Will Interest rate increases affect Businesses?

No matter who you talk too in Australia, we all know that interest rates for homeowners has increased at .25% for most homeowners with a variable mortgage loan.

Do interest rates affect businesses too?

The answer is YES.

When it comes to customers who pay interest on personal loans, home loans and car loans, the higher the interest rate, the less money in a customer’s pocket.

This can reduce their ability to buy products and services, so businesses may see a decrease in sales.

With relation to the cost of borrowing, interest rates rise, banks charge more for business loans. This means you will need to use more of your earnings to pay interest on your loans, which then decreases profit.

This can stop many business owners from starting new projects or expansion during periods of high interest rates, which then impacts the growth of the business.

When interest rates are low, businesses are confident and they can borrow more readily. When they increase, then the confidence lowers and could have a negative effect on the business.

Everything depends on the economic environment.

Businesses who invest their excess cash in interest – bearing accounts will make more money during periods of high interest rates, when rates are low, business are more likely to use their cash for new equipment and plant improvements.

As we know, there will be further interest rate increases happening during the year and will be interesting what impact this will have on businesses.

If you would like to discuss further, please don’t hesitate to contact me on 0429 363 047.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID

Have you outsourced your bookkeeping in the past?

Have you ever outsourced your bookkeeping but decided to do it yourself?

Was the reason that you felt you lost that control?

We have recently completed a survey and asked business owners the main reason why they won’t outsource their bookkeeping.

The majority of people answered that they felt like they would lose control of what was happening within the business.

Isn’t it strange, as a business owner, we like to control every facet of our business, from working on the product or service, to delivery, to pricing, to writing content, to social media, we like to stay and control and do it all?

Well, sometimes you just can’t do everything as a business owner.

It just isn’t possible.

You don’t have the time.

Which means an area of your business, which is probably the most important aspect, either doesn’t get done, or it gets done, but in a hurry and errors are made.

Have you thought that Maree your bookkeeper could do this for you, in half the time and she will keep you informed of what she is doing, so you still feel like you have that control?

Does that sound pretty good to you?

Then give Maree a call today on 0429 363 047.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID

There are penalties for overdue TPAR

All Taxable payments annual report which stands for (TPAR) must be lodged by 28th August of each year.

If you have clients who make payments to contractors, they may also need to report these payments in a TPAR.

The ATO have applied from 23rd March 2022 that they will apply failure to lodge penalties to those who

  1. Did not lodge their TPAR in 2021 or the prior year
  2. Have already been sent three (3) non-lodgement letters about their overdue TPAR
  3. Those that did not respond to follow up phone calls about their overdue TPAR

The ATO are cracking down on clients, so don’t be surprised to receive a phone call or your clients about their overdue TPAR.

The best thing to do is remind your clients

  1. They may face penalties for an overdue TPAR
  2. They may if necessary, lodge a TPAR by 28th August each year
  3. They need to keep good records making it so much easier to prepare their TPAR

Here is the website link on how to lodge TPAR, and how to prepare, record and report.

Otherwise give me a call on 0429 363 047 and I will be able to help you.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID

Free Health check

Did you know I provide Free Health Checks, but not for your health, but for your business?

Maree’s Mobile Bookkeeping is offering a FREE health check of your software file (valued at $497) with comments and recommendations for your file moving forward.

Contact Maree today – conditions apply.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID

How will COVID affect your business in 2022 and into the future?

Many business owners have not been affected since 2020 when the first case was detected and Australia started going into lockdown.

Though on the end of the spectrum, I have lost some clients myself (not many) because COVID did contribute to a few businesses closing.

How will it affect your business in 2022?

I feel more business owners are optimistic when it comes to their own business this year. Over the last 2 years, many business owners have refocused, pivoted into other areas of their business.

Some have closed one part of their business and ventured into another area which has been of financial benefit.

If anything, business owners are becoming more creative.

What they thought wasn’t possible, is possible.

Many cafes that had a bustling business are now only doing takeaway and remaining doing takeaway. They felt with the wages of staff for waitressing, was better spent in keeping the remaining staff on for cooking and delivery.

How will your business go into the future?

Have you been able to sustain your business during the pandemic?

What have you done to keep it going?

If you ever need help with your bookkeeping, I’m happy to have a chat.

Let’s hope the future looks more positive for all business owners.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID

Have you completed your TAX return or are you putting it off in the too hard basket?

Are you like many people out there thinking, oh I can leave it to next year to do my Tax Return, but you keep putting it off? I hear this all the time. I realise time is precious and it certainly is with the way the world has been in the last 18 months, but you should never put off doing your Tax Return.

You may have employees?

You may be behind in your BAS?

You may be behind in general with all your paperwork.

That’s where Maree can come in, she can pick up where you are, finish everything and do assist with your Tax to submit.

Doesn’t that sound pretty good?

If this is you, then give Maree a call today.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID

Should you engage a bookkeeper onsite or go virtual?

Although most business owners can’t afford an inhouse bookkeeper and with COVID, shutdowns, it doesn’t make economic sense to have someone working in your office.
Even if you have a budget or not for a bookkeeper, the cost outweighs considerable using a bookkeeper virtually.

It is way cheaper, more convenient and your business can still operate having a virtual bookkeeper.

I have worked for over 20 years plus with 300 businesses owners or more in that time, as a Virtual Bookkeeper.

From looking after wages, BAS, profit and loss, STP, payroll, and everything in between. All the business owners have said, why did I ever think of having an onsite bookkeeper for all those years, when you Maree has worked out cheaper, more efficient and now with COVID and shutdowns, working virtually has been a dream.
I am there working virtually for your business.

No restrictions, no masks required. I am just a phone call or email away.

If you are considering utilizing a Bookkeeper virtually, then give me a call direct on 0429 363 047.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID