by PBS Partners | Dec 17, 2018
Your business is there to serve you; not the other way around. In other words; you should never be a slave to your business.
Being a slave implies a victim mentality - that the world has simply dealt you a bad hand, that you have no say in the matter. Perhaps you hear yourself thinking you’re a slave to your business because your clients need you, or your team can’t cope without you,read more...
by PBS Partners | Jan 22, 2019
Whether you’re heading into a holiday period, or just planning to take a break (and congratulations, because a healthy business means work-life balance), it’s important to keep your cashflow under control. This means pre-planning and being proactive.
When you’re not in the office, there are still overheads and salaries that need to be sorted. If taking time off means t
by PBS Partners | Feb 26, 2019
Whether you’re getting into investing for the first time, or looking at how you might expand your existing investment portfolio, it’s important to understand your risk profile. Once you have this key insight, discovering the kinds of investment that will help you meet your goals will be more straightforward.
The risk when you make any investment is that you woread more...
by PBS Partners | Mar 5, 2019
For many of us, the internet is not just an intrinsic part of our lives, it’s integral to how we do business. It enables businesses to connect to global markets and complete transactions in minutes.
As we take advantage of the opportunities the internet has to offer, online security becomes a priority. This means being vigilant about keeping sensitive data and information secure from hackerread more...
by PBS Partners | Mar 19, 2019
A globalised and digitally connected world means that your business isn’t restricted to one country. Expanding your business overseas gives you access to new audiences and a little protection should anything happen to destabilise your home market.
But, as with all things in business, proceed with caution. While the saying ‘no risk, no reward’ holds true, it’s important toread more...
by PBS Partners | Apr 16, 2019
The structure of your new business has repercussions in terms of tax, costs and the protection of your assets. When you decide on what structure you’ll use, keep in mind your future plans, because this may impact your decision.
There are three main structures you could consider.
If you’re operating on your own, this may seem an obvious choice. It’s a quick one to seread more...
by PBS Partners | May 21, 2019
When people talk about ‘brand’ they often think solely from a customer perspective. However, a strong 'employer brand' is also critical, in order to attract the right talent to your business. A company’s employer brand is twice as likely to drive job consideration as its company brand. With a shift in skill-set requirements across most industries, and Gen Y entering the workforce,read more...
by PBS Partners | Jun 3, 2019
Small business budgets are empowering. They give you the knowledge and insight to eliminate wasteful spending and get to profitability faster.
When setting a business budget, you need good numbers. Don’t guess at what’s coming in and what’s going out. You could be making assumptions that just aren’t true. Take the time to look into your accounts and dig out the real figuresread more...
by PBS Partners | Jun 18, 2019
The best accountants can do much more than just tax and compliance work for your business. They’re troubleshooters and strategic advisors for small business. Basically, having an accountant means that you can operate your business with more clarity and confidence.
Whether you’re working to get a startup off the ground, or taking the reins of an established business, you’ll see varead more...
by PBS Partners | Jul 5, 2019
Starting your own business is a BIG leap of faith. Will you find any customers? Will you make enough income? These are questions that any founder will ask themselves.
But with the right planning, preparation and support, you can set the best possible foundations for your new enterprise, and take some of the guesswork out of becoming a business owner.
Building the right foundations
So, if you&rsquread more...
by PBS Partners | Jul 16, 2019
LinkedIn can be a valuable networking tool for business owners and job seekers. Use the site to increase brand awareness, attract top talent, acquire new customers, promote events, and engage with influencers in your industry.
Here are five basic ways to use LinkedIn to create a business advantage:
1. Create a company page.
Help potential and existing customers and team members learn about your bus read more...
by PBS Partners | Jul 30, 2019
Networking can get your business noticed. It can lead to referrals, valuable business opportunities and increased sales. But it can be daunting to put yourself out there, and tricky to get right. Remember that professional networking is a social activity. It’s about building relationships – so leave the hard sell behind. Instead, be open and get to know people.
Here are 10 things you cread more...
by PBS Partners | Sep 3, 2019
With more choice than ever in consumer goods, brands are turning to individuals who will promote products to their large social media fan base.
Each new trend is often an iteration of a previous way of doing things. Companies have long used celebrity endorsement to advertise their brands to customers, but influencer marketing is a bit different.
Made possible through social media, the influencer iread more...
by PBS Partners | Oct 1, 2019
When we set out on a fishing trip or hike, we always check the weather forecast.
It’s no different in business. The forecast tells us if there’s bad weather (poor cashflow) in store based on the direction we’re heading.
Your forecast will tell you:
Whether you have enough sales in the pipeline to give you the desired level of profit you want for the year.
Whether your margin
by PBS Partners | Oct 15, 2019
The most simple and cost-effective way to grow your business is so often overlooked; happy customers become your strongest advocates. They talk to their friends, family, and associates and refer business to you.
Here are 10 ways to delight your customers:
Meet with your customers more often and take a genuine interest in how they’re doing.
Run customer events. Put on a few drinks, get in
by PBS Partners | Nov 7, 2019
Seasonal dips in income can be highly challenging when you’re a small business. But there are proactive ways to predict, plan for and overcome these dips in revenue.
The key to dealing with seasonal dips is to know when they’re most likely to occur, and to have measures in place to spread your income and revenue pipeline over the course of the year.
Understanding seasonality in your seread more...
by PBS Partners | Dec 10, 2019
Salary sacrificing to super allows an employee to forego part of their salary or wages and have the employer contribute this amount to their superannuation fund instead of paying it as cash. It reduces the taxable value of salary or wages, and is therefore beneficial to the employee in both reducing tax payable and increasing superannuation.
Up until now, employers were allowed to calculate superread more...
by PBS Partners | Jan 22, 2020
If you’re going to grow your company in the right way, pinning down your goals and having a clear vision for the business from the outset is vital.
You may want to increase profits and create an income that supports your lifestyle, or you are looking to increase market share and aim for hypergrowth. You may even be aiming to increase the overall value of the company to get the best return whread more...
by PBS Partners | Feb 18, 2020
We all know that cash is king when it comes to business success, but what exactly is ‘working capital’ and how does this financial metric help measure the health of your business?
Working capital is made up of the cash and assets that are available in the business to fund your operations and keep you trading. It’s worked out by taking your current assets (the things you own) awaread more...
by PBS Partners | Mar 18, 2020
We would like to update you on our position with the developing COVID-19 (Coronavirus) situation, and the preventive measures we are undertaking.
As COVID-19 continues to circulate, we are monitoring and actively changing required processes as needed, based on relevant recommendations provided by the Australian government.
We will continue our work as usual, and we have already takenread more...
by PBS Partners | Mar 30, 2020
Over the weekend, more relief was announced for business including:
Deferral of Loan Repayments
A little over a week ago, the Australian Banking Association announced a six-month deferral of all loan repayments for small businesses hit by the coronavirus pandemic.
On the weekend, this relief has now been extended to all businesses that have loans of up to $ read more...
by PBS Partners | Apr 6, 2020
The NSW government has now pledged $750 million to help small businesses across the state deal with the economic impact caused by the coronavirus pandemic.
The grants of up to $10,000 must be used for funding unavoidable business costs such as utilities, overheads, legal costs and financial advice.
To be eligible, businesses must be “highly impacted” by the Public Health (COVID-19 Restread more...
by PBS Partners | Apr 16, 2020
The JobKeeper payment is for businesses and not-for-profits that are significantly impacted by the Coronavirus pandemic, and the measures in place to restrict it.
The government package will give eligible employees $1,500 per fortnight for 26-week period, running from 30 March to 27 September.
The treasurer has now released rules governing the scheme. We will keep you informed as these are updateread more...
by PBS Partners | May 22, 2020
From the fortnight commencing 11 May 2020, JobKeeper Payment eligibility for employees aged 16 and 17 years has changed.
If you have claimed, or intend to claim, JobKeeper payments for employees who were 16 or 17 years old on 1 March 2020, they need to have been independent, or not in full time study on 1 March 2020 in order to remain eligible.
Your 16 and 17 year old employees will need toread more...
by PBS Partners | Jul 3, 2020
Managing the gap between the receiving money into your business and paying money out of your business is vital for sustaining viability.
Debtor days is the average number of days taken for a business to receive payment for goods or services. Keeping track of the average number of days for a business to receive payment is important in understanding the cashflow gap you might experience and the imparead more...
by PBS Partners | Jul 16, 2020
Recent court cases involving casual workers have increased attention on casual worker classification, which means your workers may be more aware of the ability to convert to a permanent position.
The law has not changed; however, these cases are good reminders for employers to be aware of the rules around converting casual employees to permanent positions.
What Makes an Employee Casual?
by PBS Partners | Jul 16, 2020
A business budget is one of the essential tools in managing your business finances and actively building your business.
A budget shows what you plan to do with your cash over the next year.
For a complete picture of your business health, you need to review the profit and loss statement, the balance sheet, the cash flow forecast and the budget. Taken together, these reports allow you to make inforread more...
by PBS Partners | Sep 21, 2020
Buying an existing business can be a great way to get started as a business owner, or to expand operations if you are already running a business successfully.
Established businesses have already done the hard work of setting up a business, so you can get up and running on day one without a lengthy formation process.
Things You’ll Need
by PBS Accountants | Sep 29, 2020
You know what chocolate-chip cookies are, but what about the ‘cookies’ that websites ask you to accept and that are somehow linked to digital marketing?
HTTP cookies, to give them their full name, are small packets of information that are stored on your computer when you use a web browser. So, when you visit your favourite websites, you’ll have downloaded certain cookies onto youread more...
by PBS Partners | Oct 21, 2020
This time last year, you might have been pondering Christmas bonuses or booking your summer holiday, but with a completely different business landscape in front of us, your head is no doubt filled with different questions.
I’ve decided to restructure. What’s the best way to do this?
Restructuring is never easy but if it’s necessary to keep your business afloat, there’s a prread more...
by PBS Partners | Nov 16, 2020
Every business starts with an idea. It might be a crazy concept that’s never been done before or a twist on a common product or service. It might be something everyone will want, or it might fill a tiny niche in the market.
There’s no single way to find the best business idea – it’s about finding the one that suits you best. So how do you do that?
Find your passion
The bestread more...
by PBS Partners | Dec 7, 2020
Dismissing an employee is never easy. But if you understand and fulfill your obligations, it’ll make the process easier for everyone and help you stay on the right side of employment law.
The first step is to make sure you’re well prepared. Under the Fair Work Act, any dismissal must be for good reason and the rationale for terminating employment has to be clear, whether it’s forread more...
by PBS Partners | Dec 16, 2020
It’s not easy to request payment right now, but it is important to keep cash flowing into your business so you can cover expenses and meet your obligations to others. As with all business dealings right now, a little empathy and a lot of open communication can go a long way.
The following tips might be useful to keep in mind when you are asking for payment.
Communication - Connecting wiread more...
by PBS Partners | Dec 29, 2020
Strong relationships with clients, customers, suppliers and staff are a key part of business success. But in a crisis, it’s easy to focus on your own issues and neglect those important connections.
Here’s how to stay connected during difficult times – because you won’t get through without strong relationships and ongoing support.
Communication and contact
Transparency goesread more...
by PBS partners | Feb 9, 2021
Whatever your sector, niche or marketplace, there’s almost certainly going to be other competitors in that space – but do you know who they are and what threat they pose?
Are you the only provider of your specialism, or are you one of many companies that are all vying for the same customers? Knowing who those companies are, how they compare and what their competitive advantages&nbread more...
by PBS Partners | Apr 8, 2021
When you started your business, you probably dreamed about flexible hours and highly profitable, stimulating work.
Ideally, you would’ve adopted best practice and documented those dreams in a succinct Business Plan. The plan would specify how much cash you need from the business, your role, and the hours you’d be working. In other words, what the business was going to deliver to you peread more...
by PBS Partners | Apr 16, 2021
Turning a profit is at the heart of running any successful company But should profits be the only financial focus if you're looking to create a stable, long-term business?
Cashflow is the beating heart of your business. Without an even and predictable flow of cash into the company, you can't cover your overheads, you can't pay your employees and you can run your day-to-day operations – let alonread more...
by PBS Partners | May 5, 2021
When you’re running a small business, you’re only as good as the team around you. Hiring the right people is a start, but how do you turn your employees into a well-oiled dream team?
Here are five tips to get you started:
by PBS Partners | Jul 21, 2021
Instagram for Business has a wide range of ways for you to share images and stories, create targeted adverts and create a social media shopfront for your business.
Instagram is owned and run by Facebook, giving you access to a huge marketplace and a wide cross-section of different customers and prospects. Although Instagram started out as a simple photo-sharing platform, its links with Facebook noread more...
by PBS Partners | Aug 23, 2021
The purpose of a business is to make money, and that means you have to know the difference between profit and cashflow.
Net profit is what you have left after you deduct all your business expenses from all your revenue. You change net profit only by changing the things that affect revenue and expenses.
For example, if:
by PBS Partners | Aug 31, 2021
Do you know how much it costs you to produce each product or service in your range?
The better you can understand this cost of sales – or cost of goods sold (COGS), as it’s more commonly known – the more ability you have to control your company’s profitability. When you know your COGS, you can set the right price point, control your profit margins and ensure that you’read more...
by PBS Partners | Sep 13, 2021
YouTube is without doubt one of the biggest social media platforms in the world, with 2billion+ userslogging in from over 100 countries and in 80 different languages.
The platform is owned by Google, which gives you an indication of the huge reach that YouTube has as a digital marketing channel. Having started out as a video upload site in 2005, YouTube has gradually evolved to become the standardread more...
by PBS Partners | Sep 16, 2021
How do you make sure your business is on the best possible footing when you are ready to leave it? Here's our advice...
What is a business exit strategy?
An exit strategy is a plan for wrapping up your involvement in a business. For most people, that means readying the business for a change of owner. Executing a well thought-out exit strategy can increase your sale price, while ensuring the businesread more...
by PBS Partners | Sep 29, 2021
The job market is running hot and it’s tough to attract good new staff. You need to write a job listing that will help your role stand out in the crowd.
Here are three tips for writing a more appealing job ad:
1. Sell the role up front
Instead of beginning with a job description or a list of requirements, sell the role first. Think about what makes the job most appealing; it might be the indread more...
by PBS Partners | Oct 12, 2021
From 1st November, if you have any new employees start work with you and they don’t nominate a specific superannuation fund, you may need to request their ‘stapled super fund’ details from the ATO.
As your accountant, we can help you with this.
Choosing a super fund
Most employees are eligible to choose a super fund when starting a new job. However, sometimes an employee might noread more...