Tips for dealing with economic uncertainty in your business

Binghay Co • April 16, 2024

With political changes and an economic slowdown to contend with, we're in pretty unpredictable waters. Here are some tips on managing your team in times of uncertainty:


Support staff wellbeing


Talk to staff about wellbeing regularly and openly. Let your team know it’s okay to feel stress or anxiety. 


Regularly remind your people where to find support, whether it’s through free counselling or mental health resources, or through company health plans.


Put wellbeing practices in place


Ask your team what could help their wellbeing and balance. Consider team activities, on-the-job skill sharing and learning, and charity events.


Be clear about cost-cutting


Change on the cards? Communicate opening and frequently, using information that is easy to understand, relevant, and factual. Don’t offer false hope or reassurances. 


Let people know if there is nothing new to communicate or if you are still working out your plans. Consulting effectively with staff can reduce the stress of uncertainty as you look to make changes in your business

If you want to learn more about this topic and how we can help your business, contact us to set up a FREE consultation so we can get started. 


Binghay & Co are Accountants & Business Advisors located in Docklands, Melbourne.

Your upcoming tax calendar for September and October 2024

By Binghay Co • August 28, 2024
The new financial year is already in full swing, meaning most of you are still finalising your general ledger accounts in order to get the necessary information to us to prepare your final 2024 accounts and tax returns. Others have already got us your information and are looking ahead. Either way, it can be a time when we forget our current tax obligations, due in relation to the beginning of the 2025 financial year. In order for you to be across your tax obligations, below are the key compliance dates that are coming up. Make sure these lodgments are up to date to avoid any interest or penalties. KEY TAX DATES – SEPTEMBER/OCTOBER 2024 21 September 2024 – GST – Monthly Activity Statement and payment for August 2024 21 September 2024 – PAYG withheld – Monthly activity statement and payment for August 2024 21 September 2024 – PAYG instalment – Activity Statement and payment for monthly reporters for August 2024 30 September 2024 – TFN withholding report – Annual TFN withholding report for closely held trusts where a trustee has been required to withhold amounts from payments to beneficiaries during the 2024 income year 30 September 2024 – PAYG withholding payment summary – 2024 income year annual report due if lodged by us 21 October 2024 – GST – Monthly Activity Statement and payment for September 2024 21 October 2024 – PAYG withheld – Monthly activity statement and payment for September 2024 21 October 2024 – PAYG instalment – Activity Statement and payment for monthly reporters for September 2024 21 October 2024 – Annual PAYG instalment – Payment of annual PAYG instalment for 2023–24. Lodge only if instalment amount varied or the rate method to calculate the instalment is used 28 October 2024 – GST – Quarterly Activity Statement and payment for the July to September 2024 quarter if you do not lodge with us 28 October 2024 – PAYG withheld, FBT instalment and PAYG instalment – Quarterly Activity Statement and payment for the July to September 2024 quarter if you do not lodge with us 28 October 2024 – Superannuation guarantee – Due date for superannuation guarantee contributions for July to September 2024 31 October 2024 – Income tax – Due date for lodgment of 2023–24 income tax return for individuals, trusts and partnerships if you do not lodge with us 31 October 2024 – GST – Lodgment of annual 2023–24 GST return for instalment payers who are required to lodge tax returns by 31 October 2024 31 October 2024 – Companies – To provide distribution statements to shareholders for 2023–24 for most companies 31 October 2024 – Income tax – Due date for lodgment of 2023–24 income tax return for an entity that has one or more prior year tax returns outstanding as at 30 June 2024 31 October 2024 – SMSFs – Annual return for new registrant SMSF if the ATO has provided this due date We’re here to help if you’re facing operational issues, tackling people challenges, or have health and safety questions, give us a call or email us. 

Should you buy or lease your business assets?

By Binghay Co • August 14, 2024
Should you buy or lease your new equipment? Here are some pros and cons of each. We can also review your financial position, cashflow and cost base to decide whether buying or leasing is the right thing for the business. #businessadvice #SmallBusiness

How to use forecasts and scenario-planning

By Binghay Co • August 1, 2024
For centuries, accounting focused on reviewing historical data, which only tells you about the past. This backward-looking approach limits your ability to plan for the future, explore scenarios, and understand your business's trajectory. The Advantage of Forecasting Forecasting changes the game by allowing you to project future sales, cash flow, revenue, and profits. This proactive approach helps you take control of your business and navigate its journey more effectively. How Forecasting Adds Value Spotting Patterns : Forecasting tools analyse historical data to reveal patterns, trends, and opportunities. For instance, it might predict a seasonal downturn, enabling you to plan and mitigate potential impacts. Future Insight : Instead of only reviewing past performance, forecasting offers a forward-looking view. It’s like using a GPS to navigate the road ahead, rather than just checking the rear-view mirror. Scenario Planning : With accurate forecasting, you can explore various "What if?" scenarios and assess different strategies. This helps in making informed decisions about your next steps. Evidence-Based Decisions : Combining historical data with forecasts provides a comprehensive view, aiding in strategic planning and identifying potential threats. Enhanced Accountant Collaboration : Forecasting gives us a detailed understanding of your business, allowing for better strategic advice and performance improvement recommendations. Discover the Benefits of Forecasting Ready to take control of your company's future? Contact us to learn how forecasting can highlight potential threats and opportunities, and help you develop a proactive strategy to enhance your business performance.
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