Use your time wisely to help give you the space to start analysing how your business is tracking and really focus on the growth opportunities available.
Completing financial tasks regularly will give you the ‘creative/thinking space’ to focus not only on growing your business but also take time away from your business to enjoy a holiday.
One way to set regular timeframes is if you report GST or Goods and Services Tax to the ATO.
GST is reported via a business activity statement or BAS, monthly, quarterly or annually. Use your GST period as your time frame to work towards.
Check with the ATO or speak to your bookkeeper to see if you need to report GST.
You can still set regular time frames for your business to work towards and keep yourself accountable for.
TIP! A great period to work towards is quarterly, so you can start to compare business performance from one quarter to the next.
Complete the following day-to-day tasks for each time frame
Reports
Reports that help with comparing periods include:
Also start to prepare or chat to your bookkeeper about preparing budgets for your business.
Check out what reporting tools are available in Xero, and how they can help you to track and manage your cash flow more effectively.
Having this knowledge is going to empower you to start making business growth decisions and have more meaningful conversations with your accountant or bookkeeper the next time you talk.
Financial year-end is the perfect time to do a check-up, celebrate your successes, and refocus on business goals.
For more Xero tips, advice and bookkeeping essentials for your business, visit How We Help You and get started today with Notch Above Bookkeeping, Australia-wide.
Source: Xero
The assistance is available through the joint Commonwealth-State Disaster Recovery Funding Arrangements (DRFA).
DRFA low interest loans of up to $250,000 as well as freight subsidies of up to $5,000 for eligible primary producers are available in 11 LGAs: Bundaberg, Gympie, Lockyer Valley, Moreton Bay, North Burnett, Scenic Rim, Somerset, South Burnett, Southern Downs, Toowoomba and Western Downs.
DRFA low interest loans of up to $250,000 are also available for small businesses in Gympie, Lockyer Valley, Southern Downs, Somerset and Western Downs.
DRFA assistance has also been extended to the Fraser Coast, Gympie, Gladstone, North Burnett and South Burnett Regional Councils to help them with repair efforts.
Bundaberg, Livingstone, Rockhampton and Western Downs Regional Councils will also receive assistance with their repair efforts, as well as their counter disaster operation costs.
Minister for Fire and Emergency Services Mark Ryan said the funding was part of the Australian and Queensland Governments’ ongoing commitment to supporting Queenslanders along the road to recovery after months of rain and flooding.
“The severe weather and seemingly unending rainfall that hovered over Southern Queensland during May flooded several communities, many of which had already been affected by previous flooding events since the start of the year,” Mr Ryan said.
“Low interest loans under the Disaster Recovery Funding Arrangements will provide concessional loans up to $250,000 and essential working capital loans of up to $100,000 to help kick-start the recovery of impacted primary producers and small businesses.
“Primary producers can also access freight subsidies of up to $5,000 for the movement of stock, feed, machinery, fuel, water, building and fencing materials.
“In addition, the councils who have been included in this extension can rest assured that their costs associated with counter-disaster operations and the repair of their essential public assets damaged by the flooding, such as local roads, will be covered under the DRFA.
“The Australian and Queensland Governments will continue to work closely with local councils to support their ongoing recovery efforts and identify where further assistance can be provided to ensure all impacted communities have the best possible support.”
For more information on assistance available to primary producers, small businesses and not-for-profit organisations visit www.qrida.qld.gov.au or free call 1800 623 946.
Information on disaster assistance can be found on the Queensland Reconstruction Authority’s website at www.qra.qld.gov.au.
Did paper-based office-based bookkeeping systems let you down during the floods? Now’s the time to think about a Cloud Bookkeeping solution — ask us how on 1300 015 130.
Source: Queensland Government
The Suburban Shopfront Improvement Grant program provides up to $5000 (excluding GST) to property owners or tenants of shopfronts in local business precincts to assist in bringing a fresh new look to their shop’s façade.
The program is designed to support local businesses and bring character to suburban areas.
This is a matched grant, meaning that for every dollar requested from Council, the Applicant must have an equal dollar amount (or more) to put toward the project. To be eligible, work must not have already commenced or been paid for.
Grants are available for long-term, street-level improvements that bring a new look to the shopfront and contribute to the streetscape in a creative way.
For inspiration and eligibility requirements, visit https://www.brisbane.qld.gov.au/business-in-brisbane/business-opportunities/suburban-shopfront-improvement-grants.
Did your paper-based office-based bookkeeping systems let you down during the floods? Now’s the time to think about a Cloud Bookkeeping solution — ask us how on 1300 015 130.
Source: BCC
In addition, the Brisbane, Fraser Coast, Gladstone, Gold Coast, Gympie, Lockyer Valley, Logan, Moreton Bay, North Burnett, South Burnett, Southern Downs and Toowoomba LGAs have been activated for counter disaster operations assistance to cover the costs of the immediate clean-up efforts.
Queenslanders whose homes were damaged by floods can now register to access grants to raise, repair, retrofit or have their home voluntarily bought back.
Funding is available for rebuilding resilient homes, raising homes or buying back homes.
Queensland homeowners across 37 local government areas whose property was inundated as a result of any of the three major floods in 2021-22 including the South East Queensland floods (22 February 2022 onwards); the ex-Tropical Cyclone Seth floods (29 December 2021 – 10 January 2022); and the Central, Southern and Western Queensland flooding (10 November – 3 December 2021).
Did paper-based office-based bookkeeping systems let you down during the floods? Now’s the time to think about a Cloud Bookkeeping solution — ask us how on 1300 015 130.
Source: Queensland Government
ANZ announced a financial relief package for customers affected by significant flooding across south-east Queensland and parts of northern New South Wales with severe weather systems continuing to threaten more damage.
ANZ customers affected by flooding are encouraged to contact ANZ’s dedicated financial hardship team on 1800 149 549 or at anz.com.au/support/natural-disaster-support/.
Commonwealth Bank is providing its Emergency Assistance to customers and businesses in flood-affected areas in South-East Queensland and New South Wales.
To access this support please phone CBA on 1800 314 695 or visit a branch where it is safe to do so. Further information about Emergency Assistance is available online at commbank.com.au/emergencyassistance.
NAB will provide $1,000 grants and additional financial relief to customers and colleagues affected by floods in the Northern Rivers region in NSW, to assist them in the immediate aftermath of the natural disaster.
The grants will give NAB customers and colleagues who have experienced significant damage to their homes ready access to funds to meet their immediate needs. Business and agriculture customers who have suffered damage or losses because of the floods are also eligible.
NAB customers who have suffered damage to their home and need assistance can call NAB Assist on 1300 308 132. All enquiries will be assessed on a case-by-case basis by the NAB Assist team to determine eligibility.
Westpac has launched a $2 million fund to help small businesses impacted by the floods in Queensland and New South Wales access financial help.
Small business customers who meet the eligibility criteria can apply for $3,000 in cash grants per customer group to help with urgent expenses or repairs by contacting their banker or calling Westpac’s customer support teams.
Did your paper-based office-based bookkeeping systems let you down during the floods? Now’s the time to think about a Cloud Bookkeeping solution — ask us how on 1300 015 130.
Eligible residents can claim support via myGov or by calling Services Australia on 180 22 66
Claims for AGDRP and DRA for NSW local government areas will be open at 2pm (AEDT) from 1 March 2022
Affected Queensland local government areas can claim AGDRP from 9am (AEST) and can claim DRA from 1pm (AEST) from 1 March 2022
The DRFA assistance provides grants of up to $180 per person, to a maximum of $900 for a family of five or more.
Queensland residents in Brisbane, Fraser Coast, Gold Coast, Ipswich, Lockyer Valley, Logan, Moreton Bay, Noosa, Redland, Scenic Rim, Somerset, South Burnett, Southern Downs, Sunshine Coast and Toowoomba local government areas are included.
These communities are in addition to the local government areas of Gympie and North Burnett, who became eligible to apply on 28 February 2022. Payments are available in Gympie and North Burnett local government areas and the Queensland Government is responsible for activating these payments.
The AGDRP is a one-off, non-means tested payment and is available to eligible people in those affected local government areas who have suffered a significant loss, including a severely damaged or destroyed home or serious injury.
The Disaster Recovery Allowance (DRA) will also be provided into the 26 affected local government areas.
The DRA assists employees, small business persons and farmers who experience a loss of income as a direct result of a major disaster. This allowance provides for a maximum of 13 weeks payment from the date you have or will have a loss of income as a direct result of a disaster. The DRA payment is set at the maximum equivalent rate of Jobseeker Payment or Youth Allowance, depending on your personal circumstances, and is taxable.
Australian Defence Force personnel continue to support the emergency response efforts and will do more once the water recedes and the recovery effort starts. This includes the arrival of the ADF in Lismore to assist NSW.
For more information on support available, visit servicesaustralia.gov.au/disaster
Source: pm.gov.au
Xero’s small business trends report shows that 60% of small business owners are worried about their household finances running low.
So while 2022 will hopefully be a year of rebounding sales and revenue, business owners really need that to carry through to the bottom line.
While there will be a temptation to withdraw any spare cash from the business as ‘owner’s drawings’, experts say it’s important to be mindful of upcoming and potentially unknown expenses.
Owners often overlook upcoming business expenses when taking drawings, which creates cash flow issues later. These cash flow issues create further disruption to the household budget because money has to be put back into the business.
Rather than clearing out the business bank account, owners are better off paying themselves a modest amount at regular intervals.
Here are four steps small businesses can take to help support their recovery:
For more tips, advice and bookkeeping essentials for your business, visit How We Help You and get started today with Notch Above Bookkeeping, Australia-wide or call our Xero bookkeeping specialists on 1300 015 130.
Source: Xero
Xero’s small business trends report 2022 takes a look at ten of the biggest considerations on the minds of small business owners and their advisors.
Based on surveys with business owners in North America, the UK, Asia, Australia and New Zealand, the report notes that 60% of small business owners have moved away from blanket cost-cutting. Experts believe this may signal a readiness to invest in growth.
Given what most businesses have been through these past two years, any recovery will start off slow.
Rebounding confidence will be limited by cash flow, with 56% of businesses still feeling unsure about their liquidity. Meanwhile, supply chain issues continue to slow down 38% of businesses. However, the report shows how businesses are dealing with those issues while moving back into growth mode.
There are a few things small businesses can do to help support their recovery according to Xero’s small business trends report:
For more tips, advice and bookkeeping essentials for your business, visit How We Help You and get started today with Notch Above Bookkeeping, Australia-wide.
Source: Xero
2020 Notch Above Bookkeeping