xero user

Apply for Xero Beautiful Business Fund

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Xero Users can register to apply for a share in $750k Xero funding

Xero has announced the launch of their Xero Beautiful Business Fund, an initiative backing business for the future with a share of $750,000 funding available to Xero customers globally so your business can keep doing what it does best.

It starts by registering your interest for more information here »

Complete a quick online form to receive further updates about the Xero Beautiful Business Fund when it opens for applications from 23 August 2023.

Apply in one or more categories

Small businesses using Xero in Australia, Canada, New Zealand, Singapore, South Africa, the UK and the US can apply.

There are four categories and no limit on how many you can enter. If you think you qualify for each, Xero encourages you to go for it:

  1. Innovating for sustainability
  2. Trailblazing with technology
  3. Strengthening community connection
  4. Upskilling for the future

Key dates

  • Applications open on 23 August 2023 and close on 6 October 2023
  • When entries open on 23 August, complete your application along with a pitch video
  • Winners will be announced November 2023.

Good luck!

Certified Xero Bookkeepers

Notch Above Bookkeeping are Certified Xero bookkeepers and feature agreed-price monthly fees so you know exactly where you stand. No hidden extras and no ticking clock. Browse our range of Xero bookkeeping services below and get in touch today to discuss the plan which best suits the needs of your business.

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Moving to new Xero Reports

business budgeting

Reviewing Costs to Increase Cash and Drive Profits

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All businesses should review their expenses periodically.

Prudent expense management helps ensure that valuable cash resources are used wisely. And sometimes, a business may NEED TO reduce expenses as a matter of survival.

No matter what the circumstances, here are some Best Practices in reviewing and managing expenses.

1. Look first at non-core functions

When cost-cutting, focus FIRST on activities which do NOT directly generate a profit, that is, the non-core functions.

The core functions of your business drive revenue and profit, help you to differentiate yourself in the market and usually involve interaction with your customers. These core activities could be inefficient… but look first at the support (or non-core) functions including finance, legal,  administration, the office, human resources, data processing, supply-chain management, and logistics.

2. Look for redundant activities

Every activity or initiative in a business has a lifespan. That means even a really beneficial activity will eventually become inefficient or redundant. Expense reviews are an opportunity to look for redundant positions or processes that can be eliminated or restructured.

3. Look into the future

When considering cost-cutting options, think longer term than just the immediate savings. If something is going to be discontinued in the future anyway, maybe now is a good time to bring it to an early close? For example, no point continuing to invest in your office, training programs or IT systems if these are to be discontinued down the line.

4. Be transparent with employees

Payroll may be the subject of cost cutting. It’s likely your employees have a good idea what is going on and an honest presentation of the facts will bring the best results for the organization. Set reasonable expectations about the future to build a track record and trust.

5. Keep up some marketing presence

How the market perceives your situation is important. Completely ‘falling off the radar’ may raise questions among prospects, clients and referral partners. Maintaining a presence, for example, in social media is an inexpensive way to ‘be seen’ in the market.

6. Nothing is too small…

All of those ‘minor expenses’ add up. Don’t ignore office supplies, snacks, furniture and that fancy coffee machine.

7. Stop autopay

Sounds simple… but most businesses are paying for things without properly scrutinizing whether they are adding value. Autopay makes this scrutiny even harder… and delays the cancellation of underutilized subscriptions.

8. Renegotiate outdated contracts

Look especially at suppliers where you have a long-term relationship. It may be time to revisit the pricing and terms of payment. Sometimes just asking the question about costs will trigger your suppliers to offer a better deal.

And maybe you’re paying for things you don’t need, like cell phones assigned to ex-employees or seldom-used printers or copiers.

Keep a record of all long-term contracts and set alerts so you can revisit these several months ahead of expiration. Then negotiate, instead of simply letting the contract renew with the original terms.

Should you undertake an expense review in your business? Follow these Best Practices as a way to generate more profit and cash.

Certified Xero Bookkeepers

Notch Above Bookkeeping are Certified Xero bookkeepers offering agreed-price monthly fees so you know exactly where you stand. No hidden extras and no ticking clock. Browse our range of Xero bookkeeping services below and get in touch today to discuss the plan which best suits the needs of your business.

1 July Changes

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Changes business owners need to know about

There are legal, financial, and other changes your business will have to be across very soon. Not sure what they are or what to do? Don’t worry, we have you covered.

It’s been a big year for changes in areas like people management, pay and tax. Here’s a rundown of some key changes that will come into effect 1 July and what they mean for your business and your employees.

1. SUPER GUARANTEE INCREASES

If you haven’t already, then it’s time to get your payroll systems sorted as the superannuation guarantee increases to 11% from 1 July. The super guarantees for the current quarter will stay at 10.5%.

Also, make sure you’re across the gradual increases, which will see the super guarantee reach 12% by July 2025.

To work out how this will impact employees’ pay, have a look at whether their contract states their salary is inclusive of superannuation or not.

2. WAGES GO UP

Employees should also be aware that from 1 July, wage increases will come into effect following a ruling from the Fair Work Commission.

For employees who aren’t covered by an award, the minimum wage will go up from 1 July to $882.80 per week, or $23.23 per hour, and will apply from the first full pay period starting on or after 1 July 2023.

For employees covered by an award, minimum award wages will increase by 5.75%, also applying to the first full pay period starting on or after 1 July 2023.

3. FAIR WORK COMMISSION CHANGES

From 1 July 2023, the application fee will increase to $83.30. The fee applies to dismissal, general protections, bullying, and sexual harassment at work applications made under sections 365, 372, 394, 773, and 789FC of the Fair Work Act 2009.

There is no fee to make an application to deal with a sexual harassment dispute under section 527F of the Fair Work Act.

Also effective from 1 July, the high-income threshold in unfair dismissal cases will increase to $167,500 and the compensation limit will be $83,750 for dismissals occurring on or after 1 July 2023.

4. PAID PARENTAL LEAVE CHANGES

From 1 July, amendments to the Paid Parental Leave Scheme will come into effect.

Notably, the Dad and Partner Pay (DAPP) scheme, which currently provides up to two weeks of paid leave, will now be combined with the 18-week paid parental leave scheme. This means eligible parent couples or single parents can share their 20 weeks of leave – aimed at greater gender equity in parental caring responsibilities.

There are other changes, too, such as the whole 20 weeks of leave of instalments can be received flexibly in multiple blocks within 24 months of the child’s birth or adoption date, removing the previous requirement of 12 weeks in one continuous period.

Also, note that employees now have greater rights to request an additional 12 months of leave (24 in total) – and employers need to show reasonable business grounds on which to refuse.

5. CHILDCARE SUBSIDIES

For those who employ parents with young children, it’s worth noting that childcare rebates will change from 1 July. They should result in any employees with a family income of less than $530,000 getting a higher level of subsidy for the cost of childcare.

For example, families earning up to $80,000 will get an increased maximum Child Care Subsidy (CCS) amount, from 85% to 90%. If they earn over $80,000, they may get a subsidy starting from 90%, but it will go down by 1% for each $5,000 of income the family earns.

While these changes are applied automatically, it is worth being aware that they are coming.

6. DOMESTIC VIOLENCE LEAVE INTRODUCED

From 1 February, employers with 15 or more employees were required to provide their employees with 10 days of paid family and domestic violence leave (FDVL) per year.

For smaller employers who employ less than 15 employees, this entitlement will operate from 1 August 2023.

Paid family and domestic violence leave is quite a sensitive topic, and there need to be procedures in place – on everything from how the HR or manager handles requests to the privacy issues around how it gets recorded on a pay slip.

7. PENSION AGE AND ELIGIBILITY INCREASES

For those businesses employing older Australians, it’s worth noting that from 1 July, the pension age will be raised to 67 for those born on or after 1 January 1957.

Not only that but asset and income eligibility tests will also be revamped, which means singles can earn $204 a fortnight and couples $360 a fortnight, before losing their full pension.

8. ENERGY BILL RELIEF ON ITS WAY

With soaring power bills contributing significantly to business operating costs, $650 in bill relief is on its way from July.

The total amount of bill relief will vary by state. To be eligible, your business must be on a separately metered business tariff with your electricity retailer – so if you run a business from home, you probably won’t qualify.

Certified Xero Bookkeepers

Notch Above Bookkeeping are Certified Xero bookkeepers offering agreed-price monthly fees so you know exactly where you stand. No hidden extras and no ticking clock. Browse our range of Xero bookkeeping services below and get in touch today to discuss the plan which best suits the needs of your business.