Archive for the ‘Financial Advice’ Category

Important Information About The NSW Government’s JobSaver 2.0 Support Package

Posted by Emily Ridley

Qualities That Every Great Accountant Should Have

Posted by Emily Ridley

An accountant that is highly valuable should have a large range of skills that play a vital role in helping your business become more successful. Here is a list of qualities that will help you determine how valuable your accountant is.

They Are Highly Organised

An accountant that is highly valuable should always be able to keep your bookkeeping records updated. At the end of each month, they should be able to show you how much revenue you have earned and how much revenue you spent based on the documents they’ve kept within the month. They should also be able to use these documents to show you whether you actually made a profit or not.

Furthermore, the ability of the accountant to stay organised will also make it easy for you to access financial documents whenever needed, ensuring that your business doesn’t end up paying fines because of misplaced or missing documents.

They Think of Money as Numbers

For many people money can have an emotional value, this often influences whether you decide to save or spend. A high quality however, understands that money represents numbers or figures to manage. Regarding money this way helps accountants take the emotion out of managing finances. Being able to think of money in terms of numbers only is among the most important qualities of an accountant.

They Are Patient

A high-quality accountant must have a lot of patience for their clients. It takes a long time to complete accounting tasks and explain the entire process to their clients. It is highly advised that you only work with an accountant that you know will remain patient all the time.

If your accountant is impatient, it’ll be challenging for you to get your business’s bookkeeping right or learn how accounting works. How can you get answers to your accounting-related questions if your accountant doesn’t remain calm? Do you think you can actually understand how your business’s accounting works if this is the case?

It is therefore vital that you pick a patient accountant to ensure that your business’s books are accurate and you’ll be able to learn about the entire process.

They Have Great Communication Skills

Communication is one of the key soft skills that might not seem all that important for accountants, but this is not the case. Being, an accountant means having to explain finances and financial information to clients or co-workers who are unfamiliar with accounting terms. If you’re good at explaining difficult or complicated concepts in simple, easy-to-understand terms, this is an excellent quality to have as an accountant.

They Are Reliable and Trustworthy

Clients should know that they can depend on their accountant to complete work or handle financial data carefully. Being reliable and trustworthy are important personality traits to have if you plan on working as an accountant or any other profession.

They Are Detail Orientated

A key characteristic of a great accountant is that they should be very detail-oriented. An accountant must have the ability to take a large amount of information and summarize it in an understandable manner so that the average person can understand.

A good accountant will also be able to present their findings in a way that’ll make it easy for their customers to understand. This includes presenting their findings in such a manner that the information can be easily understood by the customer.

They Embrace New Technology and Are Up to Date with The Latest Accounting Trends

One of the best qualities an accountant can have is the ability to keep up on the latest trends relating to accounting. As a customer and business owner, you should make sure that you are working with an accountant that’s well informed about the current trends in the industry. Having this quality is vital for a business’ success because trends change regularly, and being outdated with these trends can take a toll on your business’ daily operations.

An accountant who knows the latest trends in accounting can give an unbiased opinion that will make it easier for your business to flourish and succeed in the long term.

NSW Government Announces $1 Billion Support Package to Help Businesses Impacted by Omicron

Posted by Emily Ridley

As businesses across the country struggle to cope with the current wave of Omicron cases, the NSW government has announced a $1 billion support package to help the state fast track its economic recovery from the latest outbreak.

The support packages aim is to target businesses that currently have a turnover that’s less than $50 million and a 40 percent decline in turnover during the month of January 2022. The package will also provide support to assist businesses with purchasing rapid antigen tests.

The NSW Government will also provide $80 million to support the performing arts sector which has suffered significantly during the course of the pandemic.

Applications for the support package will open in mid-February and business that are eligible for the funding will be given a payment of 20 percent of their weekly payroll, up to $5,000 each week.

NSW Treasurer Matt Kean outlined that the past few months had been difficult for small businesses across the state but said the “comprehensive business package” would help them get “through to the other side”.

Mr. Kean also spoke about his disappointment in the lack of financial assistance provided by the federal government to help businesses during the current covid-19 omicron wave.

“I was hoping to make this announcement standing beside the Prime Minister today and the Treasurer Josh Frydenberg, but they’re not to be found. These are not just New South Wales businesses, they’re Australian businesses, Australians that pay their taxes to the Commonwealth government. So, what we want to see is rather than the Commonwealth government stepping aside we want to see the Commonwealth government stepping in,” says NSW Treasurer Matt Kean.

Mr. Kean continued to outline that the money from the support package would be directed to “those parts of the economy that are really struggling”.

“Those businesses that ply their trade through face-to-face trading, things like hairdressers, nail salons, the tourist industry and also hospitality and bricks and mortar retail, “says Matt Kean.

Dom Perrottet the NSW Premier expressed the opinion that businesses across NSW are currently doing better than he expected them to be doing during the current Omicron wave and that confidence is finally starting to return to the market.

“And as we did with earlier recoveries, we will come through this recent challenge stronger than ever. We’ve got the backs of businesses, as we have throughout this entire pandemic,” says NSW Premier Dom Perrottet.

The support package will include a topping up of the Small Business Fees and Charges Rebate from the current $2,000 limit to a new limit of $3,000.

The rebate will be expanded so it can also be used to subsidise the cost of rapid antigen tests by 50 per cent, but it will not be retrospective.

Wes Lambert, the chief executive of Restaurant and Catering Australia, has expressed praise for the newly announced grants but shared the Treasurer’s concern over the Federal Governments lack of involvement.

“It’s very important that we continue to advocate for additional funding from the federal government. We would have liked them to have supported the New South Wales government in this support package but we certainly thank the Treasurer and the Premier’s office for releasing this package today,” says Wes Lambert, the chief executive of Restaurant and Catering Australia.

Tips That Will Help You Take Better Care of Your Financial Wellbeing

Posted by Emily Ridley

Making an effort to take better care of your financial wellbeing is a highly valuable choice that every Australia should make regardless of their current financial situation or bank account balance. Here are some ideas to take into consideration when planning your financial future.

Start Investing

Investing is one of the most valuable ways to build your wealth. Although making an effort to learn how to invest properly can be time consuming, finding that time to learn might turn out to be one of the best decisions you could make for your long-term finances. 

Although it is possible to invest without the help of an advisor, many Australians are choosing to seek the guidance of an advisor route because it makes the process of learning how to invest much easier. Remember that advisors also include robo-advisors, which can help you decide what to invest in including when to buy and sell.

Pay Off Your Credit Card Debt

If credit card debt is holding you back from financial success, then it would be a fantastic idea to make an effort to tackle it in the new year? 

Paying off your credit card debt is a significant step in the right direction if you aspire to become more financially healthy. If you don’t pay it off, you are doing a serious disservice to your credit score. 

When searching for ways to pay off your debt, It is strongly recommended opening a balance transfer credit card. Although it may sound counterproductive on one hand, these cards can help you consolidate your debt and even stop it from collecting interest for a period of time.

Create A Will

It would be easy to assume that a will is something that only old people create. If you don’t have a will already, making it one of your New Year’s resolutions could benefit you and your family. If you suddenly die unexpectedly trying to determine who takes ownership of your property and your assets could turn out to be a very messy situation that could have easily been avoided if you had a will in place.

Having a will in place is an easy way to protect your assets and ensure that your spouse, children and family members are given peace of mind.

Spend Less Money

Everyone aspires to save money. One of the best ways to reduce the amount of money you spend is consciously be aware of how much you are spending. It advised that you take a close look at your budget. Little things such as; making coffee at home instead of ordering from a café, bringing your lunch to work, cutting back on monthly subscriptions and writing a more strategic grocery shopping list where you only buy items that are on your list.

Establish An Emergency Fund

Whenever an emergency happens, you don’t want to be stuck without an emergency fund. Emergency funds can be lifesavers when unexpected challenges occur in your life, such as; losing your job or getting into a car accident or the fall out of the covid-19 pandemic. 

If your emergency fund is non-existent at the start of the new year, it is time to change that.

To begin with, you should decide how much money you need in your emergency fund by calculating your monthly expenses. This should include not only your rent or mortgage but also your utilities and your basic expenses. Many financial experts agree that this should be at least three to six months’ worth of expenses, but it can’t hurt to overestimate how much money you would need in times of emergency.

Emerge Advisory