In today’s fast-paced business environment, maintaining strong financial health is fundamental to achieving sustained growth and profitability. However, keeping financial data up to date can be challenging for many business owners who juggle numerous responsibilities each day. Yet, having real-time insights into your financial position is one of the most powerful tools to drive [...]
Efficiency, quality, and adaptability are pivotal in the manufacturing industry. Staying competitive means never losing sight of the fundamentals. From operational efficiency to compliance, manufacturers face the constant challenge of managing costs and maximising productivity in a world of slim margins and high customer expectations. In this article, we’ll explore the key areas that [...]
For construction businesses in Queensland, meeting the Queensland Building and Construction Commission (QBCC) Minimum Financial Requirements (MFR) is crucial for licensing, financial security, and stable growth. While MFR compliance involves various metrics, one vital factor is accurate Work in Progress (WIP) calculation and management play an essential role in meeting these standards. A true [...]
On 14 May the government handed down its annual budget. Whilst often a time that many tax and superannuation change priorities are revealed and analysed, this year nearly all of the announcements are not tax related. Our summary of measures is in the link below and we look forward to discussing anything relevant to [...]
In the world of business, risk and uncertainty are inevitable factors that every business leader must confront. For the construction and manufacturing industries in Australia, these challenges can be particularly complex due to their unique characteristics. As an accounting firm specialising in business advice for privately owned businesses in construction and manufacturing, we’ve seen [...]
When it comes to running a business, accurate financial reporting is important. But for construction and manufacturing companies, it's even more essential. Businesses within these industries face their own unique set of challenges, like dealing with stock and work-in-progress (WIP) for projects, which often become major headaches if you’re not on top of your [...]
Construction industry businesses, this article is for you! Whether you're a master of residential or commercial projects, or specialise in plumbing, plastering or pool installations, don't miss out on these essential pointers. One of the biggest challenges you’ll encounter as a business owner is maintaining steady profitability. It may seem daunting, but there's a [...]
A series of events has resulted in the unfortunate situation that any entity applying for a QBCC License or applying for an increase in their maximum revenue amount will now be required to submit General Purpose Financial Statements with their accountant-reviewed MFR Report. This is the case regardless of turnover (so applying for a [...]
Since March 2018, project bank accounts (PBAs) have been required for certain Queensland Government projects valued between $1 million and $10 million (including GST). To simplify the regime, in 2020, the Queensland Government amended the Building Industry Fairness (Security of Payment) Act 2017 (the BIF Act). Now, Project Trust Accounts are also [...]
What is JobMaker? JobMaker is a credit available to eligible businesses and non-profit entities that create new jobs (not if you are merely replacing someone who left). The hiring credit is available for jobs created from 7 October 2020 until 6 October 2021 and provides: $200 per week for new employees between 16 to [...]
