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Strategies for Managing Late Payments from Clients: An Informative Guide
Late payments are one of the biggest headaches for business owners, freelancers, and consultants. They disrupt cash flow, delay growth plans, and cause unnecessary stress. For small businesses with limited reserves, even one overdue invoice can make it difficult to pay staff, cover expenses, or reinvest in operations. The good news? You can manage late…
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Everything You Need to Know About NowInfinity – Australia’s Leading Entity Management
Managing corporate compliance, trusts, and SMSFs is a growing challenge for accounting firms and business owners in Australia. With increasing regulatory demands, manual processes often lead to inefficiency, higher costs, and compliance risks. This is where NowInfinity steps in. Designed for accountants, financial advisers, and legal professionals, NowInfinity is an all-in-one cloud platform that centralises…
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The Role of Bookkeeping in Securing a Business Loan
When you’re looking to secure a business loan, whether from banks, credit unions, or private lenders, one of the first things they evaluate is your financial health. This is where accurate bookkeeping becomes a game-changer. Proper financial records not only demonstrate credibility but also improve your chances of loan approval with better terms. In this…
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Addressing Wage Underpayment as a Criminal Offense
New criminal underpayment laws have been introduced in some countries, including Australia, to tackle wage theft and ensure that workers are paid fairly. These laws make it a criminal offense for employers to underpay employees intentionally or through negligence, with significant penalties for those found guilty. For example, in Australia, the Fair Work Legislation Amendment…
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Big Changes for Businesses from 1 July 2025
New financial year, new rules! Here are few key changes that could impact your business costs, compliance and operations: 1. Minimum Wage Increase The National Minimum Wage rises by 3.5% to $24.95/hr ($948/week). Review employment contracts and payroll to ensure compliance from the first full pay period after 1 July. Underpayment risks heavy penalties. 2.…
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Maximise Advisory Potential: AccountKit for Australian Accounting Firms
Discover how AccountKit empowers Australian accounting firms with tools for automation, compliance, and advisory excellence.
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Automating Your Accounting Processes
During your busy season, it’s common to experience late-night concerns about pending tasks. Did you complete the client’s payment processing? Was the deliverable sent before the deadline? Has the necessary approval been obtained for the BAS? Regardless of your specific role, there are numerous responsibilities that can cause stress and uncertainty. As an accountant, you…
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Clinic to Cloud + Xero: A Game Changer for Healthcare Accounting
In the evolving landscape of healthcare, Australian accounting firms are increasingly seeking integrated solutions to streamline financial operations for their medical clients. Clinic to Cloud, a cloud-based medical practice management software, emerges as a pivotal tool in this endeavour, offering features that bridge clinical workflows with financial management. Understanding the Shift Towards Cloud-Based Practice Management …
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Legal Bookkeeping Services Supporting the Success of Law Firms
Effectively managing finances is an essential yet intricate component of any business, particularly for law firms, which face distinct challenges in financial management. The complexities associated with trust accounting, stringent compliance requirements, and the necessity for precise financial reporting can be particularly demanding for legal professionals with limited time. This is where specialized legal bookkeeping…
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From Chasing Invoices to Automated Collections: How GoCardless Transforms Payments
Managing client payments efficiently is a critical aspect of running a successful accounting practice in Australia. Late payments and manual processing can disrupt cash flow and consume valuable time. Enter GoCardless—a direct debit and recurring payment solution designed to streamline payment collections for accounting professionals. This article explores how GoCardless can transform your payment processes,…