Blog

July 13, 2015

When Should You Receive Monthly Salary?

One option business owners’ have is to include themselves in the payroll system but they have to balance their pay with the financial needs of the business. Have you seriously discussed this with your Bookkeeper Melbourne? If business owner’ include themselves on the payroll they have to consider the following; How much they pay themselves either in payroll, dividends and loans . The amount of money they take. Will it be more than the highest paid employee, or an amount that will make them comfortable? When is the time to get the money out of the business? Will it be alright if they will not pay themselves? The following guide will be of help; Consider the income flow of your […]

July 10, 2015

5 Financial Tips for Small Business Owners

Small business owners especially starters finds it hard to survive in a highly competitive climate. Here are some tips to guide them to succeed. Budget your spending. There is a need to know how much money is needed to break even and how much to spend to run the business on a day to day basis. Separate your income into categories: -prospective income -fixed expenses -variable expenses -pay cheque allowance Identify what is a necessary expense as what you want. Wants are limitless. Don’t spend, Invest. Items that will give you long-term benefits will be a priority in spending hard-earned money. Always balance the cost against the benefits. See also that your expense will help in increasing the business or […]

June 29, 2015

Five Mistakes to Avoid When Starting a Business

If you want to succeed in your business, you have to avoid mistakes to ensure survival in the business. Here are some tips when starting a business. Listed common mistakes that you have to avoid if you want continuity of your business. Trying to do it all. It is advisable not to do all the things by yourself. You employ people who can help you. Assign task that can be delegated so you will have time for more sensitive and bigger issues. Just make sure you allocate funds for salaries of your staff. Trying to do it alone. It is very tough if you will start a business alone. You need people who can give you support and counsel. Failing […]

June 23, 2015

Important Considerations When Employing People

Considered as the best asset of any business are their employees so that recruitment and retaining the right people is necessary for the success of any business operations. For employees to create value and return on investment both the needs of the employees and the employer must be met. Employers’ should know their legal obligations along with strategies to develop the skills of their working force. Hiring People – A guide to hiring the right employees can be found on the FAIR WORK OMBUDSMAN’s which will help your workforce in getting started to be on the right tract. The guide covers the following: Know the Law– this section discusses wages, record-keeping, superannuation, taxation, workplace health and safety and discrimination. Thinking […]