DVA gold, white or orange card
- Health care card
- Low-income card
If you fit the criteria, you need to visit your local pharmacy in person to get your free tests, or your carer or guardian can do it for you.

Novavax COVID-19 to be Available Soon

Australians 18 years old and above will now have access to a fourth COVID-19 vaccine, Nuvaxovid (Novavax) in the coming weeks. The government has purchased 51 million doses of the Novavax COVID-19 vaccine, with samples set to arrive in early February for the Therapeutic Goods Administration batch testing.

The Novavax vaccine will be available to be administered from the week of 21 February if the testing turns out to be successful.

Business Confidence Hit by COVID-19 Surge

A survey from the National Australia Bank showed its index of business confidence slid 24 points to -12 in December, worse than the decline during the Delta wave last year. This comes as a surge in COVID-19 cases negatively affected consumer spending and staffing.

Business conditions eased a more modest 3 points to +8, as sales held firm at +14 and profitability climbed a point to +10. Meanwhile, its measure of employment showed a decline of 9 points to +2.

Australian Businesses Struggle with “Lockdown-like Conditions”

Australian Chamber of Commerce and Industry chief executive Andrew McKellar said businesses across a wide range of industries in Australia are struggling due to staff shortages, supply chain crunch that lead to higher costs, and weak consumer confidence.

A recent survey by Business NSW also showed 40% of businesses reported they did not have enough cash flow for the next three months.

Are you one of the business owners who are having cash flow troubles? Get in touch with us today!

Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

The payment will be:
- $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
- Additional $1,000 for CBD businesses;
- Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
- Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.
The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

Support for Small Businesses

If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

Learn more about the available support, and the small business debt helpline for free, independent advice.

Webinars to Help You Become More Efficient with Tax and Super

The ATO will be offering two webinars this January and February to help you streamline processes and manage your tax and super online.
- Connecting online with the ATO: sole traders. You can register here.
- Connecting online with the ATO: businesses. You can register here.
These sessions will teach you the ins and outs of GST, pay as you go withholding, pay as you go instalments, how to lodge your tax returns, and more. Need expert help with your tax and super? Get in touch with us today!

Pandemic Leave Disaster Payment

People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

COVID-19 Vaccination Info Kiosks

COVID-19 vaccination information kiosks are now open in shopping centres and at events in New South Wales, Queensland, South Australia and Western Australia to help you book a vaccination appointment.

Grants for South Australian Businesses

The South Australian government has announced a $40 million support package for businesses affected by COVID-19 restrictions. Initial automatic cash grants of up to $11,000 will be paid to eligible tourism and hospitality businesses, as well as gyms.

A second cash grant will be available on application for businesses who suffered a 30% reduction in turnover in the two weeks starting from 27 December. Other businesses who have had a 50% reduction in turnover during the same period will be eligible for grants of up to $8,000.

Meanwhile, a grant of up to $100,000 will be available for major events that had to be cancelled or delayed between 27 December and 27 January.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.
26/01/2022
Business Update – 19 January 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Should You Mix or Match Your Booster Dose?

In Australia, Pfizer and Moderna COVID-19 vaccines are recommended as booster shots, regardless of which vaccine you had for your first two doses. Some research has indicated that “mixing and matching” vaccines could give your immune system a bigger boost.

Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

The payment will be:
- $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
- Additional $1,000 for CBD businesses;
- Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
- Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.
The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

Support for Small Businesses

If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

Learn more about the available support, and the small business debt helpline for free, independent advice.

Update Your ABN Details

Make your ABN details even more detailed by adding up to 4 additional business activities on top of the main business activity currently stored. By reflecting the full range of your operations, government agencies will be able to provide you with the right support and access to stimulus measures.

You can update your ABN details using myGovID and Relationship Authorisation Manager (RAM) to log in.

Webinars to Help You Become More Efficient with Tax and Super

The ATO will be offering two webinars this January and February to help you streamline processes and manage your tax and super online.
- Connecting online with the ATO: sole traders. You can register here.
- Connecting online with the ATO: businesses. You can register here.
These sessions will teach you the ins and outs of GST, pay as you go withholding, pay as you go instalments, how to lodge your tax returns, and more. Need expert help with your tax and super? Get in touch with us today!

Pandemic Leave Disaster Payment

People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

Visa Fee Refund Offered to Students and Backpackers to Fill Worker Shortage

The federal government will provide a fee rebate, which is around $600, for international students who arrive anytime in the next eight weeks and for backpackers on working holiday-maker visas who arrive within the next 12 weeks. This is an attempt to help prop up industries struggling with worker shortages.

COVID-19 Vaccination Info Kiosks

COVID-19 vaccination information kiosks are now open in shopping centres and at events in New South Wales, Queensland, South Australia and Western Australia to help you book a vaccination appointment.

Grants for South Australian Businesses

The South Australian government has announced a $40 million support package for businesses affected by COVID-19 restrictions. Initial automatic cash grants of up to $11,000 will be paid to eligible tourism and hospitality businesses, as well as gyms.

A second cash grant will be available on application for businesses who suffered a 30% reduction in turnover in the two weeks starting from 27 December. Other businesses who have had a 50% reduction in turnover during the same period will be eligible for grants of up to $8,000.

Meanwhile, a grant of up to $100,000 will be available for major events that had to be cancelled or delayed between 27 December and 27 January.

Business Adoption of eInvoicing

More than 1.2 billion invoices are exchanged in Australia every year, with around 90% of invoice processing still partly or fully manual. Replacing a paper or email invoice with an eInvoice will lead to up to around $20 in cost savings.

The government has taken a series of actions to support the business adoption of eInvoicing.

In the 2020-21 Budget, as part of the JobMaker Digital Business Plan, the government invested $3.6 million to facilitate eInvoicing adoption across the public sector.
In the 2021-22 Budget, as part of the Digital Economy Strategy, the Government invested a further $15.3 million to improve business awareness and accelerate eInvoicing adoption.

The government is now seeking stakeholder views on further ways to support business adoption of eInvoicing, including by consulting on the idea of a Business eInvoicing Right (BER). You can submit responses to this consultation up until 25 February 2022. You can view the submission guidelines here.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.
20/01/2022
Business Update – 12 January 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Pandemic Leave Disaster Payment

People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

The payment is currently given in the form of a $750 lump sum payment for seven days. However, this will change slightly from 18 January into a tiered system. While it will remain a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

A financial hardship test will also be introduced next week, which will mean anyone with $10,000 available and accessible to them will not get the payment.

You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

NSW Introduced Restrictions Due to Omicron Variant

NSW introduced restrictions on socialising, as the government tries to ease pressure on its health system due to the increasing cases of COVID-19.

Singing and dancing at clubs and bars is banned from 8 January to 27 January, while residents are being encouraged to limit large indoor and outdoor gatherings, and to remain seated while drinking in hospitality venues. This comes as mask mandates and density limits in hospitality settings were reintroduced last month.

Consumer Confidence Relatively Stable

Consumer confidence took a smaller-than-expected decline of 2.2% in December, according to the results of ANZ-Roy Morgan’s consumer confidence survey. However, economists warn that Omicron and supply shortages could still adversely impact the economy.

Confidence metrics used by the bank registered mixed results. Consumer confidence in current economic conditions declined by 8.7%, confidence in their current financial conditions increased 1.4%, and confidence in future financial conditions improved by 0.7%.

ServiceWA App Launched

The WA Government has launched the free ServiceWA app to help Western Australians with WA’s Safe Transition. This app allows people to show proof of their COVID-19 vaccination, check in at businesses and venues with SafeWA, and access their G2G Pass for interstate travel – all in one convenient place.

You can also use this to access important information such as where to get tested or vaccinated, how to prepare a household for COVID-19, and check exposure location sites. The app is safe and secure, as it requires the user to use a Digital Identity to create an account to prove who they are online.

You can find more information here.

Retail Sales Hit Record Before Omicron Outbreak

Retail sales surged to a record $33 billion in November before the Omicron outbreak. As the economy reopened, pent-up consumer demand was unleashed in the pre-Christmas and Black Friday sales period.

Retail sales jumped 7.3% in November, confirming the economy was rebounding strongly before being subdued by the pullback in consumer spending and staff shortages in the new year due to the Omicron variant.

Record sales in clothing, footwear and personal accessories (up 38.2%), household goods (up 11.6%), and department stores (up 26.0%) were hit in November.

COVID-19 Vaccination Info Kiosks

COVID-19 vaccination information kiosks are now open in shopping centres and at events in New South Wales, Queensland, South Australia and Western Australia to help you book a vaccination appointment.

Grants for South Australian Businesses

The South Australian government has announced a $40 million support package for businesses affected by COVID-19 restrictions. Initial automatic cash grants of up to $11,000 will be paid to eligible tourism and hospitality businesses, as well as gyms.

A second cash grant will be available on application for businesses who suffered a 30% reduction in turnover in the two weeks starting from 27 December. Other businesses who have had a 50% reduction in turnover during the same period will be eligible for grants of up to $8,000.

Meanwhile, a grant of up to $100,000 will be available for major events that had to be cancelled or delayed between 27 December and 27 January.

WA Border Reopening

Western Australia will reopen its borders at 12.01am on 5 February. For domestic travel, you can find information about state-by-state travel restrictions here. Meanwhile, for international travel, you need to check the official advisory of the country you’re visiting.

Depending on the location, you may need to obtain a PCR test, show proof of vaccination, quarantine, or purchase insurance. Australia has a travel bubble with Singapore, which means West Australians can travel to the country without having to quarantine.

Business Adoption of eInvoicing

More than 1.2 billion invoices are exchanged in Australia every year, with around 90% of invoice processing still partly or fully manual. Replacing a paper or email invoice with an eInvoice will lead to up to around $20 in cost savings.

The government has taken a series of actions to support the business adoption of eInvoicing.

In the 2020-21 Budget, as part of the JobMaker Digital Business Plan, the government invested $3.6 million to facilitate eInvoicing adoption across the public sector.
In the 2021-22 Budget, as part of the Digital Economy Strategy, the Government invested a further $15.3 million to improve business awareness and accelerate eInvoicing adoption.

The government is now seeking stakeholder views on further ways to support business adoption of eInvoicing, including by consulting on the idea of a Business eInvoicing Right (BER). You can submit responses to this consultation up until 25 February 2022. You can view the submission guidelines here.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.

13/01/2022
E-invoicing: A Huge Cashflow Win for Australian Businesses

The Australian government has made some important announcements over the past few months with regard to e-invoicing. In the 2021-22 Budget, the government committed $15.3 million to increase the adoption of e-invoicing, which guarantees accelerated payment terms.

In this article, we will look deeper into what e-invoicing is and how any type of business can benefit from it.

What is e-invoicing?

Over 1.2 billion Business to Business (B2B) and Business to Government (B2G) invoices are exchanged every year– most of which are sent as paper invoices or PDF invoices attached to emails. According to the ATO, the average invoice processing cost for a paper invoice is $30.87, while the processing cost for a PDF invoice is $27.67 on average. These methods are costly because they require manual data entry and validation.

Through e-invoicing, processes can be automated, and invoice data can be quickly exchanged between the systems of the buyers and suppliers. E-invoicing can reduce the cost of processing to $9.18– 66% cheaper than the cost of processing a PDF invoice.

Australia has adopted the Peppol framework (Pan-European Public Procurement Online), which is a globally recognized standard and process for exchanging e-invoices and e-orders that is currently being used in 39 countries across the world. Suppliers and buyers must send their invoices through their systems to a certified Peppol Access Point, which will verify the data and then send it on to the receivers’ certified Access Point and into their system.

In other words, data will be shared almost instantly, eliminating the need for manual data entry or manipulation.

How businesses can benefit from e-invoicing

The Australian government believes that e-invoicing can help the economy save $28 billion over 10 years. Sounds awesome, but what does this mean for businesses? The following are some of the key benefits of e-invoices.

Automatically connects you to other buyers and suppliers

Using e-invoicing allows you to become automatically connected with every other buyer and supplier in the network. This allows you to automate invoice processing.

Highly secure and prevents the risk of invoice fraud

PDF invoices can be easily intercepted and manipulated. With e-invoicing, the sender and bank account details are validated before transmitting the data. The network is highly secure and only accredited Peppol Access Points providers can exchange documents. They follow strict security protocols to prevent intrusion and implement multi-factor authentication and data encryption.

Improves cash flow management

Late payments can negatively affect businesses. Meanwhile, buyers can miss out on early payment discounts due to lost or slow processing of invoices. Through e-invoicing, the whole process will be accelerated, bringing significant benefits for both parties. In Australia, the federal government and other government agencies guarantee 5-day payment terms for e-invoices.

Are you ready to transition to e-invoicing? Get in touch with us today for professional guidance.

23/12/2021