We have 7 steps for a smooth set up with or over to Xero! Switching to a new accounting system can be daunting but this course will show you the ropes. Over the next 7 days, we’ll send you some informative emails that will help you get set up and running on Xero. Sign up now and we’ll get you up to speed with Xero – simple and intuitive cloud… Read more
Inflation has ballooned worldwide in recent months, and there’s no question that small businesses are feeling the pinch. Supplies cost more, employees are hard to find, and your profits are shrinking. It’s undoubtedly challenging, but you can weather the storm with the following tips. 1. Study your data Your numbers are always helpful, but in times of rapid inflation, you’ll be especially thankful that you keep a nice, clean set… Read more
Businesses tend to progress more consistently if the owner sets financial goals and makes a plan to achieve them. The new year is a natural time to decide what you want to achieve and how. With that in mind, read on to learn the steps for setting financial goals for your business for 2023. 1. Review and evaluate your 2022 goals You’ve got to see where you’re coming from to… Read more
Check out our article in the Dec/Jan 2023 issue of The Tradie magazine. Brett Edmonds and the team here at Oracle Accounting & Wealth are ready to supply all bookkeeping, taxation and business-logistics needs to the ever growing building & construction industry. “Tradies are good at bringing the business in, and this is where their time should be spent, rather than worrying about the books and all the other things… Read more
Further hikes in interest rates are expected this year after new figures showed inflation increased again in November. New Australian Bureau of Statistics (ABS) figures have found inflation rose 7.3 per cent over the year to November, as the cost of housing, food and travel increases. The data revealed the inflation rate was back up from 6.9 per cent in October, putting the pressure on the Reserve Bank of Australia… Read more
Homes around Australia have lost an estimated average of $64,820 in value since May last year according to CoreLogic’s Daily Home Value Index. Between May 2022 and January 2023, Australian home prices saw a decline of -8.40 per cent, breaking the previous record in peak-to-trough declines, when home values fell -8.38 per cent between October 2017 and June 2019. “While the housing downturn between 2017 and 2019 lasted 20 months, the new record-breaking price… Read more
AustralianSuper continues to be beset with technology issues that are limiting the ability of some customers to access their accounts, nearly two months after a system upgrade sparked ongoing issues at the nation’s largest superannuation fund. The $258 billion fund, which has almost 3 million members, has been working on a rebuild of its online member portal and mobile app for several years, with the new digital platforms going live… Read more
It’s been a quieter year for funding in 2022, but that hasn’t stopped young Aussie businesses. This year we saw a huge amount of talent in the start-up sector. Between massive raises, the fight to save the planet and ventures into interesting spaces like death tech and cultured meat — Australian start-ups are firmly putting themselves on the map. Here are some that we’ll be keeping a close eye on… Read more
Department store chain David Jones will be back under Australian ownership, after being bought by a private equity firm. Anchorage Capital Partners announced it would acquire the 185-year-old brand after reaching an agreement with previous owners, South African-based Woolworths Holdings Limited. Woolworths bought David Jones in 2014 for $2.1bn, but neither group disclosed what the sale was worth. The deal is expected to be completed by the end of March next year.… Read more
The Reserve Bank has reserved the right to return to 50 basis point rate rises in the new year, as it delivered an alarming warning to Australian mortgage holders. Earlier this month, the central bank pushed up the cash rate by 25 basis points to 3.1 per cent. The minutes of the board meeting that prompted that decision, released last Tuesday, have revealed governor Philip Lowe and his fellow board… Read more
Australian women are earning nearly $26,000 less than their male colleagues as efforts to close the gender pay gap stall. The latest data released by the Workplace Gender Equality Agency shows the pay gap remains stuck at 22.8%. This means that for the first time, the gap in the 2021-22 financial year was the same as the year before, with women paid $0.77 for every $1 earned by men. Seven in 10… Read more
The end of the year is typically a reflective time. Something about that lull between holiday festivities and New Year’s Eve sets the stage for introspection and review. While you’re busy reflecting on the year that’s ending and the new one about to begin, make sure you take some time to consider your finances. Here are some financial tasks that should be on your must-do list before the calendar rolls… Read more
Australia is keeping an open mind on establishing a digital currency, but the Reserve Bank is unconvinced there is a case for it. The central bank is undertaking a pilot program for a digital eAUD currency. While it has attracted significant interest from industry, assistant governor Brad Jones is unsure of its role in Australia. “A strong public interest case would first need to emerge. On balance, we have yet… Read more
Young people, students and carers will receive the biggest boost to their social security payments in decades on New Year’s Day. Payments will increase by 6.1% from 1 January for people receiving youth allowance, Austudy and carer payments. The increase is part of a routine adjustment to keep up with increases in the consumer prices index. Amanda Rishworth, the social services minister, said the indexation increase would help to lessen… Read more
Cracks are emerging within the government’s plan to follow through on stage-three tax cuts, as a senior minister claims Australians earning $150,000 a year are struggling. Government Services Minister Bill Shorten – who as Labor leader fiercely opposed the former government’s income tax cuts – said inflation and other cost-of-living pressures were harming Australians earning over the $100,000 threshold. Speaking in defence of the government’s industrial relations reforms, which went… Read more
Christmas shoppers are being urged to exercise extreme caution while buying gifts for family and friends this festive season, with online fraud on the rise. Fake online toy shops , far-too-cheap puppies and text alerts for deliveries you never ordered are just some of the scams expected to do the rounds this year. The assistant treasurer, Stephen Jones, has urged people to shop with a crucial mantra in mind: “If… Read more
As mortgage rates continue to rise around the globe and are widely tipped to keep increasing into 2023, there are a great many analyses on how different nations may end up faring amid this challenging environment of higher interest rates and high inflation. While different methodologies produce slightly different results depending on the approach taken, there are two findings that are consistent regardless: Australia is one of the worst placed nations in… Read more
Reserve Bank governor Philip Lowe has apologised to Australians who may regret taking out a home loan off the back of guidance that interest rates would remain unchanged until 2024. Appearing before a Senate estimates hearing on Monday morning, Dr Lowe said it was “regrettable” that the RBA did not make it clear the commentary was conditional on the state of the economy. “I’m sorry that people listened to what… Read more
The end of the year tends to be a bit chaotic for business owners, but it’s actually a good time to get some extra housekeeping done for your business. Read on for some tips to help you finish the year neatly and feel prepared to face the new year. Review your goals and KPIs A lot has likely happened for your business over the course of the previous 12 months.… Read more
The holiday season is typically busy, whether you run a retail business or a service-based one. If you’re not helping shoppers, you’re helping your clients fit in their appointments before year end. There’s a lot to do and the time passes quickly. Take this opportunity to show clients and customers how much you appreciate their business. After all, it’s less expensive to retain existing clients than it is to attract… Read more