What’s the Difference Between PAYGI and PAYGW?

What’s the Difference Between PAYGI and PAYGW?

Many people new to running a business and employing people are unsure about the difference between PAYGI and PAYGW. They are not the same thing! PAYG stands for ‘pay as you go’. This is the means the ATO uses to obtain tax payments from both employees and business...
The perfect time for planning?

The perfect time for planning?

Being in lockdown is frustrating. There’s so much you can’t do. But is it the perfect time to do some business planning? Business planning constantly gets bumped to the bottom of the to-do list. It never feels urgent, especially when sales are strong and you’re...
Review your expenses – and save yourself money

Review your expenses – and save yourself money

Running a business will always mean incurring certain expenses, or ‘spend’. There are always costs, overheads and supplier bills that mount up. These expenses will gradually chip away at your cash position, making it more difficult to grow and make a profit. So, what...
How’s the forecast looking for your business?

How’s the forecast looking for your business?

Whenever we’re going on holiday or have plans for the weekend, we always check the weather forecast so we can plan accordingly. It’s no different in business. A good forecast tells us if there’s bad weather (poor cashflow) in store based on the direction we’re...
Understanding Your Balance Sheet

Understanding Your Balance Sheet

To understand the financial position of a business at a specific point of time, look at the balance sheet. The balance sheet may also be called the statement of financial position. Together with the Profit and Loss Statement, and possibly other reports such as the...
Top 8 things to outsource in your business

Top 8 things to outsource in your business

If you’re looking to scale your business, you’ll need to spend more time working on it than in it. Finding ways to leverage your time is critical, and outsourcing your least favourite tasks is a great way to do this. Things you should consider outsourcing in your...