Why Bookkeeping is Crucial to Your Success

Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering…  Read more

Avoid These 5 Costly Accounting Mistakes

A bank recently surveyed over 500 small business owners about what they love and hate most about owning their own business. Unsurprisingly, flexibility and feeling in control ranked first in the “love” category. Meanwhile, almost 60% said bookkeeping was hands-down their most hated task. Most business owners understand that effective financial management is key to their success. But lack of knowledge, frustration, and even avoidance can add up to accounting…  Read more

COVID-19 Business Update – 22 May 2020

Welcome back to our Weekly Digest. We hope you and your family are doing well. Read on for this week’s update. Easing restrictions Last week we mentioned the government’s state-by-state roadmaps to relaxing restrictions. Most states have started their roadmap and as a result some businesses are gearing up to reopen. If it’s still a little while away for your business – hang in there, and please don’t hesitate to…  Read more

How to build a cash war chest when money is tight

Your “war chest” is the financial reserve your business has built up so you can take advantage of an opportunity or cover unexpected costs or emergencies. Building a cash reserve when finances are tight, however, can be difficult. You need money to continue running your business but, if at all possible, you want to keep your reserve account healthy. Here are some ways to build—or preserve—a cash war chest during…  Read more

COVID-19 Business Update – 13 May 2020

Hello for another week! We hope you are staying healthy and well. The big news late last week was the government’s three-step plan to relax coronavirus restrictions. It’s great news for our country and our economy – well done to everyone for playing a part in “flattening the curve!” Plans to reduce restrictions Each state will work independently to implement their own three-step plan, at their own pace. State government…  Read more

How to continue marketing on a shoestring budget

As many business owners are experiencing, the COVID-19 pandemic has created serious financial difficulties for entrepreneurs. Small businesses especially are faced with cutting their budgets so they can continue to operate—even at a smaller scale—and not have to close for good. They also have to figure out how they can market themselves so once the pandemic is over, their customers and clients come back to them. During a financial crisis,…  Read more

Ways to run your business if you still can’t open your premises

The COVID-19 pandemic has proven challenging for many small business owners. It’s difficult to run your business remotely, especially if you’re not set up to do so. If you run a business that requires customers or clients to come to you, you might be very concerned about how you can continue to operate without opening your premises. If you have access to technology, are adaptable, and are willing to look…  Read more

JobKeeper Monthly Declaration + more business updates

In this week’s update, as well as some updates on government support for businesses, we’ve included a number of resources to help with navigating your business out of the dire situation we’ve all been in. No doubt there are still tough times ahead but there are many reasons to be hopeful and we’re here to help you through it all. JobKeeper The first JobKeeper payments started to flow last week.…  Read more

What is financial planning?

To many people, financial planning sounds like something for the very rich. The wealthiest people take their piles of money to someone who tells them where to invest it so they can make even more money. The rest of us just focus on saving what we can while paying off debt and hoping we don’t lose our jobs before we’re financially stable. In fact, financial planning is about having long-term…  Read more

We’re here to help during the COVID-19 crisis

Clearly this is an incredibly tough times for business owners. We just wanted to let you know we’re here to help. If you want to chat about your business, finances or what help is available from the government and other places, let’s make a time. We’ve also put together a page of COVID-19 resources which you may find helpful. Thanks for your continued support. The team at Westwoods BGA Contact…  Read more

How to use video for communications

Since the first internal corporate note was sent—probably reminding employees about casual Friday—companies and organizations have relied on written communications to keep employees up-to-date on company policies, procedures and changes happening within. These days, though, more companies are switching to videos to relay information to their staff. In a lot of ways, video is more effective than written communications. It grabs peoples’ attention, conveys important information quickly and is usually…  Read more

$10,000 Emergency Cash Grants for Small Businesses Impacted by COVID-19

Tens of thousands of South Australian small businesses and not-for-profits that have suffered a significant loss of income or been forced to close as a result of necessary coronavirus-related restrictions, will be offered a one-off $10,000 emergency cash grant from the Marshall Liberal Government to further support them through the crisis. The major investment – funded from the State Government’s $650m Jobs Rescue Package – will assist an estimated 19,000…  Read more

‘Job Keeper’ payment makes up Government’s 3rd stimulus package

As we try to catch a breath from all the chaos going on with Coronavirus, we just got word of the Australian Government’s latest stimulus package. This package focuses on the ‘job keeper’ payment, aimed at helping businesses keep their staff, which will be a lifeline for many people over the coming months. Here a quick overview of what it means: Employers and sole traders will be able to apply…  Read more

Useful information and business resources on COVID-19

The last few weeks have been absolutely crazy. We’ve seen toilet paper shortages, businesses being forced to close, and an overload of information (and misinformation on social media). With the recent disruption in mind, we wanted to help support you however we can. We’ve seen a number of our clients already impacted by the virus and decided to put together some COVID-19 Resources to help you out. We’re always watching…  Read more

An Important Announcement – Office Closure

Our office is closed but we’re still here to help Like you, we’re watching the evolving situation with COVID -19 closely – grappling with both the human and health implications, and the associated financial and economic impacts it presents for people and businesses across the globe. As always, our key priority is the safety of our team members, clients, and our direct community. We want to assure you that we…  Read more

Is it the right time to take out a business loan?

In the lean, early years of running a business – that crucial time when most startups need capital – qualifying for a loan can be difficult. Step one is to build a solid credit rating, so a lender feels confident your company isn’t a high risk for repayment and can say “yes” to your application. Once you’ve established a positive credit score, the perfect time to take out a business…  Read more

Second Stimulus Package to combat COVID-19

The Federal Government has announced a second stimulus package as the initial package offered was not sufficient enough to target all the various types of Small Businesses in Australia. Sole Traders were inadvertently ignored – but this has now been addressed. Prime Minister Scott Morrison announced further assistance to support Businesses and Jobs for Australia. The package announced is estimated to be worth approximately $66 Billion and can be summarised…  Read more

Tips to Keep Your Business Finances in Order

If you’re like most small business owners, you spend the majority of your time managing daily operations, keeping customers happy, and looking for new ways to grow. Spreadsheets, cash flow analysis, and financial projections are probably not your first passion. However, measuring profitability, creating realistic budgets, and planning ahead for the future are crucial to your professional success. Follow these four tips to get a handle on the numbers, and…  Read more

COVID-19 Business Continuity Plan

I’m sure you are all concerned about the health and wellbeing of your loved ones during this current COVID-19 crisis. We as Australians need to all work together to get through this difficult period. At Westwoods BGA we have been working night and day, to keep all our business clients as up to date and informed as possible about all the Government stimulus packages available to support Australian Business owners.…  Read more

Run your business from the beach chair with Xero

Are you dreaming of a tropical holiday but don’t know how your business will keep going without you? You’re not alone. Xero’s research shows 76% of small business owners sacrifice their holidays to power through and keep their business running smoothly. The good news is you don’t have to be tied to your office anymore. Xero is a cloud-based accounting software platform that lets you run your business on the…  Read more

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