Learn How to Manage Your Cash Flow With our Free Coaching Kit

How can you manage your cash flow with the recent challenges faced by small businesses?

Using our Cash Flow Coaching Kit, Northern Beaches Bookkeeping Solutions, your trusted adviser can work with you to answer this question.

The kit includes change lever tools designed to help you identify how to keep your business cash flow healthy.

Specific levers focus on increasing cash into your business and reducing cash out.

Your adviser can show you which levers work best for your business situation.

For example, if you need to change prices, the pricing change lever will help identify:

• the margin you need to generate from sales to cover your expenses
• whether you can implement small regular price increases
• your most profitable customers, products or services.

The Cash Flow Coaching Kit offers solutions to help manage a range of small business pressures. Richard Dudley of the Motor Trades Association of Australia says:

‘If you’re experiencing less income coming in the door and you’re struggling to absorb cost increases, consider how the pricing lever can be used to make changes to your pricing strategy and manage your cash flow’.

There are things you can do to help your business perform better in challenging times. Talk to your adviser about the Cash Flow Coaching Kit today.

This information is supplied by the ATO Small Business Newsroom

https://www.ato.gov.au/Newsroom/smallbusiness/General/Managing-cash-flow-in-challenging-times/?sbnews20221214

Entertaining your Employees

With summer just around the corner, you may be planning a party or a day on the green with your employees.

Before you fire up the BBQ, make sure you consider the fringe benefits tax (FBT) implications of your celebration.

These will depend on:

• the amount you spend on each employee
• when and where your party is held
• who attends – is it just employees, or are partners, clients or suppliers also invited?
• the value and type of gifts you provide.

Don’t forget to keep all records relating to the entertainment-related fringe benefits you provide, including how you worked out the taxable value of benefits.

Remember, registered tax agents can help you with your tax.

This information is supplied from the ATO Small Business Newsroom

https://www.ato.gov.au/Newsroom/smallbusiness/Employers/Entertaining-your-employees-/

Director ID Deadline

The deadline for directors of Australian companies to apply for a director ID has now passed. If you missed the deadline, you can still apply. We’ll take a reasonable approach with directors who are trying to do the right thing. After 14 December 2022, penalties may apply for directors who have deliberately not met their obligations.To apply onlineExternal Link, you must have at least a Standard identity strength myGovID. If you have a Strong myGovID it will streamline the application process as you only need to provide your TFN or residential address, as held by the ATO, at the ‘proof of record ownership’ step.If you’re one of the more than 1.9 million directors who have already lodged an application, you don’t need to contact us. Once you receive your director ID, keep it safe until you need it. You can share it with your accountant, company secretary, agent or tax professional. Resources are available in languages other than EnglishExternal Link and our demonstration videoExternal Link has a step-by-step guide to applying online.

For more information go to the Small Business Newsroom

https://www.ato.gov.au/Newsroom/smallbusiness/General/Missed-the-director-ID-deadline-/?sbnews20221214

Single Touch Payroll Phase 2 Reporting

Need help with STP Phase 2? Contact us for assistance to make sure your payroll is set up correctly in Xero for the new rollout of STP Phase 2 reporting.

Find out more about STP 2 on the ATO website – https://www.ato.gov.au/Business/Single-Touch-Payroll/Expanding-Single-Touch-Payroll-(Phase-2)/