As a business owner, it’s increasingly difficult to ride out the changing economic conditions and manage the financial ups and downs of doing business in 2024. According to recent data from the Australian Securities and Investments Commission (ASIC), 11,053 companies went into administration in the 2023-24 financial year.

We’re living through what the World Economic Forum has called ‘The Fourth Industrial Revolution', and artificial intelligence (AI) is one of the formative technologies of this revolution. AI is no longer the stuff of science fiction. AI solutions and business tools are here right now, demonstrating new ways to operate, manage and staff your small business.

Successfully implementing change in your business Research by Kotter International found that more than 70% of change projects within a business fail. Why is this? The research findings show that employee engagement is the biggest factor. Whether it is a small change to one or two processes, or a company-wide change, it's common for staff to feel intimidated by it. So what can you do for successful implementation of change? Here are the principals from Kotter’s 8-Step Program:

Through shared knowledge, collective learning, and a supportive network, members of the subcommittee are empowered to thrive in their audit practices, driving positive outcomes for clients and reinforcing DFK’s position as a leader in the global accounting landscape.

“Less Than 15 – Bite-sized Business Bulletins” is designed to offer short, snappy, and succinct actionable interviews with experts from our own firms and from carefully selected guests in other fields that complement our work. Each episode is designed to deliver practical tips and valuable knowledge in under 15 minutes.

Session Details When: Thursday 31 October, 1pm AEDT Title: Fortify & Protect: 5 Essential Tips to enhance your cyber security position Presenter: Anna Furlong, Executive Director, The Virtual IT Department

When you’re running a business, it’s easy to get caught up in the day-to-day activity and lose sight of the big picture. Taking stock of the health of your business is important. Knowing where you are allows for more effective planning, early warning about any issues, and the chance to better chart a course for success.

Federal Treasurer Dr Jim Chalmers handed down the Federal Budget yesterday on 14/05/2024 We have prepared a report that summarises everything you need to know.

As we come to the end of April, we have our final 2 months to finalise tax planning for the 2024 income year. Despite the need for tax planning, May and June are also critical months to ensure all your tax lodgments are complete to avoid any penalties. In order for you to be across your tax obligations, below are the key compliance dates coming up. If you have questions or need help with any of the following, we are here to help

Are you in the habit of checking your suppliers’ Australian Business Numbers? When you make business purchases, you should receive a valid tax invoice from the supplier to prove that your purchase is a business expense. The ABN holds certain information, including contact details, business structure and GST registration.

A business AI assistant is an artificial intelligence-powered software tool that’s designed to support and enhance different areas of your business administration and management.

When you’re calculating pay rises, it’s important to think about more than just how much you can afford. You also need to consider the true cost of replacing that employee.