BNR Business Accountants | Financial service

BNR Business Accountants

Phone: +61 3 9785 2395

Address: 5/10 Apsley Place 3198

Website: https://www.bnrba.com.au/

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• Tax preparation service
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25.01.2022 There is a wave building up behind us. The wave of recovery. Start paddling now........ As we quietly emerge from our Covid19 caves, blink at the bright lights of a recovering society, and try to figure out whats going on in this "New World", there are opportunities lying in wait. Those who are prepared, have a plan in place, and can come out running, will find a once-in-a-lifetime chance to get ahead of the competition and gain market share in their chosen space. The others, who expect that everything is same-same and normal as before, may find a nasty surprise. It's not the same, and you need a plan. The climb out of this event may take months, but your clients/customers need to hear from you. Now. To know you are back and open for business. You need your business set up and ready to recover. To be able to grow whilst others aren't ready. If you haven't yet, start. If you have started, continue. If you need help from our team, ask. We are here to help! 1300 2 BNRBA

25.01.2022 Contact us anytime for your business accounting needs: [email protected]

23.01.2022 From all of us here at BNRBA, we wish you a happy and healthy Christmas. Stay safe, and enjoy this time with one another.

23.01.2022 This is your yearly reminder. It can be hard to raise your prices, but it's business!

23.01.2022 Jobkeeper 2.0 rules announced! Changing rates, part time recognition, re qualification after September... see attached Treasury link for details, or give us a call on 97852395 and we will help you out! https://treasury.gov.au/coronavirus/jobkeeper

22.01.2022 So, how is YOUR business going in the new "Recovery" stage of the pandemic? One thing we have learned through this process is that, as much as we previously thought that businesses had a great deal in common, dropping events like bush-fires and Covid19 into the mix definitely brought out a variety of pain points and responses. In our client mix, we have had some businesses boom, whilst others survive on government packages. Some are business as usual, others are awaiting the ...inevitable lag effect for their industry. So it's important to give attention to both the broad economic impacts and the more specific localised and industry influences when mapping out the best way forward for YOUR business. Plan YOUR strategy. Align YOUR goals. Set YOUR budgets and cash flows. Now that the cafes are open again we are taking bookings for IRL (in real life, I have a 12yo daughter!) meetings to help you map out your recovery plan. Or maintenance plan. Or "take over the world" growth plan. YOUR business plan. Let us know if you want to catch up. We are here to help!

22.01.2022 Great chatting with the Easy Weddings Supplier Network on Jobkeeper updates and other grants. Thanks for having me Easy Weddings!

22.01.2022 Small business checklist: 1. Charge what you think is fair 2. Value community over competition 3. Invest in education and upskill 4. Set audacious goals for yourself... 5. Love what you do 6. Be authentic and grateful 7. Get a lawyer and a great accountant. See more

22.01.2022 What's your elevator pitch? Dont invest heavily in a market space that is already busy, unless you have a strong point of differentiation. https://bnrba.com.au/

20.01.2022 It's exciting to see Melbourne leaving lockdown and springing back to life. Hope you all had a wonderful Tuesday off for the Melbourne Cup.

18.01.2022 In case you missed it! We're a 2021 finalist in the Client Choice Awards The Client Choice awards are in their 17th year, and more than 300 firms entered the awards this year. Nearly 18,000 pieces of client feedback were used to adjudicate the awards this year. We’d like to take this opportunity to thank our incredible clients for their feedback. Without you and your feedback, this would not have been possible. https://bnrba.com.au/2021-client-choice-awards/

18.01.2022 The Financial Cliff is fast approaching have you prepared your cash flow forecast?

18.01.2022 We've only just started this page, so if you would be so kind, we would hugely appreciate you inviting your friends to like us. You can easily do this in three steps: 1. Visit our page 2. Click the three dots next to "Share", and select "Invite Friends" 3. Click "Select All" and send. ... It's that simple!

18.01.2022 Our top tips to sort out right now in your business: Do a cash flow forecast. If nothing else, this is the one essential tool to guide you through this mess. You need to know what is coming. Your bank will need this to give you access to cash. If you dont know where you are now, and your short-term receipts and payments, how can you possibly plan ahead? Collect your debts, quickly. This could be the last time some of your customers have cash. Its possible your debtors' ...list has some zombie companies (collecting the cash grab from the government until the flows stop and they call insolvency) or even just some unfortunates who will run out of money anyhow. Dont be the one who doesnt get paid. It may even pay to offer discounts for early payment to get ahead of the queue. Sure you have PPSR to fall back on (dont you?) but cash in hand beats fighting insolvency lawyers for payment. Plan to cut a deal with creditors Your suppliers are businesses too. This will affect them. If you have the cash, maybe talk to them to get better rates or discounts for early payment. Dont run yourself out of cash, but use your cash flow to evaluate whether this could work for your business. Check your stock levels. Now is the time to review stock, and ensure you havent tied up too much money in stock that may move slowly or not at all over the next few months. Talk to your bank If you have all your numbers up to date and forecasts done, talk to your banker. You may be able to get access to a COVID loan (50% government back) or if not, at least review your position and maximize available cash. Maybe go for 6 months interest only on a business loan or mortgage. Lift your overdraft facility. Get access to cashflow. I realise this is a doom and gloom piece that paints a very dystopian business landscape for the near future, and I really hope I have overshot the downside on this and we come back stronger and quicker than expected. And if that happens, the advice above will only have you in a stronger position anyhow, so what do you have to lose?

18.01.2022 Timely reminder to ensure you get the right advice... https://www-accountantsdaily-com-au.cdn.ampproject.org//amp

17.01.2022 Achieve more freedom of time, money and choice. https://bnrba.com.au/ or call us on 1300 226 722

17.01.2022 So, are you keeping up with the ATO and JobKeeper? The latest "clarification" is out re cash vs accruals GST income for the sales test, and it basically warns that if you use a different method than you normally would for GST "we may ask questions " aka they will be auditing you!... so don't be dodgy just to qualify. Reach out on [email protected] if would like to discuss this (or audit insurance!) with us.

17.01.2022 How are you supporting your local businesses at the moment?

16.01.2022 The old way of running a company was work hard, sell lots, and well make a profit Im sure. The only metric was cash in the bank. In todays dynamic environment, this does not cut it. The new way of doing business is to measure where you are now, articulate where you want to be and plan the strategies of how to get there. This will involve using the appropriate metrics to measure progress on a regular basis.... Get in touch here: http://bnrba.com.au/

16.01.2022 Lockdown is hard for everyone - here are some ways to support your business and staff.

15.01.2022 We're Xero partners. But why? So intuitive and simple to use Easy access from anywhere, true cloud-based accounting Two-factor authentication security... Integrates with pretty much everything...massive add on ecosystem Auto bank feeds save HUGE amounts of data entry time Stress-free payroll and STP reporting Reach out to us and see if Xero can make your life better. (03) 9785 2395 or visit https://bnrba.com.au/xero/

15.01.2022 1. Look back - List the accomplishments & disappointments. Jot down what you would change. 2. Make a vision board for your personal life and your business. 3. Be Specific. Don't be vague, make SMART goals. 4. Set up Systems to ensure your success in 2021.

14.01.2022 Do you agree? We'd love to help your business achieve what you want in 2021. The time to plan is now. Give us a call or enquire on our website.... https://bnrba.com.au/

14.01.2022 When working on your business, investing in the basics is so important. If you don't get the basics sorted, successful outcomes will always be harder to reach. https://bnrba.com.au/

14.01.2022 Following on from the previous announcements, Grant applications are now open for the $5,000 Business Support Fund. See below, and if you need assistance please reach out, this is an intensive form so read the instructions prior to application Cheers.... The BNRBA Team. Business Support Fund - Expansion The program is now open for applications. Eligible businesses are invited to apply for a one-off $5,000 grant which may be used to assist the business with meeting business costs, seeking financial, legal or other advice, developing the business, or any other supporting activities related to the operation of the business. Please visit the Business Victoria website for information on eligibility criteria and how to apply. Apply now

12.01.2022 Always a pleasure to see reviews like this come through! Thanks, Jessica for your kind words.

11.01.2022 Why do we love Xero? So intuitive and simple to use Easy access from anywhere, true cloud-based accounting Two-factor authentication security... Integrates with pretty much everything...massive add on ecosystem Auto bank feeds save HUGE amounts of data entry time Stress-free payroll and STP reporting Reach out to us and see if #Xero can make your life better. https://bnrba.com.au/xero/ or call us on (03) 9785 2395

10.01.2022 Great offer, any support is good support going forward from here!

10.01.2022 Australia, and Victoria, in particular, are heading into what are possibly the hardest financial times in living history. Unemployment figure estimates at anywhere from 10 15% depending on who you ask, potential property devaluations, and a depressed business climate that is still lying on the ground, severely wounded by the various COVID lockdown levels since March. The economy is only limping along in its current state due to Government assistance, via JobKeeper, Cash flow... boosts and the like, that have increased Government debt by around half a trillion dollars. Come the end of September, much of this support will stop. Depressing stuff. So what should you, as a surviving business owner, do now? Go back to basics and remember the Boy Scouts motto of Be Prepared. Acknowledge that this is going to be a long slow recovery, but also realise that some of your competitors may not be around, so it may be a prime opportunity to grab some market share. As always, reach out, we are here to help.

10.01.2022 What is your competitive advantage? Have a look at your own business and industry. What is your competitive advantage? Is it sustainable? What is YOUR unique selling point? Could you revolutionize the market somehow? Remember, the best businesses solve a problem. It all starts with an idea.

09.01.2022 Each quarter, it's important to check in a few key areas: Did we meet our quarterly sales forecast? Was our gross margin % up or down on last quarter? On this quarter last year? Did we have an expense blowout?... Are debtors and cash where we predicted they would be, and if not, why not? How many new potential customers did we see, and what was our conversion rate? See more

09.01.2022 A nugget of wisdom from the great Michael Jordan. Sometimes you have to put things into perspective!

09.01.2022 How to stay productive when working from home.

08.01.2022 ATO audits with up to $12,500 fines and penalty tax for people lying to get early access to $10k of their super..... https://www.afr.com//it-s-their-money-no-ato-checks-on-ear

08.01.2022 What's your goal for the new year? Remember that you can do anything, but not everything. Delegate. Find mentors and businesses to support you that you can trust. ... https://bnrba.com.au/

08.01.2022 The Victorian Government has announced more grants this week to help hardest-hit businesses with $3b in cash grants and cash relief. As applications open we will know more but keep an eye out to see if your business could be eligible for additional support.

08.01.2022 We're finalists for the 2021 Client Choice Awards! https://bnrba.com.au/

07.01.2022 Reminder that tomorrow is Valentine's day! Don't forget to treat yourself and your loved ones

07.01.2022 If you are at, lets say, the "tail end" of the implementation curve, its still not too late to check in for JobKeeper if you are eligible.. but... it is too late for April claims after Sunday! If you need us, send a message, we are here to help :)

03.01.2022 Today is the day - the first Jobkeeper Claim Form can be lodged today! This is an Electronic Form where you declare the eligible employees for your business, nominate the Eligible Business Participant, and validate the fortnights (FN) you are claiming for. You also need to confirm April Turnover and May budgeted GST turnover.... If you have access to your portal via MyGovID, log in and the form should be ready to go. If you are using STP compliant software, your employee list will be pre populated. If not, you will need employee TFN and date of birth handy. Good luck, and May the 4th be with you ... (sorry couldn't resist) As always we are here if you need on 9785 2395 or [email protected]

03.01.2022 Did you know one-off grants of $5,000-10,000 are available for eligible Victoria businesses as a way to support them through the latest COVID-19 restrictions? The program closes in 25 days, so you have plenty of time to apply, but don't delay. Apply here: https://www.business.vic.gov.au//bus/business-support-fund

02.01.2022 Past clients, we would greatly appreciate a review on our Google My Business page if you have a minute. https://bit.ly/2zghRON

02.01.2022 *Update! Applications open, let us know if you need help* The Victorian Government is expanding the $10,000 Cash Grant to now include Victorian businesses (but not sole traders...) that are receiving JobKeeker, and have payroll <$650,000.... stay tuned for further updates, and let us know if you would like us to help you with this! https://www.premier.vic.gov.au/supporting-more-victorian-b/

02.01.2022 Every year we see scammers contacting the public claiming to be the ATO. A few years ago, my client received a call. The caller had stated that my client was in a major default of her tax obligations due to large understated income amounts, and had to rectify the situation immediately. She was instructed to not get off the phone, but to immediately arrange to make payment of several thousand dollars to the account that the caller was to provide. The caller stated that the lo...cal police were on the way, and in 45 minutes would arrive to arrest her for tax fraud should she not comply. She was accused of being a serious criminal and defrauding the government, a federal crime. Luckily, she didn't have the funds available, managed to end the call and speak to me, still in tears from the episode. It took me quite a while to convince her she wasn't in trouble. As a tax agent, I am aware that this is not how the ATO operates. But for some poor innocent victim, this is a majorly stressful event and compliance with the caller may seem the only choice. These parasites run a numbers game, knowing that if they are abusive and confronting enough, often enough, eventually someone will pay them the money. Please be aware of scams like this.

01.01.2022 Remaining nimble is an essential part of a successful strategy. So if you are having problems attracting new franchisees, or new clients... maybe its time to try something different. Review your model, and ensure that "what you did" is not the reason for "what you do".