What are the Trends in Business? The New Paradigm?

In the last two months, the world has changed. And with it, business has also changed in ways that are likely to be with us permanently. It is time to think about what the future is likely to bring to start preparing our businesses for the new reality. With bricks and mortar business being impacted by forced closures and social distancing, there has been a rapid move towards remote systems…  Read more

Do you know your break-even point in your business?

All business owners need to be aware of their break-even point — that is, the number of units they need to sell in order to cover their operating costs. Once you’ve reached your break-even point, it’s time to celebrate: your business is no longer in the red, and you are officially earning a profit. This article will show you how to calculate your break-even point so you can make wise…  Read more

Benefits of using online technology to manage your bookkeeping

These days, you can use technology to take care of almost any issue facing your business. If you have a task you don’t like to do, there’s an app or software program to take care of it for you. It might take a few moments of your time to learn and understand how the software or app works, but doing so will save you valuable time and precious energy.  It…  Read more

2nd stimulus package announced

The Australian Government has announced a second stimulus package as we continue to fight COVID-19. The $66 billion dollar coronavirus stimulus provides relief for small businesses, casuals and welfare recipients.  This combined stimulus of $189 billion dollars will hopefully reduce some of the impact Coronavirus is having on our community. Following the government’s first stimulus package less than 2 weeks ago, Treasurer Josh Frydenberg said “we now expect the economic…  Read more

AUSkey finishes this month – here’s what you need to do to get prepared

There’s a new way to access online government services. The way you access government services for both business and personal matters is changing this month. myGovID and Relationship Authorisation Manager (RAM) will replace AUSkey at the end of March 2020. We’ve detailed what you need to do and when, but please get in touch if you have any questions. What is AUSkey? AUSkey is a secure login that identifies you…  Read more

Are you worried about your business?

Now more than ever, it is important to monitor your business performance and set up forecasts. You may need to make some tough decisions in the months to come. You need to know on a week to week, or even day to day basis exactly where your business stands. Cashflow Forecasting One particular area of analysis: cash flow forecasting is critical in determining whether a business will make it through,…  Read more

7 tips to avoid theft in your business

We have worked with many businesses over the years, proving that they are being defrauded by their accounts staff. The impact of such theft can be enormous – for example, the payroll manager at Clive Peeters stole over $20 million and bought 43 properties and 3 cars with the proceeds of her crime. Unfortunately, the most common response that we have seen is to sack the perpetrator, hush it up…  Read more

What does a good bookkeeper do? 7 Key Characteristics of a Good Bookkeeper

The role of the traditional bookkeeper is changing. Traditionally bookkeepers were employed to do data entry – put in all bills, invoices, payments and receipts, and then produce reports. Nowadays, with automation, the role of a good bookkeeper has changed. A good bookkeeper understands your business, and should be able to recommend systems and procedures to improve your business efficiencies. Most businesses are using accounting software – your bookkeeper should…  Read more

How do I prepare for STP?

STP Reporting timelines STP (Single Touch Payroll) for is now upon us for employers with 19 or less employees not just those with 20 plus employees. Employers with 20 plus employees that qualified commenced reporting STP as of 1 July 2018, whereas smaller and micro businesses are now expected to get themselves STP-ready come 1 July 2019. The Australian government has just announced “Treasury Laws Amendment (2018 Measures No. 4’…  Read more

Cash flow is the life line of any business, what are you doing to increase yours in 2019?

With the New Year well and truly upon us, this is the time for business owners to take a stronghold of their cash flow. It is so easy for SME’s to continue running their business and not take the time to stop and review how their business is actually performing. Whilst some business are performing well, there are others that are struggling with their cash flow. As advisors we love…  Read more

How much does your paper shuffling cost your business?

It always amazes me when working with our client’s businesses how many of their offices are still dealing with a paper jungle. Many small businesses seem to be behind the times and are paying accounting staff to paper shuffle piles of supplier invoices and credit card receipts. I can quickly ascertain how outdated some business system are by the stacks of paper and filing cabinets in their office, including A4…  Read more

Are you still on old desktop MYOB software?

Do you have a contingency plan when MYOB discontinues supporting their desktop MYOB Classic V19 and below? From 30 September 2019 MYOB have announced they will be discontinuing support of AccountRight Classic commonly known as V19 and below. What does this mean for you? MYOB will no longer provide: New Features Patches Compliance updates Technical product support Updates for any future Windows operating systems You may think you can live…  Read more

The Brave new world of Bookkeeping!

From traditional bookkeepers to business advisors Traditional bookkeeping was a matter of recording lots of data and then reconciling it, to make sure it was accurate. With more artificial intelligence (AI) appearing in our accounting software, the traditional role of the bookkeeper is being replaced by automation. At 2 Peas, we embrace the changes to the industry. We see our role changing from being traditional bookkeepers to being advisors to…  Read more

Are you ready for STP yet?

STP Reporting STP (Single Touch Payroll) is not too far away now for those employers with fewer than 20 employees. The Australian government is forging ahead with plans for employers to report STP come 1 July 2019. “Treasury Laws Amendment (2018 Measures No. 4) Bill 2018” has been passed by the House of Representatives and the Senate – and although it needs to go back to the House of Representatives, it…  Read more

MYOB AccountRight Latest Update

Have you upgraded yet? MYOB’s latest update of AccountRight 2018.4 has some amazing enhancements for users. You now have many more benefits with these enhancements and new features. Some of our favourites are: Attach Documents They have just released the feature we have all been eagerly waiting for! Attaching a document to “Spend Money” transaction and “Card List”. This is a fantastic new feature to help your office go completely…  Read more

What’s new in Xero plus our latest hot tips

With the New Year just around the corner, we have decided to reflect on the latest Xero update. If you are still getting your head around the new Xero layout, don’t worry we have a few tips for you! Navigation menu Xero gave us all a big surprise when we opened the updated version of the navigation bar last month. The bar is now compressed into six columns; Dashboard, Business,…  Read more

Accounting Apps and Add-ons – Where do I start?

How to Choose Your Accounting Apps or Add-Ons Finding and implementing the right accounting Apps or Add-Ons for your business can be an overwhelming task. The technology landscape is so fast moving and sourcing the best apps or add-on software is no way an easy task. At 2 Peas our passion is to help guide our clients to ensure they have the right information systems in place to effectively support…  Read more

Is your business experiencing bad cash flow? Here are 7 easy steps that can help improve it.

You can run a profitable business, but unless you have cash flow under control the odds are against you. According to Dun and Bradstreet, 90 percent of small business failures are caused by poor cash flow management. Want to make sure you’re not just another statistic? Here are seven tips to set you on the course for improved cash flow. 1. Invest in a reputable online accounting package With a reputable online…  Read more

Streamline Debtor Management with ezyCollect

Struggling to get paid by your customers? Learn how you can slash your bad debt problem in as little as 20 minutes with four easy fixes from ezyCollect. Clients come to us with an all-too-familiar story: their customers aren’t paying on time and overdue debt is suffocating their business. Our preferred payments add-on, ezyCollect, has a ready-to-go remedy that takes just minutes to sync with your MYOB or Xero accounting…  Read more