In Part 1 we looked at the scary, but meaningless, statistics around cashflow and business failure and answered the question how much cash is enough cash. In Part 2 we are going to take a more detailed look at the specific actions that result in cashflow shortfalls with businesses and what actions you can take to avoid becoming part of this atrocious statistic.

Over the years I have been asked to talk or write about cashflow. I have found it incredibly hard to do so and do my best to avoid it. Until recently I found the concept of cashflow rather abstract (a bit of a worry seeing as I'm an accountant). It sounds simple enough. Money in versus money out, but what does that really mean?

Financial literacy should be taught as part of growing up, as much as learning to drive a car is. It’s the knowledge that ensures a family is thriving within its financial means, or that keeps an individual financially savvy and secure. When it comes to managing a business, especially a micro-business, financial literacy is as essential as the product/service knowledge within your area of expertise.

"I love paying tax" said no one, EVER! With the end of the 2021 financial year less than two months away, here are nine things every business owner needs to look at before the new year begins:

In short, yes, you can set up your own company…BUT doing a Google search and asking around in a few Facebook groups is not going to equip you with everything you need to know to set your company up right. Having started a business from scratch myself I appreciate that every dollar spent is precious and that you do what you can yourself to save money. DIY’ing your company set up is not something that I would recommend. Not knowing what you don’t know can be very costly and here is why.

Xero is much more than a piece of software your bookkeeper and accountant use to magically produce financial statements, tax returns and BAS. Many business owners see this powerful software as a glorified bookkeeper. Here is a deeper look at some of the cool features in Xero that will change the way you run your business.

What is JobKeeper? JobKeeper is a wage subsidy being a fixed payment of $1,500 per fortnight for fortnights starting 30 March 2020 and ending 27 September 2020. The subsidy to be paid to an eligible business which is then passed on to an eligible employee. The payment must have already been passed on to the employee in full for the business to be eligible for the payment. Once in the scheme an employer cannot elect for some eligible employees to be covered by the scheme and not others.

Over the past few months there has been a great deal of focus on large companies not paying their employees correctly. I thought it a timely reminder to take a deeper look into an area that we see many small businesses fall short when it comes to employee entitlements, and that is super.

Have you noticed over the past few years that when you ask someone how they are, the standard response is “busy.” Busy seems to be our new normal state of being. Most people are okay with short bursts of busy, but when busy is our usual state it grinds us down to a tired, depleted state of being overwhelmed where we feel that life is running out of control.