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Hemisphere Accounting

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25.01.2022 Cash is more often than not the reason why so many businesses fail. Positive cash flow is an absolute necessity if your business is to succeed and it doesn't happen on its own even if you're selling at the right price to maximise your profits. Cash flow needs to be PLANNED! That's why we strongly recommend a 12-month cash flow forecast. ... Any business that fails to accurately forecast its cash flow is on a collision course because without realistic projections, you won't be able to identify future cash shortages. It's frightening how many business owners do not get these fundamental steps done regularly: forecast likely cash position at the end of each month identify any fluctuations that may lead to potential cash shortages plan tax payments - all of them schedule major capital expenditure Proper planning will enable restructuring of of certain payments to prevent cash shortfalls occurring or you may need to have finance facilities in place. If you haven't started this yet, it's ok. Let's get to it now. Book in a complimentary call today to see whether one of our business packages would be a good fit to help you better manage your cash flow and your business: https://buff.ly/2LUM0ZO #smartaccounting #virtualCFO #cashflowforecast

24.01.2022 We're always intrigued when we get queries about why a Virtual CFO versus a bookkeeper. There's really no comparison. A Virtual CFO is much more than your typical accountant or bookkeeper. ... The right person, with the right skills and experience can and will actually help you make key business decisions - so that there is no guesswork when it comes to your business numbers. This impacts not just your tax planning, but also your business decisions relating to your inventory, cash management and hiring decisions. Personally, it's also possible to look into how it might impact your retirement planning! Bookkeepers comparatively are meant to perform routine admin tasks - record keeping and perhaps payroll. Essential tasks nonetheless, but their scope is limited. A Virtual CFO is more like a trusted advisor who will help you steer your business to the financial results you want. #virtualCFO #cashmanagement #businessadvisory

23.01.2022 Economic modelling shows the pandemic could cost CBD businesses $110 billion over the next five years compared to pre-COVID-19 projections....Much needed cash grants for businesses in Victoria. #businesssupport #cashgrants

22.01.2022 When you're running a business it's easy to get caught up in the day to day activities and lose sight of the bigger picture. Taking stock of your business financials is important. There are some simple financial ratios you can look at that will enable you to recognise trends and plan effectively. Do you look at...... Liquidity ratios? Solvency ratios? Profitability ratios? Want a quick financial health check? Let us know: https://buff.ly/2QfH0Q1 #smartaccounting #knowyournumbers #financialratios #virtualCFO

22.01.2022 A lot of small business owners use some of their personal funds to keep things running for the first few months. There’s nothing wrong with dipping into personal funds, but using your personal bank account for business can be troublesome. Having a separate bank account for business needs makes it easy for you and your accountant or bookkeeper to see how money is being spent. If you choose to use your personal account for business purposes, you could be overlooking important b...usiness transactions. Moving forward, make sure that you properly distinguish your business and personal finances. This may mean simply setting up separate credit cards and checking accounts associated with both. Be very mindful of spending decisions, ensuring that only business accounts are used for business-related costs. The same goes for your personal account. Setting up right from the get go is so important. If it's something you need help with, contact us here: https://buff.ly/2QfH0Q1 #business #smallbusiness #smartaccounting

22.01.2022 Making time to look over your financial reports each month is an important task for any business owner. If you're not making time to do this - too busy? Or not sure what you're looking at? - then it's probably more important than ever to take note 1. It's going to help you get a better picture of what is really going on in your business and more importantly make better decisions. 2. There's probably hidden pockets of cash available - you just need to know where to look ... 3. Better cashflow. Understanding how much money is in your business at any point in time affords you better control of your cash and your business. If you're still on the fence about why it's important to make sense of your financial reports, then we need to chat. Get in touch so that we can make a time to go through them with you. https://buff.ly/2ZmRVLk

22.01.2022 The Vic government has announced a $3BN COVID19 business support package with targeted support for businesses hard hit by the restrictions, such as hospitality and ski resorts. #businesssupport #coronavirus

21.01.2022 The Government's new JobMaker scheme passed both houses of Parliament yesterday. The scheme will be backdated to commence on 7 October 2020 and provide eligible with payments of up to $200/week for 12 months for new jobs created for which they hire young workers aged between 18 and 35. Eligible businesses can claim the credits up to 12 months from the date the position is created. And is only available for businesses that are increasing their total employee headcount. ... Visit our COVID19 Support page to find out more about the the Jobmaker Law. https://buff.ly/3aBikIT

19.01.2022 The Victorian Government is investing $3 billion to help businesses impacted by ongoing restrictions and prepare for COVID Normal business. $3 billion in cash grants, tax relief and cashflow support will be delivered to Victorian businesses that have been most affected by coronavirus (COVID-19) restrictions. The package will help businesses survive and keep Victorians in jobs. Feel free to share if you know someone who could use some support during these challenging times: ht...tps://buff.ly/2FCHYCT #businesssurvival #covid19 #businessadaptationpackage

18.01.2022 Must be a Friday! #accountantjokes #funfriday

17.01.2022 When it comes to small business accounting - education is everything. The more you understand the numbers in front of you, the greater your odds are at managing them well. That's how our Small Business Bootcamp was designed. Essential education for small business owners.... https://buff.ly/2s2bWJ6 #financialsystems #smallbusiness #smartaccounting

16.01.2022 The Tax Office has now updated its web guidance to confirm that while JobKeeper payments are ordinary income, they are not earned in the ordinary course of business, and hence are not included in the calculation of aggregated turnover. Concerns were focused on the fact that inclusion of JobKeeper payments in aggregated turnover would have an impact on entities being able to access tax concessions based on aggregated turnover thresholds. These included small business income ta...x concessions, small business CGT concessions, the instant asset write-off, the refundable R&D tax offset, and the base rate entity tax rate. The ATO was pressed into action by the Tax Practitioners Stewardship Group leading to the updated guidance and has since been described as a sensible outcome by the Tax Institute’s senior advocate, Robyn Jacobson. You can view the ATO’s update guidance here: https://buff.ly/3hfTBfN Image cred: Yahoo Finance

16.01.2022 It's not always easy to ask the question. But it's important we look around, especially now and pay attention when someone says they are not OK. In these challenging times, take a moment, pause... Ask...R U OK? ... #aconversationcouldchangealife #ruokday

14.01.2022 One of our most requested checklists... Need a hand with your recession response plan? Download here: https://buff.ly/32vMfkx... #recessionproof #cashmanagementplan

13.01.2022 The Victorian Government has announced a third round of the Business Support Fund to provide direct financial support to businesses impacted by restrictions in Victoria. The ‘How we work’ roadmaps show that many sectors will remain closed, restricted or heavily restricted as metropolitan Melbourne and regional Victoria reopens. Grants from this program will help businesses in these sectors survive the extended period of restricted trading. The amount of grants available from ...this program range from $10,000 to $20,000 depending on the business’ annual payroll Find out if you are eligible: #businesssupport #businessgrants #coronavirus

12.01.2022 As a small business owner it can be rare to find things going according to plan. But without a sense of direction, you're flying blind. There's no denying that you're going to need solid financial data to make smart decisions. We haven't met a business owner who's manage to make year on year growth sustainably without careful planning and consideration. Know how to read your financial reports.... Stay on top of your numbers. Need a hand? That's where we come in. Find out how we can help: https://buff.ly/3gsV1Uc #businessadvisory #virtualCFO #smartaccounting #financialmanagement

12.01.2022 When we drive a car the important information such as how fast we are going, how much fuel we have left and how hard our engine is working are in our field of vision. We can concentrate on what’s ahead of us whilst being generally aware of the key information. That’s what a financial dashboard does for your business. But it’s alarming the number of businesses who do not use one. ... As a business owner you need to focus on what is in front of you - whether that is hiring a new staff member, dealing with production issues or launching your latest marketing campaign. But without some key pieces of information you will be driving your business without knowing how fast you are going, how hard you are working your business and importantly how much cash you have left at any point in time - and this is not just what is in your bank account! A financial dashboard is something a Virtual CFO will help you establish so that you have real-time information: You can access quickly You can understand at a glance You can assess the financial health of your business Something you need? Let’s chat >> https://buff.ly/2QfH0Q1 #virtualCFO #financialmanagement #financialdashboard #knowyournumbers #businessgrowth Image from @Xero

12.01.2022 In some circumstances a business loan may be necessary to help you manage a negative cash flow. Borrowing money will help you get a handle on your finances before it is too late. Do not wait until you are in dire need of the money before applying for a loan. Be aware of the consequences. https://buff.ly/2IElzq0... #finance #cashflow #cashmanagement

09.01.2022 Business owners face a number of challenges that can keep them awake at night. The business landscape is particularly challenging right now with poor cash flow affecting even the most solid of businesses. It can be hard to keep the cash flowing in. Recession proof your business by implementing these strategies to keep the cash flow moving. Download here: https://buff.ly/32vMfkx... #recessionproof #cashflow #virtualCFO

09.01.2022 Accounting plays a pivotal role in businesses of every size so it's sad when small businesses think it's low priority. Accounting becomes an afterthought. Truth is maintaining balanced books can help your financial forecasts months into the future and alert you to potential financial gaps. The right accounting insight could even help you save your business in case things get tough...like they are now for some. ... If you're a small business owner who believes that accounting is tedious and intimidating, we get it - that's what most of our clients say. Until we show them how to make sense of their numbers. Once we've got your business 'back into balance' you'll reap the benefits that come with it. Find out what that might look like for your business. https://buff.ly/2QfH0Q1 #smartaccounting #bookkeeping #business #virtualCFO

07.01.2022 Are you aware that Jobkeeper has changed? From 28 September 2020 - There are two separate extension periods. For each extension period, an additional actual fall in turnover test applies and the rate of the JobKeeper payment is different. Find out more here: https://buff.ly/345vXxP.... #jobkeeper #recessionproof

06.01.2022 Cash is king when it comes to financial management of a growing business. Here are 4 steps that will help you keep track of the money coming in and out of your business. https://buff.ly/2eUcqtM... #cashflow #entrepreneur #smallbusiness #smallbusinessgrowth

05.01.2022 A quick reminder: From 28 September 2020, businesses and not-for-profits seeking to claim JobKeeper Payment will be required to re-assess their eligibility for the JobKeeper extension with reference to their actual turnover. The JobKeeper extension will be available to qualifying businesses and not-for-profits from 28 September 2020 until 28 March 2021. Get the Jobkeeper Extension factsheet on our Covid19 Support Page here: https://buff.ly/3aBikIT... #jobkeeper #businesssupport #covid19

04.01.2022 Figures from Xero on cash flow gaps in business show that over 62 per cent of Australian small businesses encounter late or unpaid invoices each year. Did you also know that 71 per cent of business owners said supplier's payment terms were often longer than their own, or their terms weren't adhered to. Almost 25 per cent say they wouldn't survive a month if all invoices owed to them were left unpaid, while 62 per cent said they wouldn't last more than three months. This is s...cary but also entirely manageable. As small business owners we need to have cash flow management front of mind. It's alarming to us when we find clients coming to us with basic cash management principles not in place. No cash flow forecast No expense register or an understanding of when obligations are due No billing process in place It's so important businesses are set up right from the start. And this is not just your business structure but your finances. Worth a chat to see how easily this could be fixed? https://buff.ly/36cK4V1 #virtualCFO #businessadvisory #smartaccounting #financialmanagement

03.01.2022 Entering a slow season in business? We get that times are tough for some. And no matter how well your business is doing year to year there will be periods where your business is more challenging than other times. We may be seeing some unprecedented conditions now. But know that there are ways to optimise your current business model or processes. ... One of the best things you can do is to allocate time to managing your money. Staying up to date with your finances is a must, but when things are slow use this opportunity to be productive and more strategic about your finances. Track your expenses and ensure that you're making essential purchases only Bill clients quickly Set up to take credit card payments or enable direct debits to get paid quicker Produce real time financial reports so that you can make smarter decisions Spend the time to get these fundamentals in. You're get massive returns on that time. Guaranteed! #financialmanagement #recessionproof #smartaccounting #virtualCFO

01.01.2022 Profit doesn’t always convert to cash. This means that managing the discrepancy between profit and cashflow is critical to ensure your business remains viable into the future. Are you using a cash flow forecast? Do you understand how important a cash flow budget is yet have no idea where to start creating one? ... If you want to be more in control of your business, it’s critical you are able to identify any issues that may be coming up at least 12 weeks in advance. Need a hand? https://buff.ly/2QfH0Q1 #virtualCFO #cashflowforecast #knowyournumbers #businessgrowth Image cred: https://buff.ly/3iWVWyi