Reckon Blog

News and insights for small businesses

Get the latest industry news, including top tips from accounting and small business experts.
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Okay, MANY choices affect your business, but this one is pretty big! 👀⁠ ⁠ How your business keeps track of its money is critical 🤑 There are two ways to do this — and to keep things consistent for the ATO, you need to pick and stick to one!⁠ ⁠ 💸 Cash Accounting: Records income when received and expenses when paid.⁠ 📈 Accrual Accounting: Records income and expenses when *earned*, regardless of when they were paid.⁠ ⁠ Cash accounting is typically used by freelancers and very small businesses because it gives a real-time snapshot of your cash flow 💰It’s pretty simple, too!⁠ ⁠ However, accrual accounting can sometimes give you a better idea of your company’s financial health 🔍 It’s also helpful if you plan to scale up or attract investors! 🚀⁠ ⁠ Still confused? Hit the link in our bio! 🔗 ✨
Who is your ideal customer? 🤔 💭 🤩⁠ ⁠ It’s very important to know your audience 👋 These are the people who sustain your business. ⁠ ⁠ But there’s a big difference between:⁠ 🫵 Your EXISTING customers, and⁠ ⭐ Your IDEAL customer ⁠ ⁠ Your EXISTING customers are your regulars: the real people you sell to 👥 Who they are, what they like and dislike, where they come from, and their daily habits. ⁠ ⁠ Your IDEAL customer is imaginary, but still useful! Think about who you WANT to sell to, and then use their traits to come up with a sales strategy 🙋⁠ ⁠ Consider your ideal customer’s⁠ 💡 Hobbies⁠ 💡 Interests⁠ 💡 Socioeconomic background⁠ 💡 Brand loyalties and buying patterns⁠ ⁠ For example, if your ideal customer is young and likes to shop online, you could try marketing your small business via social media platforms, like Instagram or TikTok 📲⁠ ⁠ So where do you start? 💡 Hit the link in our bio 🔗 ✨
The couch is for breaks and breakdowns 🙏 😌 🛋️ 😭
Making sure clouds get paid 🌤️ (Jkjk)⁠ ⁠ Cloud payroll software is a platform that lets you pay your employees completely online 💻 📲⁠ ⁠ With a cloud payroll system, your payroll teams can tackle jobs like: ⁠ 💸 Organise employee information, like tax file numbers and bank details⁠ 💸 Work out wages, deductions, tax, and superannuation⁠ 💸 Generate and issue payslips⁠ 💸 Stay compliant in real-time with requirements like single touch payroll (STP)⁠ 💸 Compile ATO-compliant reports for the end of the financial year (EOFY)⁠ ⁠ So long as your device has an internet connection, you can stay on top of your payroll, on the go 💃 ⁠ ⁠ And because your payroll information is backed up to the cloud, it helps keep it safe in case of data loss or breach 💀 ⁠ ⁠ Link in bio to learn why more small businesses are switching to the cloud 🔗 ✨
Unintentional red flag alert 😅 🚨 🚩⁠ ⁠ Not every small business needs social media AND a website, but it’s a good idea to have at least one ✅ Without it, you could lose potential customers!⁠ ⁠ Having an online presence makes it easy to:⁠ 😄 Find/contact your business⁠ 👋 Market your goods and services (often for free!)⁠ 🤝 Help customers trust you⁠ ⁠ After all, if a customer can’t find you, they won’t buy from you 🤷So if you wanna come up in the search results when they Google “businesses near me”, have a website or social media account 📲 💻⁠ ⁠ No worries if you’re not a web designer 😎 You can start basic and tailor it to your needs!⁠ ⁠ Link in bio for how to get started 🔗 ✨
Brb, tinkering under the hood ⚒️⁠ ⁠ Our tech team loves finding new ways to improve Reckon – often with your helpful feedback! 🙋⁠ ⁠ Here are the best changes we’ve made in 2025 (so far!)⁠ ✅ New pay templates! Makes onboarding new employees easier 😃⁠ ✅ Automated invoice reminders! Let the robot nudge that client for you 🤖⁠ ✅ Streamlined payroll finalisation! For a smooth EOFY 🎉⁠ ⁠ And there’s plenty more to come.⁠ ⁠ Link in bio for the deets 🔗 ✨
The GST threshold in Australian businesses is $75k a year, so good job! 🤑⁠ ⁠ You have to register for and charge the Goods & Services Tax if your small business makes more than $75k in a year or if your nonprofit makes more than $150k ✅⁠ ⁠ It’s the law: penalties apply! 😱 ⁠ ⁠ Don’t know how to register for GST? Hit the link in our bio 🔗 ✨
*Psst* There’s a top-secret, super-easy way to do this! 🤫 ⁠ ⁠ Actually, jk, there’s no one *right* way to itemise your receipts for tax deductions — but bookkeeping software like Reckon, or even the free ATO app, can help make this easy!⁠ ⁠ Simply log and upload your receipts for eligible expenses as they happen throughout the year ✅ That way, come EOFY, you’re organised! 💸 🧾⁠ ⁠ Link in bio for what you can *probably* claim without receipts on your taxes 🔗 ✨

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