Our three business travel essentials ✈️
Things that should be on your radar this month 👀
1. If you’re still trying to work out what’s going on in the world of banking, this article is an excellent blow-by-blow of what happened to Silicon Valley Bank, and how its failure could affect the startup community.
2. If your business is on Instagram, you’ll want to make sure the content you’re publishing adheres to the platform’s new copyright policy.
3. A report by RMIT and Deloitte found that the cost of upskilling your team on new tech is minuscule compared to the productivity boost that’ll come from implementing new systems.
4. There’s been a lot of discourse about the effect of remote working on employees, but what about managers? A UK study found that the work-from-home preferences of managers vs employees were near opposites, with managers preferring teams to work from the office and employees preferring to work from home. Understanding and managing this disparity is crucial for any business owner building a team.
5. The UK has wrapped up its four-day workweek trial with overwhelmingly positive results, but for some businesses, it just didn’t work. This piece on which businesses struggled to implement the scheme paints one of the clearest pictures of what implementation could look like that we’ve seen yet.
AI Tech to keep your eye on this year
📝 Google Workspace: Soon, Google will turn up its predictive text function to 100 – using AI to create summaries of email threads, auto-generate images and diagrams as you type in docs, and quickly create decks using just an email or document 🤯
🎨 Microsoft Designer: Move over Canva – the promo for this AI graphic creation software looks out of this world (you BET we’re on the waiting list).
📎 Copilot: Remember your old friend Clippy? Microsoft’s resurrecting our trusty paperclip pal as a clever new AI assistant that integrates ChatGPT to make word processing a breeze.
👨💻 Github Copilot X: If you’ve ever thought about learning to code, this might be your sign. Github’s new AI assistant for developers is set to cut coding time in half and will integrate Chat GPT 4 to answer your coding questions in seconds.
The highs 📈 and lows 📉 of small business life
📈 This month we went to the first-ever Accountex conference in Australia – a two-day event showcasing all the best innovations in the fintech industry. As tech-forward accountants, we always try to keep up with new tools and ways of working, so we were kids in a candy store. Plus, it gave us an excuse to spend time with our community and collaborators in Sydney, which is always a pleasure.
📉 We had to have a tough conversation with a client this month. We aim to be as open and responsive with our clients as possible, and we’ve realised that we do our best work when our clients work in a similar way. We feel like we’ve got a pretty good idea of the kind of clients we want to work with, but this month was a tough lesson in the kinds of businesses we don’t want to take on.
Productivity hacks 👩💻
- We’ve been flying a lot lately, and we’re starting to get a good idea of our non-negotiables when travelling for work:
Firstly, we get to the airport early enough to kick back a bit. There’s nothing worse than rushing for a flight, and often we’ll find a quiet spot to smash out a bit of work before we board. We’ve even been thinking about coughing up for an airport lounge pass in the near future – let us know if you think it’s worth it!
Secondly, we’ve turned off the price filter when searching for flights. Don’t get us wrong, we’re not booking business class (just yet), but we’re absolutely guided by flight time, not price. If getting a full night’s sleep is going to cost us a little bit more, so be it – no amount of money is worth being wrecked for the event or meeting you’re travelling for.
And lastly: Relax! Flying is uncomfortable enough without a laptop sitting on your tray table. Instead of working on planes, we like to take the opportunity to unplug and enjoy the flight. Flights around Australia always seem to be the perfect amount of time to watch a movie, so it’s a great excuse to knock something off our watch list. Trust us, a relaxing flight is essential to getting the most out of your trip.
- Is your business starting to experience cash flow issues? Don’t worry, there are plenty of ways to help alleviate that pressure – just speak to your accountant. It’s also worth looking into ways to guard against future cash flow problems – as always, a small time investment up front can often save a world of pain in the future. Check out these three small changes your business can make today to protect your cash flow tomorrow.
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We’ve definitely said this before, but: Business and finance news is grim right now. Plenty of Australian businesses have been impacted by Silicon Valley Bank‘s failure. Plus, the fact that major global players like Credit Suisse are on shaky ground isn’t screaming global financial stability. We know it’s prompted many business owners to look more carefully at their balance sheets and think more critically about their outgoings.
Our advice? Cutting back on spending isn't the only way to save money – also consider how to make your money work harder for you. If you’ve got systems or processes that aren't working very well, you’ll probably get more out of optimising them rather than scrapping them entirely.
For example: Is it time to change up your tech stack to new programs that are better suited to your workflows? Are you using your current subscriptions to their full potential? Is there any training your team can do to help boost their efficiency or broaden their skillset?
Making cuts might save you a quick buck, but it’ll most likely make your life harder, not easier.
That's just our two pennies' worth.
- Liam and Amy, co-founders of Project Alfred
(changing the way people think about accounting)
Recent issues
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As their public dispute goes nuclear, we’re diving into the fistfight between Employment Hero and Hostplus. We'll also examine the trials and tribulations of Australian SMES grappling with payroll errors, uncover the truth behind cashback rewards, celebrate Australia’s first tech unicorn in two years, and examine some of the latest startups that have raised money this month.
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We look at Hatch, a Gen Z jobs marketplace that has secured $7 million in seed funding to expand nationally, using AI to match candidates with roles based on skills and values. Plus, discover how Taylor Swift's concert at the MCG broke Melbourne's internet, insights on gender pay gaps from the Workplace Gender Equality Agency, and the latest advancements in AI with OpenAI's new system, Sora, generating short videos from text prompts.
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We’ve started the year at break-neck speed, onboarding two exciting new clients, growing the Project Alfred team, getting frustrated at the Australian government’s proposed changes to sophisticated investors, reading about Atlassian’s WFH 1000 days progress and exploring new startup blogs.
In our final 2023 newsletter we look at when to pay attention to your brand, the resurgence of startup funding, rebates for Sydney startups looking for office space and some potential relief on the cost of living.
Liam is participating in Movember and raising money for Beyond Blue to support their efforts in mental health awareness and support. Every donation made on Liam’s fundraising page will be matched by Project Alfred - so if you can afford it, we’d love you to contribute. … And a reminder: every donation is tax deductible!
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Christmas is around the corner, so notify your staff about leave requirements if you’re shutting down. We dive into the Australian funding scene with Employment Hero's impressive cap raise, making them a double unicorn. Learn from a costly lesson about keeping receipts, discover the inspiring journey of Vegemite and find out why work created by AI can't be copyrighted.
How one business has monetised ‘the meeting that could’ve been an email’, a business that has pivoted its offering as a result of the higher cost of living, a significant payroll underpayment issue making the news and the first ‘real’ holiday Liam has taken since starting Project Alfred.
How Barbie & the Matilda's have sparked equal pay discussions, small business grants in QLD, how Australia harnesses students' entrepreneurial spirits, marketing tech we're using, and our August highlights as we celebrate our 2nd birthday.
What direct-to-consumer startups can learn from Barbie, the Twitter rebrand that’s left question marks over our heads, tech to make travelling for work a breeze, our tip for surviving the second half of the year, and much more.
Some good economic news (finally), the hot new website everyone is talking about (ours, obviously), tried and tested website tech we swear by, a list of 20 small business EOFY tax tips, and much more.
An excellent opinion piece about why work from home is a good thing for society (despite what Elon Musk thinks), a desk setup that’ll make your colleagues green with envy, the TLDR on the PwC tax scandal, some EOFY spending advice we know some people need to hear, and much more.
There’s been a spike in company insolvencies that the AFR is describing as a “zombie apocalypse”, advice from HR experts on how to promote work-life balance in your team, a Slack feature we don’t think gets enough airtime, a monitor stand we’re drooling over, and much more.
The TLDR on the banking drama and how it could affect your business, exciting AI tools to keep your eye on this year, the businesses where the UK’s four-day workweek trial didn’t work, our non-negotiables when flying for work, and more.
Apps to boost your sleep skills (these do more than just fix dark circles under your eyes), mindset shifts to stop you feeling like you’re burning both cash and energy, and how to get excited about the next quarter.
An important reminder about what AI can and can’t do for your business, more reasons you should go paperless (and a stack of great resources to show you how), a workday lunch tip to get you away from your desk, advice on setting effective goals for business growth, and much more.
Our thoughts on work-life balance, projections for the tech industry in 2023, some AI tools (or toys) to play with over the break, highs and lows of the year that was, and more.
Tips for making the most of December (T-minus 21 working days ‘til Christmas 🤯), a step-by-step guide to registering for your company director ID, one of our favourite tech recs of 2022, an important cause close to our hearts that we’d love you to support (scroll to the end to find out how), and more.
How to protect your business from cybercrime, apps to build a connection with your colleagues and customers, the science behind the perfect productivity playlist, and more
Three tech recs that’ll make your life 10x easier, the impact of late invoices on your cash flow, the pros and cons of going to a conference, a massive shout out to our community, and more.
The technology shaping Australia’s future, Slack shortcuts we can’t live without, and tech recs to help you share your knowledge online.
Tips for hiring in a tough labour market, an ominous shift in pricing strategy for subscription models, and tech recs to help you grow your team.
Some new economic policies coming in on July 1, tech recs to help you celebrate (or survive) EOFY, and some tips for cultivating a growth mindset next financial year.
Some tips to help you focus, proposed policies on the horizon after the election, the crash of a not-so-stable stablecoin, a big debate we had on LinkedIn, and some tech recs that anyone who’s into design will love.
Did ASIC actually just kill off 'finfluencing’, ideas for designing your perfect work week, tech recs to level up virtual meetings and a sneak peek into the tech stack we use here at Project Alfred!
Tech recs and productivity hacks to help hybrid workplaces get the best of both worlds, our thoughts on the latest Federal Budget hot off the press and an audio book we’re loving right now.
High Court rulings around being an employee or an independent contractor, funding for Covid-affected businesses, great news about mental health support for small business owners, some new favourite tech finds, the Super Bowl…and we’re hiring!
22 things you should do to help your business in 2022, what records you need to keep and what you can let go of in the new year, why eating a frog is the best way to start your day, and some of our highs and lows from the last month.
How to stay on the ATO’s nice list this Christmas, our how-to guide for director IDs, small business trends for 2022, how to work smarter not harder, and some of our own recent business highs and lows.