# Metrix Advisory > Metrix advisory - Virtual CFO Sydney - Accounting Services --- ## Pages - [Terms of Engagement for METRIX ADVISORY](https://www.metrixadvisory.com.au/terms/): TERMS OF ENGAGEMENT – PROFESSIONAL ACCOUNTING SERVICES Thank you for selecting us to conduct your professional accounting needs. We look... - [Privacy Policy for METRIX ADVISORY](https://www.metrixadvisory.com.au/privacy-policy/): At METRIX ADVISORY, accessible from https://www. metrixadvisory. com. au, one of our main priorities is the privacy of our visitors.... - [Blog](https://www.metrixadvisory.com.au/blog/): Articles - [Contact](https://www.metrixadvisory.com.au/contact/): Contact Your Trusted Business Advisor Have questions or need help? Use the form to reach out and we will be... - [Accounting, Bookkeeping, and Payroll Processing: The Pillars of Business Success](https://www.metrixadvisory.com.au/accounting-bookkeeping-payroll-processing/): Accounting, Bookkeeping, & Payroll Processing: The Pillars of Business Success As a business owner, you know that managing your finances... - [Financial Due Diligence on Acquisitions Sydney Australia](https://www.metrixadvisory.com.au/financial-due-diligence-on-acquisitions-sydney-australia/): Financial Due Diligence on Acquisitions Understanding the Importance of Evaluating Historical Financials, Identifying Key Drivers, Preparing Business Valuation, and Planning... - [Company Setup and Structure Sydney Australia](https://www.metrixadvisory.com.au/company-setup-and-structure-sydney-australia/): Company Setup and Structure When starting a business, one of the most important decisions you’ll need to make is how... - [Xero Setup Sydney Australia](https://www.metrixadvisory.com.au/xero-setup-sydney-australia/): Xero Setup Xero is a cloud-based accounting software designed for small and medium-sized businesses. It was first launched in 2006... - [Finance Support Functions Sydney Australia](https://www.metrixadvisory.com.au/finance-support-function-sydney-australia/): Finance Support Functions Australia Meaningful advise cannot be provided without ensuring the accuracy of financial statements. This package includes bookkeeping,... - [Tax & Compliance Sydney Australia](https://www.metrixadvisory.com.au/tax-compliance-sydney-australia/): Tax & Compliance For businesses in Australia, tax and compliance can be complex and time-consuming. With a range of tax... - [Virtual CFO Sydney Australia](https://www.metrixadvisory.com.au/virtual-cfo-sydney-australia/): Virtual CFO Services At Metrix Advisory, we specialize in providing tailored Virtual CFO services to businesses across Australia. Our expert... - [About](https://www.metrixadvisory.com.au/about-us/): About Our Story Many owners run their business without a defined vision or strategy as to what they want to... - [Videos](https://www.metrixadvisory.com.au/video-testimonials/): Videos Metrix Advisory – Video Gallery - [Home](https://www.metrixadvisory.com.au/): Are you looking for aVirtual CFO in Australia with real world business experience ? We have the expertise, experience and... --- ## Posts - [Automating accounts payable or receivable for efficiency with applying AI tools to finance workflows](https://www.metrixadvisory.com.au/automating-accounts-payable-or-receivable-for-efficiency-with-applying-ai-tools-to-finance-workflows/): In today’s fast-paced business environment, optimising financial processes is crucial formaintaining competitiveness and efficiency. One area where automation can make... - [End-of-Year Tax Tips: How Aussie Small Businesses Can Maximize Deductions Before June 30](https://www.metrixadvisory.com.au/end-of-year-tax-tips-how-aussie-small-businesses-can-maximize-deductions-before-june-30/): As June 30 approaches, now is the time for small business owners in Australia to take action and reduce their... - [Data Security in Financial Systems: What Australian Businesses Need to Know in 2025](https://www.metrixadvisory.com.au/data-security-in-financial-systems-what-australian-businesses-need-to-know-in-2025/): With cyber threats on the rise, data security in financial systems is a top priority for Australian businesses in 2025.... - [Essential Financial Metrics Australian Business Owners Should Track in 2025](https://www.metrixadvisory.com.au/essential-financial-metrics-australian-business-owners-should-track-in-2025/): Navigating today’s complex financial landscape requires clear insights and strategic guidance. For Australian business owners in 2025, tracking the right... - [Optimise your business structure for success](https://www.metrixadvisory.com.au/optimise-your-business-structure-for-success/): Choosing the right business structure is a critical decision for any entrepreneur or business owner in Australia. Your choice will... - [Multi-Entity Management Made Simple: Xero Configuration Strategies](https://www.metrixadvisory.com.au/multi-entity-management-made-simple-xero-configuration-strategies/): Managing multiple business entities has become a critical operational challenge for growing enterprises, particularly in Sydney’s dynamic corporate ecosystem. With... - [The Future of Bookkeeping: Embracing Technology for Efficiency](https://www.metrixadvisory.com.au/the-future-of-bookkeeping-embracing-technology-for-efficiency/): This article explores the latest trends in bookkeeping, highlighting how technology is reshaping the industry and offering best practices for... - [Alternative Investments in 2025: Key Themes for CFOs](https://www.metrixadvisory.com.au/alternative-investments-in-2025-key-themes-for-cfos/): As we step into 2025, the landscape of alternative investments is evolving rapidly, presenting unique opportunities for Chief Financial Officers... - [The Rise of Virtual CFOs: How Startups Can Leverage Financial Expertise Without the Overhead](https://www.metrixadvisory.com.au/the-rise-of-virtual-cfos-how-startups-can-leverage-financial-expertise-without-the-overhead/): In today’s fast-paced business environment, startups and small businesses face numerous challenges, particularly in managing finances effectively. The traditional model... - [Digital Transformation in Finance: Leveraging Xero for Efficiency](https://www.metrixadvisory.com.au/digital-transformation-in-finance-leveraging-xero-for-efficiency/): In today’s fast-paced financial landscape, digital transformation is essential for businesses aiming to enhance their operational efficiency and competitiveness. One... - [Accounting Trends to Watch in 2025: Preparing for Change](https://www.metrixadvisory.com.au/accounting-trends-to-watch-in-2025-preparing-for-change/): As we approach 2025, the accounting profession is poised for significant transformation. The convergence of technological advancements, regulatory changes, and... - [The Impact of Rising Interest Rates on Small Businesses in Australia](https://www.metrixadvisory.com.au/the-impact-of-rising-interest-rates-on-small-businesses-in-australia/): In the ever-evolving landscape of the Australian economy, small businesses often find themselves at the mercy of external factors beyond... - [How Fintech is Changing the Landscape of Financial Services in Australia](https://www.metrixadvisory.com.au/how-fintech-is-changing-the-landscape-of-financial-services-in-australia/): In recent years, the financial services landscape in Australia has undergone a remarkable transformation, largely driven by the rise of... - [The Top 5 Tax Mistakes Small Businesses Make in Australia](https://www.metrixadvisory.com.au/the-top-5-tax-mistakes-small-businesses-make-in-australia/): Running a small business in Australia can be rewarding, but it also comes with unique challenges, particularly when it comes... - [How a Virtual CFO Can Help Small Businesses Navigate Rising Interest Rates](https://www.metrixadvisory.com.au/how-a-virtual-cfo-can-help-small-businesses-navigate-rising-interest-rates/): In today’s economic climate, small businesses are facing increasing financial pressures, particularly as interest rates continue to rise. These rising... - [Three questions for business success. Part 3 Pricing.](https://www.metrixadvisory.com.au/three-questions-for-business-success-part-3-pricing/): Since businesses have existed, these questions have perplexed their owners. Before AI, the internet and even electricity. Who's my ideal... - [Why Your Startup Needs a Financial Advisor: 5 Key Benefits](https://www.metrixadvisory.com.au/why-your-startup-needs-a-financial-advisor-5-key-benefits/): In the fast-paced world of startups, financial expertise can make the difference between success and failure. Here's why partnering with... - [Three questions for business success. Part 2 Value Proposition.](https://www.metrixadvisory.com.au/three-questions-for-business-success-part-2-value-proposition/): Since businesses have existed, these questions have perplexed their owners. Before AI, the internet and even electricity. Who's my ideal... - [Three questions for business success. Part 1 Ideal Customer.](https://www.metrixadvisory.com.au/three-questions-for-business-success-part-1-ideal-customer/): Since businesses have existed, these questions have perplexed their owners. Before AI, the internet and even electricity. Who's my ideal... - [Budgeting for success: the importance of good financial management](https://www.metrixadvisory.com.au/budgeting-for-success-the-importance-of-good-financial-management/): A solid budget is the foundation for your company’s financial management and success. Here are 4 ways to stay in... - [Business tips: Setting your goals for a business exit](https://www.metrixadvisory.com.au/business-tips-setting-your-goals-for-a-business-exit/): Thinking about selling your business? We’ve got some important advice on setting the right goals for your business exit. #M&A... - [Keeping your employees and customers safe](https://www.metrixadvisory.com.au/keeping-your-employees-and-customers-safe/): Are you keeping your staff and customers safe? We’ve got three top tips for getting on top of your health... - [Key ways to access funding for your business](https://www.metrixadvisory.com.au/key-ways-to-access-funding-for-your-business/): Funding is essential for hitting your business goals – but do you know which routes to finance are the best... - [Are you ready for an enterprise resource planning solution?](https://www.metrixadvisory.com.au/are-you-ready-for-an-enterprise-resource-planning-solution/): As your business scales, your systems need to scale with you. Moving to an enterprise resource planning (ERP) solution is... - [Overcoming Imposter Syndrome: A Business Owner's Guide](https://www.metrixadvisory.com.au/overcoming-imposter-syndrome-a-business-owners-guide/): Imposter syndrome is a common challenge faced by many business owners. It can hinder personal growth, decision-making, and overall well-being.... - [Tax planning helps you do more with your money](https://www.metrixadvisory.com.au/tax-planning-helps-you-do-more-with-your-money/): Tax may be boring, but smart use of tax planning is a superb way to help your company do more... - [What are your business goals for the year ahead?](https://www.metrixadvisory.com.au/what-are-your-business-goals-for-the-year-ahead/): What will you do differently this year to enable your business to thrive? Conducting a past-year review with our experienced... - [Finding and retaining the key talent for your business](https://www.metrixadvisory.com.au/finding-and-retaining-the-key-talent-for-your-business/): 4 in 5 employers, globally, report difficulty finding the skilled talent they require. So, how do you find the people... - [How to ride the wave of technological advancements](https://www.metrixadvisory.com.au/how-to-ride-the-wave-of-technological-advancements/): Technology is changing how we do business. But how do you start this digital transformation? We’ve highlighted five of the... - [Happy New Year](https://www.metrixadvisory.com.au/happy-new-year/): Happy New Year to our clients. Wishing you a very prosperous 2024 with time to focus on the things that... - [Holiday cash flow for your small business](https://www.metrixadvisory.com.au/holiday-cash-flow-for-your-small-business/): This time of year can be hard on small businesses. With a bit of pre-planning and being proactive, you can... - [A business budget will help with your financial decision making](https://www.metrixadvisory.com.au/a-business-budget-will-help-with-your-financial-decision-making/): Having control over your spending and expenses is a key part of good budgeting. Talk to us about your business... - [Plain English guide to profit and loss](https://www.metrixadvisory.com.au/plain-english-guide-to-profit-and-loss/): When you’re in control of your profit and loss (P&L), you have a tighter hold on the reins of your... - [Taking care of data regulation and ticking the right compliance boxes](https://www.metrixadvisory.com.au/taking-care-of-data-regulation-and-ticking-the-right-compliance-boxes/): Your organisation collects huge amounts of customer data - but how do you keep this data safe? We’ve got the... - [Writing a business plan? Read our guide](https://www.metrixadvisory.com.au/writing-a-business-plan-read-our-guide/): A business without a plan is like a ship without a rudder. Read our guide to writing a business plan... - [10 hot questions to ask yourself as a business owner](https://www.metrixadvisory.com.au/10-hot-questions-to-ask-yourself-as-a-business-owner/): Want to push your business to the next level? We’ve shared 10 hot questions to ask yourself as a business... - [5 ways to overcome economic uncertainty](https://www.metrixadvisory.com.au/5-ways-to-overcome-economic-uncertainty/): We live in uncertain financial times, where running a successful business can be a challenge. We’ve highlighted five strategies for... - [What makes you a good entrepreneur?](https://www.metrixadvisory.com.au/what-makes-you-a-good-entrepreneur/): Do you have what it takes to be a successful entrepreneur? We’ve underlined 5 key traits of a great business... - [How running a lean business model improves your cashflow and efficiency](https://www.metrixadvisory.com.au/how-running-a-lean-business-model-improves-your-cashflow-and-efficiency/): Switching to a lean business model could be the most effective way to grow your manufacturing business. We’ve picked out... - [It's tough at the top (and that's why you need a business coach)](https://www.metrixadvisory.com.au/its-tough-at-the-top-and-thats-why-you-need-a-business-coach/): It’s tough at the top, and that’s why you need an experienced business coach to work with. We’ve highlighted the... - [Can ChatGPT replace your marketing team?](https://www.metrixadvisory.com.au/can-chatgpt-replace-your-marketing-team/): Can ChatGPT replace your marketing team? The short answer is no, but AI content writing can be a great productivity... - [The value of a good UX: user experience](https://www.metrixadvisory.com.au/the-value-of-a-good-ux-user-experience/): Is your user experience (UX) in need of a refresh? We’ve summarised four of the core areas to focus on... - [Your taxable payments annual report (TPAR) is due soon](https://www.metrixadvisory.com.au/your-taxable-payments-annual-report-tpar-is-due-soon/): Are you ready for TPAR? Update your supplier information now in preparation for your taxable payments annual report lodgement by... - [5 vital things to set up before you pass away](https://www.metrixadvisory.com.au/5-vital-things-to-set-up-before-you-pass-away/): Thinking about end-of-life planning might sound morbid. But by planning ahead, you remove the worry and hassle for your loved... - [Tax Tips for Trusts 2023](https://www.metrixadvisory.com.au/tax-tips-for-trusts-2023/): Do you operate a trust for investment or business purposes? Trust management can be complex but worthwhile to protect assets,... - [10 steps to Business Continuity Planning](https://www.metrixadvisory.com.au/10-steps-to-business-continuity-planning/): Business continuity is your Plan B for how to set up a means of trading in a crisis. Talk to... - [5 top lead magnets for your marketing](https://www.metrixadvisory.com.au/5-top-lead-magnets-for-your-marketing/): Want to know the most important ways to generate leads with your marketing? We’ve listed 5 of the top lead... - [Proving your ongoing business viability through 5 financial reports](https://www.metrixadvisory.com.au/proving-your-ongoing-business-viability-through-5-financial-reports/): Proving that you’re a viable business. We’ve listed the main reasons why lenders and investors want to see solid financial... - [5 questions to ask when you are buying a business](https://www.metrixadvisory.com.au/5-questions-to-ask-when-you-are-buying-a-business/): Thinking of acquiring a company? Whether you’re a new entrepreneur, or a seasoned business owner, we’ve got the key questions... - [How humour can increase your bottom line](https://www.metrixadvisory.com.au/how-humour-can-increase-your-bottom-line/): 91% of Customers prefer a brand that makes them laugh – and that builds engagement that has a positive impact... - [What's the difference between statutory and management accounts?](https://www.metrixadvisory.com.au/whats-the-difference-between-statutory-and-management-accounts/): Do you know the difference between your statutory accounts and your management accounts? We’ve highlighted the main differences and why... - [Prepare for Finalizing Single Touch Payroll](https://www.metrixadvisory.com.au/prepare-for-finalising-single-touch-payroll/): Prepare now for finalising STP payroll data by 14 July. Book a time with us today to check essential employee... - [5 challenges for small businesses - and how to beat them!](https://www.metrixadvisory.com.au/5-challenges-for-small-business-and-how-to-beat-them/): Want to know how to beat the most common business challenges? We’ve highlighted five common challenges and the simple ways... - [Take care of yourself, not just your business](https://www.metrixadvisory.com.au/take-care-of-yourself-not-just-your-business/): 53% of business owners suffer from stress and anxiety. But it doesn’t have to be that way. We can help... - [The true cost of a new employee](https://www.metrixadvisory.com.au/the-true-cost-of-a-new-employee/): Not paying enough can be surprisingly expensive – the cost of replacing an employee can be much higher than providing... - [Targeting a specific audience with your product – and why this adds value](https://www.metrixadvisory.com.au/targeting-a-specific-audience-with-your-product-and-why-this-adds-value/): Is your business focused on the true needs of your customers? Customer-centric businesses can be 60% more profitable, so we’ve... - [Do you need to improve the cash flow position for your business?](https://www.metrixadvisory.com.au/do-you-need-to-improve-the-cash-flow-position-for-your-business/): Turning a profit is at the heart of running any successful company - But without cash flow, you can't run... - [Tax Tips for Property Investors 2023](https://www.metrixadvisory.com.au/tax-tips-for-property-investors-2023/): Are you making the most out of your investment property? Getting the income and allowable tax deductions right can be... - [Is your team as diverse as it could be?](https://www.metrixadvisory.com.au/is-your-team-as-diverse-as-it-could-be/): Having a diversity, equity and inclusion (DEI) policy is more than just a box-ticking exercise. We’ve highlighted why DEI is... - [Get Your Business Records Ready for Your Tax Return 2023](https://www.metrixadvisory.com.au/get-your-business-records-ready-for-your-tax-return-2023/): Organising your end-of-financial year documents now means you can get your tax completed earlier and maximise your return. Book a... - [Creating a landing page that converts prospects into leads](https://www.metrixadvisory.com.au/creating-a-landing-page-that-converts-prospects-into-leads/): How do you create an effective landing page that converts visitors into leads, customers, or subscribers? There are several key... - [Are you in control of your staff expenses?](https://www.metrixadvisory.com.au/are-you-in-control-of-your-staff-expenses/): Are staff expenses affecting your cash flow? Find out how the latest expense management software helps put you back in... - [What are the risks of taking out a personal guarantee on a loan?](https://www.metrixadvisory.com.au/what-are-the-risks-of-taking-out-a-personal-guarantee-on-a-loan/): Do you know the risks of offering a personal guarantee on a business loan? We’ve outlined all the key risks... - [Your Fringe Benefits Tax Return is due soon](https://www.metrixadvisory.com.au/your-fringe-benefits-tax-return-is-due-soon/): Get ready now for your fringe benefits tax return. FBT is not always straightforward, and there are new rules this... - [5 ways to ensure you get paid on time](https://www.metrixadvisory.com.au/5-ways-to-ensure-you-get-paid-on-time/): Are you waiting for payments? Are your customers paying you on time? We’ve got 5 simple tips for speeding up... - [Why your accountant is the mentor you didn’t know you needed](https://www.metrixadvisory.com.au/why-your-accountant-is-the-mentor-you-didnt-know-you-needed/): Looking for someone to guide your entrepreneurial journey? Your accountant could be the mentor you didn’t know you needed. #businessadvice... - [Super Guarantee Rate Rises in July to 11%](https://www.metrixadvisory.com.au/super-guarantee-rate-rises-in-july-to-11/): The super guarantee rate will rise in July this year to 11%. Have you calculated the extra cost to your... - [Strategic business partnerships: the benefits of working together](https://www.metrixadvisory.com.au/strategic-business-partnerships-the-benefits-of-working-together/): Strategic business partnerships are all about finding the common ground. If you share the same customer audience and create a... - [Have you taken an Odometer Reading for FBT?](https://www.metrixadvisory.com.au/have-you-taken-an-odometer-reading-for-fbt/): Remember to take an odometer reading for the fringe benefit tax period ending March 31st. #FringeBenefitTax - [Using data analytics to give your business a competitive advantage](https://www.metrixadvisory.com.au/using-data-analytics-to-give-your-business-a-competitive-advantage/): Are you getting the most from your business data? We’ll help you set up data analytics that tracks and filters... - [Cash flow forecasting puts you back in control](https://www.metrixadvisory.com.au/cash-flow-forecasting-puts-you-back-in-control/): Being in control of your cashflow has never been more important. We’ll help you set up detailed cashflow forecasting to... - [Invest in your employees to get the maximum benefits from remote working](https://www.metrixadvisory.com.au/invest-in-your-employees-to-get-the-maximum-benefits-from-remote-working/): Today’s workforce aspires to remote work and a flexible working pattern. So, is your business ready to offer a remote... - [Which is more important? Cashflow or profit?](https://www.metrixadvisory.com.au/which-is-more-important-cashflow-or-profit/): Which is more important? Cashflow or profit? We’ll explain why getting in control of your cash is vital for the... - [7 ways to get more from your personal finances](https://www.metrixadvisory.com.au/7-ways-to-get-more-from-your-personal-finances/): Are your personal finances delivering the best return? We’ve got 7 top tips for getting the very best from your... - [How to get the best from AI content writing tools like Chat GPT](https://www.metrixadvisory.com.au/how-to-get-the-best-from-ai-content-writing-tools-like-chat-gpt/): Is ChatGPT the answer to your business content prayers? A combination of AI and good human-powered writing could still be... - [Managing your marketing budget to improve your ROI](https://www.metrixadvisory.com.au/managing-your-marketing-budget-to-improve-your-roi/): Do you know what your business is spending on marketing? Or what ROI this money is delivering? We’ve got some... - [Simple ways to plug the talent gap](https://www.metrixadvisory.com.au/simple-ways-to-plug-the-talent-gap/): Finding the best talent is an uphill struggle. We’ve got some innovative ideas for how to overcome the talent shortage.... - [Could outsourcing help you grow your business?](https://www.metrixadvisory.com.au/could-outsourcing-help-you-grow-your-business/): A surge in work is great news for a small business – but it can also be a source of... - [Build long-term customer relationships: improve your financial stability](https://www.metrixadvisory.com.au/build-long-term-customer-relationships-improve-your-financial-stability/): Happy customers spend more and tell more people about your business. We’ve explained how great customer relationships make your business... - [5 signs you’re undercharging](https://www.metrixadvisory.com.au/5-signs-youre-undercharging/): Are you undercharging for your fees? We’ve got the five warning signs that can help you diagnose whether your prices... - [5 ways to get in control of your business finances](https://www.metrixadvisory.com.au/5-ways-to-get-in-control-of-your-business-finances/): We’ve got 5 simple ways to get more from your finances – by embracing the latest in digital accounting and... - [Why your business needs a digital marketing specialist](https://www.metrixadvisory.com.au/why-your-business-needs-a-digital-marketing-specialist/): Digital sales and e-commerce have both evolved at a frantic pace over the past decade. Is your business up to... - [Business plant and equipment: Buy or lease?](https://www.metrixadvisory.com.au/business-plant-and-equipment-buy-or-lease/): Buying vs leasing – which one is best for business equipment and plant? How can you figure out the best... - [The benefits of automating your customer experience](https://www.metrixadvisory.com.au/the-benefits-of-automating-your-customer-experience-2/): Did you know that authenticated digital signatures can be more secure than handwritten ones? Talk to us about using encrypted... - [Digital Signatures and Cyber Security](https://www.metrixadvisory.com.au/digital-signatures-and-cyber-security/): Did you know that authenticated digital signatures can be more secure than handwritten ones? Talk to us about using encrypted... - [Hiring employees who share your core values](https://www.metrixadvisory.com.au/hiring-employees-who-share-your-core-values/): As your startup grows, how do you make sure your employees share your core values? We’ve got some top tips... - [Your monthly activity statement (BAS) is due on the 21st](https://www.metrixadvisory.com.au/your-monthly-activity-statement-bas-is-due-on-the-21st/): Get your books in order now for your monthly activity statement due on the 21st. We can help make sure... - [5 goal-setting tips for 2023](https://www.metrixadvisory.com.au/5-tips-goal-setting-tips-for-2023/): Effective goal setting will help you get the very best out of 2023. Our 5 goal-setting tips will help small... - [Why you should have a business continuity plan](https://www.metrixadvisory.com.au/why-you-should-have-a-business-continuity-plan/): Need to get a plan in place? We’ll help you look for the risks, challenges and opportunities to continue trading.... - [The importance of goodwill in your business](https://www.metrixadvisory.com.au/the-importance-of-goodwill-in-your-business/): Building goodwill in your business adds to its value. And potentially gives you a competitive advantage. We’ve got 5 key... - [Paid Family and Domestic Violence Leave – New Entitlement Rules](https://www.metrixadvisory.com.au/paid-family-and-domestic-violence-leave-new-entitlement-rules/): Paid Family and Domestic Violence Leave becomes an entitlement for employees in 2023. All employees (including casuals) can access this... - [Bringing your cashflow processes into the digital age](https://www.metrixadvisory.com.au/bringing-your-cashflow-processes-into-the-digital-age/): When economic times are tough, it helps to be in control of your cashflow. We explain how to improve your... - [How to stay competitive in your industry](https://www.metrixadvisory.com.au/how-to-stay-competitive-in-your-industry/): Staying competitive puts your business ahead of the pack. We’ve shared some top advice on how to remain competitive and... - [Business tips: Using forecasting to help your decision-making](https://www.metrixadvisory.com.au/business-tips-using-forecasting-to-help-your-decision-making/): A crystal ball would be handy in business. Good-quality forecasting can be just as useful, giving you an informed view... - [Business tips: Creating a plan for your exit strategy](https://www.metrixadvisory.com.au/business-tips-creating-a-plan-for-your-exit-strategy/): Ready to sell your business? Then you need an exit strategy and a rock-solid plan for achieving the best sale... - [Employees and the Holiday Season – What You Need to Know](https://www.metrixadvisory.com.au/employees-and-the-holiday-season-what-you-need-to-know/): Have you got a plan for staff annual leave and public holidays? There are rules to follow on entitlements for... - [Christmas Parties and Presents - and Tax!](https://www.metrixadvisory.com.au/christmas-parties-and-presents-and-tax/): Planning a Christmas party? Giving gifts to clients and suppliers? Paying a Christmas bonus? Talk to us to see if... - [Check Your Business Performance Against the ATO Small Business Benchmarks](https://www.metrixadvisory.com.au/check-your-business-performance-against-the-ato-small-business-benchmarks/): If you’re interested in improving your business performance, talk to us about comparing your business to the ATO Small business... - [How to improve your year-end processes and plan for 2023](https://www.metrixadvisory.com.au/how-to-improve-your-year-end-processes-and-plan-for-2023/): 2023 is just around the corner. Are you ready for your year-end? We’ll help you tidy up the loose ends... - [5 ways to reduce your business energy bills in Australia](https://www.metrixadvisory.com.au/5-ways-to-reduce-your-business-energy-bills-in-australia/): With prices rising, your business needs a plan for cutting its energy costs. We’ve chosen five simple ways to reduce... - [Are you making the most of your business data?](https://www.metrixadvisory.com.au/are-you-making-the-most-of-your-business-data/): Are you getting the most from your business data? Your app stack generates a goldmine of insightful data every day.... --- --- --- # # Detailed Content ## Pages - Published: 2024-03-28 - Modified: 2025-06-13 - URL: https://www.metrixadvisory.com.au/terms/ TERMS OF ENGAGEMENT – PROFESSIONAL ACCOUNTING SERVICES Thank you for selecting us to conduct your professional accounting needs. We look forward to working with you. We realise how important it is to understand your needs and we have prepared the attached Terms of Engagement (TE) to clarify the scope of work and other important terms. It is important that you read the TE before you indicate that you agree, which you can do by letting us know that you are happy to proceed. The scope of work may fall within the CPA Australia Ltd Professional Standards (Accountants) Scheme (Scheme), which facilitates improvements to industry professional standards and protects consumers. Accordingly, we need to notify you of the following: "Liability limited by a scheme approved under Professional Standards Legislation. " If you want more information on the Scheme you can go to: CPA Australia's Professional Standards Scheme or visit Professional Standards Councils' website for additional consumer information. Alternatively, if you want to clarify anything in the TE please call us on 1300 528 145 or email at info@metrixadvisory. com. au. Yours sincerely, Metrix Business Advisory Pty Ltd TERMS OF ENGAGEMENT FOR PUBLIC ACCOUNTING, TAXATION AND ADVISORY SERVICES Between Practice name (us or we or our) and Client name (you or your) for the Term specified. 1. Purpose 1. 1 Metrix Business Advisory Pty Ltd ACN 651 785 858 (we, us and/or our) realises the importance of understanding your accounting, taxation, business and advisory needs. These terms of engagement (Contract) set out the scope of the... --- - Published: 2024-03-28 - Modified: 2024-05-03 - URL: https://www.metrixadvisory.com.au/privacy-policy/ At METRIX ADVISORY, accessible from https://www. metrixadvisory. com. au, one of our main priorities is the privacy of our visitors. This Privacy Policy document contains types of information that is collected and recorded by METRIX ADVISORY and how we use it. If you have additional questions or require more information about our Privacy Policy, do not hesitate to contact us. This Privacy Policy applies only to our online activities and is valid for visitors to our website with regards to the information that they shared and/or collect in METRIX ADVISORY. This policy is not applicable to any information collected offline or via channels other than this website. Consent By using our website, you hereby consent to our Privacy Policy and agree to its terms. Information we collect The personal information that you are asked to provide, and the reasons why you are asked to provide it, will be made clear to you at the point we ask you to provide your personal information. If you contact us directly, we may receive additional information about you such as your name, email address, phone number, the contents of the message and/or attachments you may send us, and any other information you may choose to provide. When you register for an Account, we may ask for your contact information, including items such as name, company name, address, email address, and telephone number. How we use your information We use the information we collect in various ways, including to: Provide, operate, and maintain our... --- - Published: 2020-05-21 - Modified: 2024-10-08 - URL: https://www.metrixadvisory.com.au/blog/ Articles --- - Published: 2020-05-21 - Modified: 2024-10-08 - URL: https://www.metrixadvisory.com.au/contact/ Contact Your Trusted Business Advisor Message*Send Message Have questions or need help? Use the form to reach out and we will be in touch with you. Contact UsLevel 26, 44 Market Street Sydney, NSW, 2000Tel: 1300 528 145info@metrixadvisory. com. au --- - Published: 2020-05-14 - Modified: 2024-10-22 - URL: https://www.metrixadvisory.com.au/accounting-bookkeeping-payroll-processing/ Accounting, Bookkeeping, & Payroll Processing: The Pillars of Business Success As a business owner, you know that managing your finances is crucial for success. However, the intricacies of accounting, bookkeeping, and payroll processing can be overwhelming. That's where Metrix Advisory comes in. We are a leading provider of Virtual CFO & Accounting services in Australia, dedicated to helping businesses of all sizes navigate these critical aspects of financial management. Accounting: The Big Picture Accounting is the backbone of any business. It involves interpreting, classifying, analyzing, reporting, and summarizing financial transactions. Accountants play a vital role in preparing financial statements, analyzing revenue and costs, providing financial planning advice, and ensuring compliance with tax regulations At Metrix Advisory, our team of experienced accountants offers comprehensive services to help your business thrive. We provide strategic advice, tax planning, and financial reporting to give you a clear picture of your company's financial health and guide you towards growth Bookkeeping: The Foundation Bookkeeping is the foundation upon which accounting stands. It involves recording, classifying, and organizing financial transactions in a systematic manner. Bookkeepers ensure that all financial records are accurate, up-to-date, and compliant with relevant laws and regulations. Our bookkeeping services at Metrix Advisory include: - Accounts payable and receivable management- Bank reconciliations- Inventory tracking- Financial reporting We use cutting-edge technology and software to streamline your bookkeeping processes, ensuring that your financial data is always accurate and accessible. Payroll Processing: Keeping Your Team Paid Payroll processing is a critical aspect of any business. It involves... --- - Published: 2020-05-14 - Modified: 2024-10-08 - URL: https://www.metrixadvisory.com.au/financial-due-diligence-on-acquisitions-sydney-australia/ Financial Due Diligence on Acquisitions Understanding the Importance of Evaluating Historical Financials, Identifying Key Drivers, Preparing Business Valuation, and Planning Exit Strategy Mergers and acquisitions (M&A) are complex transactions that involve a lot of risks and uncertainties. Financial due diligence is an essential process that helps the acquiring company evaluate the target company’s financial health and make informed decisions. In this article, we will discuss four critical aspects of financial due diligence on acquisitions, including evaluating historical financials, identifying key drivers of the business, preparing business valuation through future cash flows, and planning exit strategy. Evaluating Historical Financials – Both Profit & Loss and Balance Sheet The first step in financial due diligence is to analyze the target company’s historical financials. This includes reviewing the Profit and Loss (P&L) statement and Balance Sheet. The P&L statement provides an overview of the company’s revenue, expenses, and net income over a specific period, while the Balance Sheet shows the company’s assets, liabilities, and equity. Evaluating historical financials helps the acquiring company understand the target company’s financial performance, identify trends, and detect potential issues or risks. For instance, if the target company has been consistently generating positive cash flows, it is a good sign that the business is profitable and sustainable. However, if the company has a history of negative cash flows or significant debt, it could indicate financial instability. Identifying Key Drivers of the Business The next step in financial due diligence is to identify the key drivers of the target company’s... --- - Published: 2020-05-14 - Modified: 2024-10-08 - URL: https://www.metrixadvisory.com.au/company-setup-and-structure-sydney-australia/ Company Setup and Structure When starting a business, one of the most important decisions you’ll need to make is how to structure your company. The structure you choose will impact everything from how you operate your business to how you pay taxes. Here are some key considerations when setting up your company and determining its structure. ASIC and ATO Registration Before you can start operating your business, you’ll need to register your company with the Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office (ATO). ASIC registration involves registering your company name, obtaining an Australian Company Number (ACN), and appointing a director and company secretary. This registration is necessary for legally operating your business in Australia. ATO registration involves registering for a Tax File Number (TFN), Goods and Services Tax (GST), Pay As You Go (PAYG) withholding, and other tax-related obligations. Registering with the ATO is essential for complying with all relevant tax regulations. Structuring Advisory Choosing the right company structure is essential for ensuring that your business is set up for long-term success. There are several different types of business structures, including sole trader, partnership, company, and trust. The structure you choose will depend on a variety of factors, including your business goals, the size of your business, and the level of risk you’re willing to take on. Working with a structuring advisory firm can help you to evaluate your options and choose the structure that’s best for your business. Succession Planning Succession planning is the process... --- - Published: 2020-05-14 - Modified: 2024-10-08 - URL: https://www.metrixadvisory.com.au/xero-setup-sydney-australia/ Xero Setup Xero is a cloud-based accounting software designed for small and medium-sized businesses. It was first launched in 2006 in New Zealand and has since expanded to many countries around the world, including the United States, the United Kingdom, Australia, and Canada. Some key features of Xero include: Invoicing: Xero allows businesses to create and send professional invoices, as well as manage payments and track outstanding balances. Bank connections: Xero can connect to a business’s bank account and automatically import transactions, making it easy to reconcile accounts. Inventory management: Xero offers basic inventory management tools to help businesses track their stock levels and costs. Expense tracking: Xero allows businesses to track their expenses and receipts, making it easy to manage reimbursements and tax deductions. Reporting: Xero offers a variety of reports to help businesses track their financial performance, including profit and loss statements, balance sheets, and cash flow statements. Third-party integrations: Xero integrates with many other business tools, such as payment processors, CRM software, and e-commerce platforms. One of the key benefits of Xero is its accessibility. Because it’s cloud-based, users can access their financial data from anywhere with an internet connection. Additionally, Xero offers mobile apps for iOS and Android, making it easy to manage finances on the go. Overall, Xero is a popular choice for small and medium-sized businesses looking for an affordable and user-friendly accounting software solution. Frequently Asked Questions What is Xero? Xero is a cloud-based accounting software designed for small and medium-sized businesses. What features does Xero offer? Key features... --- - Published: 2020-05-14 - Modified: 2024-10-08 - URL: https://www.metrixadvisory.com.au/finance-support-function-sydney-australia/ Finance Support Functions Australia Meaningful advise cannot be provided without ensuring the accuracy of financial statements. This package includes bookkeeping, payroll and annual financial statements for business in Australia. Accounting, Bookkeeping, and Payroll Processing Accounting, bookkeeping, and payroll processing are essential functions for any business. These tasks involve recording financial transactions, maintaining accurate financial records, and processing employee payroll. An experienced accounting firm can help businesses to streamline these processes, improve accuracy, and ensure compliance with all relevant regulations. Bank Reconciliations & General Ledger Maintenance Bank reconciliations and general ledger maintenance are key accounting functions that help businesses to manage their finances effectively. Bank reconciliations involve comparing a business’s financial records with its bank statements to identify any discrepancies or errors. General ledger maintenance involves recording all financial transactions and maintaining accurate records of a business’s financial position. Both of these functions are essential for ensuring that a business’s financial records are accurate and up-to-date. Supplier Invoice Processing Supplier invoice processing is the process of receiving and processing invoices from suppliers. This task involves verifying the accuracy of invoices, recording them in the appropriate accounts, and paying suppliers on time. Effective supplier invoice processing is important for maintaining good relationships with suppliers, avoiding late payment penalties, and ensuring accurate financial records. Full Payroll Functionality – STP Compliance, Leave Management, Superannuation Lodgements, etc. Payroll processing is a complex task that involves calculating and processing employee salaries, wages, and other benefits. In Australia, businesses must also comply with Single Touch Payroll (STP)... --- - Published: 2020-05-14 - Modified: 2024-10-08 - URL: https://www.metrixadvisory.com.au/tax-compliance-sydney-australia/ Tax & Compliance For businesses in Australia, tax and compliance can be complex and time-consuming. With a range of tax laws and regulations to navigate, it can be challenging for business owners to stay on top of their obligations. However, staying up-to-date with tax and compliance requirements is crucial for avoiding penalties, maintaining the integrity of financial reporting, and ensuring the long-term success of the business. Tax Obligations for Businesses Goods and Services Tax (GST) If your business has a turnover of $75,000 or more per year, you are required to register for GST and charge GST on your sales. You must also submit regular Business Activity Statements (BAS) to the Australian Taxation Office (ATO) and pay any GST owed. Income Tax All businesses are required to pay income tax on their profits. The amount of tax you need to pay will depend on your business structure, turnover, and other factors. Business owners must submit an annual tax return to the ATO, which includes details of their income and expenses. Payroll Tax If your business has employees, you may be required to pay payroll tax. This tax is based on the wages paid to employees and varies by state and territory. Compliance Requirements for Businesses In addition to tax obligations, businesses in Australia are also subject to a range of compliance requirements. These include: Financial Reporting All businesses are required to maintain accurate financial records and prepare financial statements at the end of each financial year. Depending on your business... --- - Published: 2020-05-14 - Modified: 2024-09-12 - URL: https://www.metrixadvisory.com.au/virtual-cfo-sydney-australia/ Virtual CFO Services At Metrix Advisory, we specialize in providing tailored Virtual CFO services to businesses across Australia. Our expert Virtual CFOs take a holistic approach to managing your business accounts, helping you improve your financial position and achieve sustainable growth. Why Choose Metrix Advisory as Your Virtual CFO Partner in Australia? Local Expertise: Our team of Virtual CFOs has in-depth knowledge of the Australian market and the unique challenges faced by businesses in the country's main suburbs. Customized Solutions: We tailor our Virtual CFO services to your specific needs, providing personalized support and guidance. Access to Cutting-Edge Technology: We leverage the latest technology to provide real-time financial insights and reporting, helping you make informed decisions. Dedicated Support: Our team of expert Virtual CFOs is committed to helping you achieve your financial goals and improve your business’s financial position. Partner with Metrix Advisory for exceptional Virtual CFO services and take control of your business’s financial future. Contact us today to learn more about how our expert team can help you elevate your financial position and achieve long-term success. Our Virtual CFO Services in Australia: A Comprehensive Financial Management Solution Financial Planning and Analysis Our Australian Virtual CFOs work closely with you to develop a strategic financial plan that aligns with your business objectives. We provide in-depth analysis and insights to help you make data-driven decisions and optimize your financial performance. Cash Flow Management Effective cash flow management is essential for maintaining a healthy financial position. Our Virtual CFO services in Australia include monitoring... --- - Published: 2020-05-14 - Modified: 2024-10-08 - URL: https://www.metrixadvisory.com.au/about-us/ About Our Story Many owners run their business without a defined vision or strategy as to what they want to achieve. What’s your plan? “Failing to plan is planning to fail”. When an external change like COVID-19 arrives unexpectedly, many businesses crumble. They have no contingencies in place to face changing economic conditions. This isn’t conjecture. This actually happened to a lot of small business owners throughout 2020 and into 2021. Is your business merely surviving? Is all your focus on the here and now? While you may never be able to predict the nature of change, you can be prepared to not only navigate it, but to actually thrive. Given that we have the knowledge, the skill set, the people to help small businesses get out of this rut, we realized it was time to create Metrix Advisory. With the prime objective of becoming your trusted business advisor, we partner with you on your journey and “bake-in” profitable growth to your business plan, regardless of what happens in our ever-changing world. Our Vision "To help business owners quantify and achieve strategic goals and profitable growth through a genuine partnership offering Virtual CFO, Business & Systems Advisory service. " Our Mission " To be your Trusted Business Advisor " Priyan Fernando Founder Priyan is a highly qualified Commercial Finance professional, who has over 15 years’ experience across various industries ranging from construction, property development & asset management, logistics, manufacturing, and professional services. Having graduated from the University of Melbourne, Priyan... --- - Published: 2020-05-12 - Modified: 2024-10-08 - URL: https://www.metrixadvisory.com.au/video-testimonials/ Videos Metrix Advisory - Video Gallery Unlocking Business Success #shorts - Metrix Advisory Now Playing Unlocking Business Success #shorts - Metrix Advisory Now Playing Metrix Advisory - Business Turnaround Case Study Now Playing Testimonials - Discover what clients have to say about Priyan Now Playing 7 ways to get more from your personal finances - Metrix Advisory Sydney Now Playing If you have a vision share it with people. ! #shorts Now Playing How you do one thing is how you do everything #shorts Now Playing Cutdown Cost Increase Profit Now Playing 5 GOAL SETTING TIPS THAT BUSINESS OWNERS CAN USE #shorts Now Playing Keep it simple. . #shorts Now Playing How I grew my business from scratch Now Playing How we plan to turn around a loss making business Now Playing How I plan to scale my business to the next level With Metrix Advisory Now Playing Business talk with Rami Ykmour - Founder of Rashays Now Playing Current challenges faced by Business owners & some tips Now Playing Tax time Tips for Business Owners Load More --- - Published: 2020-05-04 - Modified: 2025-06-24 - URL: https://www.metrixadvisory.com.au/ Are you looking for aVirtual CFO in Australia with real world business experience ? We have the expertise, experience and resources to help you improve your business profitability Exceptional Virtual CFO and Accounting Services in Australia At Metrix Advisory, we understand the unique challenges faced by businesses in Australia, we are here to help your business thrive in the current competitive landscape. As a leading provider of Virtual CFO & Accounting services, we have extensive experience in assisting businesses of all sizes and industries with their financial management and strategic planning. Our tailored approach ensures that you receive the guidance and expertise needed to make informed decisions that drive improved profitability as well as business growth. What Our Clients Say. . ! Business accountant i am so happy to have found a business accountant that takes the time to help me and go out of there way its been years since ive even been able to sit down with a good accountant who was willing to give me there time. Priyan and rachana thank you very much ! ! Joshua Pfeiler Priyan has been a fundamental part of our manufacturing business, in his capacity as Virtual CFO. We have got a clearer picture of our business fundamentals and transparency over finances and other items which have now become measurables toward our success. He is a specialist in his field, and we look forward to a long future together with Metrix Advisory. Michael Pereira The team at Metrix Advisory helped us... --- --- ## Posts - Published: 2025-06-19 - Modified: 2025-06-19 - URL: https://www.metrixadvisory.com.au/automating-accounts-payable-or-receivable-for-efficiency-with-applying-ai-tools-to-finance-workflows/ - Categories: Blog - Tags: AI Tools, australia, business, Business data, Business tips, Efficiency, Forecasting, Metrix Advisory, strategy, Tax In today's fast-paced business environment, optimising financial processes is crucial formaintaining competitiveness and efficiency. One area where automation can make a significantimpact is in accounts payable (AP) and accounts receivable (AR) functions. By leveraging artificialintelligence (AI) tools, organisations can streamline these processes, reduce manual errors, andimprove overall operational efficiency. Benefits of Automating Accounts Payable: Faster Processing Times: AI-powered systems can process invoices and payments muchfaster than traditional methods, leading to quicker turnaround times and improved cashflow management. Reduced Errors: Automation minimises human error in data entry and invoice matching,ensuring accuracy in financial records and compliance with regulatory requirements. Cost Savings: By eliminating manual tasks, businesses can lower operational costsassociated with AP processing, such as labour and paper usage. Enhancing Accounts Receivable with AI: Improved Cash Flow: AI algorithms can predict customer payment behaviours, allowingbusinesses to better manage cash flow and optimise credit terms. Customer Insights: AI analytics provide valuable insights into customer payment patternsand credit risk assessment, enabling proactive management of AR portfolios. Automated Collections: AI-driven systems can automate collection processes, sendingreminders and follow-ups to customers, thereby reducing outstanding receivables. Implementing AI Tools: Choosing the Right AI Solution: Evaluate AI platforms that integrate seamlessly withexisting ERP systems to ensure compatibility and ease of implementation. Data Security and Compliance: Ensure AI tools comply with data protection regulationslike GDPR or CCPA to safeguard sensitive financial information. Training and Adoption: Provide comprehensive training to staff on using AI toolseffectively and monitor adoption to maximize ROI from automation initiatives. By automating accounts payable and... --- - Published: 2025-05-29 - Modified: 2025-05-29 - URL: https://www.metrixadvisory.com.au/end-of-year-tax-tips-how-aussie-small-businesses-can-maximize-deductions-before-june-30/ - Categories: Blog - Tags: australia, business, Business tips, cashflow, end of year, Forecasting, Metrix Advisory, Tax As June 30 approaches, now is the time for small business owners in Australia to take action and reduce their tax liabilities for the financial year. The following strategies can help you maximize your deductions and strengthen your financial position. As June 30 approaches, now is the time for small business owners in Australia to take action andreduce their tax liabilities for the financial year. The following strategies can help you maximiseyour deductions and strengthen your financial position. Take Advantage of Instant Asset Write-Offs Eligible businesses can immediately deduct the cost of assets (up to the current threshold) used or installed by June 30. Consider purchasing necessary equipment, tools, or technology before EOFY—but only if they serve your business needs. Make Super Contributions for EmployeesEnsure all super guarantee payments are made and received by the fund before June 30 to claim a deduction this year. Also, consider making additional voluntary contributions if cash flowallows—it’s tax-deductible and helps employees’ retirement savings. Prepay Business ExpensesPrepaying expenses like rent, insurance, and subscriptions (up to 12 months in advance) can bring forward tax deductions. This is especially helpful for sole traders and small businesses on a cash basis. Write Off Bad Debts and Obsolete StockReview your receivables and stock. If certain debts are genuinely unrecoverable or inventory isoutdated, write them off before June 30 to claim a deduction. Keep Records Up to DateAccurate, up-to-date records make tax time easier and ensure you're claiming everything you'reentitled to. Reconcile accounts, track receipts, and maintain digital records in line with ATOrequirements. Final Tip: Speak to your accountant or tax adviser to tailor these strategies to your businesssituation. Proactive planning before June 30 can make a real difference to your bottom line. --- - Published: 2025-04-22 - Modified: 2025-04-22 - URL: https://www.metrixadvisory.com.au/data-security-in-financial-systems-what-australian-businesses-need-to-know-in-2025/ - Categories: Blog - Tags: australia, Business data, Business tips, data security, Financial Data, Forecasting, Metrix Advisory, strategy, xero setup With cyber threats on the rise, data security in financial systems is a top priority for Australian businesses in 2025. Cloud-based platforms like Xero offer powerful tools, but safeguarding your financial information requires a proactive, multi-layered approach. Why Data Security Matters More Than Ever The digital transformation of bookkeeping and accounting—driven by automation, AI, and cloud solutions—has made financial management more efficient and transparent. However, this convenience also expands the attack surface for cybercriminals. Data breaches can result in financial loss, reputational damage, and regulatory penalties, making robust security essential for every business. Key Security Practices for Xero and Similar Platforms Multi-Factor Authentication (MFA): Xero requires MFA after the trial period, adding a vital layer of protection. The mobile app even supports biometric logins for extra security. Encryption: All data in Xero is encrypted both in transit and at rest, ensuring information remains private and inaccessible to unauthorized users. Access Controls: Xero allows you to set user roles and permissions, so only authorized staff can access sensitive data. Regular Backups: Cloud storage means your data is automatically backed up and available even if your device is lost or stolen. Real-Time Monitoring: Xero monitors for unusual activity and conducts regular security audits to stay ahead of threats. Employee Training: Ongoing education helps staff recognize phishing attempts and other scams, reducing the risk of human error. Stay Updated: Xero regularly updates its privacy and processing terms to keep up with changing regulations and threats. Emerging Technologies and Best Practices Automation and AI:... --- - Published: 2025-03-26 - Modified: 2025-03-26 - URL: https://www.metrixadvisory.com.au/essential-financial-metrics-australian-business-owners-should-track-in-2025/ - Categories: Blog - Tags: 2025, business, Business tips, Essential Financial Metrics, Forecasting, Metrix Advisory, Revenue and Growth, Small Business Owners, strategy, Tax Navigating today’s complex financial landscape requires clear insights and strategic guidance. For Australian business owners in 2025, tracking the right financial metrics is key to staying competitive and agile. Below is a concise look at the essential financial indicators, organized under clear mid titles, along with a brief overview of how Metrix Advisory can empower your business. Understanding Revenue and Growth Revenue growth is the heartbeat of any business. In Australia’s dynamic market, monitoring the increase in sales not only signals market acceptance but also helps forecast future performance. A consistent growth rate provides a benchmark against competitors and sets the stage for strategic investment. Measuring Profitability Profitability metrics such as the gross profit margin and net profit margin offer critical insights. The gross profit margin shows how efficiently production costs are managed, while the net profit margin accounts for all expenses to reveal the bottom-line efficiency. These figures are essential in a market where fluctuating costs can impact pricing and profitability. Tracking Cash Flow and Liquidity Operating cash flow measures the actual cash generated from day-to-day operations. It’s vital to ensure that your business maintains sufficient liquidity to cover short-term obligations and invest in growth opportunities. Without strong cash flow, even profitable businesses can face operational challenges. Assessing Efficiency and Investments Metrics like EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) strip away external factors to focus on core operational performance. Additionally, ROI (Return on Investment) and ROA (Return on Assets) help assess the effectiveness of capital use. These... --- - Published: 2025-03-12 - Modified: 2025-03-12 - URL: https://www.metrixadvisory.com.au/optimise-your-business-structure-for-success/ - Categories: Blog - Tags: australia, Business tips, cashflow, company pty Ltd, Forecasting, Metrix Advisory, partnership, plan, Sole Trader, strategy, Structuring Your Company, Tax, trust Choosing the right business structure is a critical decision for any entrepreneur or business owner in Australia. Your choice will influence your tax obligations, legal liabilities, and operational efficiency. Whether you're starting a new venture or restructuring an existing one, understanding the implications of each structure is essential to ensure long-term success. In Australia, the four main business structures are sole traders, partnerships, companies, and trusts. This article explores each of these structures and their implications on taxes, liability, and operations. 1. Sole Trader A sole trader is the simplest and most common business structure in Australia. It is ideal for individuals who want to run a business independently with minimal setup costs and administrative requirements. Taxes: Sole traders report their business income as part of their personal tax return under their individual Tax File Number (TFN). The income is taxed at personal income tax rates, and the owner must pay the Medicare levy and Goods and Services Tax (GST) if their annual turnover exceeds $75,000. Liability: Sole traders have unlimited personal liability, meaning personal assets such as homes or savings are at risk if the business incurs debts or faces legal claims. Operations: This structure is easy to set up and manage, with fewer compliance requirements compared to other structures. However, raising capital can be challenging as sole traders cannot issue shares or attract investors. Best suited for: Freelancers, consultants, or small-scale businesses with low risk. 2. Partnership A partnership involves two or more individuals or entities running a... --- - Published: 2025-02-20 - Modified: 2025-02-20 - URL: https://www.metrixadvisory.com.au/multi-entity-management-made-simple-xero-configuration-strategies/ - Categories: Blog - Tags: australia, Business data, Business tips, Forecasting, Metrix Advisory, Multi-Entity Challenge, plan, Tax, Xero, Xero Configuration Strategies Managing multiple business entities has become a critical operational challenge for growing enterprises, particularly in Sydney’s dynamic corporate ecosystem. With regulatory scrutiny intensifying and stakeholders demanding transparent financial reporting, businesses require accounting systems that balance simplicity with scalability. Xero’s cloud-based platform has emerged as a preferred solution for mid-sized organizations, but its true potential lies in strategic configuration tailored to multi-entity operations. This article outlines practical approaches to streamline entity management while maintaining compliance and operational efficiency. The Multi-Entity Challenge in Modern Business Sydney-based enterprises increasingly operate through subsidiary structures for risk management, tax optimization, and market specialization. A 2024 survey of Australian CFOs revealed that 68% of companies with annual revenues exceeding $10 million manage at least three separate legal entities1. However, disjointed accounting systems often lead to: Manual reconciliation of intercompany transactions Version control issues with spreadsheets tracking cross-entity balances Compliance risks from inconsistent chart of accounts structures Delayed reporting due to fragmented financial data The consequences extend beyond administrative headaches – 42% of businesses in a NSW Treasury study reported material errors in intercompany accounting during regulatory audits1. Core Configuration Strategies 1. Entity Isolation Through Separate Xero Organizations While tempting to consolidate entities under a single Xero account using class tracking, best practice mandates separate Xero organizations for each legal entity. This approach: Maintains clean audit trails for tax compliance Prevents accidental commingling of financial data Allows entity-specific user permission settings As highlighted in recent accounting forum discussions, attempting to manage multiple entities through classes often fails... --- - Published: 2025-02-03 - Modified: 2025-02-03 - URL: https://www.metrixadvisory.com.au/the-future-of-bookkeeping-embracing-technology-for-efficiency/ - Categories: Blog - Tags: australia, Automation, blockchain technology, Bookkeeping, Business data, Business tips, cloud accounting solutions, Metrix Advisory, plan This article explores the latest trends in bookkeeping, highlighting how technology is reshaping the industry and offering best practices for businesses aiming to modernize their financial processes. The landscape of bookkeeping and accounting is undergoing a significant transformation,driven by rapid technological advancements. Businesses are increasingly adoptinginnovative tools to enhance efficiency, accuracy, and transparency in their financialoperations. This article explores the latest trends in bookkeeping, highlighting howtechnology is reshaping the industry and offering best practices for businesses aiming tomodernize their financial processes. The Rise of Automation in Bookkeeping Automation stands at the forefront of the technological revolution in accounting. By automating routine tasks such as data entry, invoice processing, and transaction categorization, businesses can significantly reduce manual errors and free up valuable time for strategic activities. Advanced software solutions now utilize artificial intelligence (AI) to analyze financial data, identify patterns, and flag anomalies in real-time. This not only enhances accuracy but also enables proactive financial management. For instance, AI-powered tools can classify transactions and detect discrepancies, allowing accountants to focus on higher-value tasks like financial analysis and strategic planning. This shift not only improves efficiency but also elevates the role of accountants to strategic advisors within organizations. Embracing Cloud Accounting Solutions Cloud-based accounting platforms have revolutionized how businesses manage their finances. Solutions like Xero offer real-time access to financial data from anywhere, facilitating collaboration among team members and advisors. The cloud environment ensures that financial information is always up-to-date, promoting informed decision-making. Moreover, cloud accounting enhances data security through encrypted storage and regular backups, mitigating the risk of data loss. The scalability of cloud solutions allows businesses to customize features according to their needs, ensuring a tailored approach... --- - Published: 2025-01-22 - Modified: 2025-01-22 - URL: https://www.metrixadvisory.com.au/alternative-investments-in-2025-key-themes-for-cfos/ - Categories: Blog - Tags: Alternative Investments, australia, Business data, Business tips, CFOs, Metrix Advisory, plan, strategy As we step into 2025, the landscape of alternative investments is evolving rapidly, presenting unique opportunities for Chief Financial Officers (CFOs) to leverage in sectors such as renewable energy and data infrastructure. This article explores the key themes that will shape alternative investments this year and how CFOs can strategically position their organizations to capitalize on these trends. Emerging Trends in Alternative Investments 1. Sustainable and Impact Investing The push towards sustainability is not just a trend; it's becoming a fundamental principle for investors. In 2025, there is an expected surge in investments focused on environmental, social, and governance (ESG) criteria. CFOs should consider integrating sustainable investment strategies into their financial planning. This includes funding projects in renewable energy, such as solar and wind power, which are projected to dominate the cleantech sector with investments reaching $670 billion, surpassing fossil fuel investments for the first time. 2. Data Infrastructure Investments The increasing demand for data services is driving significant investment in data infrastructure. With the rise of cloud computing and big data analytics, CFOs should prioritize investments in data centers and related utilities. The power generation capacity required to support these facilities is expected to more than double by 2030. This presents a crucial opportunity for CFOs to align their investment strategies with the growing need for robust data infrastructure. 3. Technological Advancements in Investment Strategies The rise of digital alternative investment funds (AIFs) is transforming how investments are made. Leveraging technology for investment decisions allows for greater efficiency and... --- - Published: 2024-12-17 - Modified: 2024-12-17 - URL: https://www.metrixadvisory.com.au/the-rise-of-virtual-cfos-how-startups-can-leverage-financial-expertise-without-the-overhead/ - Categories: Blog - Tags: australia, Business data, Business tips, cashflow, Hiring a Virtual CFO, Metrix Advisory, Startups, strategy, Tax, virtual CFO In today's fast-paced business environment, startups and small businesses face numerous challenges, particularly in managing finances effectively. The traditional model of hiring a full-time Chief Financial Officer (CFO) can be prohibitively expensive and may not align with the budgetary constraints of a growing company. Enter the virtual CFO (vCFO)—a flexible, cost-effective solution that enables startups to access high-level financial expertise without the overhead costs associated with a full-time executive. Benefits of Hiring a Virtual CFO Hiring a virtual CFO offers several advantages that can significantly impact the financial health of a startup: Cost-Effectiveness: One of the most compelling reasons to hire a vCFO is the cost savings. Unlike a full-time CFO, who often requires a substantial salary along with benefits, a virtual CFO typically works on a part-time or project basis. This flexibility allows startups to pay for only the services they need, which can lead to significant savings in operational costs. Access to Expertise: Virtual CFOs come with diverse experience from working with various industries and businesses. This breadth of knowledge enables them to provide valuable insights and strategies that are tailored to the unique challenges faced by startups. Their experience can help identify growth opportunities and optimize financial performance. Scalability: As businesses grow, their financial needs evolve. A vCFO can adjust their level of involvement based on the company's changing requirements, allowing startups to scale their financial management efforts up or down as needed. This adaptability is crucial for startups navigating fluctuating market conditions. Focus on Strategy: By... --- - Published: 2024-12-05 - Modified: 2024-12-05 - URL: https://www.metrixadvisory.com.au/digital-transformation-in-finance-leveraging-xero-for-efficiency/ - Categories: Blog - Tags: australia, Business data, Business tips, cashflow, cloud based accounting software, digital transformation in finance, Forecasting, Metrix Advisory, Tax, Xero In today's fast-paced financial landscape, digital transformation is essential for businesses aiming to enhance their operational efficiency and competitiveness. One of the leading tools facilitating this transformation is Xero, a cloud-based accounting software designed to streamline bookkeeping and accounting processes. This article will explore the benefits of digital transformation in finance, focusing on how Xero can optimize financial operations, and how Metrix Advisory can assist businesses in implementing effective bookkeeping and accounting strategies. Benefits of Digital Transformation in Finance Digital transformation in finance offers a multitude of advantages that can significantly improve business operations: Increased Efficiency: By automating routine tasks such as invoicing, payroll, and reconciliation, Xero allows finance teams to operate more efficiently. This automation reduces the time spent on manual processes, enabling staff to focus on strategic initiatives rather than administrative duties. Cost Reduction: Implementing digital solutions like Xero can lead to substantial cost savings. Businesses can minimize expenses associated with paper-based processes and reduce the need for extensive manual labor, ultimately lowering operational costs. Enhanced Data Accuracy: Xero’s real-time data processing capabilities ensure that financial information is always up-to-date and accurate. This accuracy is crucial for making informed business decisions and maintaining compliance with regulatory requirements. Improved Collaboration: The cloud-based nature of Xero facilitates seamless collaboration among team members and external stakeholders. Multiple users can access the system simultaneously from different locations, which enhances communication and teamwork. Better Financial Insights: With advanced reporting features, Xero provides businesses with valuable insights into their financial performance. Users can generate... --- - Published: 2024-11-11 - Modified: 2024-11-11 - URL: https://www.metrixadvisory.com.au/accounting-trends-to-watch-in-2025-preparing-for-change/ - Categories: Blog - Tags: 2025, AI, australia, business, Business data, Business tips, cloud computing, Forecasting, Metrix Advisory, plan, remote work, strategy, Tax As we approach 2025, the accounting profession is poised for significant transformation. The convergence of technological advancements, regulatory changes, and shifting business practices is reshaping how accountants operate and deliver value to their clients. Here are the key trends that accounting professionals should monitor closely as they prepare for the upcoming year. Digital Transformation and Automation One of the most profound shifts in accounting is the increased integration of digital technologies. Automation tools and artificial intelligence (AI) are streamlining routine tasks such as data entry, invoicing, and tax preparation. This shift allows accountants to focus on more strategic activities, enhancing their role as trusted advisors rather than mere number crunchers. For instance, AI can analyze vast amounts of financial data quickly, providing insights that help businesses make informed decisions. Cloud Computing The adoption of cloud-based accounting solutions continues to rise. These platforms offer flexibility, allowing accountants to access financial data from anywhere while facilitating real-time collaboration with clients. Cloud technology enhances efficiency and ensures robust data security—a critical consideration in today's digital landscape. A significant percentage of accountants believe that cloud services improve business success and revenue generation. Remote Work and Collaboration Tools The COVID-19 pandemic accelerated the trend toward remote work, which is now a permanent fixture in many accounting firms. Professionals are utilizing virtual collaboration tools and secure communication channels to maintain client interactions and manage multi-state taxation issues effectively. This shift requires accountants to be adept at using technology to foster teamwork and communication across distributed teams.... --- - Published: 2024-10-29 - Modified: 2024-10-29 - URL: https://www.metrixadvisory.com.au/the-impact-of-rising-interest-rates-on-small-businesses-in-australia/ - Categories: Blog - Tags: australia, Business tips, cashflow, interest rates, Metrix Advisory, strategy, Tax In the ever-evolving landscape of the Australian economy, small businesses often find themselves at the mercy of external factors beyond their control. One such factor that has been making waves recently is the rise in interest rates. But what does this mean for small businesses, and how can they navigate these choppy waters? Let’s dive into this pressing issue. Understanding the Challenge Imagine you’re a small business owner in Australia. You’ve worked tirelessly to build your brand, establish a loyal customer base, and manage your finances prudently. Suddenly, you hear that interest rates are on the rise. What does this mean for you? Simply put, rising interest rates can increase borrowing costs, which can squeeze your cash flow and potentially stifle growth. For many small businesses, loans are a lifeline. They provide the necessary capital to invest in new equipment, hire additional staff, or expand operations. However, when interest rates climb, so do the costs associated with these loans. This can lead to higher monthly repayments and reduced profitability. The Ripple Effect on Cash Flow Cash flow is the lifeblood of any business. It’s what keeps the lights on and ensures that employees get paid on time. When interest rates rise, businesses may find themselves allocating more funds towards servicing debt rather than investing in growth opportunities or maintaining day-to-day operations. Consider a local café owner who took out a loan to renovate their space and attract more customers. With rising interest rates, their monthly loan repayments have increased significantly.... --- - Published: 2024-10-07 - Modified: 2024-10-07 - URL: https://www.metrixadvisory.com.au/how-fintech-is-changing-the-landscape-of-financial-services-in-australia/ - Categories: Blog - Tags: australia, Business data, Business tips, cashflow, financial services, fintech, Forecasting, Metrix Advisory, strategy, Tax In recent years, the financial services landscape in Australia has undergone a remarkable transformation, largely driven by the rise of financial technology, or fintech. This evolution is not just a passing trend; it's reshaping how individuals and businesses manage their finances, interact with financial institutions, and access services. As we delve into this dynamic world of fintech, let's explore the latest trends, including artificial intelligence (AI) and blockchain technology, and consider how these innovations are particularly beneficial for small businesses. The Fintech Revolution: What’s Happening? Fintech is revolutionizing the financial services sector by leveraging advanced technologies to create more efficient, secure, and user-friendly solutions. In Australia, an estimated 60% of the population now uses digital banking services, including mobile banking apps and digital wallets. This shift reflects a broader global trend where consumers increasingly demand seamless and convenient financial services. So, what are the key trends driving this fintech revolution? Artificial Intelligence (AI): AI is becoming a game-changer in the financial sector. From personalized customer service to sophisticated risk assessment tools, AI helps institutions analyze vast amounts of data quickly and accurately. For instance, banks can now offer tailored financial advice based on individual spending habits and preferences. Blockchain Technology: Initially associated with cryptocurrencies, blockchain is finding applications in various aspects of finance. Its ability to provide secure and transparent transaction records makes it a valuable tool for enhancing trust in financial dealings. Australian fintechs are exploring blockchain for smart contracts and decentralized finance (DeFi) applications. Real-Time Payments: The introduction... --- - Published: 2024-09-06 - Modified: 2024-09-06 - URL: https://www.metrixadvisory.com.au/the-top-5-tax-mistakes-small-businesses-make-in-australia/ - Categories: Blog - Tags: australia, business, Business data, Business tips, cashflow, Forecasting, Metrix Advisory, plan, strategy, Tax Running a small business in Australia can be rewarding, but it also comes with unique challenges, particularly when it comes to tax compliance. Here are the top five tax mistakes that Australian small business owners often make and strategies for how to avoid them: 1. Poor Record-Keeping One of the most common mistakes is not keeping sufficient or neat records. The Australian Taxation Office (ATO) requires businesses to maintain accurate records of income, expenses, and assets for at least five years. Without proper documentation, verifying tax deductions becomes difficult and can lead to missed tax benefits or penalties for underpayment. The Solution: Develop a system for collecting and storing receipts, invoices, and bank statements. Consider using accounting software or cloud-based solutions to streamline and digitize your records. Allocate time each month to categorize and record your finances. 2. Mixing Personal and Business Expenses Blurring the lines between personal and business finances is another frequent mistake, especially for sole traders and independent contractors. Using business funds for personal expenses or vice versa complicates taxes and might raise red flags with the ATO. The Solution: Keep separate bank accounts and credit cards for business and personal use. If personal accounts are used for business expenses, establish a clear policy for reimbursing your personal accounts to maintain accurate transaction records. 3. Not Claiming All Deductions The ATO offers a wide range of tax deductions to small businesses, including rent, travel expenses, marketing costs, phone bills, training expenses, etc. Missing out on these deductions... --- - Published: 2024-08-23 - Modified: 2024-08-23 - URL: https://www.metrixadvisory.com.au/how-a-virtual-cfo-can-help-small-businesses-navigate-rising-interest-rates/ - Categories: Blog - Tags: australia, business, Business data, Business tips, cashflow, Cost-Effective CFO, Metrix Advisory, plan, strategy, Tax In today's economic climate, small businesses are facing increasing financial pressures, particularly as interest rates continue to rise. These rising rates can significantly impact a small business's bottom line, leading to increased borrowing costs, reduced cash flow, and potential challenges in managing day-to-day operations. This is where a virtual Chief Financial Officer (CFO) can be invaluable. A virtual CFO provides expert financial guidance and support, helping small businesses understand and manage their finances effectively, even in the face of rising interest rates. Understanding the Impact of Rising Interest Rates Rising interest rates can have a profound effect on small businesses. Here are some of the key challenges they may face: Increased borrowing costs: Loans, lines of credit, and other forms of debt become more expensive as interest rates rise, reducing a business's profitability. Reduced cash flow: Higher interest payments can strain a business's cash flow, making it difficult to meet operational expenses and invest in growth. Increased financial risk: Rising interest rates can increase the risk of financial distress, particularly for businesses with high debt levels or limited cash reserves. How a Virtual CFO Can Help A virtual CFO can provide essential support to small businesses navigating these challenges. Here's how: Financial analysis and forecasting: A virtual CFO can help businesses analyze their financial performance, identify areas for improvement, and develop accurate financial forecasts. Risk management: A virtual CFO can help businesses assess and mitigate financial risks, including those associated with rising interest rates. Cost optimization: A virtual CFO can... --- - Published: 2024-08-09 - Modified: 2024-08-09 - URL: https://www.metrixadvisory.com.au/three-questions-for-business-success-part-3-pricing/ - Categories: Blog - Tags: business, Business success, Business tips, Cost-plus pricing, Fixed costs, Forecasting, Metrix Advisory, plan, Pricing strategy, Product positioning, Profit margin, strategy, Target customers, Variable costs Since businesses have existed, these questions have perplexed their owners. Before AI, the internet and even electricity. Who's my ideal customer? What makes my product or service attractive? How should I be pricing my product or service? Read on! In this series, we will see how three questions for business success are approached and provide some practical tools and techniques for the SME owner to answer them. Since businesses have been in existence, these questions have perplexed most of their owners. Before AI, before the internet and even before electricity. Who is my ideal customer? What makes my product or service attractive? How should I be pricing my product or service? An article in the NZ Herald from June 2024; Big Red, what went wrong for The Warehouse, highlighted the struggles of one of New Zealand’s most famous retail brands, The Warehouse. A senior analyst at investment house Forsyth Barr posed the question, “I don’t know if they know what they are and how they fit into the New Zealand retail landscape, or what they are going to compete on”. Another analyst, Greg Smith of Devon Funds Management, commented, “They need to recalibrate what is the value proposition”. For The Warehouse, which has used bargain prices as its core attraction, now has its competitors like Kmart dictating to Warehouse customers what a bargain actually is. Given The Warehouse is a large, complex business in a highly competitive market, you might believe that its relevancy doesn’t apply to SME’s. But it does. No matter what size of business, the principles of success are all the same. Who are you selling to, why should they buy it and how much will they pay, are the foundations of success for global conglomerates... --- - Published: 2024-07-30 - Modified: 2024-07-30 - URL: https://www.metrixadvisory.com.au/why-your-startup-needs-a-financial-advisor-5-key-benefits/ - Categories: Blog - Tags: australia, Business data, Business tips, cashflow, financial planning, Forecasting, investor, Metrix Advisory, plan, strategy In the fast-paced world of startups, financial expertise can make the difference between success and failure. Here's why partnering with a financial advisor could be your smartest move: In the fast-paced world of startups, financial expertise can make the difference between success and failure. Here's why partnering with a financial advisor could be your smartest move: 1. Strategic Financial Planning A startup-focused financial advisor helps you: Develop realistic financial projections Create robust budgeting systems Implement effective cash flow management These foundational elements are crucial for long-term sustainability and growth. 2. Funding and Investor Relations Securing funding is often make-or-break for startups. Financial advisors can: Identify suitable funding sources Prepare compelling pitch decks Negotiate favorable terms with investors They also help maintain strong investor relationships through transparent financial communication, potentially leading to additional funding opportunities. 3. Tax Optimization and Compliance Navigating the complex tax landscape is challenging for startups. An advisor can: Identify applicable tax credits and deductions Structure your business for optimal tax efficiency Ensure compliance with changing regulations Proper tax planning can result in significant annual savings. 4. Financial Forecasting and Risk Management Accurate forecasting is critical for startups. Your advisor will: Create detailed financial models Project various cash flow and profitability scenarios Identify potential financial pitfalls before they occur This foresight allows for informed decision-making and timely pivots when necessary. 5. Scaling Strategies As your startup grows, so do its financial complexities. An advisor guides you through: Efficient team expansion Management of increased operational costs Exploration of new market opportunities Their expertise ensures sustainable and financially sound growth. When to Hire and What to Look For Ideally, bring an advisor on board during the planning stages.... --- - Published: 2024-07-16 - Modified: 2024-07-16 - URL: https://www.metrixadvisory.com.au/three-questions-for-business-success-part-2-value-proposition/ - Categories: Blog - Tags: australia, business, Business data, Business tips, cashflow, Customer, Forecasting, Metrix Advisory, plan, SME Owner, strategy, Tax Since businesses have existed, these questions have perplexed their owners. Before AI, the internet and even electricity. Who's my ideal customer? What makes my product or service attractive? How should I be pricing my product or service? Read on! In this series, we will see how three questions for business success are approached and provide some practical tools and techniques for the SME owner to answer them. Since businesses have been in existence, these questions that have perplexed most of their owners. Before AI, before the internet and even before electricity. Who is my ideal customer? What makes my product or service attractive? How should I be pricing my product or service? An article in the NZ Herald from June 2024; Big Red, What went wrong for The Warehouse, highlighted the struggles of one of New Zealand’s most famous retail brands, The Warehouse. A senior analyst at investment house Forsyth Barr posed the question, “I don’t know if they know what they are and how they fit into the New Zealand retail landscape, or what they are going to compete on”. Another analyst, Greg Smith of Devon Funds Management, commented, “They need to recalibrate what is the value proposition”. For The Warehouse, which has used bargain prices as it’s core attraction, now has its competitors like Kmart dictating to Warehouse customers what a bargain actually is. Given The Warehouse is a large, complex business in a highly competitive market, you might believe that it’s relevancy doesn’t apply to SME’s. But it does. No matter what size of business, the principles of success are all the same. Who are you selling to, why should they buy it and how much will they pay, are the foundations of success for global... --- - Published: 2024-07-03 - Modified: 2024-07-03 - URL: https://www.metrixadvisory.com.au/three-questions-for-business-success-part-1-ideal-customer/ - Categories: Blog - Tags: australia, business, Business data, Business tips, cashflow, Forecasting, ideal customer, Metrix Advisory, plan, strategy, Tax Since businesses have existed, these questions have perplexed their owners. Before AI, the internet and even electricity. Who's my ideal customer? What makes my product or service attractive? How should I be pricing my product or service? Read on! In this series, we will see how three questions for business success are approached and provide some practical tools and techniques for the SME owner to answer them. Since businesses have been in existence, these questions have perplexed most of their owners. Before AI, before the internet and even before electricity. Who is my ideal customer? What makes my product or service attractive? How should I be pricing my product or service? An article in the NZ Herald from June 2024; Big Red, what went wrong for The Warehouse, highlighted the struggles of one of New Zealand’s most famous retail brands, The Warehouse. A senior analyst at investment house Forsyth Barr posed the question, “I don’t know if they know what they are and how they fit into the New Zealand retail landscape, or what they are going to compete on”. Another analyst, Greg Smith of Devon Funds Management, commented, “They need to recalibrate what is the value proposition”. For The Warehouse, which has used bargain prices as its core attraction, now has its competitors like Kmart dictating to Warehouse customers what a bargain actually is. Given The Warehouse is a large, complex business in a highly competitive market, you might believe that it’s relevancy doesn’t apply to SME’s. But it does. No matter what size of business, the principles of success are all the same. Who are you selling to, why should they buy it and how much will they pay, are the foundations of success for global conglomerates... --- - Published: 2024-06-12 - Modified: 2024-06-12 - URL: https://www.metrixadvisory.com.au/budgeting-for-success-the-importance-of-good-financial-management/ - Categories: Blog - Tags: australia, budgeting, business, Business data, Business tips, cashflow, financial management, forecast, Metrix Advisory, strategy, Tax A solid budget is the foundation for your company’s financial management and success. Here are 4 ways to stay in control of your business budgeting #businessadvice #SmallBusiness #budgeting When you’re operating and managing a small business, you have a finite pot of cash to work with. Because of this, it’s incredibly important to manage your cash well and to have clear budgets and spending limits for every area of your business operations. Let’s take a look at why budgeting is such a vital part of your financial management, and what you can do to keep your company on budget and in a positive cashflow position. 4 ways to stay in control of your business budgeting It’s impossible to run a successful business without having a tight rein over your expenditure. Sales may be bringing in healthy revenues, but the income and profits you’re generating can quickly be eaten up if you’re overspending on operational costs, marketing campaigns, staff payroll or investments in new hardware and software. We’ve highlighted four ways to put good, solid budgeting at the heart of your financial process: 1. Embrace the power of budgeting A well-crafted business budget gives you the foundations to become a financially healthy and successful business that’s in control of its spending. You don’t have to use a complicated budgeting app; a simple breakdown of income and expenses in an Excel spreadsheet can be a great starting point. To get started: Track your projected sales, so you understand your future revenue numbers and have a solid projection for your income over the course of the year, or budget period. Calculate your costs, including fixed costs like rent and utilities, and... --- - Published: 2024-05-15 - Modified: 2024-05-15 - URL: https://www.metrixadvisory.com.au/business-tips-setting-your-goals-for-a-business-exit/ - Categories: Blog - Tags: Business data, Business tips, cashflow, Metrix Advisory, strategy, Tax Thinking about selling your business? We’ve got some important advice on setting the right goals for your business exit. #M&A #business #exitstrategy Every business has a finite lifespan. Some may last for decades, and some may only last a couple of years. As the owner of a business, the life of your business is likely to be strongly aligned with your own life goals and personal plans for the future. When the time comes to sell up, it’s important to know what your goals are for the sale. Are you looking to retire? Or do you have a burning ambition to start a new venture? Define your exact goals from the sale of the business At the point of planning an exit, you need to think carefully about WHY you’re selling up and WHAT you want to achieve. This is a huge change in your life, your business career and the fortunes of your company and employees. Ask yourself what your true goals are from this exit: Do you want to retire, ease the pressure and enjoy some freedom? Has this business journey come to an end and you need a new challenge? Do you need to free up your capital to invest in other business or personal projects? Is there a worthy successor who’s itching to jump into the hot seat? Whatever the motivation for a business exit may be, be sure to consider your options and decide on some concrete end goals. Who is going to take over the business? Business sales are rarely a simple process and by putting the company on the market you’re opening yourself up to... --- - Published: 2024-04-09 - Modified: 2024-04-09 - URL: https://www.metrixadvisory.com.au/keeping-your-employees-and-customers-safe/ - Categories: Blog - Tags: australia, business, Business data, Business tips, cashflow, customers, employers, Forecasting, Metrix Advisory, plan, safety, strategy, Tax Are you keeping your staff and customers safe? We’ve got three top tips for getting on top of your health & safety procedures as a business owner. #businessadvice #SmallBusiness #SmallBiz #SMB #healthandsafety Worldwide, there are around 340 million occupational accidents and 160 million victims of work-related illnesses annually. Those are worrying statistics for business owners. As an employer and an owner, you have a responsibility to keep your people safe – and the potential fallout from failing to do this can be significant. If an employee or customer were to be injured while on your premises, the outcome is not great. The company could well face: Expensive and time-consuming legal cases, Costly compensation payments to the injured party Negative reputational impact from the media and social media reporting re the accident. And of course, there’s the ethical implications of not having taken care of your stakeholders – and the upset, worry, stress and long-term health implications for the person that’s injured. Your duty of care to your employees As a business owner or director, you have a duty of care to your employees to keep them safe and healthy at work. This includes providing a safe work environment, providing adequate training and monitoring their safety and well-being on an ongoing basis. Specific examples of your duty of care to your employees include providing: Safe and well-maintained machinery and equipment A safe and healthy work environment, free from hazards Adequate training on how to use machinery and equipment safely Training on health and safety procedures Monitoring the health and safety of your employees Support to employees who have been injured or become ill at work Taking out the relevant liability insurance in case... --- - Published: 2024-03-05 - Modified: 2024-03-05 - URL: https://www.metrixadvisory.com.au/key-ways-to-access-funding-for-your-business/ - Categories: Blog - Tags: australia, business, Business data, Business tips, cashflow, Forecasting, funding, key ways, Metrix Advisory, plan, Tax Funding is essential for hitting your business goals – but do you know which routes to finance are the best for your company? We’ve got the lowdown on funding. #businessadvice #SmallBusiness If you’re planning to found a new business, you’ll need enough startup capital to get this venture off the ground. And once you’re up and running, you’ll need additional business finance and investment at each stage of your growth and expansion along the business journey. But where does this business funding come from? And what are the best routes for accessing the finance you need to bring your business plans to life? Five way to access the right funding There are multiple routes to funding, and many specialist types of finance that cater to a specific industry or a particular business type. However, it’s always a good idea to understand the funding fundamentals and the options they offer for your business. We’ve summarised five different funding routes that are worth considering: Bank loans and overdrafts – traditionally, your bank was the go-to place for business funding. Taking out a business loan allows you to pay back the loan over an agreed period, and in easy instalments. Extending your business overdraft can give you more credit to play with. But in recent times, banks have become more reticent to lend and will need cast-iron evidence of your ability to repay any agreed loan or overdraft. Pros: Large sums of money can be borrowed Cons: Strict lending criteria and may require collateral Private investors – getting high-net-worth individuals to invest in businesses is another well-worn path to funding. Private investors can be a great source of funding if your business is unable... --- - Published: 2024-02-22 - Modified: 2024-02-22 - URL: https://www.metrixadvisory.com.au/are-you-ready-for-an-enterprise-resource-planning-solution/ - Categories: Blog - Tags: australia, business, cashflow, erp solutions, Forecasting, Metrix Advisory, resource planning, strategy, Tax As your business scales, your systems need to scale with you. Moving to an enterprise resource planning (ERP) solution is the best way to stay in control of your growing business. #businessadvice #SmallBusiness #ERP #EnterpriseResourcePlanning As your business scales, the complexity of your systems, data and management information will grow at a similar pace. And if you're using software, apps and systems that are aimed squarely at the small business market, these platforms may begin to creak at the seams a little. This is when moving to an enterprise resource planning (ERP) solution makes a lot of sense. But what is an ERP solution? And how does upgrading to one of the current breed of ERP software help you get back in control of your expanding business? What exactly is an ERP solution? An Enterprise Resource Planning (ERP) solution is a comprehensive software system that integrates and manages various core business processes across your organisation. If you want to stay in control of all areas of your business, ERP software puts you back in the driving seat. Your ERP solution will streamline and automate functions such as finance, human resources, inventory management, procurement, sales and customer relationship management. 5 key benefits of using an ERP solution In today’s digital world, having the right data and management information at your fingertips is a must. And with an ERP system in place, you can plan, manage and control every area of the business, while also having access to all the important data you need as a business owner. Let’s take at look at five of the valuable benefits of using an ERP solution: Deeper control over your financial management – an ERP solution gives you a broader... --- - Published: 2024-02-14 - Modified: 2024-02-14 - URL: https://www.metrixadvisory.com.au/overcoming-imposter-syndrome-a-business-owners-guide/ - Categories: Blog - Tags: australia, business, Business data, Business tips, cashflow, Forecasting, imposter syndrome, Metrix Advisory, plan, strategy, Tax Imposter syndrome is a common challenge faced by many business owners. It can hinder personal growth, decision-making, and overall well-being. It impacts 70% of business owners at some point. We look at steps you can take to overcome and move forward. It's a common struggle and we probably don’t talk about it. Imposter Syndrome affects individuals from all walks of life, including business owners. It's characterised by a persistent feeling of inadequacy, despite evidence of your competence and accomplishments. A Harvard Business Review study found that nearly 70% of entrepreneurs have experienced imposter syndrome at some point in their careers. This self-doubt can be particularly debilitating for entrepreneurs, as they navigate the multiple challenges of running a businesses. Understanding and addressing this issue is crucial for personal and professional growth. Many business owners, despite their achievements, constantly question their abilities and attribute their success to luck or external factors. This mindset can hinder their progress, hinder decision-making, and lead to burnout. So how do you overcome it? Overcoming Imposter Syndrome While conquering imposter syndrome is a personal journey, there are practical steps that business owners can take to manage it effectively: Acknowledge and Normalize - Understand that imposter syndrome is common and experienced by many, if not most, successful individuals. Normalise these feelings as a part of the entrepreneurial journey. Track Achievements - Maintain a record of your accomplishments, no matter how small they seem. Regularly reviewing these achievements can help boost confidence and counteract self-doubt. Seek Support and Talk to Others - Talk to your business advisor, a mentor, and others in similar roles. Sharing your thoughts and feelings with someone you trust can provide valuable insights and strategies for overcoming imposter syndrome. Set Realistic Goals - Break your long-term... --- - Published: 2024-02-05 - Modified: 2024-02-05 - URL: https://www.metrixadvisory.com.au/tax-planning-helps-you-do-more-with-your-money/ - Categories: Blog - Tags: australia, business, Business data, Business tips, cashflow, Forecasting, Metrix Advisory, strategy, Tax Tax may be boring, but smart use of tax planning is a superb way to help your company do more with your money. #tax #accounting #businesstips #tax #taxplanning Tax planning is a strategic approach to managing your business’ financial affairs, with the aim of legally minimising your tax liability. In other words, you plan ahead to make sure you pay the taxes you should be paying, but not a penny more. Working with your tax adviser, you can look for deductions, credits, exemptions and tax-saving strategies that will help to optimise your company’s overall tax position. How does tax planning affect your business? The primary goal of tax planning is to reduce the amount of taxes your business owes. But it’s also about making sure you stay compliant with all the tax laws and regulations applicable to your business. But what are the main advantages? Let’s take a look at five of the big benefits of careful, strategic tax planning. By planning your tax across the year, you can: Maximise your profits – strategic tax planning helps your company find the best available tax incentives, deductions and credits. This reduces your overall tax liability, cuts your annual tax costs and increases your overall profitability as a business. Boost your cashflow – tax planning is a great way to open up more liquid cash and achieve a better cashflow position for the business. When you cut down the company’s tax payments, that frees up cash and helps you achieve a positive cashflow position. Stay compliant and mitigate your risk – being proactive with your tax planning keeps the company compliant with the relevant tax laws and regulations. It’s a... --- - Published: 2024-01-23 - Modified: 2024-01-23 - URL: https://www.metrixadvisory.com.au/what-are-your-business-goals-for-the-year-ahead/ - Categories: Blog - Tags: australia, business, Business data, Business tips, cashflow, Forecasting, Metrix Advisory, strategy, Tax What will you do differently this year to enable your business to thrive? Conducting a past-year review with our experienced advisors will provide valuable insights for this year's goal-setting. We can help. Get in touch today. #businessstrategy The beginning of a new calendar year is an excellent time to review the year just finished and reflect on what worked, what didn’t, what you’d like to change and new things you’d like to implement. Take the time to review the year and acknowledge all that has happened, good, bad or indifferent. Examining the year with an objective perspective can provide valuable insights to prepare for the next business year. Planning and goal setting will help provide a focus for your business efforts. Your Yearly Business Review What were the most significant impacts on your business in the last 12 months? How well did you meet the challenges? What worked well last year? What systems, technology, products or services were successful? What accomplishments can you celebrate? What situation, event or experience provided the biggest learning opportunity? What is the biggest challenge or frustration you face as you prepare for the year ahead? What did you most enjoy during the year? Do more of it. What did you least enjoy? Do less of it! Analyse your financial reports. Are you earning what you’d like to? Is the business sustainably profitable? Get Ready for a Great Year While there are many metrics you could evaluate to track business performance, we’ve given you just a few ideas to inspire your business planning for a positive start to the year. If you’d like to chat about what you can do differently this year to enable your business to thrive, book a time with... --- - Published: 2024-01-13 - Modified: 2024-01-13 - URL: https://www.metrixadvisory.com.au/finding-and-retaining-the-key-talent-for-your-business/ - Categories: Blog - Tags: australia, business, Business data, Business tips, cashflow, Forecasting, Metrix Advisory, strategy, Tax 4 in 5 employers, globally, report difficulty finding the skilled talent they require. So, how do you find the people your business needs? Here are five ways to beat the global talent shortage. #businessadvice #SmallBusiness The job market has been through plenty of ups and downs in recent years. But in 2024, the real challenge is attracting and retaining the top talent you need to grow the business Finding the skilled employees you need, and keeping them in the business, is vital for driving innovation and growth over the coming years. So, how do you locate the best talent? Nearly 4 in 5 employers, globally, report difficulty finding the skilled talent they need, according to statistics from Manpower Group. This scarcity of talent can be a real stumbling block when your growth strategy relies on expanding your workforce and bringing the brightest minds into the business. So, how do you overcome the current talent problem? Here are five ways to find the talent you need: Work on your branding as an employer – employees are attracted to a company that looks like a great place to work. So, there’s value in developing a compelling employer brand that highlights your company culture, values and employee ratings. Offer competitive salaries, rewards and benefits – a job is about more than just the salary, but offering a competitive salary and reward package goes a long way to attracting the skilled workers and professionals you need in your team. Make professional development a core value – offering the best opportunities for growth and advancement is a great way to retain your existing staff. By working staff development into your company’s DNA, your team can grow along with the business.... --- - Published: 2024-01-08 - Modified: 2024-01-08 - URL: https://www.metrixadvisory.com.au/how-to-ride-the-wave-of-technological-advancements/ - Categories: Blog - Tags: australia, business, Business data, Business tips, Forecasting, Metrix Advisory, plan, strategy Technology is changing how we do business. But how do you start this digital transformation? We’ve highlighted five of the big challenges to plan for and overcome. #businessadvice #SmallBusiness #SmallBiz #SMB #technology #digitaltransformation The rapid technological advancements we're seeing are a double-edged sword for many business owners, presenting both great opportunities and potential challenges. Adopting and integrating these new technologies is essential if you want to remain competitive, but it requires careful navigation and a clear strategic plan for your tech stack. 5 key steps for transforming your use of business tech There are solutions for enhancing your bookkeeping, accounting, forecasting, inventory management, project management and a host of other key operational areas. These apps slot perfectly into a custom tech stack that can be tailored and integrated to meet the exact needs of both your industry and your individual business. But if you’re at a loss as to where to start, it’s a good idea to step back and think in more detail about your digital strategy – and the best ways for you to grab the best tech opportunities. Here are five important steps to help you start your tech transformation: Assess your need for the right technologies – it’s important to think about the relevance and impact of emerging technologies on your business operations. Choose software solutions that meet a genuine need within your business model, and don’t be tempted to jump onto a tech bandwagon just because it’s ‘the latest thing’. Train and upskill your staff – you’ll only get the best from new software if your team knows how to use it. Invest in upskilling your employees so they feel comfortable with these new tools and can use... --- - Published: 2023-12-20 - Modified: 2023-12-20 - URL: https://www.metrixadvisory.com.au/happy-new-year/ - Categories: Blog - Tags: 2024, australia, Business data, Business tips, cashflow, Forecasting, Happy New Year, Metrix Advisory, plan, strategy, Tax Happy New Year to our clients. Wishing you a very prosperous 2024 with time to focus on the things that matter most to you! #HealthWealthHappiness Thank you for your business in 2023. For business owners, the New Year is often the time of year when you reflect on where you are at and think about your business goals for the year ahead. These could be lofty goals, or even setting out a plan to achieve some more mundane (but equally important) projects. Whether that is getting paid faster, reassessing expenses, or bigger things like automation of processes and new markets. We are here to help you achieve your goals for your business and we look forward to working with you on a prosperous 2024. From the team --- - Published: 2023-12-13 - Modified: 2023-12-13 - URL: https://www.metrixadvisory.com.au/holiday-cash-flow-for-your-small-business/ - Categories: Blog - Tags: australia, business, Business data, Business tips, cashflow, Forecasting, holiday, Metrix Advisory, Tax This time of year can be hard on small businesses. With a bit of pre-planning and being proactive, you can set yourself up for a financially stress-free holiday. Talk to us. We can help. #smallbusiness #cashflowtips Are you heading away for a break from the business this year? This time of year can be hard on small business. Your expenses continue and your cashflow can suffer when your debtors go on holiday. Leading up to the holiday period, is your business cash flow in good health to carry you through? With a bit of pre-planning and being proactive, you can set yourself up for a financially stress-free holiday. Planning your cash-flow over the holiday period Invoice early - Send any invoices that you can, and in advance if possible. Perhaps consider whether you have any regular clients or customers that you could offer a retainer or similar deal to if they book services or make a purchase from you in advance. Chase payment - Use this opportunity to chase up any outstanding payments. Strong communication and relationships matter - talk to clients and chase invoices. Talk to suppliers - A little honesty can go a long way. Perhaps they can extend a line of credit for your payments to them. In most cases, a good supplier would rather offer a little flexibility to keep an ongoing business relationship. Review your costs - Make sure you have a clear picture of your payroll, and any other planned expenses that will need to be accounted for. It’s also a good idea to do a general review of expenses. Business costs can creep up, and it’s a great idea to make a time to check on your expenses regularly,... --- - Published: 2023-11-24 - Modified: 2023-11-24 - URL: https://www.metrixadvisory.com.au/a-business-budget-will-help-with-your-financial-decision-making/ - Categories: Blog - Tags: australia, budgeting, business, Business data, Business tips, cashflow, finances, funds, Metrix Advisory, plan, revenues, strategy, Tax Having control over your spending and expenses is a key part of good budgeting. Talk to us about your business plans. #tax #accounting #businesstips #budgeting Budgeting is about estimating your revenues, projecting your expenses and detailing the allocation of funds, so you stick to (and don’t overrun) your agreed budget ceiling. How does budgeting affect your business? Having a clear, agreed budget gives you a structured framework for your financial decision-making. It’s a practical way to control your costs, monitor performance and adapt your strategic and financial decisions to meet changing economic conditions. Using budgeting helps your business in a number of ways: Better control over your finances – budgeting gives you a clear roadmap for managing your company’s finances. Sticking to that budget helps you maintain control over expenses, reduce wastage and make the very best of your resources. Achieving your financial and strategic goals – your budget helps you to set and track financial goals, making it easier to align your business strategies with your desired goals and outcomes. It’s a great way to boost growth, profitability and debt reduction. Improved control over your cashflow – effective budgeting helps you anticipate any cashflow fluctuations. That’s a bonus that helps you plan for both lean and prosperous periods, making sure you have the funds to cover expenses and seize opportunities. Allocating your resources – budgets are useful for guiding how and where you allocate your resources. From your one pot of cash, you can decide whether to prioritize investments, marketing efforts, operational improvements or business growth. Keep track of your performance – comparing your actual financial results to your budgeted results helps you quickly... --- - Published: 2023-11-15 - Modified: 2023-11-15 - URL: https://www.metrixadvisory.com.au/plain-english-guide-to-profit-and-loss/ - Categories: Blog - Tags: australia, business, Business tips, cashflow, Forecasting, Metrix Advisory, plan, profit & Loss, strategy, Tax When you’re in control of your profit and loss (P&L), you have a tighter hold on the reins of your profitability. Read our Plain English guide to P&L and learn how to boost your profits. #tax #accounting #businesstips #ProfitAndLoss #P&L Here's our Plain English guide to profit and loss and what this report reveals about your finances. What is profit and loss? Your profit and loss statement is commonly called your ‘P&L’. It’s also sometimes referred to as your income statement or statement of earnings. Your P&L is a breakdown of your company’s revenue (money coming into the company as sales and other income) and your expenditure (direct costs, overheads, expenses and other costs). As a business, you obviously want to turn a profit and make money. Keeping a close eye on your P&L allows you to track your revenues and expenses over a set period, and look for ways to boost your profitability as a business. How does profit and loss affect your business? Being in control of your financial management is hugely important for any business. Your P&L is one of the main ways to track and analyse this financial performance. To manage your P&L effectively, it’s important to focus on: Revenue management – to keep your revenue (income) healthy, you need to be proactive about generating sales and monitoring your revenue streams. This helps keep your income steady and stable, while also identifying areas for growth and improvement. Expense control – tracking and monitoring your operating expenses helps you spot where spending efficiencies could be made. Whether it’s overhead costs or inventory overspending, your P&L helps you spot unnecessary costs and boost profits. Cost analysis – analysing your business costs can help you spot the opportunities for... --- - Published: 2023-11-08 - Modified: 2023-11-08 - URL: https://www.metrixadvisory.com.au/taking-care-of-data-regulation-and-ticking-the-right-compliance-boxes/ - Categories: Blog - Tags: australia, business, Business data, Business tips, cashflow, Forecasting, Metrix Advisory, plan, strategy Your organisation collects huge amounts of customer data - but how do you keep this data safe? We’ve got the lowdown on meeting your data compliance requirements. #businessadvice Your business faces an increasingly complex regulatory landscape when it comes to data privacy, consumer protection and industry-specific compliance requirements. Keeping on top of these compliance requirements is a complex task. Failing to meet your requirements can have serious implications, with non-compliance (whether intentional or accidental) resulting in legal repercussions and possible reputational damage for the company. Taking excellent care of your customer data We live in a digital world, where your organisation collects huge amounts of data from your customers. This includes contact details, financial information, credit card details and detailed breakdowns of their spending habits and buying preferences. In an effort to protect this data and preserve customer privacy, there are various data regulations that you must comply with. A sample of these global data privacy laws include: General Data Protection Regulation (GDPR) in the EU The Data Protection Act 2018 in the UK The Privacy Act 2020 in Australia The Privacy Act 2020 in New Zealand The Federal Trade Commission (FTC) Act in the USA Depending on your organisation's home territory, and where you trade, there may well be international, national and local data regulations to comply with. That’s a lot to get your head around, especially if you’re new to business and not familiar with the legal framework. So, what can you do to make your compliance journey simpler and as effective as possible? Here are five simple steps to enhance your compliance: Work closely with legal advisers – compliance can get complicated if you’re not... --- - Published: 2023-11-02 - Modified: 2023-11-02 - URL: https://www.metrixadvisory.com.au/writing-a-business-plan-read-our-guide/ - Categories: Blog - Tags: australia, business, Business data, Business tips, cashflow, Forecasting, Metrix Advisory, plan, strategy, Tax A business without a plan is like a ship without a rudder. Read our guide to writing a business plan and find out the major benefits of having a detailed roadmap to follow. #tax #accounting #businesstips #businessplan #planning #strategy Your business plan is the sat-nav that keeps the company moving in the right direction. Having that guidance can be a massive benefit to your success as a business. But what elements should you include, and what are the main considerations to think about? A detailed business plan will generally include A clear direction for the business – a well-crafted business plan gives you a defined path to follow, outlining the company’s purpose, goals and strategies. This helps everyone understand the business's mission, so you’re pulling in the same direction. An overview of your financial strategy – your plan will include revenue projections, expense forecasts and funding requirements. This financial guidance gives you the foundations for mapping out your budgeting, cashflow and securing investments. An overview of threats and opportunities – a robust plan will identify the potential challenges and risks faced by the business. This helps you develop contingency plans for overcoming these challenges, reducing your risk and keeping the company on track. A summary of your sales and marketing strategy – outlining your sales and marketing strategy helps you target the right audience and differentiate your business in the market. This is vital for winning customers and driving your sales revenue. Attract the right investors and lenders – a solid business plan enhances your credibility when you’re approaching investors or lenders. A good plan will demonstrate your commitment to the business, your understanding of the market and your ability to achieve long-term success. This is essential for securing... --- - Published: 2023-10-19 - Modified: 2023-10-19 - URL: https://www.metrixadvisory.com.au/10-hot-questions-to-ask-yourself-as-a-business-owner/ - Categories: Blog - Tags: Business data, Business tips, cashflow, Forecasting, Metrix Advisory, plan, strategy, Tax Want to push your business to the next level? We’ve shared 10 hot questions to ask yourself as a business owner, with advice on how they will drive your growth and success. #businessadvice #SmallBusiness #growth #strategy #advice Running a busy and successful business means you often don’t have the time to step back and work ON the business. This can be a challenge if your aim is to grow and scale the company. As experienced professional business advisers, we know the value of taking the time to ask yourself some pertinent questions. Holding yourself and the business to account is something we can help with. And there's never a bad time to pose a few questions and gauge where you're at with your planning, strategy, financial management and personal goals as an entrepreneur. We've pulled together 10 hot questions to ask yourself as a business owner. 1. Can you explain why a customer should choose your brand over another? Knowing your value to a customer is vital if you’re going to market your offering in the most effective way. Think about why your brand stands out in the marketplace, and what opportunities and threats exist. This is the fastest way to tailor your brand to meet customer expectations. We can help you by running a SWOT-based analysis of your business. 2. How happy is your workforce? Your people are such a vital asset, but they won’t work well if they’re dissatisfied and disengaged from your business values. Ask yourself, are your employees motivated and engaged by your mission? Is there anything you can do to boost this engagement? We can review your people strategy and the staff benefits you offer to your employees. 3. Are you meeting... --- - Published: 2023-09-21 - Modified: 2023-09-21 - URL: https://www.metrixadvisory.com.au/5-ways-to-overcome-economic-uncertainty/ - Categories: Blog - Tags: australia, business, Business data, Business tips, cashflow, economic uncertainty, financial management, Forecasting, Metrix Advisory We live in uncertain financial times, where running a successful business can be a challenge. We’ve highlighted five strategies for navigating economic uncertainty. #businessadvice #SmallBusiness #financialmanagement Economic uncertainty is an ongoing worry for any business owner. You can control your own financial management, but you don’t have any direct control over the wider macro-economy. And in the first few years of the 2020s, there have certainly been plenty of tricky ups and downs for your business to navigate. Current economic uncertainty stems from a number of factors, including: Fluctuating markets Geopolitical tensions Pandemic recovery The impact of climate change. This unpredictability poses significant challenges for sustained growth and stability – but there are simple steps you can take to react to these challenges. Simple strategies for overcoming the challenges of economic uncertainty Good financial management is the key to riding any period of economic uncertainty. When sales, revenues, supplier prices and operational costs are all highly dynamic, it’s good to know that your business has cash in the bank and a solid financial strategy to stick to. But how do you get tighter control over your business finances? And what are the main areas to focus on, track and manage as a business owner or financial director (FD)? Here are five straightforward ways to tackle economic uncertainty: Manage your cashflow effectively – cashflow management is the process of tracking your cash inflows and outflows, identifying potential problems and being proactive about taking action. It’s helped by running regular cashflow forecasts and sticking to budgets. Carry out spend management – spend management involves tracking your expenses and identifying areas where you can cut costs. You do this... --- - Published: 2023-09-14 - Modified: 2023-09-14 - URL: https://www.metrixadvisory.com.au/what-makes-you-a-good-entrepreneur/ - Categories: Blog - Tags: australia, Business data, Business tips, entrepreneur, Forecasting, Metrix Advisory, strategy, Tax Do you have what it takes to be a successful entrepreneur? We’ve underlined 5 key traits of a great business leader, and how our mentoring services can help drive you to achieve more. #businessadvice #entrepreneur #entrepreneurmindset Do you dream about starting our own business? And, can anyone become an entrepreneur? When you look at the research, there are certain aptitudes, personality traits and business skills that tend to make you a more successful entrepreneur. But can you learn these skills? Or are these innate abilities that some entrepreneurial people are just born with? Let's take a look at what makes a good entrepreneur. What drives someone to become an entrepreneur? There are upwards of 582 million entrepreneurs in the world. But what drives these people to start their own business? And why do so many reject the traditional path of a career as an employee in someone else’s company or organisation? On the whole, it comes down to three core drivers: freedom, passion and opportunity. Respondents in recent research from Search Logistics gave their top three motivations on becoming an entrepreneur as follows: Being their own boss – 55% of entrepreneurs were motivated by the freedom of being the boss and stepping away from being an employee in the usual corporate structure. Pursuing their passion – 39% of entrepreneurs wanted to pursue a passion in a specific industry or niche, allowing them to follow an interest that’s close to their heart. Taking advantage of an opportunity – 25% of entrepreneurs made the leap to starting a business because the opportunity presented itself, and they took the risk. The particular motivations which drive someone to found their own company are different for each person. But a desire... --- - Published: 2023-08-25 - Modified: 2023-08-25 - URL: https://www.metrixadvisory.com.au/how-running-a-lean-business-model-improves-your-cashflow-and-efficiency/ - Categories: Blog - Tags: australia, business, Business tips, cashflow, Forecasting, Metrix Advisory, plan, strategy, Tax Switching to a lean business model could be the most effective way to grow your manufacturing business. We’ve picked out five ways that lean helps your business meet its goals. #businessadvice #SmallBusiness #leanbusinessmodel #manufacturing Keeping your operational expenses under control, while also remaining efficient and meeting customer demand can be a challenge – one that can catch out many new business owners. This is why running your enterprise using a lean business model is such a good idea. By keeping operations, stock and processes to a minimum, you reduce your outgoings, speed up efficiency and improve your cash position. But how does the lean model work? 5 core elements of a lean business model In essence, a lean business model aims to eliminate waste in your operational and product manufacturing processes, while still allowing you to meet your customers’ needs. Originally a methodology that came from the Toyota Motor Company in the 20th century, the aim of lean manufacturing is to cut back the processes to the bare minimum. This helps you streamline the production of goods, cut your operational expenses and still meet the demands of your customers – running the whole organisation in a lean, efficient and profitable manner. Some core element of a lean model include: Cost efficiency – cutting waste is central to the lean methodology. Applying lean allows you to reduce waste in the manufacturing process and minimise any unnecessary spending. This allows you to optimise your resources and allocate funds strategically. Increased agility – with a lean approach in place, it’s far easier for the business to be both agile and flexible. This makes it easier to respond quickly to market changes, customer needs and emerging opportunities you... --- - Published: 2023-08-21 - Modified: 2023-08-21 - URL: https://www.metrixadvisory.com.au/its-tough-at-the-top-and-thats-why-you-need-a-business-coach/ - Categories: Blog - Tags: australia, business, business coach, Business data, Business owners, Business tips, Forecasting, Metrix Advisory, strategy, Tax It’s tough at the top, and that’s why you need an experienced business coach to work with. We’ve highlighted the key benefits that an independent coach brings to you and your business. #businessadvice #SmallBusiness #businesscoach Being a business owner can be immensely rewarding. But it's also a highly pressurized and stressful vocation to choose. The business journey can be full of pitfalls and challenges that make it more difficult to meet your goals and turn your enterprise into a success. The good news is that you don't have to travel this road alone. A business coach is your companion on the journey. A coach will help to shoulder some of the load, so you can get where you're going faster and with all the personal and business support you might need. The benefits of working with a business coach Running a business is a learning experience. Each day will present a new opportunity or challenge, so it’s important to fast-track your learning and build on your own knowledge. Engaging a business coach is one way to speed up this knowledge and growth process, while also having access to an independent and objective expert in your field. You may be the founder of a new startup, or an experienced entrepreneur with three business ventures under your belt. However experienced you are, it's helpful to have a sounding board. A business coach will: Listen to your concerns – when you work with a professional business coach or mentor, this gives you a chance to express your concerns and business challenges openly. A coach will listen and offer guidance without judgement, giving you an independent sounding board to bounce your ideas off and brainstorm new strategies. Know your... --- - Published: 2023-08-12 - Modified: 2023-08-12 - URL: https://www.metrixadvisory.com.au/can-chatgpt-replace-your-marketing-team/ - Categories: Blog - Tags: AI, Artificial Intelligence, australia, Business tips, cashflow, chat bot, chatGPT, LLMS, Metrix Advisory Can ChatGPT replace your marketing team? The short answer is no, but AI content writing can be a great productivity tool for any small business. We’ve got some tips. #businessadvice #SmallBusiness #ChatGPT #AI Unless you've been living under a rock, you'll have heard about the ascendant rise of Open AI's ChatGPT and GPT-4 (plus other similar tools). These natural language processing tools have brought AI content writing to the masses – but does this mean that your content marketing team is now defunct? The short is no. For a start, great marketing has always been much more than just promotion. The traditional 4 P’s include Promotion but also, Product, Price, and Place. When these three work together they provide value for the customer and for the company. But the longer answer is that AI tools are very likely to play some kind of part in your customer communications, sales, and marketing going forward. Here's our lowdown on what ChatGPT and GPT-4 can do for your marketing. What do we mean by AI content writing? ChatGPT and the new breed of large language models (LLMs) are artificial intelligence tools. They use a chatbot-style interface to answer your questions, provide you with information, or (in the use case we’re interested in) write simple or complex written content for you. These LLMs have access to a giant data source of information, languages, and writing styles. By entering a suitable prompt into the chat window, you can ask your AI tool to write anything from a blog post to a business email. And you’ll get the results in seconds. You quickly get access to well-written content and can produce more content, more quickly. Does AI content writing... --- - Published: 2023-08-07 - Modified: 2023-08-07 - URL: https://www.metrixadvisory.com.au/the-value-of-a-good-ux-user-experience/ - Categories: Blog - Tags: australia, Business data, Business tips, feedback, Forecasting, Metrix Advisory, plan, Tax, UX Is your user experience (UX) in need of a refresh? We’ve summarised four of the core areas to focus on and how reviewing them will lead to a far better UX for your customers. #businessadvice Your end users are the life and blood of your business. They’re the drivers of your relationships, sales, income and end profit. So, having a good user experience (UX) isn’t just a ‘nice to have’, it’s actually a critical requirement for any ambitious business to aspire to. Understanding what your ‘UX’ is, and how it can be improved, is vital business knowledge. So, let’s dive in and find the important UX areas you should be focusing on. 4 ways to enhance your UX Your ‘user experience’, or UX for short, refers to the ways your customers and prospects interact with your products and services. It’s about how they engage with your website. How easy it is to order an item and navigate your online store. And it’s the ways your end users interact and communicate with your people during post-sales support stages too. In short, a business with a good UX will design its interface, processes and support teams to make the buying process as simple as possible. Your end users want to be able to find your products and/or services easily, understand the value they offer and buy these goods, hassle-free. In the spirit of improving your UX, it’s vital to constantly review and assess the way your business works. This helps you meet new customer needs and keep your UX fresh. Areas of your UX to focus on can include: Researching your users’ needs – think about conducting detailed user research to help you understand your target audience's... --- - Published: 2023-08-04 - Modified: 2023-08-04 - URL: https://www.metrixadvisory.com.au/your-taxable-payments-annual-report-tpar-is-due-soon/ - Categories: Blog - Tags: australia, Business data, Business tips, Metrix Advisory, plan, strategy, Tax Are you ready for TPAR? Update your supplier information now in preparation for your taxable payments annual report lodgement by 28th August. #TPAR #TaxTime #SmallBusiness Prepare now for your taxable payments annual report (TPAR) lodgement. Whether you lodge your own report directly with the ATO or if you use our lodgement services, this form is due by the 28th August. There are a number of supplier details required in the TPAR. If you have not kept up-to-date supplier records throughout the year, start updating your records now to ensure timely TPAR lodgement. Things to review before finalising your TPAR: Make sure you are clear about which suppliers have to be reported on the TPAR and which (if any) can be excluded. Check that you have current details for relevant suppliers: ABN, business name and business address. Check your supplier reports for the gross amount paid in the financial year and the amount of GST included. If you are not already in the habit of checking the ABN and GST registration of all suppliers, now can be a good time to do some checking. Have your suppliers quoted the correct ABN and GST registration status on their invoices? Do you have tax invoices for all supplier business-related transactions? Most accounting software programs allow for the easy setup and maintenance of TPAR relevant supplier groups, making the annual report preparation quick and easy. Talk to us about setting up taxable payments reporting in your software for the lodgement of your TPAR. --- - Published: 2023-07-31 - Modified: 2023-07-31 - URL: https://www.metrixadvisory.com.au/5-vital-things-to-set-up-before-you-pass-away/ - Categories: Blog - Tags: australia, Business data, Business tips, cashflow, Forecasting, Metrix Advisory, plan, strategy, Tax Thinking about end-of-life planning might sound morbid. But by planning ahead, you remove the worry and hassle for your loved ones and secure your long-term legacy. #businessadvice #SmallBusiness #endoflifeplanning #estateplanning No-one wants to spend too much time thinking about their own mortality. But the reality is that forward planning removes a lot of the uncertainty for your loved ones in the event of your death. The following guidance may also be useful to help you guide others. Passing on without any clear legal instructions regarding your finances, assets and estate can leave your nearest and dearest in a very difficult position. It’s far better to make plans well in advance and to have these documents safely stored away, should they be needed. Here’s our five-point checklist of things to consider as part of your end-of-life planning. Having a clear outline of your end-of-life wishes and planning Yes, it may seem morbid to think about your own death. But with your affairs in order, and all the required legal documents in place, you can be confident that your end-of-life wishes will be carried out correctly and that your loved ones and dependents will be provided for. Here are five vital elements to include in your end-of-life planning: Make sure you have a last will and testament – it’s crucial to create a last will and testament. This legal document will state your wishes regarding the distribution of your finances and assets and will also appoint an executor. This executor will ensure your wishes are carried out accurately and efficiently and will manage your estate plan to deliver on your instructions re charitable donation, gifts and your legacy. Set up power of... --- - Published: 2023-07-28 - Modified: 2023-07-28 - URL: https://www.metrixadvisory.com.au/tax-tips-for-trusts-2023/ - Categories: Blog - Tags: business, Business tips, Forecasting, Metrix Advisory, strategy, trust Do you operate a trust for investment or business purposes? Trust management can be complex but worthwhile to protect assets, streamline the tax return process and maximise allowable deductions. Talk to us about how we can help manage your trust. Whether you have a trust set up for investment or business purposes, there are some common elements to getting ready for the trust’s tax return. Contrary to popular opinion, a trust is not actually a legal entity; rather, it is a formal relationship between other entities, where one entity holds property for the benefit of another entity, which could be a business or individual. Because a trust is not a person or business entity, its income is usually taxed differently, although this depends on the setup and type of the trust. But even though the tax return is different, many other administrative aspects are the same as for any taxpaying entity. Trust Administration One of the most important administrative tasks to attend to is to hold a formal meeting before midnight on 30 June each year to document the basis of distributions to beneficiaries. If you haven’t already done this for the 2023 financial year, talk to us as soon as possible so we can check your accounts and advise you on the best arrangements for beneficiary distributions. Record Keeping The other essential element of trust administration is record keeping. Although a trust may not be a legal taxpaying entity in the same way a person or business is, all records related to income and expenses must be kept for five years after lodgement of the income tax return. Particularly important are records for any property owned by the trust. If a trust owns multiple properties, you’ll need to separate... --- - Published: 2023-07-25 - Modified: 2023-07-25 - URL: https://www.metrixadvisory.com.au/10-steps-to-business-continuity-planning/ - Categories: Blog - Tags: australia, Business data, Business tips, Forecasting, Metrix Advisory, plan, strategy, Tax Business continuity is your Plan B for how to set up a means of trading in a crisis. Talk to us about your continuity plan. ‘Business continuity’ is the process of planning out how your company can continue trading – when disaster hits. In essence, it’s your Plan B for how to set up a means of trading, when you don’t have access to your usual offices, workspaces or equipment. 10 key elements to include for your ongoing business continuity plan Digital communication and cloud technology have given us the ability to access company information, applications and communication channels. For many businesses this will allow you to keep at least some of your usual day-to-day operations ticking over. However, there are a host of important business areas that you need to consider when developing your company strategy to deal with an emergency situation. Here are 10 important elements to factor into your business continuity plan: Location and workspace – Does everyone in the business have a good internet connection for remote working? Make sure you agree on the guidelines for maintaining workflow. Schedule regular online catch ups to check in and agree on the priorities. Key products or services – which products and/or services will you be able to offer? For the business to continue trading, you need to identify a core set of products/services. Review which product/services will bring in the required revenue and cashflow, and which activities in the business should therefore be classed as essential. Key staff and resources – who are the core people you need for the company to operate? Based on your decisions regarding essential activities, identify who your... --- - Published: 2023-07-21 - Modified: 2023-07-21 - URL: https://www.metrixadvisory.com.au/5-top-lead-magnets-for-your-marketing/ - Categories: Blog - Tags: australia, Business tips, cashflow, leadmagnet, marketing, Metrix Advisory, sales, strategy, Tax Want to know the most important ways to generate leads with your marketing? We’ve listed 5 of the top lead magnets for boosting your conversions and sales figures. #businessadvice #SmallBusiness #leadgeneration #leadmagnet Bringing leads into your business is what drives sales. So, how do you create the most effective lead magnets to draw potential customers into your sales funnel? Yes, we know, there’s a lot of jargon in sales and marketing. But, ultimately, every business wants to attract customers, get their details and try to convert them into a sale. It’s this continual process of pulling leads into your funnel that gives you stable sales and solid revenues. To help you, we’ve highlighted five of the top lead magnets to boost your sales. Key lead magnets to entice potential customers In the digital age, a mix of content marketing, social media marketing and old-fashioned relationship building are core tools in your promotional armoury. A recent study by the Content Marketing Institute found that 73% of B2B marketers and 70% of B2C marketers use content marketing regularly as part of their overall marketing strategy – so it’s a great idea to use content as a serious lead magnet tool in your marketing. Important lead magnets can include: Ebooks, whitepapers and helpful guides – when you understand your target audience’s pain points, you can offer them more helpful content. These could be in-depth guides or reports that provide valuable insights into their industry. By promoting these gated assets through your website and your social presence, you provide valuable content for your prospects and you capture their contact information in exchange. Exclusive content and memberships – you can become an expert in your chosen industry... --- - Published: 2023-07-18 - Modified: 2023-07-18 - URL: https://www.metrixadvisory.com.au/proving-your-ongoing-business-viability-through-5-financial-reports/ - Categories: Blog - Tags: australia, business, Business data, Business tips, cashflow, Forecasting, Metrix Advisory, plan, strategy, Tax Proving that you’re a viable business. We’ve listed the main reasons why lenders and investors want to see solid financial statements before they invest in you. #businessadvice #SmallBusiness #financialmanagement #reporting Whether you’re applying for government subsidies, taking out a business loan or seeking investor support, you need to be able to demonstrate your ongoing viability as a business. To prove this viability, it’s important to have the right financial information at your fingertips. This information is also just as important for your own internal planning and decision-making. So, where do you start and what are the reports that you’ll need? The numbers that prove you’re a business with a future Any lender or government body wants to know that your business has a future. As the owner, you may believe in the destiny of your company, but you also need the numbers to reinforce this argument. Banks, lenders and investors are taking a risk in backing you. Because of this, they want to know that you’re capable of making the agreed repayments, and that the business is in a financial position to deliver profits and payouts for investors. Before investing in your business, organizations will want to see: Evidence of a healthy sales pipeline and sales revenue Manageable debt that’s not eating into your capital A positive cashflow position that covers your main costs Forecasts that show stability or growth in your revenues A meaningful business strategy for the next two to five years of growth The data you need to plan your future You can’t run a business on a wing and a prayer. With so many different ways to track and record your business data, there’s no excuse... --- - Published: 2023-07-13 - Modified: 2023-07-13 - URL: https://www.metrixadvisory.com.au/5-questions-to-ask-when-you-are-buying-a-business/ - Categories: Blog - Tags: Business data, Business tips, cashflow, Metrix Advisory, plan, Priyan fernando, strategy, Tax Thinking of acquiring a company? Whether you’re a new entrepreneur, or a seasoned business owner, we’ve got the key questions you need to ask prior to the purchase #businessadvice #SmallBusiness #acquisitions #M&A Purchasing an existing company is a great way to expand your business empire. You can buy out a close competitor, or dip a toe into a new industry and expand your reach as a business group. But whatever the reason for the acquisition, you need to ensure you’re not buying a lemon! Doing your research is a crucial part of the purchase process. As is asking some probing and insightful questions to help you determine if this acquisition is a good (or bad) idea. Questions to ask before you make an offer Buying another company is a major business decision. It’s a large outlay of capital and a big responsibility to take on. If you’re going to take the leap, it’s important to make sure the company in question is stable, well-managed and has a good future ahead of it. Here are five vital questions to ask before entering into a purchase: Why is the business for sale? There are many reasons why an owner might want to offload a company, not all of them good. Their sales may be dropping, they may have rising debts, there may be internal problems with staff or the market for their product/services may be coming to an end. Find out why, so you don't buy a clanger. Is this a good industry to step into? Do your research on the industry, competitors, and marketplace that the business currently trades in. It's important that you step into an industry sector that has potential for... --- - Published: 2023-07-10 - Modified: 2023-07-10 - URL: https://www.metrixadvisory.com.au/how-humour-can-increase-your-bottom-line/ - Categories: Blog - Tags: australia, Business tips, Forecasting, plan, strategy 91% of Customers prefer a brand that makes them laugh – and that builds engagement that has a positive impact on your bottom line. #businessadvice #humour You want to be taken seriously as a business, right? But did you know that many customers and consumers actually want you to give them a laugh as well? 91% of people globally prefer brands to be funny, but 95% of business leaders fear using humour in consumer interactions. So, how do you overcome the worry about using humour in your sales and marketing? And what are the benefits of a brand that uses humour in an effective way? 5 ways that humour improves your customer experience Being funny in a business context might sound counterintuitive. But all the evidence points to customers wanting humorous, engaging ways for you to interact with them. Humour puts people at ease in a sales environment, and a good joke or funny meme in your marketing has the potential to win prospects over and make your customers enjoy your brand. Using humour with your customers: Enhances customer engagement – humour in your sales and marketing really helps you connect with your audience. Funny interactions and campaigns increase your customers’ attention span and encourage them to participate, comment and engage. Builds emotional connection – when you incorporate humour, this creates positive associations for your customers. They’ll see your brand as more relatable and likeable, all of which leads to stronger connections and customer relationships. Differentiates your brand – smart and subtle use of humour sets your business apart from the the stuffy and staid competitors in your market. Being able to raise a laugh makes... --- - Published: 2023-07-04 - Modified: 2023-07-04 - URL: https://www.metrixadvisory.com.au/whats-the-difference-between-statutory-and-management-accounts/ - Categories: Blog - Tags: business, Business data, Business tips, cashflow, Metrix Advisory, plan, strategy, Tax Do you know the difference between your statutory accounts and your management accounts? We’ve highlighted the main differences and why both are vital information for your business. #businessadvice #SmallBusiness As a business owner, you know you need to produce accounts – that’s a given. But do you know the difference between statutory accounts and management accounts? Your statutory and management accounts have two very separate purposes, and producing both kinds is good practice for any business that wants a handle on its numbers. Let’s take a look at the key differences and why you need these specific kinds of accounting. 1. What are statutory accounts? Statutory accounts are a legal requirement for any limited company or partnership. They’re the mandatory annual accounts you MUST produce, submit and file as a company. As such, statutory accounts are a regulatory requirement. You and your fellow company directors have a responsibility to ensure that these accounts are filed on time and in full. Your statutory accounts will usually include a: Directors' report – giving an overview of business strategy and performance, key achievements and the company’s overall financial position. It will also cover shareholder information and dividends alongside broader information about the company. Profit and loss statement (P&L) – to outline the income coming into the business, and the expenditure going out over the course of the annual period. This is a key indicator of the profitability of the business during the preceding year. Balance sheet – to give a snapshot in time of the assets, equity and liabilities in the business. This is an indication of the financial health of the company on the date that the accounts are produced, a... --- - Published: 2023-07-01 - Modified: 2023-07-01 - URL: https://www.metrixadvisory.com.au/prepare-for-finalising-single-touch-payroll/ - Categories: Blog - Tags: australia, Business data, Business tips, cashflow, Metrix Advisory, payroll, strategy, Tax Prepare now for finalising STP payroll data by 14 July. Book a time with us today to check essential employee information, verify the numbers and confirm payroll categories are linked to the correct reporting fields before lodging with the ATO. It’s nearly time to make a finalisation declaration for Single Touch Payroll. There is no need to issue payment summaries to employees you have reported through STP. Employers must complete the finalisation declaration by 14 July for employees. Employers with a mixture of employees and closely held payees have until 30 September to make the declaration. Small employers (fewer than 19 employees) that only pay closely held payees have until the payee’s income tax return due date. Employers will need to liaise with the individual payee about the exact tax return due date. You may have some payees who have not been reported through STP, so you still need to issue a payment summary for anyone not reported through STP. You will also need to submit a payment summary annual report (PSAR) for any payments outside the STP system. Once the STP finalisation has been sent to the ATO, the employee’s information will be released in their myGov account and listed as ‘tax ready’. STP Payroll Checklist Be efficient and prepare as much as you can now so that you are able to finalise your data by 14 July. Check that your business details, including ABN, registered name and address and authorised contact person are correct in your software. You should already have necessary details for all employees, both current and any who have terminated throughout the year if you are using STP. The essential information is full name, date of birth, address and tax file number. Review any terminated... --- - Published: 2023-06-26 - Modified: 2023-06-26 - URL: https://www.metrixadvisory.com.au/5-challenges-for-small-business-and-how-to-beat-them/ - Categories: Blog - Tags: australia, business, Business tips, cashflow, challenges, Forecasting, Metrix Advisory, plan, strategy, Tax Want to know how to beat the most common business challenges? We’ve highlighted five common challenges and the simple ways to overcome them. #businessadvice #SmallBusiness #advice Founding, building and growing your own small business is a hugely rewarding experience for many entrepreneurs. But the road ahead isn't always smooth. There are common challenges that crop up and ongoing issues that need to be factored into your business plan, your strategy and your own personal thinking. So, what can you do to beat these challenges and make the journey as frictionless as possible? 5 proactive ways to overcome your business challenges We’d all love to know what lies around the corner when it comes to the future path of your business. The truth is that every business journey is unique. But there are common challenges that every owner-manager or CEO will be faced with – and being prepared for these hurdles is the best way to leap over them and take each challenge in your stride. We’ve highlighted five common challenges and the simple ways to overcome them: Uncertainty: No-one has a crystal ball to know exactly what's coming around the corner. But there are ways to be prepared for some unknown circumstances. You can't fully predict the main external threats like government policy, economic conditions or freak weather conditions. But you CAN use forecasting and scenario-planning tools to build up contingency plans so you have a Plan A, Plan B and even a Plan C. With forecasts of your business data, finances and industry trends, you can be ready to react, pivot and take positive action. Competition: Small businesses often face stiff competition from larger, more... --- - Published: 2023-06-17 - Modified: 2023-06-17 - URL: https://www.metrixadvisory.com.au/take-care-of-yourself-not-just-your-business/ - Categories: Blog - Tags: australia, Business tips, cashflow, Forecasting, Metrix Advisory, strategy, Tax 53% of business owners suffer from stress and anxiety. But it doesn’t have to be that way. We can help you talk through your worries and focus on your personal well-being. #businessadvice #SmallBusiness #wellbeing Being a business owner can be stressful. When the buck stops with you, it can be easy to let the pressure mount up and to discount your own wellbeing. But taking care of your own mental health is equally as important as taking care of the business – research from MYOB showed that 53% of business owners suffer from stress and anxiety relating to the running of their business So, what can you do to take care of your own mental health and work mindfulness into your usual life routines? Ways to nurture your wellbeing as an entrepreneur Looking after your mental health is as important as looking after your balance sheet. That’s the reality. So, having an improved focus on rest, wellbeing and talking about your struggles is a big part of moving towards becoming a better business leader. For example: Don't overwork yourself – it's tempting to work every hour that's available, in an attempt to meet your goals. But working yourself into the ground is, ultimately, a destructive thing to do. If you're tired and burnt out then you're in no position to lead the company. Try to stick to set working hours, and avoid working 60-hour weeks wherever possible. Sleep, rest and downtime are vital. Schedule time for non-work-related activities – make sure you have time blocked out for things that aren't work. That might be a walk in the countryside, time with your kids, or a game of tennis. The aim is to take yourself... --- - Published: 2023-06-12 - Modified: 2023-06-12 - URL: https://www.metrixadvisory.com.au/the-true-cost-of-a-new-employee/ - Categories: Blog - Tags: australia, business, Business data, Business tips, cashflow, employee, Metrix Advisory, plan, strategy, Tax Not paying enough can be surprisingly expensive – the cost of replacing an employee can be much higher than providing a reasonable salary boost. When you’re calculating pay rises, it’s important to think about more than just how much you can afford. You also need to consider the true cost of replacing that employee. Low pay rises can be unexpectedly expensive It’s surprisingly common for businesses to offer low pay rises, only for workers to feel undervalued and resign. The employer is left with all the upfront costs of replacing them, plus paying the salary, plus training the new employee and lost productivity as they learn the ropes. Some estimates put the cost of a new employee at around 40% of their salary and a 2021 Australasian survey put the price at an average of $23,860 per worker. Overall, that low pay rise could cost your business a lot more than you bargained for. Not paying enough might just cost you an employee If you run the numbers you’ll see the impact that an insufficient pay rise can have. Let’s say you employ Ashley, an office manager who is paid $60,000. You offer Ashley a 4% pay rise, which will cost you around $2,400 more each year. With inflation running at over 7%, Ashley feels this isn’t enough and finds a job paying $68,000 almost immediately. If you had provided Ashley with a 10% pay rise, it would have cost you around $6,000 more each year and you would still have your employee. Finding a new employee could cost you $20,000 or more. Running the numbers Make sure you understand salaries in your industry,... --- - Published: 2023-06-08 - Modified: 2023-06-08 - URL: https://www.metrixadvisory.com.au/targeting-a-specific-audience-with-your-product-and-why-this-adds-value/ - Categories: Blog - Tags: australia, Business tips, cashflow, client-centric, Metrix Advisory, plan, Tax Is your business focused on the true needs of your customers? Customer-centric businesses can be 60% more profitable, so we’ve outlined the key ways to refocus your customer strategy. #customercentric #customerstrategy #business A business has to solve a need for an existing audience. If you don't know who that customer is, or what your business can offer them, it may be difficult to get your business off the ground. Making your business more client-centric You’re far more likely to make sustainable sales, revenues and profits if you’re targeting your products and/or services to the needs of a very tailored group of customers. This ‘client-centric’ approach can be a gamechanger. In fact, recent research has shown that client-centric companies are 60% more profitable, compared to companies that are non-client-centric. So, what can you do to refine your focus on your customers’ needs? Working through the following steps will help you become a more customer-centric and successful business. To improve your client focus: Start with a pain and decide how to solve it – knowing your potential customers’ pain point, or their needs as a consumer or business, is the real starting point. Find out what people want and deliver it to them seamlessly for a good price. If you meet this need, make people’s lives easier or create a brand that people value, you’re setting the foundations for a stable and successful business model. Look out for the convenience opportunity – spotting an obvious opportunity in the market can often result in the germination of a great business idea. In essence, it’s about spotting the opportunity for convenience and bringing this solution to market for your chosen audience. Decide who your core audience... --- - Published: 2023-06-05 - Modified: 2023-06-05 - URL: https://www.metrixadvisory.com.au/do-you-need-to-improve-the-cash-flow-position-for-your-business/ - Categories: Blog - Tags: australia, Business tips, cashflow, Forecasting, improve, Metrix Advisory, plan, Tax Turning a profit is at the heart of running any successful company - But without cash flow, you can't run your day-to-day operations or grow the business. Talk to us about how you can increase cash flow in your business. #businessadvice #cashflow Keeping on top of the financial management of your business can be hard work. It's possible to have a profitable business that is struggling to find the cash flow to pay expenses and fund growth. Likewise, you could have positive cash flow but are not turning a profit, particularly if you are scaling. Turning a profit is at the heart of running any successful company But without an even and predictable flow of cash into the company, you can't cover your overheads, you can't pay your employees and you can't run your day-to-day operations – let alone think about expanding and growing the business. In the end, you need both. But if you’re going to be in control of your financial destiny, it’s important to get your head around the important process of cash flow management. Let’s look at some of the key things to understand about your finances: Profit is a by-product of a successful business – as the owner, you want to make profits, but profitability isn’t the only goal. A business can easily be profitable, but also be highly unstable in the longer term. What you want is stability and consistent revenues. Cashflow keeps your business alive – good revenues (income) serve to bring cash into the business. Without cash to cover your operating expenses, you have no means to keep the lights on in the business. So cash really is king! Know your cost base and overheads – the flipside of your cash flow position is... --- - Published: 2023-05-27 - Modified: 2023-05-27 - URL: https://www.metrixadvisory.com.au/tax-tips-for-property-investors-2023/ - Categories: Blog - Tags: australia, Business tips, cashflow, investment property, Metrix Advisory, plan, strategy, Tax Are you making the most out of your investment property? Getting the income and allowable tax deductions right can be complex. We’ll help sort out the details so you’re claiming all you can. Talk to us today to maximise your 2023 tax return. If you have income from investment properties, now is the time to start gathering your records and reviewing your expenses for the 2023 financial year. Income to Declare All income earned from each property must be declared. If you have multiple properties, keep the records for each property separate to make the tax return more efficient. Rent received, whether paid directly to you or through an agent or through an online management platform. Rent includes recurring regular amounts as well as any lump sum amounts paid in advance. Rental bonds returned for example if the tenant caused damage or defaulted on rent payment. Insurance payouts received as compensation. Expenses reimbursed by the tenant, for example if they have caused damage and you have paid for the cost of fixing the damages, or if they have reimbursed you for water. Extra fees received, for example letting or booking fees. Government rebates, for example for installation of solar utilities. You will need statements or recipient created tax invoices from agents or management platforms and documents for all other payments received. Tax Deductions Deductible expenses for property are different for residential and commercial properties. Not all expenses related to owning a property are allowed as deductions, so it’s important to check what you can claim. Expenses You May be Able to Claim This Year Advertising for tenants Body corporate fees Council rates Water supply charges Land tax Cleaning, gardening, pest control and property maintenance Insurance Agent fees Repairs and maintenance Some legal expenses... --- - Published: 2023-05-23 - Modified: 2023-05-23 - URL: https://www.metrixadvisory.com.au/is-your-team-as-diverse-as-it-could-be/ - Categories: Blog - Tags: australia, business, Business tips, cashflow, diverse, Forecasting, Metrix Advisory, plan, strategy, teams Having a diversity, equity and inclusion (DEI) policy is more than just a box-ticking exercise. We’ve highlighted why DEI is a vital part of your business strategy. #diversity #HR Having a focus on diversity, equity and inclusion (DEI) is a vital part of being a forward-thinking, 21st century business. Having a diverse and inclusive team is not just a 'box-ticking exercise’ to impress your shareholders or investors. It's a proven strategy for making your business more flexible and attuned to a modern way of doing business. Recent research by Gartner found that inclusive teams unlock diversity benefits by improving team performance by up to 30% in high diversity environments. Now, that’s one very good reason to make your team more diverse! With a more diverse workforce, and a culture that promotes equity and inclusion, your whole business can become a far more attractive proposition – both to your existing customers, your prospects and targets, and to your employees and potential new hires. But what does DEI actually mean in a modern business environment? Diversity aims to ensure that there’s a mix of different people represented in your business, whether that be by race, gender, religion, sexuality or physical/mental ability. Equity is the process of making sure the way your business functions is fair, just and open to all, without any unconscious hurdles or biases for people to overcome. Inclusion focuses on embracing the needs and skills of all your employees, of all backgrounds, and making sure there are no barriers to them making a contribution. Six ways to improve your DEI credentials We know that making your business diverse, equitable and inclusive is important – both from an ethical... --- - Published: 2023-05-19 - Modified: 2023-05-19 - URL: https://www.metrixadvisory.com.au/get-your-business-records-ready-for-your-tax-return-2023/ - Categories: Blog - Tags: australia, Business data, Business records, Business tips, cashflow, electronic lodgements, Metrix Advisory, strategy, tax returns Organising your end-of-financial year documents now means you can get your tax completed earlier and maximise your return. Book a your tax return appointment now and rest easy knowing it’s under control. Organizing your documents now will mean you can get your tax return completed earlier and access any refunds due or start planning for tax payments. Getting your business records up to date and accurate will allow us to work with you proactively to plan for the coming year. What Records do you Need to Have Ready for the Tax Agent? Have you bought or sold assets? If so, you need full details of acquisitions and disposals. Have you taken out a new loan or other finance? You must have details of the finance arrangements and statements of monies owing at 30 June. Check that any bonds or deposits paid or received have been allocated correctly. Have you prepaid for insurance or other large business expenses that need to be apportioned to the following financial year? Make note of the portion applicable to the current financial year. Do you carry stock? If so, you need to perform a full stocktake at 30 June (unless you qualify for the simplified trading stock rules). List any doubtful or bad debts to be written off. Review your debtors and creditors (accounts payable and receivable). Is the list current and correct? Do you have loans with related entities? Reconcile the loans to and from each entity to ensure the same value is reported in the accounts of both entities. Ensure that all payments to company directors have been correctly captured. Talk to us now if you want to make director payments before 30 June. Provide... --- - Published: 2023-05-16 - Modified: 2023-05-16 - URL: https://www.metrixadvisory.com.au/creating-a-landing-page-that-converts-prospects-into-leads/ - Categories: Blog - Tags: australia, Business Advisory, Business tips, cashflow, Convert, Forecasting, Landing Pages, Metrix Advisory, plan, Pretty links, strategy, Sydney, virtual CFO How do you create an effective landing page that converts visitors into leads, customers, or subscribers? There are several key elements to consider. Global attention spans are narrowing, according to numerous studies. With more and more information online we tend to jump more quickly from one thing to another. So how do you capture the attention of people that visit your website or social channels and convert them into leads, customers or subscribers? A landing page is a standalone webpage that is created with the purpose of getting your audience to perform a specific action, such as filling out a form, signing up, downloading a guide, or registering for an event. Unlike a website's homepage, a landing page is designed to be focused and persuasive, with a clear call-to-action that encourages visitors to sign up or enter their details. The goal of a landing page is to convert visitors into leads by providing them with a valuable offer or piece of content that addresses their needs and interests. To build an effective landing page, there are several key elements that you should consider. The following article by Pretty Links has some advice on how to craft a landing page that converts. --- - Published: 2023-05-09 - Modified: 2023-05-09 - URL: https://www.metrixadvisory.com.au/are-you-in-control-of-your-staff-expenses/ - Categories: Blog - Tags: business, Business data, Business tips, control, Forecasting, Metrix Advisory, plan, staff expenses, strategy Are staff expenses affecting your cash flow? Find out how the latest expense management software helps put you back in control of your employee spending. #SmallBusiness When your managers and employees have their own budgets to utilise and spend, it's important to keep in control of these staff expenses. It used to be standard practice to have a firm-wide company credit card that staff could use to make ad-hoc and recurring payments. But a company card can easily be misused and doesn't help you keep your spending in check. Today's expense management systems, like Soldo, Pleo or Weel, all give you far greater control over your staff spending – with additional benefits that streamline your expenses process The benefits of a cloud-based expenses management system The evolution of cloud accounting and fintech software has led to a significant leap forward in the control your business can have over its staff expenses. Expense management solutions are now fully digital platforms. Your team has flexible ways to pay for expenses and operational costs, with a greater level of control over how much is spent, who spends it and how these costs track against the company’s main cashflow position. With a modern expense management app, you can: Use virtual debit cards to pay for expenses – team members can be issued with virtual cards that are quick to set up, use and cancel, if necessary. Having multiple virtual cards helps you keep track of specific spending and allows employees to make payments directly from their phone or tablet. Align each card number to a specific budget or cost centre – each card number is linked to a defined budget,... --- - Published: 2023-05-04 - Modified: 2023-05-04 - URL: https://www.metrixadvisory.com.au/what-are-the-risks-of-taking-out-a-personal-guarantee-on-a-loan/ - Categories: Blog - Tags: Business data, Business tips, cashflow, Forecasting, guarantee, loans, Metrix Advisory, plan, strategy Do you know the risks of offering a personal guarantee on a business loan? We’ve outlined all the key risks to think about when entering into a loan agreement. #businessadvice #personalguarantees To fund the growth of your business, you’ll almost certainly need to take out a business loan at some point. But many lenders will ask you to provide a personal guarantee against this business loan – and there’s a risk element to consider when taking out finance. So, what does offering a personal guarantee on a secured loan actually entail? And what are the principal risks of becoming a guarantor? Understanding the key risks of a personal guarantee When you agree to offer a personal guarantee, you’re essentially promising to repay the loan if the business can't make the payments – and to do this out of your own money or assets. This might seem like a small step to take, but giving a personal guarantee can have serious consequences if your business is unable to repay the loan. Here are some of the risks of giving a personal guarantee: Personal liability – by signing a personal guarantee for the loan, you're putting your own personal assets on the line. If your business defaults on the loan, the lender can come after your personal assets to collect the debt. This means your home, car, savings, and other personal assets are all fair game and could be at risk. Negative impact on credit score – if the lender comes after your personal assets, this can have a negative impact on your personal credit score. As a result, it could become more difficult for you to obtain credit in the future. Lenders... --- - Published: 2023-05-01 - Modified: 2023-05-01 - URL: https://www.metrixadvisory.com.au/your-fringe-benefits-tax-return-is-due-soon/ - Categories: Blog - Tags: business, Business data, Business tips, Forecasting, fringe benefits, Metrix Advisory, plan, strategy, Tax, Tax Return Get ready now for your fringe benefits tax return. FBT is not always straightforward, and there are new rules this year! Talk to us about your FBT calculations and lodgement to make sure you are receiving eligible concessions and exemptions. If you are lodging your own fringe benefits tax (FBT) return you need to lodge and pay by the 21st of May. If we are lodging on your behalf, your due date is not until the 25th of June. If you have been paying FBT instalments on your quarterly BAS, we still need to complete and lodge the annual return to assess whether you have paid too much or too little throughout the year. If you have not paid any fringe benefits this year, or if the amount paid is less than $2,000, check with us as you may still need to lodge a nil return. Things to consider before finalising the FBT return: Have you paid benefits to employees or associates for entertainment, expense payments, loan payments or any other benefits in lieu of wages and salary? Have you checked which benefits are exempt from FBT? Do you have tax receipts and other records related to the payment of fringe benefits for employees or associates? Do you have the relevant employee declarations, log books and travel diaries? There are new rules this year for the private use of electric vehicles, work-related COVID-19 testing and FBT small business concessions for car parking and portable electronic devices. Remember that you must keep records of all FBT related transactions for at least five years. As there are some exemptions and concessions available, we would be pleased to discuss your FBT return with you, to make sure that you are not overstating your... --- - Published: 2023-04-26 - Modified: 2023-04-26 - URL: https://www.metrixadvisory.com.au/5-ways-to-ensure-you-get-paid-on-time/ - Categories: Blog - Tags: Business tips, e-invoicing, Forecasting, get paid on time, Metrix Advisory, plan, subscription services Are you waiting for payments? Are your customers paying you on time? We’ve got 5 simple tips for speeding up payments and giving your cashflow position a boost. #SmallBusiness #payment Worrying whether customers will pay you on time is a continual concern for business owners. Late payment can lead to cashflow issues, unpaid supplier bills and the need to dip into your own pocket to cover your operational expenses. If you can improve the speed and likelihood of customers paying on time, that's good news for your accounts receivable targets and the company's overall liquidity and cashflow position. Speeding up payment times A sale is not a sale until the customer has actually paid you. Whether you’re an online business taking payment through your website, or a B2B company that sends out monthly invoices, you need the comfort of knowing that payment will be fast, smooth and frictionless. Here are 5 tips for making sure that customers pay you as seamlessly as possible: For eCommerce businesses, offer payment gateways to simplify payment – when a customer gets through to your checkout, it’s vital to make payment as easy as possible. Some customers may prefer to pay on a card. But offering a choice of payment gateways gives the customer more options. Instead of forcing customers down one route include payment gateways like PayPal, Stripe, Apple Pay or Google Pay. For companies using e-invoicing, put payment buttons on your electronic invoices – if you send out e-invoices to your customers, including payment buttons makes settling your bill as easy as clicking that button. A payment button that’s linked directly to Paypal or Stripe removes several steps from the payment process. It’s... --- - Published: 2023-04-21 - Modified: 2023-04-21 - URL: https://www.metrixadvisory.com.au/why-your-accountant-is-the-mentor-you-didnt-know-you-needed/ - Categories: Blog - Tags: Accountant, Business tips, Forecasting, guide, mentor, Metrix Advisory, strategy Looking for someone to guide your entrepreneurial journey? Your accountant could be the mentor you didn’t know you needed. #businessadvice #SmallBusiness #mentoring A business mentor can provide guidance and support, so you make the right decisions and stay focused on the end goal as a business owner. They can also help you move forward in your career by providing advice and feedback on what steps to take to reach the pinnacle of success. But have you ever thought of your accountant as a mentor? Why your accountant is the ideal mentor Having someone who understands your business journey is incredibly important. You might see an accountant as someone who files your tax returns. But, in fact, we’re experienced business owners, with access to a significant network of other business professionals. An accountant can be the mentor you didn’t know you needed. No-one knows your business better than us, so we’re perfectly placed to offer you advice, guide your business journey and help you push your skills and capabilities as a business owner. As a mentor, an accountant will: Expand your knowledge as an entrepreneur – as business owners, we have the knowledge and experience to help you move your business forward. And we can work with you to expand your leadership skills, business thinking and entrepreneurial ideas. Be a shoulder to lean on – we'll offer 1-2-1 mentoring sessions where we can listen to your unique worries and concerns as a business owner. Having someone on the same page to listen and empathise is vital for your business and your own mental health. Guide the important elements of your business – we’ll... --- - Published: 2023-04-17 - Modified: 2023-04-17 - URL: https://www.metrixadvisory.com.au/super-guarantee-rate-rises-in-july-to-11/ - Categories: Blog - Tags: Business tips, cashflow, guarantee, Metrix Advisory, plan, Rate Rise, strategy The super guarantee rate will rise in July this year to 11%. Have you calculated the extra cost to your business? This rate increase may also affect salary packages. Talk to us now to start preparing for the changes, so you don't get caught out. In July 2023, the superannuation guarantee statutory rate will rise to 11%. Annually, the rate is increasing by 0. 5% until July 2025 when it will reach the legislated 12%. Prepare Now for the July Rate Rise Review your current superannuation costs for all employees, both hourly and salaried. Review any salary packaging arrangements. Is the agreement inclusive of superannuation or is super paid on top of the agreed salary? For salary packages inclusive of super, you will need to check the contract's wording to make sure you apply the changes correctly. This change may also impact annualized salary arrangements. Calculate your revised payroll costs from July, showing the current wages and superannuation expense compared to the new rate from July. Highlight the increased amount per month or quarter, so you know precisely what the impact will be. Discuss the super rate increase with your employees now. Let them know that there will be an increase of 0. 5% each year from now until July 2025 when the statutory rate will reach 12% and remain there. Remember – short payment or late payment of super can incur hefty penalties – plan now for higher payroll expenses from July, so you don't get caught short. If you’d like help reviewing payroll costs and employee agreements, talk to us now, and we'll make sure you have accurate reports to make planning for the rate rise easy. Getting organized now means that you'll be well prepared for your business's increased costs when the... --- - Published: 2023-04-11 - Modified: 2023-04-11 - URL: https://www.metrixadvisory.com.au/strategic-business-partnerships-the-benefits-of-working-together/ - Categories: Blog - Tags: business, Business data, Business Partnerships, Business tips, cashflow, Metrix Advisory, strategy Strategic business partnerships are all about finding the common ground. If you share the same customer audience and create a complementary way of meeting their needs, you can significantly expand your target market. Your business may compete head-to-head with a number of other companies, but this doesn’t mean you have to treat ALL other businesses as if they are the competition. In fact, there are real benefits in creating strategic alliances with other like-minded organizations. When you look at the wider marketplace, you’ll see that there are businesses out there that may well compliment your offering. And by working together (rather than against each other) it’s possible to become valued strategic partners, collaborating to serve your joint customers, improve brand awareness and, ultimately, expand your target market. If this sounds like a positive strategy, now’s the time to do your homework and start hunting down the best strategic partners for your business. Working to serve a shared customer base Strategic partnerships are all about finding the common ground between you and your intended partner – and this means finding the best ways to combine your efforts. If you can share the same customer audience, and create a complimentary way of meeting their needs, that creates a broader, more connected way of growing both companies. Finding a company that’s interested in forming a strategic alliance Find partners in complementary sectors – if you’re an accounting firm, like us, it makes sense to partner with solicitors, lawyers and other professional services providers who can help your clients. If you're a maker of shoes it makes sense to partner with a clothing manufacturer that shares your same sense of style and purpose. The key here is... --- - Published: 2023-04-05 - Modified: 2023-04-05 - URL: https://www.metrixadvisory.com.au/have-you-taken-an-odometer-reading-for-fbt/ - Categories: Blog - Tags: Business tips, cashflow, electronic lodgements, fbt, Metrix Advisory, plan, tax bill Remember to take an odometer reading for the fringe benefit tax period ending March 31st. #FringeBenefitTax Fringe Benefit Tax (FBT) applies to benefits to your employees that are additional to their salary or wage, such as personal use of a company vehicle. Make sure you have your records in order, to take advantage of exemptions that might reduce your tax bill. The Fringe Benefit year is 1 April to 31 March. In order to accurately account for your motor vehicle use, remember to take an odometer reading for the FBT period ending March 31st. FBT lodgement and payment is due 21 May (or 25th June for electronic lodgements through us, as your tax agent). --- - Published: 2023-03-31 - Modified: 2023-03-31 - URL: https://www.metrixadvisory.com.au/using-data-analytics-to-give-your-business-a-competitive-advantage/ - Categories: Blog - Tags: analytics, Business data, Business tips, cashflow, data analysis, Forecasting, Metrix Advisory, plan Are you getting the most from your business data? We’ll help you set up data analytics that tracks and filters your business information to provide the best possible insights. #businessadvice Data analytics is rapidly changing the way businesses are operated. By making use of your financial and non-financial data, you can quickly start to gain a deeper insight into your operations, performance and financial management. Data-driven decisions are quickly becoming the norm, for even the smallest business. Data analytics allows helps you spot the patterns. Understand the data trends. And preview the upcoming threats and opportunities for improvement. Taking a deep dive into your data Data analytics has become a crucial tool for small business owners that want to stay competitive and grow their operations in the most informed way possible. By collecting, analysing and making sense of data, you can gain valuable insights into your performance. This means you can quickly identify the areas that need improvement and the opportunities in the market – while making data-driven decisions about your future. To deliver the best insights from your data: Calculate which data and metrics are most important to the business - what are the key numbers and drivers of success for your particular business? By analysing your data, you can determine which data and metrics are most important to your business and track these numbers in your cloud accounting platform or forecasting app. Track KPIs in your software stack – your cloud-accounting platform can provide a dashboard that shows all your performance indicators (KPIs) key in one place. To add to this, you can also integrate with industry specific or tailored reporting apps to create detailed management information and... --- - Published: 2023-03-28 - Modified: 2023-03-28 - URL: https://www.metrixadvisory.com.au/cash-flow-forecasting-puts-you-back-in-control/ - Categories: Blog - Tags: Business tips, cashflow, Forecasting, Metrix Advisory Being in control of your cashflow has never been more important. We’ll help you set up detailed cashflow forecasting to put you back in the cashflow driving seat. #cashflow We all know that positive cashflow is the beating heart of any successful business. And with so many external pressures on your cash right now, it’s important to have one eye on the future. Cashflow forecasting is an increasingly important tool for any finance team. With a better view of your future cashflow position, you can make well-informed decisions about your finances. But how does cashflow forecasting work? And how does it help you maintain a positive cashflow position throughout the year? What does a cashflow forecast tell you? The cashflow process is all about balancing your income (cash inflows) against your expenditure (cash outflows). If your cash inflows are greater than your cash outflows, this is called a ‘positive cashflow position’. In other words, you have cash left over, even once you’ve covered your costs and paid your bills – cash that can then be reinvested in the business. Forecasting apps, like Float, Fathom and Futrli, use historic cash data to project your cash position forward in time. This helps you see where your cash may be in future periods. Running detailed cashflow forecasts means you can: Understand your future operational cashflow – helping you spot any cashflow holes, seasonal dips or predicted months of high expenditure before they become an issue. Plan your costs and expenditure effectively – allowing you to stick to your planned budgets, manage your costs and plan for any steep price increases. Avoid the cashflow issues before they happen – using your forecasts to... --- - Published: 2023-03-21 - Modified: 2023-03-21 - URL: https://www.metrixadvisory.com.au/invest-in-your-employees-to-get-the-maximum-benefits-from-remote-working/ - Categories: Blog - Tags: benefits, business, Business data, Business tips, cashflow, employees, Metrix Advisory, remote strategy, remote working, team Today’s workforce aspires to remote work and a flexible working pattern. So, is your business ready to offer a remote or hybrid working strategy? #SmallBusiness Remote work has become an increasingly popular way of working in recent years. Many companies now offer their employees the ability to work from home or other external locations. This is a giant shift for many companies and their workforces – so, to get the best from remote working its worthwhile reassessing your people strategy. Investing in your people and your remote strategy Maximising this new remote-working strategy can lead to increased employee engagement, as well as a reduced spend on rent, building management and all the other costs associated with running a traditional 9-5 office space. To make remote working deliver on these benefits: Offer the best remote-working tools – provide your people with the tools and resources they need to be successful and productive when working remotely. This could mean buying suitable desks, comfortable office chairs and headsets for your remote workers. You’ll also need team software, such as Microsoft Teams, to stay connected. Focus on creating a team spirit – Make sure everyone in your team feels connected, in the loop and able to contribute. Having a regular online ‘team huddle’ each week, or even every morning, helps to build bonds and nurture a feeling of belonging in the team. Make sure remote staff feel included – It’s very easy for an 'us and them' dynamic to appear between your remote staff and office-based staff, which can be extremely destructive. A clear flexible-working policy or hybrid work strategy can help, as well as bringing everyone into the... --- - Published: 2023-03-15 - Modified: 2023-03-15 - URL: https://www.metrixadvisory.com.au/which-is-more-important-cashflow-or-profit/ - Categories: Blog Which is more important? Cashflow or profit? We’ll explain why getting in control of your cash is vital for the stability and continued success of your business. #businessadvice #SmallBusiness #profit #cashflow Cashflow and profit are two of the most important financial metrics for any business. But while they’re both related to the financial performance of a company, they measure different things. Knowing the difference – and how cash and profit contribute to your success story – is a vital skill if you want your business to have the best possible financial health. The difference between cashflow and profit Understanding the technicalities of financial reporting can be daunting as a new entrepreneur. And even seasoned business owners can find it hard work resonating with the various financial reports that today’s cloud accounting software can produce. But getting your head around the differences between cashflow and profit can be a gamechanger – especially when it comes to managing your working capital. So, let’s look at the differences: Profit refers to the amount of money your business has left after subtracting all expenses from your revenue. It’s a measure of your company's financial success over a given period, whether that’s a month, quarter or a full 12-months. Cashflow is a process that measures the inflow and outflow of cash in your business. This includes both your operating and investment activities. Maintaining a ‘positive cashflow position’ is vital for meeting your financial obligations. Why is it important to make a profit? Profit is a measure of the financial success of your business. It’s also a key factor in your growth as an organisation. Healthy profits mean you have the surplus cash needed to reinvest in... --- - Published: 2023-03-09 - Modified: 2023-03-09 - URL: https://www.metrixadvisory.com.au/7-ways-to-get-more-from-your-personal-finances/ - Categories: Blog - Tags: Business tips, cashflow, Metrix Advisory, personal finance, plan, strategy Are your personal finances delivering the best return? We’ve got 7 top tips for getting the very best from your personal finances and can introduce you to an independent financial advisor. There’s plenty of advice available to help you manage your business finances. But what about the tips and hacks you need to get fully in control of your personal finances? We’ve outlined seven essential tips for managing your personal finances and making the best of your investments and savings. Create a budget and stick to it Having a budget helps you keep track of your income, expenses and debts. It also ensures that you’re spending money in the right places. A sensible budget keeps your expenditure in check, but also gives you the cash you need for your day-to-day needs and purchases. When creating a budget, think about all your regular outgoings and the major purchases you’ll need to make over the coming months. Be realistic about your expenses and make adjustments as needed. Remember to allocate money for savings and investments, too. Pay off any debts and liabilities Other than for major investments such as buying property, borrowing money should always be a short-term solution. High-interest debt, such as credit card debt, can eat away at your savings and hold you back from achieving your financial goals. It’s a good idea to make paying off your debt a priority. Review your credit card debts, personal loans and overdrafts and focus on paying off the debt with the highest interest rate first. Consolidating all your legacy debts into one easily manageable debt can also make sense – lenders can help you consolidate these debts and bring down your overall repayment... --- - Published: 2023-03-06 - Modified: 2023-03-06 - URL: https://www.metrixadvisory.com.au/how-to-get-the-best-from-ai-content-writing-tools-like-chat-gpt/ - Categories: Blog - Tags: AI, AI Content Writing, Business tips, chatbot, chatGPT, Metrix Advisory Is ChatGPT the answer to your business content prayers? A combination of AI and good human-powered writing could still be the best way to produce your content. #businessadvice #ChatGPT The chances are that you've heard ChatGPT being mentioned heavily in your social feeds and in business articles in recent months. But what exactly is ChatGPT? In essence, it’s an artificial intelligence (AI) tool that promises to automate a lot of tasks, including write your content for you. But do these AI content-writing tools live up to the hype? And what's the best way to balance using a solution like ChatGPT with the core skills of good human-powered writing? What does ChatGPT do? ChatGPT is an AI chatbot model from OpenAI that can produce complex, well-written responses to any prompt you give it. It uses a huge database of sources to provide you with complete blog posts, articles, email - in fact, it will write whatever you ask it to. Is AI content writing the answer to your business prayers? If you believe what technologists and business leaders are saying, these AI tools have the potential to replace a lot of the human work involved in writing. This could mean writing your blog posts, sales emails, or even looking after your internal comms. (There will be a lot of other functions the tools will be applied to, but we are focussing on writing here) But does a solution like ChatGPT live up to this promise? Yes and no. Here are a couple of things that you’ll want to bear in mind when you use these tools. Creating content that stands out ChatGPT can certainly provide you with business content –... --- - Published: 2023-02-27 - Modified: 2023-02-27 - URL: https://www.metrixadvisory.com.au/managing-your-marketing-budget-to-improve-your-roi/ - Categories: Blog - Tags: business, Business tips, management, marketing budget, measure, Metrix Advisory, strategy Do you know what your business is spending on marketing? Or what ROI this money is delivering? We’ve got some top tips for controlling your marketing budget. #marketing Having a well-planned marketing budget can help you allocate resources to the right digital marketing channels and maximise the effectiveness of your campaigns. But where do you begin when it comes to managing and tracking your budgets? Businesses spend between 2% and 5% of their revenue on marketing to promote their products and services. That might not sound like much, but bear in mind that it’s vital to use your working capital wisely. So, whatever the size of your marketing spend, you want to make sure that every penny is successfully helping to raise awareness of your brand and your products. When it comes to marketing spend, you and your executive team will want to see real-world results from your marketing – and tangible evidence of that elusive ROI. To get in control of your marketing budget: Decide which marketing channels will be most effective – Whether you’re considering video, social media, blogging, events or above-the-line advertising, think about which channels are likely to deliver the best results. Do your research, talk to your customers and use the channels where your audience are most likely to engage with you. Understand your marketing spend across different channels – each channel in your marketing strategy has to deliver. But how much cash should you invest in each channel? Talk to other marketers in your sector, look at industry benchmarking and get a ballpark figure for a ballpark spend on each channel. By adding up the costs for each channel, you get a... --- - Published: 2023-02-22 - Modified: 2023-02-22 - URL: https://www.metrixadvisory.com.au/simple-ways-to-plug-the-talent-gap/ - Categories: Blog - Tags: Business tips, goals, Metrix Advisory, strategy, talent gap Finding the best talent is an uphill struggle. We’ve got some innovative ideas for how to overcome the talent shortage. #people There's no escaping the fact that many industries are facing a talent gap. 3 in 4 employers are reporting difficulty finding the talent they need in 2022, according to stats from Manpower. Experienced hires are increasingly hard to find in the current job market, across a multitude of sectors. This lack of suitable talent could well be having an impact on your resourcing, your growth and the underlying efficiency of your business. So, what can you do to leap over the talent gap and find the people you need for the future? Finding the talent you need to meet your goals Your people are such an important asset to the business. So, when you can’t find the right skilled employees to fill your roles, that can be a significant problem. There are multiple reasons for this talent shortage, including the significant impact of the Covid pandemic, reduced migration and a workforce that lacks the skills for some emerging roles. But to overcome this shortage, you need to think on your feet and find innovative ways to source the best possible people for your vacancies. To overcome the talent gap, you can: Promote from within and use your existing talent – sometimes we can be so busy looking for new talent that we forget to consider our existing employees. If you have team members who are looking to advance, upskill or take on more responsibilities, think about promoting these people and putting them into new, more challenging roles. Explore the freelance... --- - Published: 2023-02-18 - Modified: 2023-02-18 - URL: https://www.metrixadvisory.com.au/could-outsourcing-help-you-grow-your-business/ - Categories: Blog - Tags: business, Business tips, grow, Metrix Advisory, outsourcing, strategy A surge in work is great news for a small business – but it can also be a source of stress. Outsourcing can help you cope with a seasonal or irregular burst of sales, without the commitment of new employees. When you run a small business, the amount of work can ebb and flow. Unexpectedly busy periods can create too much work and stress for a small team or one-person business. But if a surge is seasonal or unreliable, you don’t necessarily want to commit to taking on another employee. One solution is to use outsourcing to give you some flexibility during busy periods. What could you outsource? There are several types of jobs that can be ideal for outsourcing: Tasks you dread, usually procrastinate or that cause you massive stress Tasks where you or your business have low expertise Those tasks which don’t require the contractor or freelancer to access your systems or deal with your clients. For example, if you aren’t managing your digital marketing, outsourcing your social media management could work well. Or it might be branding, HR or customer service. And if you need help with your payroll or accounts, we’re only a phone call away. If you can take stressful tasks off your plate, or reduce your workload at peak times, you can increase your revenue and productivity without overcommitting to payroll. Who could do the work for you? We’re here to support you with your accounting and payroll requirements. For other types of work, you could consider a local or an offshore provider. There are plenty of platforms and organisations that will help you, but do shop around as the quality varies enormously. The advantages of a local provider are that they’ll be in... --- - Published: 2023-02-14 - Modified: 2023-02-14 - URL: https://www.metrixadvisory.com.au/build-long-term-customer-relationships-improve-your-financial-stability/ - Categories: Blog - Tags: brand advocates, business, customer relationships, financial stability, Metrix Advisory, profits, sales Happy customers spend more and tell more people about your business. We’ve explained how great customer relationships make your business more financially stable. #businessadvice #SmallBusiness We know that building long-term relationships with your customers makes good sense for your customer experience. But good relationships are also a key factor in making your business more financially stable and improving your bottom line. The answer lies in nurturing the relationship, building a sense of trust and satisfaction that leads to regular sales and a boost to your revenue. Nurturing customer relationships that drive your profits A business with no customers has no future. But a business with a pipeline of happy, satisfied customers can rest assured that it has a more stable and successful future ahead of it. This network of happy customers doesn’t appear overnight. It takes time. But once you’ve built these foundations, you’ll begin to see the financial and non-financial benefits. To drive your financial stability through customer relationships, you’ll need to: Build trusted relationship with your customers – Having strong relationships with customers helps to create loyalty. If you can succeed in building this feeling of trust between both parties, you’re onto a winner – and can rest assured that you have a receptive audience who will want to buy your products and services. Aim for repeat business and increased sales – A trusted customer relationship can lead to repeat business. As the old saying goes, you only have one chance to make a first impression. But if you continue to make a good impression, time after time, sale after sale then your customers will come back for more. Turn your customers into... --- - Published: 2023-02-09 - Modified: 2023-02-09 - URL: https://www.metrixadvisory.com.au/5-signs-youre-undercharging/ - Categories: Blog - Tags: business, fees, Metrix Advisory, strategy Are you undercharging for your fees? We’ve got the five warning signs that can help you diagnose whether your prices are too low. #Pricing Are you undercharging for your services? It can be hard to tell, particularly if you’re in a niche industry or you’re a contractor. Costs have been rising, so it may be time to rethink your own pricing. Here are five signs that you might be undercharging: Nobody ever questions your quotes - Do all your new clients accept your quotes or charges without asking any questions, requesting a breakdown or wanting a discount? It’s possible they’re delighted to be getting such a great deal. You run off your feet but you can’t afford to get help - When you’re working yourself to the bone, but there’s not enough money left over to employ someone to help you, your prices are too low – or something else needs to change. Your prices have been the same for two years or more - In most industries, prices increase just slightly each year. Leave your prices flat for too long and you’re not keeping up with the market; make sure you review your fees annually. You’re overbooked - When business is booming and there’s no room for new clients, it’s time to raise your prices. Clients don’t treat you as well as they should - When clients think they’re paying peanuts, they’ll often take you for granted. They don’t see your time as valuable, so they feel free to mess you around. What should you be charging? Finding your pricing sweet spot could take a little time. You’ll need to do some research,... --- - Published: 2023-02-05 - Modified: 2023-02-05 - URL: https://www.metrixadvisory.com.au/5-ways-to-get-in-control-of-your-business-finances/ - Categories: Blog - Tags: accounting, business, Business tips, cashflow, Metrix Advisory, plan, strategy We’ve got 5 simple ways to get more from your finances – by embracing the latest in digital accounting and finance apps. #finance #business Having proper control of your business finances is a big advantage. It helps you make well-informed business decisions and keeps your organisation profitable. With so many digital tools for managing your bookkeeping, accounting and management reporting, it's never been easier to manage, track and forecast your financial position. But what are the main tools you need? And how do you set up your financial systems, apps, processes and reporting to put yourself back in the finance driving seat? 1. Bring your bookkeeping into the digital age Digital bookkeeping apps are a great way to digitise your receipts, records and source documents. This not only saves a lot of time at year-end, it also makes it much easier for you to keep track of your company’s finances and accounting. Keeping your receipts in a box to manually enter at period-end is no longer enough. Take the next step and digitise your receipts at source, so you have up-to-date digital records and copies of source documents. Optical character recognition (OCR) software, like Dext Prepare or Auto Entry, scans the receipt, converts it into a digital format and stores it in the cloud. 2. Do your accounting in the cloud Cloud accounting is a software-as-a-service (SaaS) solution that helps you carry out all your main accounting and financial management online, without having to install any software. Cloud accounting providers, like Xero, QuickBooks, MYOB or Sage, design their accounting platforms to take the pain and hassle of business accounting. You get all the tools... --- - Published: 2023-02-02 - Modified: 2023-02-02 - URL: https://www.metrixadvisory.com.au/why-your-business-needs-a-digital-marketing-specialist/ - Categories: Blog - Tags: business, digital marketing, Metrix Advisory, specialist Digital sales and e-commerce have both evolved at a frantic pace over the past decade. Is your business up to speed with the latest in digital marketing and set up to reach this giant online market? #business #marketing Has your business kept pace with the digital revolution when it comes to ecommerce, online marketing, social media marketing and customer experience? 24. 5% of sales are expected to be made online by 2025, according to recent predictions from Shopify. So, if online is the place to be when looking for targets, customers and conversions, what's your current strategy for achieving this? And do you have the skills in the business to bring your marketing and customer strategy into the digital age? Where a digital marketing specialist adds value Digital sales and ecommerce have both evolved at a frantic pace over the past decade. There are now estimated to be 2. 14 billion online shoppers globally, and that’s a gigantic audience for you to engage with, convert and turn into paying customers. But to do this effectively, you need a digital marketing specialist to help you maximise your online interactions. This might be an in-house role that you create, or it may be a freelance position that you use to expand your company’s marketing abilities. If you have the budget, you might even partner with a digital marketing agency – the choice is yours. The point is that having a digital marketing specialist on your team is a huge benefit for businesses that want to dip into this giant online market. Your specialist can: Improve your online presence and digital platforms – this could mean updating your company website, revamping existing content or sales landing pages, or improving your underlying... --- - Published: 2023-01-31 - Modified: 2023-01-31 - URL: https://www.metrixadvisory.com.au/business-plant-and-equipment-buy-or-lease/ - Categories: Blog Buying vs leasing – which one is best for business equipment and plant? How can you figure out the best choice for your situation? When your business needs new plant or equipment, what’s the best choice – buy or lease? The answer will depend on your specific circumstances, but there are some basic considerations that can help you weigh up the options. The advantages of buying Buying gives you certainty and ownership, at a higher upfront price, but a lower total price. Owning an item of plant or equipment gives you unrestricted use for the lifetime of the item. You can alter it to suit your business, and you can sell it if you need to free up some cash. The full cost is paid up front, so you have no ongoing payments, and there may be opportunities for tax depreciation. When equipment lasts for a long time and maintains its value, ownership can be a particularly good choice. Overall, the total price of ownership is usually lower than the total cost of leasing the item. The advantages of leasing Leasing tends to give you more flexibility, at a higher cost. It spreads out the cost of an expensive item – you don’t need to save or borrow the purchase price, and instead you make regular payments. You can return a leased item if it’s not working out, or upgrade to a better model as your business grows. If the equipment or plant is something that quickly becomes obsolete, or that you’re likely to upgrade, or that you’re not totally certain is right for your business, leasing could be ideal. While leasing is generally... --- - Published: 2023-01-20 - Modified: 2023-01-20 - URL: https://www.metrixadvisory.com.au/the-benefits-of-automating-your-customer-experience-2/ - Categories: Blog Did you know that authenticated digital signatures can be more secure than handwritten ones? Talk to us about using encrypted signatures for business documents. We’ll help with simple tips to keep your business cyber-safe while increasing efficiency. Smart use of automation doesn't just help you scale up your business more quickly. Business process automation (BPA) helps you streamline your operations and save money by eliminating many of the repetitive manual tasks involved in your customer support and customer-facing processes.   Embracing the benefits of automation   Digital transformation has been a powerful trend in the business world over the past few years. And the next logical step for a business that’s moved into the digital realm is to embrace the advantages of software automation.   This means identifying and logging the complex, repetitive processes in your business, and then using software tools to automate these key operational steps.   For example, you can: Automate your tier 1 customer support – keeping pace with customer queries and enquiries can eat into the time available to your agents. By automating your tier 1 customer support, you provide a fast and scalable way to take calls and respond to live chat enquiries. Digital workers, armed with Conversational AI technology, can respond to customers, offer resolutions and pass complex cases to your human team. Automate form-filling and information capture – Business Process Automation can be used to automate the process of capturing information from your customers. Instead of relying on a human team, your organization can automate the whole process of data capture. This speeds up the process and reduces errors, giving you faster, higher-quality data. Automate your onboarding activity – onboarding new customers to your processes takes time. But with... --- - Published: 2023-01-16 - Modified: 2023-01-16 - URL: https://www.metrixadvisory.com.au/digital-signatures-and-cyber-security/ - Categories: Blog Did you know that authenticated digital signatures can be more secure than handwritten ones? Talk to us about using encrypted signatures for business documents. We’ll help with simple tips to keep your business cyber-safe while increasing efficiency. Authenticated digital signatures can be a valuable part of your cyber security approach. They are more efficient than printing, signing and scanning documents and provide one-off encryption for the highest level of security. In fact, they are more secure than a handwritten signature. If you have a lot of documents that require signing within your business, whether internally or externally, using a digital signature app will streamline your workflow and make managing the signing of documents more accessible. Documents are also secured against manipulation after they have been signed. However, not all digital signatures have the same level of verification and cyber safety. It's important to understand the difference between electronic and secure digital signatures. For example, you can scan your signature, save it as an image file, and attach it to documents. This is an electronic signature but not an authenticated digital signature and is easily copied and hacked. An authenticated signature includes unique digital verification that uses public key cryptography technology within the signature. So, the signature comes with encrypted authorisation embedded in it, and it’s virtually impossible to hack. Digital signatures also provide an audit trail of the signature process – from sending the document to when it's read and signed, and sent back to the document owner. Once you’ve created a document and sent it for signing, you can see outstanding documents at a glance and send reminders from within the platform. There are many options available for authenticated digital signatures. Look at DocuSign, Adobe or... --- - Published: 2023-01-11 - Modified: 2023-01-11 - URL: https://www.metrixadvisory.com.au/hiring-employees-who-share-your-core-values/ - Categories: Blog - Tags: core values, managers, Metrix Advisory, new business, operations director, reflects your brand values As your startup grows, how do you make sure your employees share your core values? We’ve got some top tips for building a team that can demonstrate your core vision for the business. #businessadvice #startup #values At the beginning of your startup journey, you and your co-founders will be in charge of selecting and hiring the key members of your new team. The people you choose will identify with your core aims for the business and will (usually) share your core values too. For example, if being green is a key value, the people you hire need to resonate with this. But as the business grows and expands, it's likely that the hiring process will move to your operations director, human resources director or people managers. So, how do you ensure that you're still hiring people who share your core values? And why are these foundational values so important? Why are core values so important to a new business? Your values are the pillars on which the business is built. They’re the fundamental building blocks that will define what you believe in as a brand, how you treat your customers and employees and what your underlying mission will be for the company. What's the advantage of having a team with shared core values? - A team that shares the same ethical foundations is a team that works well together. You know WHY you’re doing what you do, and you know the right path to take when operating the business. How do you weave these values into your hiring process? - Make sure the initial job description clearly sets out the values you expect from an employee, and how these help to drive the company forward. You'll... --- - Published: 2023-01-08 - Modified: 2023-01-08 - URL: https://www.metrixadvisory.com.au/your-monthly-activity-statement-bas-is-due-on-the-21st/ - Categories: Blog - Tags: checklist, IAS, lodgement day, monthly activity statement, payg withholding, payroll, tax invoices Get your books in order now for your monthly activity statement due on the 21st. We can help make sure you are ready for lodgement day. Talk to us. #smallbusiness Your monthly activity statement is due by the 21st of this month. Use the following checklist to make sure you are ready for lodgement day: Have you allocated all bank transactions to the correct accounts? Have you verified that the bank balance listed in your accounting software matches the balance in your bank account? Do you have tax invoices and receipts for all business-related transactions? Have you checked the GST tax codes for all transactions? Have you checked tricky transactions like agency arrangements, insurance or overseas purchases for GST tax code accuracy? Have you got paperwork for asset purchases or new finance arrangements? If you have to report PAYG withholding for employees, you also need to check that your payroll categories and tax calculations are correct for the quarter, (or last month for employers who lodge a monthly IAS). Checking the figures at each of the BAS reporting labels means your statements are more likely to be accurate and less likely to need GST adjustments at the end of the financial year. This results in you having a more accurate picture of your liabilities throughout the year and being able to plan accordingly. Any questions? Talk to us. We can help you set up the processes to make this area of your business easy - and you can focus on your business. --- - Published: 2023-01-03 - Modified: 2023-01-03 - URL: https://www.metrixadvisory.com.au/5-tips-goal-setting-tips-for-2023/ - Categories: Blog - Tags: 2023, business, celebration, goal-setting, measure, Metrix Advisory, monitor goals, plan, tips Effective goal setting will help you get the very best out of 2023. Our 5 goal-setting tips will help small business owners reach new highs. Whether you want to grow your business or take more time for yourself, these goal-setting tips can help you achieve your long-term plans. Think big! - What do you want from your life – and how can your business help you achieve that? Think about next year and beyond; what does your business look like in five or 10 years? When you know what end point you’re aiming for, it’s easier to set goals that move you in the right direction. Pick something you can measure - Vague goals aren’t as helpful as those you can measure and monitor. Think about what you already measure in your business and how you’d like to see those metrics change. For example: A 3% increase in net profit year-on-year A 2% reduction in expenses 1 new customer per month Reduce average payment time to under 50 days 4 weeks of holiday during which you don’t go into the office at all Make a plan to achieve each goal - Once you’ve picked a few goals, come up with ways to achieve them. It could just be back-of-the-envelope thinking, or have a brainstorming session with your team or your advisers (give us a call! ). When you have a plan in place, do your best to follow through and make it happen. Keep monitoring your progress - Check in each month to see how you’re tracking with your goals. Set yourself reminders on your calendar or make it part of your invoicing cycle. If... --- - Published: 2022-12-29 - Modified: 2022-12-29 - URL: https://www.metrixadvisory.com.au/why-you-should-have-a-business-continuity-plan/ - Categories: Blog - Tags: analyse your business model, business continuity plan, Keeping your business operational, Metrix Advisory, plan formulation Need to get a plan in place? We’ll help you look for the risks, challenges and opportunities to continue trading. We’ll also help you put together a watertight business continuity plan #businesscontinuity #riskplanning Keeping your business operational is a full-time job. It’s a balancing act that requires you to keep a multitude of plates spinning, while your executive team and employees support you at every stage of the operational journey. But what happens if these plates stop spinning? Sudden unexpected threats can catch you on the hop. What if an unexpected circumstance comes up that derails your usual operational procedures? How will you cope? What will you do to overcome the issue? And how will you get the business back on target? The answer lies in having a thorough business continuity plan. What’s a business continuity plan? A business continuity plan is an executive plan that describes the risks that exist in the business, your strategy for dealing with these known and unknown risks, and how you will mobilise your team to overcome any issues, emergencies or gaps in trading etc. None of us truly knows what lies around the corner. Most businesses were not expecting the 2008 economic crash, or the 2020 Covid-19 pandemic. If you can plan ahead and put contingency plans in place, you'll be better prepared when a worst-case scenario does appear. How do you formulate your plan? Every organisation’s business continuity plan will be different. We all have different business models, different company hierarchies and different risks that are peculiar to our own sectors. But the fundamental basis on which you create your business continuity plan will be the same however your company works. For example: Identify the... --- - Published: 2022-12-23 - Modified: 2022-12-23 - URL: https://www.metrixadvisory.com.au/the-importance-of-goodwill-in-your-business/ - Categories: Blog - Tags: business, goodwill, long-term trust, relationships, teams, trusted relationships Building goodwill in your business adds to its value. And potentially gives you a competitive advantage. We’ve got 5 key ways to improve goodwill in your business, and how this adds to the value of your company. #goodwill #businesstips Goodwill in accounting refers to the intangible value that a company can hold, above and beyond the pure financial value of its assets. This covers areas like brand reputation, intellectual property, and both external and internal relationships. A business that can show its goodwill in the marketplace is actually worth more – both intangibly and financially. When a company is up for sale, the price a buyer is willing to pay will be greatly increased if the seller can demonstrate this quality of goodwill. What do we mean by goodwill? Goodwill includes the value of your business’s brand, your loyal customers, proprietary technology, reputation for great customer service and good employee relationships. It is the amount someone is prepared to pay for your business that is above your net assets at fair value. Building goodwill in your business is not only good for its market value, these aspects of your business potentially also represent a competitive advantage. Five key ways to build goodwill in your business through relationships In a business context, building goodwill is all about developing a trusted and benevolent way to work with your stakeholders that can increase the longevity (and value) of your business idea. In the long term, a business that’s part of a trusted industry network has great potential in the marketplace. Make goodwill one of your core values – every business needs a set of core values at its heart. With the right values in place, you can put goodwill front and centre... --- - Published: 2022-12-21 - Modified: 2022-12-21 - URL: https://www.metrixadvisory.com.au/paid-family-and-domestic-violence-leave-new-entitlement-rules/ - Categories: Blog Paid Family and Domestic Violence Leave becomes an entitlement for employees in 2023. All employees (including casuals) can access this leave type from day one of employment, so talk to us to start planning for changes to payroll provisions and costs. Employees have had an entitlement to unpaid family and domestic violence leave (FDVL) for some time as part of the National Employment Standards (NES). This converts to a paid leave entitlement from 1 February 2023 for larger employers and 1 August 2023 for small employers (fewer than 15 employees). The new law allows ten days of paid leave every 12 months, but the leave does not roll over and accumulate. The full pay rate will apply as if the employee had worked as usual on the day of the leave. The NES will include the paid leave and will be revised by February. All employees will be eligible for the entitlement. The new FDVL means employees can take time off to deal with the impacts of domestic violence or abuse if they need to take care of things during working hours. This includes attending court, accessing police or support services, or making arrangements for the safety of oneself or close relatives. FDV Leave Eligibility and Proof Applies to all employees, permanent and casual. Close relatives include a spouse, partner, former partner, child, grandchild, parent, grandparent or sibling; or the child, parent, grandparent, grandchild or sibling of a current or former spouse or partner. Torres Strait Islander and Aboriginal kinship relatives are also included. The leave is available as soon as an employee starts with an employer. Employees must inform the employer as soon as possible about the need for FDVL and the expected length of leave. The employer can ask... --- - Published: 2022-12-15 - Modified: 2022-12-15 - URL: https://www.metrixadvisory.com.au/bringing-your-cashflow-processes-into-the-digital-age/ - Categories: Blog - Tags: cashflow, cloud account, digital age, overheads, processes, strategy, tough economic times When economic times are tough, it helps to be in control of your cashflow. We explain how to improve your cashflow – and how this helps you run your business through tough times. #cashflow #cloudaccounting Keeping on top of your cashflow is even more important during tough economic times. With a global slowdown on the cards, energy prices soaring and supply chain still challenges, cash is likely to be tight over the coming year and beyond. Cloud technology and fintech apps, can give your business the best possible control over its cash. Why is cashflow so important? To keep your business operating, you need enough money coming into the business to cover your outgoings – with enough surplus cash to deliver a profit. When recession begins to hit, this can have a significant impact on your income. Consumers will have less disposable income to spend on your products and services. Business customers will be looking to reign in their spending on suppliers. As a net result, your business is likely to make fewer sales and will bring in smaller revenues. This means: Reduced income coming into the business Less cash in the business to cover your operational expenses Not enough money in the bank to pay suppliers, utility providers or payroll costs In the worst-case scenario, insufficient cashflow for you to continue trading. What can you do to improve your cashflow situation? The more informed you are about your cash position, the more you can do to prepare for any cashflow gaps. It’s this foresight that can make all the difference when you’re battling against tough external economic forces and a downturn in sales. If you want to safeguard your cashflow, these are some sensible... --- - Published: 2022-12-12 - Modified: 2022-12-12 - URL: https://www.metrixadvisory.com.au/how-to-stay-competitive-in-your-industry/ - Categories: Blog - Tags: business strategy, Competitive, industry, market, new technologies, personalized experience Staying competitive puts your business ahead of the pack. We’ve shared some top advice on how to remain competitive and maintain your leading edge over the competition. #businessadvice #competitive #marketleading It’s difficult to make your business stand out from the crowd, especially in the 21st century digital environment where businesses large and small are competing for the same customers. Remaining competitive is vital for any business. If you stay ahead of your competitors and hang onto your customer base, your sales stay stable and your revenues remain predictable. But how can you do that in today's increasingly challenging business environment? Key ways to remain competitive in your market No market sits still. And the competitiveness of your company’s brand will also fluctuate and evolve over time. But this doesn’t mean that you can just sit back and let your competitive edge fade away. The more proactive you are about your position in the market, the more you can do to preserve your advantage and keep your business ahead of your competitors. Here are some helpful ways to boost your competitive edge: Provide a personalised experience for your customers – customer experience is everything in the digital age. A happy customer will buy more, so you need your CX to deliver every time, no matter what. Try analysing your customer data and feedback, and then using that information to tailor the customer's experience with your company. Carry out competitor intelligence activity on your main competitors – competitor intelligence is an important activity for any company. It involves gathering data about your competitors, including their strengths and weaknesses. You’ll need to identify the competition, find out what they're doing, and analyse the... --- - Published: 2022-12-05 - Modified: 2022-12-05 - URL: https://www.metrixadvisory.com.au/business-tips-using-forecasting-to-help-your-decision-making/ - Categories: Blog - Tags: Business tips, cashflow, decision-making, Forecasting, revenue forecasts, strategy A crystal ball would be handy in business. Good-quality forecasting can be just as useful, giving you an informed view of the future of your business and finances. #forecasting #business Producing regular management information is one way to help improve your business decision-making. But looking at historical numbers can only tell you so much. In business, you want to know what the future holds. And to make truly informed decisions about your future strategy, it’s important to use forecasting tools to project your data forwards in time. By running projections, based on these historical numbers, and producing detailed forecasts, you can get the best possible view of the road ahead – that’s invaluable. Run regular cashflow forecasts Positive cashflow is vital to the short, medium and long-term success of your business. Without cash, you simply can’t operate the business efficiently. Running regular cashflow forecasts helps you overcome this challenge. With detailed projections of your future cashflow, you can spot the cash gaps that lie further down the road, and take action to fill these cashflow holes. Income can often be unpredictable, especially in challenging economic times. If customers fail to pay an invoice, or suppliers increase their prices, this can all start to eat into your available cash. Using forecasting, you can extrapolate your numbers forward to which weeks, months or quarters are looking financially tight. And with enough prior warning, there’s plenty of time to look for short-term funding facilities, or to get proactive with reducing your spending. Run sales and revenue forecasts Keeping the business profitable is one of the key foundations of making a success of your enterprise. You want your sales to be stable and your... --- - Published: 2022-12-02 - Modified: 2022-12-02 - URL: https://www.metrixadvisory.com.au/business-tips-creating-a-plan-for-your-exit-strategy/ - Categories: Blog - Tags: business sales, Business tips, end goal, exit strategy, know your sale price, plan, plan of action, retire, smooth transition Ready to sell your business? Then you need an exit strategy and a rock-solid plan for achieving the best sale price. #exitstrategy #successionplan Exiting your business is a big commitment. You’re leaving behind everything you’ve built up, so it’s vital that you have a plan of action and a clear route to your end goal. This means sitting down with your advisers to create a long-term exit strategy, with a plan that's aligned to your key goals, aims and financial commitments as the owner. Coming up with this plan won’t happen overnight. A business sale is a complex process with many different elements that all have to be considered. A workable plan, will give you a helpful route map to guide you along the way. Here are some of the fundamental things to think about when writing your plan. Know your sale price As the vendor, you need to come up with an asking price for the business. Your sale price isn’t just driven by market forces. It’s also dependent on how much money you need to raise. If your aim is to start a new business, think about how much capital will be needed to get this idea off the ground. If your goal is to retire, you need to work out the size of the lump sum that will be needed. You could live for 20 or 30 years post-retirement, so any cash raised has to provide you with your desired income and lifestyle for a number of years. Don't forget to allow for any tax that may be payable on profits you’ve made. We can help you estimate that. Work... --- - Published: 2022-11-28 - Modified: 2022-11-28 - URL: https://www.metrixadvisory.com.au/employees-and-the-holiday-season-what-you-need-to-know/ - Categories: Blog - Tags: Boxing day, Christmas, employees, FWO, holiday season, New year's day Have you got a plan for staff annual leave and public holidays? There are rules to follow on entitlements for public holidays, shutdowns and leave provisions. We can help you plan for cash flow while meeting your employer obligations. The summer holiday period can be confusing to employers and employees alike – public holidays worked or taken as annual leave, business shutdowns, annual leave provisions... there are many rules employers need to understand. Employees are entitled to annual leave and public holidays under the National Employment Standards minimum entitlements. Employers can ask employees to work on public holidays within reason. For example, if the business is open every day of the year, and the employment agreement states that public holidays may be required, the employer can reasonably ask an employee to work a public holiday. An employee can refuse to work on a public holiday if the request is unreasonable or there are reasonable personal grounds for refusing. Christmas and New Year Public Holidays 2022-23 This year the following public holidays apply to employers in all states: Sunday 25 December 2022 Christmas Day Monday 26 December 2022 Boxing Day Tuesday 27 December 2022 Additional public holiday for Christmas Day Sunday 1 January 2023 New Year’s Day Monday 2 January 2023 Additional public holiday for New Year’s Day Public holidays are paid at ordinary rates for employees who take the day off. Employees who work on a public holiday must either be paid penalty rates according to the relevant award or be given an extra day off in lieu of the public holiday. Some awards have specific provisions or additional benefits for public holidays, so it's important to check. If an employee has booked annual leave for the Christmas and... --- - Published: 2022-11-22 - Modified: 2022-11-22 - URL: https://www.metrixadvisory.com.au/christmas-parties-and-presents-and-tax/ - Categories: Blog - Tags: Christmas, fbt, gift, gift cards, Tax, withhold tax Planning a Christmas party? Giving gifts to clients and suppliers? Paying a Christmas bonus? Talk to us to see if you can claim all or part of the cost as business expenses. Don’t get caught out by tricky entertainment rules! Christmas is a great time to acknowledge and reward your employees and other associates by celebrating and giving gifts. But don’t get caught out by entertainment rules! Claiming entertainment and gifts as business expenses is not always straight-forward, as there are implications for GST, income tax and fringe benefits tax (FBT). Is it Entertainment? Entertainment is generally not a deductible business expense. Entertainment rules can be tricky, but in general, the more lavish the meal or event, the more costly, the later in the day and if alcohol is involved then it will generally be called entertainment. Fringe benefits tax may apply to entertainment benefits provided to employees, and if an event or gift is considered to be entertainment then you cannot claim a business deduction or GST. A Christmas party for employees, spouses, suppliers and customers may or may not be classed as entertainment. Check with us to see if any of the party costs can be claimed. Keep it Free From FBT If you give gifts to your employees keep them under $300 each. Benefits provided which have a value of less than $300 are exempt from FBT. Give gifts to employees that they otherwise would have claimed as a tax deduction. For example, you could pay for a professional development course or give new tools. Give gift cards or vouchers up to the value of $300. (Vouchers are not considered to be entertainment). Avoid giving ‘entertainment’ gifts over $300, such as membership to clubs, tickets to events... --- - Published: 2022-11-14 - Modified: 2022-11-14 - URL: https://www.metrixadvisory.com.au/check-your-business-performance-against-the-ato-small-business-benchmarks/ - Categories: Blog - Tags: ATO, Business Performance, financial reports, labour cost to turnover, Small Business Benchmarks If you’re interested in improving your business performance, talk to us about comparing your business to the ATO Small business benchmarks. Benchmarks can help focus attention on areas that could be improved like the ratio of labour cost to turnover. Are you interested in comparing your business performance against the ATO Small business benchmarks? It can be a useful exercise to see whether your business is performing well, on average, or lower than the benchmark figures. Each year the ATO publishes industry-based data to highlight specific ratios of financial and other types of performance. For example, you can compare your cost of sales to turnover, total expenses to turnover, or labour cost to turnover. Comparing to average data gives you an idea of how your business performs compared to others in your industry. It's no problem if your ratios are different – but it can be a helpful starting place to look if you want to improve financial performance or reduce costs. If your ratios are very different from the ATO’s, then it could be worth diving deeper into your financial reports to see if you have problems that can be addressed. For example, a hospitality business might realise that its food cost is much higher than average and then take action to change suppliers and manage wastage. The ATO benchmarks are based on your business industry code used in your activity statements and tax returns. If you’re not sure what industry you fall under, check the ATO Business industry code tool to find the correct code for your business. To start comparing your business, you’ll need some information from your accounting software financial reports. Gross sales income Salary and wages expenses, including superannuation Vehicle expenses Interest on credit cards... --- - Published: 2022-11-09 - Modified: 2022-11-09 - URL: https://www.metrixadvisory.com.au/how-to-improve-your-year-end-processes-and-plan-for-2023/ - Categories: Blog 2023 is just around the corner. Are you ready for your year-end? We’ll help you tidy up the loose ends and get your business plan ready for the new year. #businessadvice #yearend #planning We're well into the final quarter of the year, with 2023 just a few months around the corner. But are you ready for the year-end? And have you done your homework when it comes to planning your business journey for 2023 and beyond? Let's take a look at the key ways to tie up your year-end and start the new year with a clear strategy to drive your business forward. Making your 2023 business journey that little bit easier The past couple of years have not been easy for the average small business owner. Cashflow will have been tight, prices and costs have been steadily rising and the marketplace is ever-more competitive as we move into 2023. So, what can you do to make your life easier for the coming year? And what checks should you be making as we wrap up this final quarter of 2022: Is your bookkeeping up-to-date? – make sure you've entered all the expenses, costs and receipts for this final Q4 period. And check that you’ve scanned all the documents and receipts that are needed to finalise the books and meet your compliance requirements. With everything uploaded and matched in your cloud accounting software, you’ll make the job of wrapping up your period-end accounts much easier. Have you invoiced out for all the work completed in this quarter? – look through your recent sales and projects to make sure that everything that should have been invoiced out has actually been billed. Work carried out in... --- - Published: 2022-11-02 - Modified: 2022-11-02 - URL: https://www.metrixadvisory.com.au/5-ways-to-reduce-your-business-energy-bills-in-australia/ - Categories: Blog - Tags: affordable energy, australia, cashflow, crisis, energy bills, energy-efficient, reduce, renewable energy With prices rising, your business needs a plan for cutting its energy costs. We’ve chosen five simple ways to reduce your consumption and energy bills. #businessadvice #energy #costreduction Rising global energy prices are a worry for all business owners. When the cost of your predicted annual bill goes up, that’s likely to stretch your cashflow thin. So, what can you do to overcome the problem of rising electricity and gas prices? We’ve outlined five simple ways to reduce your energy bills. Simple ways to reduce the impact of the energy crisis The obvious way to beat the energy crisis is to reduce your company’s energy usage. With prices going up, cutting your energy consumption makes good sense and should help reduce your annual bill. As an added bonus, cutting down your energy consumption also makes your business more sustainable, more energy-conscious and a better global citizen. Here are five ideas for bringing down your energy usage: Properly insulate your buildings – you obviously need to be sensible about heating and cooling your workspaces during the hot or cold months of the year. Using heating and air conditioning (air-con) 24/7 can be expensive, so it’s a good move to properly insulate your workspaces. If your rooms stay warmer in winter, and don’t bake in summer, your heating/air-con won’t be working so hard – reducing your energy spend. Be sensible with your lighting – lighting is another essential overhead, but also an area where smart gains can be made. Use energy-efficient light bulbs that draw less power. Don’t leave exterior lights on after business hours. And fit sensors in offices, meeting rooms and workshop spaces that turn off the lights... --- - Published: 2022-10-24 - Modified: 2022-10-24 - URL: https://www.metrixadvisory.com.au/are-you-making-the-most-of-your-business-data/ - Categories: Blog - Tags: analysing, Business data, credit score, data, measuring, monitor sales, track finances, track staff performance Are you getting the most from your business data? Your app stack generates a goldmine of insightful data every day. We’ll help you find the important information nuggets. #digitaltransformation #businessdata Are you recording, measuring and analysing enough of the data being generated by your business? With so many apps and digital solutions now available to businesses, there's a wealth of useful data to trawl through – and plenty of hidden insights for you to benefit from. Here are 5 ways to get more insights from your business data 1. Track your business finances Managing your business accounts used to be something you left to your finance director. But with cloud accounting now the norm, every business now has 24/7 online access to detailed information about its financial position and performance. Deeper analysis and insights are usually available at the click of a button, helping you spot the pitfalls and potential opportunities. Your accounting platform can show you: Profit & loss reports and balance sheets, with real-time data to help decision-making Cashflow forecasts and projections, to help plan your future cash position Budget tracking and spending reports, to stay in full control of your expenditure. 2. Review your credit score The credit risk rating your company is given by the big credit agencies can have a huge impact on your ability to borrow. A high risk-rating will mean that banks and other lenders will be reluctant to offer you funding. And suppliers will be less open to offering you trade credit. Some credit bureaus, like Experian, now offer ways to check your business credit score. With a better understanding of your credit data, you can take action to improve your score.... --- --- --- ---