Simple Tweaks To Your Business Can Have A Massive Financial Impact
On a recent webinar, Inspire’s Chartered Accountant, Rizal Ramzan shared his story on simple tweaks he made for our clients that have made a massive financial impact.
Here’s what he said –
I want to share a story with our Emergency Assistance Meetings – we did quite a few of them back in April, May and June. We’ve had clients that actually had the opportunity to have a deep dive on their business as well as seeing what they can do to trim the fat (unnecessary expenses.) And interestingly enough, that exercise taught them that there’s actually quite a lot of wiggle room in terms of just doing little things to increase profitability of their business, and keeping more cash on hand and how to manage cashflow.
We’ve seen clients talking the same language now and even using the forecast that we use to get them across the bridge to actually run their business.
It is actually an interesting process. Even if you’re not sure, it’s a process that you can go through to learn more about how to lift up that profitability and see how those numbers really play out. If you tweak one or two things, you can see a massive impact to your business.
If you need to have a chat with an Accountant about your business – book in a free Strategy Chat with an Inspire Life Changing Accountant today – https://inspire.accountants/chat/
JobKeeper 3.0 - Update 7 August
Last week we hosted a JobKeeper 2.0 webinar. In that webinar, we shared that to be eligible for the JobKeeper extension, the June quarter of a business’s turnover needed to be down compared to last year as well as the September quarter.
Now, on the 7th of August, which was last Friday, the government amended the rules that they’ve initially released on the 21st of July. So, our webinar is actually outdated already a week after it was released.
The distinction was, instead of the June and September quarters, it’s now just the September quarter to be eligible for the first extension to JobKeeper.
What the test period for the March quarter next year will be, is only having a look at your December quarter – not what we originally said in that webinar.
The reason why they did that is because what happened in Victoria with a second round of lockdowns, is that we saw businesses take a hit from March, onwards. They might have picked back up towards June, July, and now they’re going to take another hit. So, technically, a lot of Victorian businesses who’ve had to close again, wouldn’t have been eligible for JobKeeper 2.0 under their original rules. So they’ve adjusted it and it’s much more favourable to businesses and much more in the essence or in the spirit of what they’ve wanted to do here.
So here are the 3 key changes:
- We no longer need to test the June quarter.
- If we want to claim for the JobKeeper payments for December, we look at the September quarter’s actual results.
- When you’re claiming from March quarter next year, we’re looking at the December quarter’s actual results.
So these are the updates we wanted to share with you in case you haven’t seen any sort of information since Friday the 7th of August, which is when they released these changes.
Keep an eye out for more details to come.
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