Month: April 2019

We are so excited for our client and friend, Jen Harwood. Earlier this month, in front of almost 1000 people, she won the 2019 Australian Small Business Champion Award for New Business.

A single mum and highly accomplished business woman, Jen decided there had to be a better way to brush and style her daughter’s long hair.

Many parents will relate to the tears, arguments and stress of brushing their kids’ hair each day. But rather than persevere, Jen decided she would find a way to eliminate it from their daily routine. Called the Happy Hair Brush, it has now solved the problem for many, many parents. Learn more about it here.

We are so proud of Jen’s achievement that we wanted to share it with you. If you or your business has an achievement to share, please let us know.

We all have those big bills that seem to come around quickly, like our energy bills, car rego and insurance, private school fees etc.

For many of us, it doesn’t matter how well we think we’re going, there will always be those bills that seem harder to budget for.

So here’s a great savings tip to eliminate bill shock. All it takes are 3 easy steps!

Step 1
Work out how much you need to put aside each pay period to cover the annual cost of each large bill.

Step 2
Add 5-10% to cover price increases.

Step 3
Each pay, put this money aside in a separate bank account. Ideally look for one that earns better interest than your everyday account. Treat this account as untouchable and avoid temptations like using it to pay for weekends away or extra holiday spending money. Then, when those big bills come in, you’ll have enough savings to comfortably cover them.

If you find accessing these savings too tempting, check with each service provider to see if you can make regular advance payments. Then, when your bill arrives, the final amount payable will be greatly reduced because you have made those pre-payments.

Self-employed?
If you’re self-employed, try paying yourself a regular amount each week, fortnight or month. Consider this as your wage and follow the same steps as above.

For straight-forward, practical accounting, taxation and financial advice
contact our knowledgeable team at SVA and WPA by calling 02 8850 0388.

The end of financial year is only a few months away and as specialist SME accountants, we have begun discussing tax planning strategies with our clients.

The ATO is also getting busy, recently releasing their latest industry benchmark data. This data is extremely useful for any small business owner as it allows you to gauge the strength of your business.

The data compares the financial results of over 1.5 million small Australian businesses and lets you evaluate how your business is going compared to others in your industry.

If your business is operating below these benchmarks, we can discuss ways you could improve the performance of your business.

Not all industries are included yet but every year, the ATO increases the number of industries in its benchmark data. So far they have developed benchmarks for over 100 industries including:

• Accommodation & food
• Architectural services
• Automotive electrical services
• Building & construction trades
• Education, training, recreation & support services
• Health care & personal services
• Machinery & equipment maintenance/repair
• Manufacturing
• Retail
• Transport, postal & warehousing
• Veterinary services

To see the ATO’s industry benchmarks click here. For specific advice on how your business can achieve and exceed these benchmarks, contact us to arrange an appointment.

For straight-forward, practical accounting, taxation and financial advice
contact our knowledgeable team at SVA and WPA by calling 02 8850 0388.