Prestige SME Business Solutions in Brighton East, Victoria | Accountant

Prestige SME Business Solutions

Locality: Brighton East, Victoria

Phone: +61 413 136 610

Address: 2/62 Thomas Street 3187 Brighton East, VIC, Australia

Website: http://www.prestigesme.com.au

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• Business service
• Accountant
• Business consultant

24.01.2022 Thinking about upgrading from manual accounting to the cloud-based option or not happy with your current accounting software? Xero subscribers in Australia and New Zealand have passed the 1 million mark and it could not have done it without the loyal support of all these business owners. To celebrate this milestone Xero are offering a great offer. ... You can get 50% off for three months on new subscriptions to Xero Business Edition plans prior to December 19. #smallbusiness #financialaccountingadvisor #profitgrowth #cashflowmanagement #businessgrowth #xeroautomation #bookkeeping #virtualCFO #financialmentor

23.01.2022 Are Cracks Starting to Appear in Franchises? You get made redundant plus a payout or get a big super pay out or want to start your first business and buying a franchise seems a safe bet. Banks are very eager to lend as there is a structure and business model. But how good an investment is it? A dramatic assertion by a group of franchisees has suggested that franchising may no longer be a viable business model, just months after a prominent franchisor lashed the government f...or doing an appalling job protecting these business owners. Franchising, as a business model, is on life support and needs urgent changes for there to be any chance of survival. However, the problem is that some one of these franchises, due to the absence of checks and balances in the Code of Conduct, are a pen stroke away from becoming another catastrophe. Maybe buying a non-franchise business is becoming more appealing! #smallbusiness #financialaccountingadvisor #profitgrowth #cashflowmanagement #businessgrowth #xeroautomation #bookkeeping #virtualCFO #financialmentor

19.01.2022 Christmas Comes at a Cost for SME owners Over 50% expect to miss sleep and time with family over holidays Most Australian small business owners will be putting their businesses ahead of their personal wellbeing over the Christmas period.... 58% of SME owners said they would miss sleep over the festive season due to work, and 63% doubted they would have a chance to relax or wind down. 40% will likely receive payments from debtors late and will spend an average of 8 hours a week chasing outstanding invoices to help with cash flow issues. In addition to sacrificing their wellbeing, small businesses are spending up to one working day every week chasing invoices. SME owners that focus on improving their businesses are the most likely to get ahead. Businesses that experienced growth in sales, profitability and productivity were those that are 'innovation active'. They tend to put effort into significantly improving their operations or offering new goods and services and considering the big picture rather than the day to day of running a business. #smallbusiness #financialaccountingadvisor #profitgrowth #cashflowmanagement #businessgrowth #xeroautomation #bookkeeping #virtualCFO #financialmentor

17.01.2022 Why Working with Clients You Hate is a Terrible Business Strategy Yes, we may at times get desperate for clients and revenue to keep our cash flow alive. But is it all worth it? ... Wouldn’t it be better to put a bit more work in, be selective and work with people you want to work with get paid what you are worth? Your health/ stress levels is your No. 1 priority. We all need to learn to say No to dud clients. Makes sense! Every business person has a story of the worst client that they ever dealt with. Every single one of us has made the mistake of taking on a client that they shouldn’t have. Sadly, however, there are a number of business people who seem to collect the dregs of the customer world. You might be thinking, a client’s a client but that’s not true. If your customers are all douchebags they’re hurting your business. How many Dud Clients Do You Have? #smallbusiness #financialaccountingadvisor #profitgrowth #cashflowmanagement #businessgrowth #xeroautomation #bookkeeping #virtualCFO #financialmentor

17.01.2022 6 Ways to Keep Your Company and Employees Cyber Secure This Holiday Season There has been a 4,671% increase in gift card related email scams this year. These fraudulent emails peg losses to small businesses and customers at $1,021,919 since January of 2017. Cybercriminals are sending unsuspecting victims customized business email compromise (BEC) emails that attempt to lure them into purchasing gift cards for business or personal reasons.... - Spot Fake Display Names - Adopt A Policy - Designate an Employee - Focus on Certain Employees - Know Your Vulnerability by Industry - Take A Broad Approach - Organizations should educate their employees to understand the value of the information they process and how to identify and report email fraud attempts. This people-centric approach to cybersecurity is necessary for small businesses to protect how people work today. #smallbusiness #financialaccounting #profitgrowth #cashflowmanagement #businessgrowth #xeroautomation #financialcontrollerconsultant #bookkeeping #virtual CFO

17.01.2022 What Is The latest in Online Accounting Software in Australia? Accounting software companies are developing products at a breakneck pace for small business and accountants. Here are the pros and cons of Xero, MYOB, Sage and more. In the past 12 months, the CEOs of Xero, Intuit and Sage three global brands that together represent over five million business subscribers have either stepped down or been fired. ... Some observers have referred to this as the end of the first era of cloud accounting and beginning of a new one. Certainly, online accounting software is reaching notable benchmarks in terms of its maturity. It has largely replicated the power of desktop accounting software, either directly or through large ecosystems of compatible online applications. In the past 24 months all three majors have migrated to Amazon Web Services (AWS), the most popular platform for running software-as-a-service (SaaS). Further, the latest competitive front is automating the basic bookkeeping services of collecting source documents, turning them into bills and invoices and reconciling against transactions. #smallbusiness #financialaccounting #profitgrowth #cashflowmanagement #businessgrowth #xeroautomation #financialcontrollerconsultant #bookkeeping #virtual CFO

16.01.2022 Business is Tough but This Is Unfair, Franchising Bullying! I currently own a franchise. It has been 7 months since taking over. At the start, we had amazing staff and team then head office pretty much took all our staff and Manager and left us to find a new team. We went from making $20k a week to now $10k on a good week. ... No help with training new staff from franchisor or help on how to improve our business. With sales, we are left stuck and don’t know how to pick it up. Have lost 80% of clients due to the change and staff turnover. Any advice on how to fix it? You can due your due diligence before buying a business, especially a franchise but how do you avoid something like this? This is dead set below the belt tactics. Solutions can include doing whatever it takes to recruit experienced staff, source good training programs and most importantly now document all systems and procedures that the stolen staff practised. Clients names and emails should have been kept as some may be poached back with the right approach. As to gaining new clients, doing a powerful Joint Venture or Cross Promotion would be a good start. #smallbusiness #financialaccountingadvisor #profitgrowth #cashflowmanagement #businessgrowth #xeroautomation #bookkeeping #virtualCFO #financialmentor

14.01.2022 When John Demartini was told he will never read and write and then in later life read 30,000 books and wrote 300 you sit up and take note. If you want to listen to an amazing 9 minute interview by Nathanial Bibby (Bibby Consulting) you will be totally inspired. If not, I am not sure what will! John is a human behaviour specialist who has met 2,000 celebrities worldwide.... His message to business owners is the Equity Theory i.e. nice equity, the world wants filling people’s needs and also people like you and me need to fill our needs. People need to do more diligence. Business is about service and making money. It is important what is meaningful to you and other people. Caring is important. John says that if anybody tells you that you cannot achieve your dreams, thank them because they have given you the exact void you need to go and do something amazing in your life. #smallbusiness #financialaccounting #profitgrowth #cashflowmanagement #businessgrowth #xeroautomation #financialcontrollerconsultant #bookkeeping #virtual CFO

13.01.2022 ATO Missed a Golden Opportunity with Single Touch Payroll. Is Your Super Up To Date? The thinking behind STP was providing more information to the ATO so they knew businesses that were well behind their payment schedule especially for PAYG, Super etc. But, why wasn’t the other part of this innovation to automate transfers from business bank accounts to the ATO and Super funds after each payroll?... Businesses will continue to use ATO funds for cash flow breathing space. STP will only reduce the length of time you can do it for before you get that nasty ATO letter or phone call. This step would have ensured employees were up to date with super fund payments. How many actually check their super fund statements regularly? If a business goes under, you could lose thousands of dollars in Super. Many people have! How often do you check if your employer is meeting their Super obligations? #smallbusiness #financialaccountingadvisor #profitgrowth #cashflowmanagement #businessgrowth #xeroautomation #bookkeeping #virtualCFO #financialmentor

11.01.2022 Payment Times Biggest Cause of Disputes for Small Business Paying creditors on time (no problems if you maintain a healthy cash flow) will save you thousands of legal dollars, time, stress etc. New research has found that small businesses in Australia are paying more than $130,000 to resolve a dispute through formal pathways; double the cost of a decade ago. ... The research also showed 22% of small businesses surveyed had been involved in a serious dispute in the last five years. Nine out of 10 were business-to-business disputes and one in 20 were business-to-government. Three out of five sought legal advice from a lawyer. As the expected costs of further action most often outweigh the potential gain. Half of those surveyed considered the amount of time and effort required was unreasonable. One-third of disputes are not escalated through a formal process; instead, the small-business owner sought to resolve it by speaking with the other party and coming to an agreement. #smallbusiness #financialaccountingadvisor #profitgrowth #cashflowmanagement #businessgrowth #xeroautomation #bookkeeping #virtualCFO #financialmentor

10.01.2022 Are You Paying Too Much for These Business Expenses? One good holiday book to read is Profit First which is a must read for business owners. It teaches you how to turn your business from a cash eating monster to a money-making machine. This involves implementing a strategy that helps you lower expenses, pay off debt and start to pay yourself profit first.... One of the main takeaways that really stood out to me in the book is how much money business owners waste on expenses. We often like to tell ourselves that we need to invest a ton of money into our business in order to be successful. Are you spending a ton of money marketing your business? Instead of paying so much for advertising, consider using all free aspects of social media to promote yourself. One thing that can eat into your profits is payment processing services. In order to accept credit and debit card payments, you often need to pay for payment processing software which comes with a fee. You also want to make sure there are no hidden fees and you have all the features you need to accept payments quickly and painlessly for your business. It’s easy to get so caught up in the idea of investing in your business that you start to overpay for services and expenses you think you need. It’s best to audit your business expenses every few weeks and shop around to see if you can find more affordable alternatives to the expenses you need to keep around. #smallbusiness #financialaccountingadvisor #profitgrowth #cashflowmanagement #businessgrowth #xeroautomation #bookkeeping #virtualCFO #financialmentor

09.01.2022 We Can All Learn from These Common Mistakes from Failed Businesses A university-led research project, billed as being the first-of-its-kind, has asked more than 100 CEOs and business owners about the reasons their previous companies had failed. The experts say that you learn more from your failures than your successes. So true!... Top Reasons for SME Failure - Insufficient leadership and management (13%) or planning and execution (12%) 25 per cent - Inadequate market research, marketing, sales 17 % - Poor financial management 14 % - Underestimating the impact of externalities 13 % - Poor governance structures re partners, family 11 % - Product or service problems 7 % - Poor management of people 6 % - Inexperienced CEO 4 % - Wrong strategy or poor implementation 3 % #smallbusiness #financialaccountingadvisor #profitgrowth #cashflowmanagement #businessgrowth #xeroautomation #bookkeeping #virtualCFO #financialmentor

06.01.2022 Parliament Passes Small Business Single Touch Payroll. Get Ready for July 1, 2019 Single Touch Payroll was passed by the Senate this week. The Senate on Wednesday (5 December) passed the bill proposing to extend STP to employers with 19 or fewer employees from 1 July 2019. It has since published an initial list of suppliers that will provide such solutions that are required to be affordable, costing less than $10 per month, takes only minutes to complete each pay period and d...oes not require the employer to maintain the software. ATO commissioner Chris Jordan has also pledged to ease microbusinesses into the STP regime, stating that they will not be forced into purchasing payroll software, with a number of alternate options set to be available, including the option of allowing their registered tax or BAS agent to report quarterly, rather than each time they run their payroll. Exemptions to STP reporting will also be available to businesses that have no internet or an unreliable connection. Are you ready for STP? #smallbusiness #financialaccountingadvisor #profitgrowth #cashflowmanagement #businessgrowth #xeroautomation #bookkeeping #virtualCFO #financialmentor

05.01.2022 Appster Collapse Shows ‘Fixed-Price Dangers’ The tech industry is mulling the impact of the collapse of Appster last week, with one insider suggesting that it serves as a warning to businesses of the dangers of fixed-price services. On 6 December, the Melbourne-headquartered company with four offices around the world went into liquidation.... Appster disrupted the app development market by claiming that fixed-priced development was the only way to go, implying anyone not working this way was in some way ripping off their clients. Co-CEO Mark McDonald wrote on the Appster website: ‘First, I advise you to NEVER agree to pay an app developer or an app development company by the hour. This is a great way to end up throwing your money away Professional, responsible app development companies know how long it takes to develop an app and will have no problem quoting you a fixed cost.’ Fixed Price or Hourly? #smallbusiness #financialaccountingadvisor #profitgrowth #cashflowmanagement #businessgrowth #xeroautomation #bookkeeping #virtualCFO #financialmentor