Check out the latest news, insights and information published by our leading team of accountants and mortgage brokers.
"Starting a hospitality business requires a combination of hands-on skills, a passion for working with people, and adequate funding to get off the ground. But ultimately, a key ingredient in your sustained success and profitability will also depend on having sound accounting practices in place to manage the financial and legal side of your business."
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With no need to pay rent and the ability to fulfil orders from a warehouse or home, running a successful online store has become an increasingly appealing option for many young entrepreneurs and aspiring business owners. Due to the availability of low-cost start-up options and the many online selling platforms now available, Australia has experienced a significant increase in the number of e-commerce businesses operating online in recent years.
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Starting a new business is a dream come true for many aspiring entrepreneurs. Being your own boss offers the potential for financial freedom and increased earning potential. However, it's important to keep in mind that the rewards of owning a business come with their own set of challenges.
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After a year of pain for borrowers, many Australians have anxiously entered 2023 with the prospect of further cash rate hikes threatening already thin household budgets.Since interest rates began to rise in May last year, the average borrower with a $500,000 mortgage has seen their monthly mortgage repayments rise by $834. For the average borrower with a $1 million mortgage, monthly repayments are an extra $1668. Add inflation and soaring costs to that mix, and you have many Australian families under a great deal of financial stress.
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