As trusted advisors to businesses, we at 542 Partners closely collaborate with legal experts like Nick Noonan from Henry William Lawyers. Nick recently shared his insights on the implications of the Fair Work Legislation Amendment (Closing Loopholes No. 2) Bill 2023. Here’s what he has to say about the recent changes: On 12 February 2024, the Federal Government passed the Fair … Read More
How to: Track P&L in Xero
Managing any business requires some number crunching and tracking the money going in and out of your company to keep your finances on track. A common question we get asked, is “how can I view my P&L by my different business units?” We’ve put together a simple step by step guide on how to set up tracking categories in Xero to easily … Read More
A simple step to save you thousands. Let’s talk subcontractor statements.
A subcontractor statement refers to the written contracts that subcontractors provide to their principal contractor. These statements apply to a specified period of subcontracted work. As the principal contractor, you need to be careful about complying with the statutory requirements of these statements. Subcontractors declare through their subcontractor statements that they have met their Worker’s Compensation, Payroll Tax, and Remuneration … Read More
Dext: formerly known as Receipt Bank
As you may know, Receipt Bank recently announced their rebrand. Now known as Dext, the new name is a fusion of two words: the dexterity that accountants and bookkeepers bring to their client’s challenges and the next generation attitude that so many have. So, what does this mean for you? Jess Heapy, our ReceiptBank (Dext) 2020 Up and Coming Accountant, talks … Read More
Efficiency in business
A wise man once said, “Don’t confuse being busy with being productive – they’re not necessarily related.” There’s a lot you can do as a business owner. But the reality is, you can’t do everything. We often see business owners wearing multiple hats to fulfil different roles within their business at one time or another. But for your business to be an efficient, well-oiled machine, … Read More
Life after COVID | Part 3: Looking ahead at business in 2021
Welcome to part 3 of our 4-part video series, arming you with the tools you need to prepare your business for life after COVID. In this part we look to the year ahead for businesses, and discuss the connection between efficiency and sustainability. As always, our team are here to help. If you would like assistance or would like to talk … Read More
Smart business: Invoicing with payment plans
In a world where the concept of “normal” has been redefined, the year 2020 has taken us all by surprise. The way we work, do business and operate have changed. The way we shop has changed. The way we pay has certainly transformed, even before 2020 brought bushfires, floods and coronavirus. One of the key business challenges identified by Deloitte … Read More
COVID-19 Preparation Checklist for Businesses
As the COVID-19 pandemic unfolds, we are across important updates around the economic response and stimulus package announcements. And will continue to share these important updates with you via email and our social channels. The below PDF is free to download and contains a summary of action items to review immediately to ensure your business is prepared. Don’t wait before acting, get started … Read More
COVID-19 Preparation Checklist for Business Owners
As the COVID-19 pandemic unfolds, we are across important updates around the economic response and stimulus package announcements. And will continue to share these important updates with you via email and our social channels. The below PDF is free to download and contains a summary of action items to review immediately to ensure your business is prepared. Don’t wait before acting, get started … Read More
2020: The year for smarter business decisions
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