For many service-based businesses in Australia, accounting issues rarely start as major problems. They usually begin as small oversights that quietly build into bigger financial and compliance risks over time. According to the Australian Taxation Office (ATO), a significant portion of small business reporting errors stem from basic bookkeeping issues and misunderstanding of tax obligations. These include incorrect expense claims,...
Most businesses are wary of hourly billing—and it’s not hard to see why. It can feel like signing an open-ended cheque, especially when you’re unsure what’s happening behind the scenes. But for complex work like bookkeeping and financial management, hourly billing is often the most honest and flexible approach as long as it’s backed by clear, reliable data. For Australian...
You may have started hearing about the Australian Taxation Office’s (ATO) upcoming Payday Super changes—and if you’re a small business owner, they’re worth paying attention to. Set to take effect starting 1 July 2026, these changes will alter the way employers pay superannuation contributions for their employees. While this is designed to benefit workers, it also has important implications for...
In a time when headlines constantly highlight economic pressure, rising inflation, and soaring interest rates across Australia, it’s easy to blame these external factors for the increasing rate of business insolvencies. But is this the full picture? A deeper analysis reveals a more nuanced reality that business owners need to understand to safeguard their enterprises. The Alarming Trend in Australian...
In the current Australian business landscape, small and medium enterprises (SMEs) are facing a perfect storm of challenges. Rising operational costs, crippling labour shortages, and increasingly complex regulatory requirements have created an environment where survival, let alone growth feels like an uphill battle. But amidst these obstacles, one factor stands out as the difference-maker between businesses that merely survive and...
An effective and streamlined bookkeeping system is crucial to your business’ success and growth. It’s important to recognise that what may have worked in the past doesn’t necessarily meet the challenges of a modern, fast-paced, sophisticated business world. Here are 5 key bookkeeping mistakes businesses most commonly make which can – and should – be avoided. Keeping your bookkeeping in-house...
If you’re considering outsourcing your bookkeeping, there are several benefits beyond simply saving your business time and money. When handled in-house, bookkeeping is often managed by someone without an accounting background or if they do have an accounting background they may be more junior. This can limit what you can achieve through your bookkeeping. When bookkeeping is outsourced to experts...
If you’re a business owner handling the bookkeeping in your business, the following may sound familiar. Bookkeeping isn’t your specialty but there’s no one else in the business to manage it for you. The burden of having to balance your books is taking its toll, with you constantly feeling like you’re playing catch up. You’re doing the bare minimum when...
This article is part two of our two-part series on measuring the profitability of every product or service. Check out part one here which looks at how to calculate gross and net profit and allocate overhead. In part one of this article series we looked at how to calculate your gross profit on a product or service and how to...