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Six questions every business owner should ask themselves…..

1. Is it important to know how much money you have in your business bank account?
2. Does your software or spreadsheets allow you to see how much money you have in your business bank accounts?
3. Over the course of a month, how long do you spend doing your bank rec?
4. Have you ever sent an invoice to someone that owes you money and they’ve turned around and said ‘I didn’t get your invoice?’
5. Has your accountant or bookkeeper ever asked you to provide them with your receipts, invoices or memorandums?
6. How long does it take you to process your super payments?

If you are answering yes to any of these questions then you need to watch our information video below where Co-Director Tim McCarthy talks to team member and Xero Specialist Kade Tronson on why so many of our clients are turning to Xero Accounting Software.

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If you would like to learn more about Xero Accounting Software please contact Kade on (03) 9744 7144 or email



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Protect what you have worked so hard to build.


Every time you go to the bank to borrow money, the bank takes out an insurance policy on you.

By taking out what is known as a “Loan to Value” margin on what the property is worth versus what they are prepared to lend you the bank is taking out their form of “Risk Insurance”.

The difference, known as the margin, protects the lender in many ways: It helps them reduce their risk as they know you’ve had to save hard to stump up the deposit, and it also gives them a “margin of error” should something go wrong.

You see, having the title to the house means the bank will always get paid before you do; and let’s be honest, everyone who has a mortgage always has that little worry in the back of their head “what would happen to the mortgage if I lost my job?”

But what would happen if you couldn’t work for an extended period of time due to your health, and therefore couldn’t pay your mortgage?

How would 12 months off work affect your mortgage while you battled a health condition such as cancer (note: 1 in 3 will suffer from cancer before the age of 65)?

Imagine being a tradie with a broken arm? A farmer with a broken leg?  What would happen to your mortgage if the “black dog” of depression hit?

Even worse still, what would happen to the home that your family lives in if you were to pass away prematurely?

You see, if you can’t pay your mortgage the bank does have insurance. They have it through lending you less than the house is worth (so they know they won’t lose) and through their ability to call on the loan if you can’t make payment.

We have all heard of someone who has been affected by a tragic set of circumstance that is now rendering them in an extremely financially vulnerable situation. While dealing with the challenge of personal and health issues they have the compounding pressure of financial woes to face as well.

However, it doesn’t have to be that way.  A review of your personal risk planning strategy gives you a starting pointing on what could happen to you and your family should a health event, or tragedy strike.

Even better, we help you completely understand your current insurance and super, and work with you to create a strategy to help you mitigate these risks.

As unpleasant as these conversations can be, a well-tailored personal insurance strategy can help provide you with peace of mind knowing that you will be financially secure in your time of need.

For further information please contact our office on (03) 9744 7144 or click on the link below to request a review.

Request a review



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Are you at risk?


The Federal Government is cracking down on employers caught short-changing staff by failing to contribute the mandatory 9.5 per cent of employee earnings to a superfund of their choice.  The ATO analysis found that employees had likely missed out of $2.85 billion of their super guarantee payments during the 2014-2015 financial year, because employers didn’t meet their obligations (both intentionally and from uncertainty around obligations) with small business owners among the worst offenders.

Emma Koehn from Smart Company sums up how the latest reforms will change the ATO’s approach to businesses not complying with their superannuation obligations.

If you require more information on your superannuation obligations, please contact our office on (03) 9744 7144 or email




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Planning for success

business plan

There’s an age-old saying ‘Failing to plan, is planning to fail’.  This applies in so many areas of our lives, but in particularly is extremely important when starting a business.  Many small businesses fail because they simply don’t set the solid foundations from the beginning.  Developing a business plan should be the first step in your planning journey.  Planning is simply deciding in advance; what to do, how to do it, when to do it, who will do it and what resources will be involved.  Your business plan should be a documented set of business goals, objectives, target market information and financial forecasts that you are aiming to achieve over a certain period of time.

When writing your business plan you should consider;

  • Will you want to expand your business, be more competitive in your industry or achieve certain goals?
  • Who will be your targeted audience?
  • How will you market your product/service?
  • How will you obtain finance?
  • What business structure will best suit your business?
  • Will you operate as an independent contractor?

Setting up your own business is an exciting prospect, but it takes more than just a good idea to start a business.  Operating a business is not just about working for yourself, it’s also about having the necessary management skills, industry experience, technical skills, finance and of course long term vision to grow and succeed.  Make sure you have the solid foundations in place to give your business the best start.

If you would like to learn more about starting your own business, register now for our FREE small business workshop, scheduled for Tuesday 5th September @5.30pm.

Register now, click on the link below –

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Everything you need in one place

business man relaxing

Running a small business has its challenges.  Everything from human resources issues to making sure your business has secure cash flow.  Wouldn’t it be great if there was a software that could tell you everything you needed to know about your finances.

We are finding more and more clients are turning to Xero Accounting Software.  Why do our clients love Xero;

  • Online accounting and payroll in one
  • Easy online invoicing and quotes help reduce debtor days
  • Bank statement lines are automatically fed into your Xero account, making reconciliation a breeze
  • No need to install or update software
  • Collaborate in real-time with your advisors
  • Bank Level Security
  • Dashboard give users a clear financial overview
  • Available anytime, on any device, anywhere you’re online

Click on the image below to learn how Aaron Berson, manager of New York based company EisnerAmper, uses Xero Accounting Software to deliver efficiencies in his business, and for Aaron that means less time on data entry and more time on providing value to his clients.

xero video

If you would like to learn more about how Xero can help you in your business please contact Kade Tronson, our Xero expert at McMahon Osborne Group.

Contact or call Kade on (03) 9744 7144.

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11 steps to personal wealth creation


Wealth creation must be a long term commitment.  Like a healthy diet, it must become something ingrained, rather than a flash in the pan.  A well balanced and good tasting financial diet is where you want to be.  Consider setting out short term and long term goals to help measure your success.  Keep these goals achievable, or risk losing drive and ambition.  An understanding of your current net worth and the avenues available to create additional wealth is too, very important.  Knowing what you are worth requires a multi faceted understanding of your finances and the things that effect your finances.  Once you have this understanding, you can look at how affecting certain parameters can change your wealth creation – for example changing to a higher paying job, should result in greater wealth creation if it is accompanied by saving and investing.  It’s up to you to create your wealth, no one will care for your wealth like you do.  To assist you with planning your wealth creation strategy we have developed an 11 step personal wealth creation checklist.

Simply download our 11 steps to personal wealth creation checklist and get started TODAY

If you would like to learn more about how we can assist you in developing your personal wealth plan, please email today to make your appointment.

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Your chance to WIN

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To celebrate the start of the new financial year we are giving away x 2 ‘Taste of the Peninsula Hampers’, courtesy of Bounty Boxes.

For your chance to WIN simply download our App and complete the entry form under the competition tab.  For iphone visit the App store –
For Android go to Google play –

Competition closes 30th August 2017.  Winners will be notified.
Good luck!
– the team at McMahon Osborne Group.

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