2020: The year for smarter business decisions

CraigBusiness Audit, Business Process, Business Technology, Cloud Accounting, General

We know every dollar (and minute) counts in business and regardless of where you are in your business journey, understanding the numbers is key to making smarter business decisions. Do your figures add up? It may not be the end of financial year; however, year-end is a great time to assess your figures. 542 Tip: A well-run business has well-managed … Read More

5 Ways to prepare your business for the festive season

StuartBusiness Audit, Business Process, Business Technology, Cloud Accounting, General, Tax

They know when you’re sleeping, they know when you’re awake, they know when you’ve been bad or good, so be good for the ATO’s sake. Celebrating the holiday cheer can have far-reaching consequences but planning ahead and budgeting appropriately can save you from much bigger headaches in the New Year. 1. Give yourself a tax-free Christmas As small business owners … Read More

The future of integrations is endless with Xero

StuartBusiness Process, Business Technology, Cloud Accounting

If you don’t already utilise Xero technology in your business, you may want to rethink after reading this blog. With already over 800 third party apps able to integrate with your Xero account, Xero are constantly looking for new partners to help streamline processes for businesses of all sizes.   What’s been available? Bank feed integration has been around for … Read More

Tips, tricks and helpful hacks to make tax time a breeze

StuartCloud Accounting, Tax

It’s no secret we love Xero! And even though the platform is super user friendly and easy to navigate, there are hidden hacks that our savvy senior accountants, use every day. Never ones to hold onto our knowledge, check out their favourite Xero hacks, that will save you time.   Holly’s Tip: Repeating bills and invoices For regular bills and … Read More

Essential 2019 business apps and integrations

StuartBusiness Process, Business Technology, Cloud Accounting

Technology plays such a vital role in business. And let’s be honest without it, you may be losing valuable time, which we all know, equals money! At 542, we love utilising the latest accounting and business technologies to save time and make everything work efficiently. Check out our top apps and integrations that we’re loving for efficient business in 2019! … Read More

Starting 2019 off the 542 way

CraigBusiness Process, Cloud Accounting

If you have big plans for your business in 2019, then January is all about laying a solid foundation for the year ahead. Before you get caught in the day to day life of business, use January to review your business processes and financial position, that will help you achieve your goals in the New Year.   As you know, … Read More

Xero makes Single Touch Payroll easy

StuartBusiness Process, Business Technology, Cloud Accounting

From 1 July 2019, Single Touch Payroll (STP) will be expected to be a part of the pay-as-you-go reporting cycle for small business. That’s right, no more end of year ATO reporting and statements for wages, deductions and super information. How does STP work? For businesses with digital payroll software, like Xero, it can be done in seconds. Xero’s STP … Read More

The accountant and the bookkeeper: A match made in financial heaven

CraigBusiness Process, Cloud Accounting, General

With 1,440 minutes in a day, it’s no surprise small business owners hustle to make every minute (and dollar!) count. We know tracking financials can be a chore, but it doesn’t have to be. Tell-tale signs you need a bookkeeper  No time to work on the business You don’t understand your compliance requirements You don’t understand your cash flow Invoices … Read More