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As a business owner, you know best of all that running a business is like juggling a dozen balls at once. As your business grows, so do your HR needs. Now WDF can help with your HR requirements.
Do you want to take your business to the next level? Here are 10 questions to ask yourself as a business owner to help position your drive to growth and success.
The countdown to Christmas and the end of year is on. Make sure to consider tax implications as you plan your business end of year function and gifts for employees and valued clients.
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?
No doubt we’ve all experienced working in ‘good’ places and ‘not-so-good’ places. The work environment is one of the top reasons people leave their jobs. There are a lot of good business reasons to focus on creating a positive culture in your company. Keep reading for tips on how to develop and maintain a good company culture.
Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. Learning about the relationship between costs and revenue can assist you in making better business decisions.
Positive cashflow is integral to running a successful business. Here is our guide to understanding cashflow and how to get in control of your cashflow position.
Navigating the Australian tax landscape can be a complex endeavor, but understanding the intricacies of the PAYG Instalment System can make the process much smoother.
After a recent increase in ATO penalty rates in January 2023 and July 2023, this can now mean that if you fall behind on your tax lodgments you can expect the financial penalties to increase substantially.
Purchasing an existing company is a great way to expand your business empire. Whether this is buying out a competitor or dipping your toe into a new industry it is important to make sure you ask all the right questions before going ahead.
Managing your inventory to have the right products at the right time for your customers is critical in retail. Keep reading our blog for tips on product sourcing, tracking metrics and other key areas.
SMSF management can be time consuming and complicated. It's important to get your deductions and record keeping correct for the SMSF audit process and tax return.
Benefits provided to employees or their associates in addition to salary or wages are known as fringe benefits. These benefits are paid for by the employer from pre-tax earnings, making the provision of benefits attractive to employees.
Are you making the most of allowable tax deductions? We'll help you understand what you can claim.
In business, having the right people around you is so important. With the new financial year having just begun, now is the perfect time to plan for the future and assemble the team around you to help you achieve your goals.
As a trusted provider of accounting and business advisory solutions, we are excited to expand our services and offer a suite of HR support. Our dedicated HR service provides you with the support you need to focus on your strengths while we handle a range of HR matters for you.
The cost of replacing an employee can be high. When you calculate pay rises, make sure you are considering industry salary norms, inflation, the value your employee brings and the cost of replacing the person if they left your business.
53% of business owners suffer from stress and anxiety. So what can you do to take care of your own mental health and work mindfulness into your usual life routines?
On 2 June, the Fair Work Commission announced its annual wage increase. The increase applies from the first full pay period starting on or after 1 July 2023.
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From 13 September 2023, the price of Xero Business plans in Australia is changing. Read more about detailed pricing changes.
With the popularity of this non-traditional currency on the rise, its important to understand that there are tax obligations associated with acquiring or disposing of cryptocurrency.
As a business owner, part of your job is to guide the course of the organisation and provide the roadmap for success. We've highlighted five important elements that you need to focus on in your forward planning.
Trust management can be complex. Whether you have a trust set up for investment or business purposes, there are some common elements to getting ready for the trust’s tax return.
The ATO has announced the commencement of a new data matching program for property investors which involves obtaining data from various financial institutions. Among other things, the information collected will include loan details and borrowing costs.
The 2023 Federal Budget announced a $20,000 instant asset write-off for small business allowing those with aggregated annual turnover of less than $10 million to immediately deduct eligible depreciating assets costing less than $20,000.
The 2023 Federal Budget announced a number of key changes relating to superannuation. Read more here.
Do you stress about your work/life balance - a little stress can actually be good for you as long as you keep it within bounds.
A business mentor can provide guidance and support to enable you to make the right decisions, and to help you stay focused on the end goal as a business owner. But have you ever thought of your accountant as a mentor?
As working from home is becoming more common, it's important to consider the deductible expenses that may be claimed in your tax return.
The super guarantee rate will rise in July this year to 11%. Have you calculated the extra cost to your business? This rate increase may also affect salary packages. Prepare for this extra cost now so you don’t get caught out.
In business, there are many taxes to understand and navigate. The different business structures will mean taxes are paid in different ways. We'll help you manage and plan for the relevant taxes your business will need to pay, and we’ll claim the right tax concessions.
Did you know that authenticated digital signatures can be more secure than handwritten ones? However, not all digital signatures have the same level of verification and cyber safety and it's important to understand the differences.
Keeping up-to-date records of your business transactions may not be the most glamorous part of being a business owner and entrepreneur. But here's why digital bookkeeping is the way forward for any serious business in 2023.
Remote work has become increasingly popular over recent years. Many companies now offer their employees the ability to work from home or other external locations. Maximising remote working strategies can lead to increased employee engagement.
Which is more important? Cashflow or profit? We’ll explain why getting in control of your cash is vital for the stability and continued success of your business.
Building genuine networks can bring so much value - sharing ideas and learning from each other. They can broaden your horizons and may lead to new and innovative business opportunities.
Newly Introduced accountability measures for ABN holders means your ABN may be cancelled if you have 2 or more outstanding income tax returns for income years.
As businesses becoming increasingly reliant on technology and digital systems, cyber security risks also increase. We outline a number of strategies to start you on the right path of mitigating your cyber risks.
The NSW Government is launching an initiative to make home ownership more achievable for single parents, older singles and key worker first home buyers.
Getting your pricing strategy right is a critical part of business. Finding your pricing sweet spot can take time. Keep reading for five signs that you might be undercharging.
An investment in employee development is an investment in the future of your business. It’s also a sign that you want to support the careers and progression of your people.
When your business needs new plant or equipment, what’s the best choice – buy or lease? There are some basic considerations that can help you weigh up the options.
Thanks to compound interest, a little can go a long way. The earlier in your working life you start paying attention to your superannuation, the better off you will be at retirement. Most importantly, it's never too late to take action to grow your super!
Having a healthy workplace that support mental health and builds resilience is a win-win for employers and employees. Keep reading to look at ways leaders and managers can take steps to care for wellbeing and mental health in the workplace, support employee wellbeing, and build an open and supportive company culture.
The Fair Work Ombudsman and the Australian Taxation Office are actively investigating agribusinesses payroll records. If you are currently managing your farms payroll on a spreadsheet or paper-based records it may be time to convert to digital records.
Each year the ATO publishes industry-based data to highlight specific ratios of financial and other types of performance. Comparing your business performance against these benchmarks can be a useful exercise to see how your business is performing.
The Australian Government has introduced paid family and domestic violence leave for all employees. Next year, employees will be able to access 10 days of paid family and domestic violence leave in a 12-month period. This includes casual and part-time employees.
Keeping your data safe can be a big worry for Australia's digital businesses. Recent high profile data breaches have put the spotlight back on cyber security. Now's the time to get your cyber security reviewed, updated and tightened.
The building and construction industry is complex and has been hit hard recently. Getting the right administrative tools and software can ease the pressure that many are facing.
The Federal Treasurer, Dr Jim Chalmers, handed down the Labor government's first Federal Budget on 25 October 2022. Here are the highlights of some of the tax and accounting measures announced.
Is your business ready to scale up? Have you prepared with a viable scale-up plan with costings and budgets and achievable targets to meet?
The income test to qualify for the Commonwealth Seniors Health Card will increase to $90,000 a year for singles (up from $57,761) and to $144,000 a year for couples (up from $92,416).
It's never been more important to have a good grasp on your business finances to track, monitor and drive your financial performance. What are the key reports to focus on in your business?
If you're just starting in the workforce, it pays to learn about superannuation and how to make the most of it. Keep reading for some useful tips to get going on the right foot.
Getting paid late is bad for business. It constricts cashflow and sometimes even has the flow on effect of you missing your own bill deadlines. Fortunately, there are ways to minimise the pain of debtor follow-up. Here are 6 tips to help you get paid faster.
Knowing what your customers want helps you meet your growth targets. We’ve outlined 5 ways to improve your understanding of your customers, through better data, analysis and feedback.
A crystal ball would be handy in business. Good-quality forecasting can be just as useful, giving you an informed view of the future of your business and finances.
None of us truly know what lies around the corner. Sudden unexpected threats can catch you on the hop. A business continuity plan will help you to deal with situations that can otherwise derail your usual operations.
The foundational goal of any business is to make a profit. What is the difference between profit and cashflow and why is "cash king"?
We’ve all been doing a lot more remote working in recent times. Have you thought about the security implications of using your device on a public network?