Understanding Why Your Business Might Feel Broke Even When It Looks Busy It’s one of the most common questions business owners ask themselves: “If I’m working so hard, why isn’t there more money in the bank?” You’ve got work coming in, your team’s working full tilt, revenue looks okay – but cash is tight, profitability […]
Recently, we onboarded a hospitality client who was experiencing ongoing cash flow stress. Their books were messy, and their Balance Sheet simply didn’t make sense. So we did what we do best – dug deep. What we found was startling: a $370,000 cash shortfall. This was money that should have been received between February and […]
Read More… from When $370K Goes Missing: A Real-World Lesson in the Cost of Bad Bookkeeping
Imagine this. You’ve got a bucket under a tap, filling steadily. You’re not worried – water’s flowing in, the bucket seems fine. But what you don’t realise is that there’s a tiny crack in the base. Not enough to notice at first. Just a slow drip. One drop here, another there. You don’t panic. The […]
Read More… from Stop the Leak: How Small Financial Inefficiencies Are Costing You Big
Do you ever look at your financial reports and think, “Cool, but what does it actually mean?” You’re not alone! Many business owners receive a bunch of financial reports from their bookkeeper or accountant – Profit & Loss, Balance Sheet, Cash Flow – and file them away without a second glance. But when you understand […]
As we’re about to turn the page on another financial year, many business owners are breathing a sigh of relief. The deadlines have been met, the reports submitted, and the shoebox of receipts (hopefully) emptied. But before you shift focus to the next big thing in your business, there’s a golden window of opportunity that’s […]
Read More… from Set the Pace: Cash Flow Planning for a Strong Start to the Financial Year
As the end of the financial year approaches, it’s important to start thinking about your superannuation obligations – especially if you’re hoping to claim a tax deduction for those contributions this year. Timing Matters for Super Payments To ensure your Super Guarantee (SG) contributions are deductible for the 2024–25 financial year, they need to be […]
Read More… from Superannuation Payments: Cut-Off Planning for EOFY 2025
Minimum wages are set to rise with the Fair Work Commission handing down its Annual Wage Review decision for 2024–2025 – announcing a 3.5% increase to the National Minimum Wage and minimum award wages. This change will come into effect from the first full pay period on or after 1 July 2025. If you’re a […]
Read More… from Minimum Wages Set to Rise: What Business Owners Need to Know
The end of the financial year (EOFY) is just around the corner – and if you’re a small business owner, now’s the time to take action (not panic 😅). With a bit of preparation, EOFY doesn’t have to feel stressful or overwhelming. In fact, it’s a great opportunity to get clear on your numbers, tidy […]
Read More… from EOFY Survival Guide: What You Should Be Doing Now to Prepare for 30 June
There’s been a quiet but important change in the bookkeeping world – and it’s something that could really impact your business if you’re not working with the right team. As of 1 July 2024, the Tax Agent Services Act (TASA) has introduced new requirements for BAS Agents, including the need to implement and maintain a […]
Read More… from What the New BAS Agent Rules Mean for Your Business
From 1 July 2025, the rules around ATO interest charges are changing – and not in a way that benefits your tax return. If you’ve ever relied on claiming the General Interest Charge (GIC) or Shortfall Interest Charge (SIC) as a tax deduction, that strategy is about to be scrapped. As of the new financial […]
Read More… from Say Goodbye to Tax Deductions for ATO Interest Charges
Running a business comes with many responsibilities – one of the most critical (and often overlooked) is your record keeping obligations – maintaining complete, accurate, and compliant records. Good record keeping isn’t just a requirement under Australian tax law – it’s essential for tracking your business’s performance, ensuring you can meet your reporting obligations, and […]
Read More… from Business Record Keeping Obligations: What You Need to Know
Let’s talk cash flow – the lifeblood of your business. Even if you’re turning a profit on paper, running out of cash can stop your business in its tracks. It’s one of the most common issues we see with small business clients, and the good news is: it’s usually avoidable with a few simple habits […]
Read More… from Avoid a Cash Flow Crisis with These Simple Tips
At Blackwood Bookkeeping, we work closely with business owners every day and one thing that’s becoming increasingly clear is this: AI-powered scams are getting smarter. Thanks to AI (artificial intelligence), fraudsters now have some seriously powerful tools at their fingertips. And that means small businesses, like yours, need to be more vigilant than ever. We […]
Read More… from How to Protect Your Business Against AI-powered Scams
The world of small business is changing – fast. With AI and automation becoming more embedded in the way we work, many business owners are wondering what the future holds for their teams. At Blackwood Bookkeeping, we see the shift as an opportunity. Yes, the tech is powerful – it can automate processes, reduce human […]
Read More… from How Small Business Teams Can Thrive in a Tech-Driven World
We recently had a big client win that we’re incredibly proud of – not just because of the work involved, but because of the transformation we helped bring about. Back in December, we took on a new client who was in a tough spot. His BAS lodgements were more than 18 months overdue, superannuation contributions […]
Read More… from ATO Compliance: Helping a Business Owner Regain Control
The ATO is getting serious about compliance – and small businesses who regularly lodge or pay their BAS late could soon feel the heat. From July 2025, the ATO will begin mandating monthly Activity Statement lodgements for businesses with a poor compliance history. If your business has a track record of late lodgements or overdue […]
Read More… from New ATO Rules: Monthly Activity Statements for Non-Compliant Businesses
If you’re a small business owner and employing staff, there’s a big change coming your way – and it’s called Pay Day Super. While it’s not scheduled to be mandatory until 1 July 2026, forward-thinking businesses (like our clients) are already preparing – and in some cases, already using it. So, what is Pay Day […]
Running a small business is a constant juggle, and one of the more frustrating tasks is managing receivables. How often have you found yourself waiting on overdue invoices, wondering if you’ll have enough cash flow to cover next month’s or even next week’s expenses? If this sounds familiar, you’re not alone. Many small business owners […]
Read More… from Tired of chasing payments? Handy tips for Managing Receivables