What does the future hold for your business? If you don't have a crystal ball, you can turn to business forecasting. This process involves using historical data, statistical analysis and predictive models to inform your business decisions. From improved decision-making to having a competitive edge over the competition, there are many benefits to business forecasting. But to achieve these benefits, you want to make sure you're taking the right approach. Read on to learn a few do's and don'ts of business forecasting. Do: Consider data from more than one source The more information you have to w ..read more

If you're going to run a business, you need to understand bookkeeping. Good budgeting, strong decision-making — these and other essential business tasks all connect back to bookkeeping. So let's run through the basics of bookkeeping so you can start your business on the right foot. What is bookkeeping? For a business, it's the process of recording and organising every financial transaction. This includes revenue, expenses, assets, liabilities, equity, cash flow, tax records and so on. How do you keep track of all this financial information? There are multiple ways. Tech-savvy professionals ma ..read more

Benchmarking is a powerful tool that involves comparing your processes and performance metrics to industry best practises. This provides a clear picture of where your business stands and helps identify areas for improvement. Benchmarking isn't just about numbers; it's about gaining insights that can drive strategic decision-making and long-term success. Let's run through a few more benchmarking basics. Types of benchmarking There are several types of benchmarking, each offering unique insights. Internal benchmarking – Compares practises and performances within the same organisation. Competit ..read more

The Australian financial year runs from 1 July to 30 June of the following year, setting the stage for all your tax-related activities. Unlike the calendar year, this timeframe aligns with the Australian Government's budget cycle, making it essential to align your financial planning and reporting with these dates. Key dates and deadlines for tax filing are critical to keep in mind as you navigate tax season. Failing to submit your tax returns on time can lead to penalties and interest charges from the Australian Taxation Office (ATO). These consequences can be a flat fee or a percentage of th ..read more

In today's digital age, Australian businesses are up against various cyber threats, including phishing scams and ransomware attacks. Navigating these challenges can be tricky, but businesses can strengthen their defences by implementing strong cybersecurity measures. Here, we explore five essential cybersecurity tools and practices that could benefit Australian businesses in safeguarding against data breaches and cyber threats. 1. Robust phishing defence mechanisms Phishing, a prevalent cyber threat, skilfully deceives individuals into revealing sensitive information. To counter this, busines ..read more

Understanding the latest trends is key in a world where online retail constantly evolves. Today, we dive into the top five trends shaping the future of e-commerce in Australia, offering insights for business owners, entrepreneurs and digital marketplace enthusiasts alike. Let's explore these developments and their implications for the world of online retail. 1. The rise of omnichannel retailing Omnichannel retailing is revolutionising customer interactions by merging physical and digital shopping realms. This strategy caters to the modern shopper's desire for convenience and enhances the over ..read more

The Australian tax system has various components — including the Fringe Benefits Tax (FBT) — which often requires employers' attention. This article aims to provide a straightforward explanation of FBT, ensuring clarity while addressing its nuances. What is FBT, and who is affected by it? FBT arises when employers provide their employees with additional perks beyond their regular salary. These can include benefits like a company car for personal use or gym memberships. While these benefits effectively enhance employee satisfaction, they are subject to the Fringe Benefits Tax. This tax – disti ..read more

In business, expansion isn't just an option — it's a necessity. Whether you just launched a startup or run an established business, you need to reach new customers and grow your business. To achieve this, you must employ effective strategies that can propel your brand into new markets and demographics. Let's run through a few strategies to try in the new year. Reevaluate your website: Your website is your online storefront, so you want it to be the best it can be. Ensure it's user-friendly (easy to navigate), responsive (gets customers the information they require) and optimised for search en ..read more

Have you ever wondered if there's a more personalised way to plan for your golden years? Enter Self-Managed Super Funds (SMSFs). Unlike traditional super funds, SMSFs put you in the driver's seat of your retirement planning. But, how exactly do they differ, and more importantly, how can you leverage them to potentially enhance your retirement savings? Let's dive in. The SMSF difference Imagine having the freedom to tailor your retirement fund to your unique financial goals. That's the essence of an SMSF. While traditional super funds are managed by professionals who make investment decisions ..read more

Have you ever wondered how the sale of an investment property or shares can affect your tax bill in Australia? Capital Gains Tax (CGT) is a crucial aspect of financial planning, yet it often feels shrouded in mystery. Let's unravel this enigma together, exploring how CGT impacts your investments and strategies to potentially minimise your tax liability. What is Capital Gains Tax? Imagine you've sold an investment property or shares at a higher price than what you paid. The profit you make is a capital gain, and it's subject to CGT. Contrary to what the name might suggest, CGT isn't a separate ..read more