As we move through March, many businesses are entering that familiar phase of gearing up for the end of financial year. It’s a time when compliance, clarity, and careful planning really matter especially in an environment where small businesses are juggling rising costs, shifting regulations, and the constant pressure to stay resilient.
This month, we’re shining a spotlight on compliance with the support of some trusted partners who help strengthen the foundations of the businesses we work with.
We recently caught up with Mitch from MJC Insurance Brokers to unpack the insurance policies every small business should consider, common misconceptions, and the critical role insurance plays in safeguarding livelihoods. His insights couldn’t have come at a better time. After the recent storm that caused significant damage to our own workspace, we’ve been reminded firsthand how quickly the unexpected can happen and how essential it is to be protected before you need it.
We also sat down with Kate Price, Director of Price Perspective, for a timely Q&A on tax planning. As 30 June gets closer, questions around reviewing business structures, future planning, and wealth protection naturally come to the surface. Kate shared invaluable guidance on how proactive tax planning can help you finish the financial year feeling confident, informed, and in control.
Our Software Spotlight this month is shining on 1Password one of our favourite tools for safeguarding sensitive client and business information. From passwords and credit cards to confidential documents, 1Password helps keep it all secure and accessible across devices. With credential attacks on the rise and shadow IT creating hidden risks in many businesses, having a reliable password manager is more important than ever.
Finally, a heartfelt thank you to our clients and wider community for your incredible support following the unexpected storm damage to our office.
We’re pleased to share that we are now back in our regular headquarters, and we’re so grateful to BDCU – The Collective Impact for hosting and supporting us during our temporary relocation.
Your patience, encouragement, and understanding truly meant the world to us.
Warmly,
Tennille Skelly
Insurance often feels like a grudge purchase; something you pay for but hope you’ll never need. Yet when disaster strikes, it can be the difference between surviving and losing everything.
We recently caught up with Mitch from MJC Insurance Brokers about the policies small businesses should have, common misconceptions, and the critical role insurance plays in protecting livelihoods.
The Hidden Value of Insurance
Small business owners frequently view insurance as an expense rather than a safeguard. However, it’s not just about ticking boxes it’s about risk management and resilience.
A well-structured insurance program can:
Protect revenue during unexpected disruptions.
Cover legal and liability risks.
Safeguard assets and equipment.
Provide financial stability in crisis scenarios.
Support business continuity.
Without adequate cover, even minor incidents can escalate into catastrophic financial losses.
Essential Business Policies Every Small Business Should Have
Different industries require tailored protection, but there are core covers that every business should consider.
Professional Services
Businesses providing advice or professional expertise should prioritise:
Public Liability – covers third-party injury or property damage
Professional Indemnity – protects against claims of professional negligence
These policies help defend businesses against legal claims that could otherwise be financially devastating.
Retail Businesses
Retail operations face unique risks, including theft and stock loss. Recommended covers include:
Public Liability
Business stock cover
Stock is often a significant investment. Without appropriate insurance, losses from theft or damage can severely impact cash flow.
Tradies and Field Operators
Trades-based businesses frequently rely on specialised equipment. Essential covers include:
Public Liability
Professional Indemnity
Tools and business stock insurance
Tools are the lifeblood of many trades. Replacing equipment out of pocket after theft or damage can halt operations and income.
The Non-Negotiables (And Fastest Growing Claim Areas)
Certain risks are evolving rapidly and should not be overlooked.
Management Liability
This cover addresses risks arising from internal operations, including:
Employment practices and HR disputes.
Allegations of breaching corporate standards.
Claims related to business management decisions.
In an increasingly litigious environment, management liability insurance helps protect business owners from personal and organisational exposure.
Cyber Insurance
Cyber threats are no longer confined to large corporations.
The modern digital landscape presents risks such as:
AI-driven phishing scams.
Data breaches.
Cyber extortion.
Operational disruptions caused by hacking.
Cyber incidents can cripple small businesses, resulting in financial losses and reputational damage. Insurance is one layer of protection within a broader cybersecurity strategy.
Common Misunderstandings About Insurance
Many business owners operate under misconceptions that leave them exposed.
“Insurance Covers Everything” It doesn’t.
Insurance is not a maintenance policy.
Old or poorly maintained equipment is often excluded.
Public Liability does not cover professional negligence.
Policies frequently contain exclusion clauses.
Understanding policy wording is essential. Coverage varies significantly between providers and products.
Assumptions Can Be Costly
Business owners often assume they are protected until they discover gaps in their cover.
Key risks include:
Equipment exclusions.
Incorrect business classifications.
Insufficient sums insured.
Unreviewed policy terms.
A proactive approach to risk management reduces exposure.
How to Avoid Being Underinsured
Underinsurance is one of the most common pitfalls for small businesses.
Regular Reviews Are Critical
Insurance should not be a once-a-year exercise.
Monthly or quarterly check-ins help ensure coverage reflects current business conditions.
Simple review questions include:
Have we purchased new equipment?
Have we added or removed vehicles?
Has our revenue changed?
Have we expanded services or locations?
If the answer is yes, your insurance may need updating.
Growth Requires Updated Coverage
As businesses expand, risk profiles change.
Increased revenue, new assets, and operational growth should trigger a reassessment of insurance arrangements.
Failing to update coverage can result in inadequate protection when it matters most.
When the Right Cover Made All the Difference
One accommodation business client previously renewed insurance annually without review.
When MJC Insurance Brokers took over, it was discovered the business was:
Severely underinsured.
Incorrectly classified.
Lacking adequate business interruption provisions.
The insurance program was restructured, resulting in higher premiums but also meaningful protection.
Three years later, a bushfire event impacted revenue.
Because the policy had been correctly structured including location-specific business interruption coverage funds were accessed within two weeks.
The business continued operating.
Under the previous arrangement, the same event could have resulted in closure.
This highlights a fundamental truth: Insurance always seems expensive until you need it.
Practical Insights Many Business Owners Miss
“It will never happen to me” is a risky mindset.
Small losses (such as stolen tools) can escalate financially.
Underinsurance creates long-term vulnerability.
Modern insurers use AI to assess industry risks, making tailored policies more common.
Risk management is evolving. Businesses that adapt are better positioned to withstand challenges.
Why Speak to a Broker?
Insurance complexity can be overwhelming.
A professional broker:
Understands your business.
Explains policy wording.
Compares providers and options.
Advocates on your behalf.
Saves time and administrative effort.
Brokers also offer solutions such as premium funding, which allows policies to be paid in manageable monthly instalments improving cash flow and financial flexibility.
At Dream Admin Services, we use MJC Insurance Brokers ourselves and confidently recommend their expertise.
If you would like to:
Review your current cover.
Understand potential risks.
Explore tailored insurance solutions.
Reach out to the team at MJC Insurance Brokers for a professional assessment.
Insurance is not just protection it is peace of mind and business resilience.
Phone: 0403 559 477
Email: m.cornish@mjcib.com
Facebook: MJC Insurance Brokers
This month we are putting the spotlight on Nicole one of our Trainee Bookkeepers. Nicole is dedicated to listening, learning, and understanding clients’ needs to provide the best possible solutions. This passion for client satisfaction is what drives her in her role at Dream Admin Services. Starting as a Trainee Bookkeeper is just the beginning for Nicole. With the support of the Dream Admin Services team, Nicole’s long-term goal is to become a qualified Accountant.
We asked Nicole some questions to get to know her better.
What’s your Favorite quote or motto?
“Know thyself” – Plato.
Favorite book, movie, or TV show?
The Little Rascals.
Favorite app, tool or lifehack you can’t live without?
My coffee machine.
What’s something you’re excited to learn from your teammates?
I’m excited to learn different ways of problem-solving from my teammates. Each person in the bookies team brings unique strengths and experiences, and by collaborating and supporting one another, I believe I can continue to grow and strengthen my knowledge.
Do you want to finish the financial year feeling confident and in control of your tax affairs?
Are you considering reviewing your business structure or future plans before 30 June?
Would you like to minimise tax and maximise wealth where possible?
In preparation for the upcoming tax season, we sat down with Kate Price, Director of Price Perspective, to discuss the importance of proactive tax planning.
What is Tax Planning?
Tax planning is about reviewing your year-to-date financial results alongside your projected year-end position to accurately forecast your expected tax outcome.
At Price Perspective, this process includes:
A detailed review of your current financial performance.
Forecasting your tax position to 30 June.
A business and structure “health check”.
A structure review (if relevant).
Practical strategies to minimise tax and support long-term wealth creation.
The goal is simple: no surprises at tax time and clear action steps before the end of the financial year.
What Do I Need to Provide?
Once you contact the team to schedule your tax planning session, you’ll receive a comprehensive checklist to complete.
Typically, this includes:
Year-to-date income and expenses.
Forecasted income and expenses through to 30 June.
Projected stock figures.
Rental property information.
Asset purchases or planned acquisitions.
Any other relevant financial updates.
The more accurate and considered your estimates are, the more precise your tax projections and planning outcomes will be.
How long does it take?
Timeframes can vary between accountants. Price Perspective generally requires approximately two weeks to compile and prepare your personalised tax plan after all information has been received.
Following this:
A meeting is arranged to discuss your results.
Recommended strategies are reviewed and explained.
Action steps are outlined clearly.
You will receive a finalised tax plan detailing any actions required prior to 30 June.
How can businesses opt in?
If you haven’t already secured your tax planning appointment, now is the time. Speak to your accountant to discuss their process.
If you`d like to hear more about what Price Perspective offers, please contact our office or Kate’s team on 1800 778 776.
In the fast‑paced world of small business, every minute counts and so does every login. Between managing client accounts, accessing cloud platforms, and keeping financial information secure, it’s easy to feel overwhelmed by the sheer volume of passwords and sensitive data you’re expected to juggle.
This month, we’re shining our Software Spotlight on a tool we rely on daily at Dream Admin Services: 1Password. It’s one of the simplest, smartest ways for small businesses to strengthen security without adding complexity or admin strain.
Why Small Businesses Need a Password Manager More Than Ever.
Cybersecurity isn’t just a big-business problem. Small businesses are increasingly targeted because attackers know many operate without dedicated IT teams or robust internal controls.
What we see regularly:
Passwords reused across multiple platforms.
Shared spreadsheets or notes containing sensitive logins.
Lack of visibility into who has access to what.
Vulnerable or outdated passwords lurking in the background.
1Password dramatically reduces these risks by giving you a central, secure, and easy‑to‑manage home for everything important without slowing your team down.
What Makes 1Password a Game‑Changer?
✔️ One Secure Vault for Your Business
Store passwords, credit card details, supplier portals, software logins, and confidential documents; all protected by industry-leading encryption. No more sticky notes or risky shared folders.
✔️ Effortless Password Management
With one click, generate strong, unique passwords for every account. 1Password remembers them so you don’t have to, reducing the chance of compromised accounts.
✔️ Safe & Controlled Sharing
Team members can access what they need and nothing more. Shared vaults make collaboration simple, and expiring secure links let you share information externally without exposing sensitive data.
✔️ Early Alerts on Vulnerabilities
The built‑in Watchtower feature warns you if any saved credentials appear in known data breaches or if you’re using a weak or reused password. Helping you fix issues before attackers exploit them.
✔️ Access Anywhere
Whether your team is in the office, working remotely, or on the road, 1Password syncs securely across all devices: Mac, PC, iPhone, iPad, and Android.
Try 1Password and Bring Order to Chaos
Small businesses thrive on efficiency, trust, and secure operations. By implementing a password manager, you’re not just making life easier; you’re protecting your business, your data, and your clients.
At Dream Admin Services, 1Password plays a key role in how we safely manage access across 100+ clients and countless software platforms. It helps us keep security tight, reduce admin time, and ensure smooth collaboration across our team.
This month, we are proud to feature Veo Building as our Client Spotlight.
Founded by Adam, Veo Building began with a simple but powerful mission: to do things differently. To lead with clarity, plan with intention, and treat every project with the same care and respect as if it were their own home.
Their guiding philosophy “Building homes we feel proud to drive past for years to come” shapes every decision they make.
For Adam and the Veo team, this work is far more than just building homes. It’s about lifting standards across the building industry and restoring trust in how homes are delivered.
We invited Adam, Managing Director of Veo Building, to share more about their journey, their values, and what keeps their business running strong. Adam partners with us for bookkeeping, BAS, and HR services, and we’re proud to support their mission.
What inspired you to start your business?
I wanted to do things my own way. I’d been in the industry long enough to see a few gaps where things could be done better, whether that was
how projects were managed, how clients were communicated with, or just the overall experience of building a home. I saw an opportunity to approach it differently. On a personal level, I also wanted to create a better life for my family. Starting Veo was about building something that gave me the freedom to do both, deliver a better product and be present for the people that matter most.
What makes your business unique in your industry or community?
There are a lot of great builders in the Goulburn community, and I have a lot of respect for what they do. Where I think Veo stands apart is in our processes. A lot of builders are great at the construction side, but don’t always have a clear framework for guiding clients from those early conceptual ideas and budgets right through to actual construction. That journey can be overwhelming for people, especially if it’s their first build. We’ve put a lot of effort into making that process transparent and seamless, so clients feel informed, safe, and supported every step of the way. It’s not just about building a house; it’s about the experience of getting there.
What’s one lesson you’ve learned that you’d share with other entrepreneurs?
Learn to delegate. When I first started out, I tried to do everything myself, the quoting, the admin, the bookkeeping, the scheduling, all
of it on top of actually running jobs. It doesn’t take long before you realise that’s not sustainable. The biggest shift for me was learning to engage experts who can handle specific areas of the business more efficiently and with greater accuracy than I ever could on my own. It buys you back time to focus on the areas that actually drive revenue and grow the business. You don’t need to wear every hat; you just need to make sure the right people are wearing the right ones.
How does Dream Admin Services help your business achieve its goals?
Dream Admin is a perfect example of that lesson in action. They take care of all my admin, bookkeeping, BAS, and HR, areas that are absolutely critical to running a construction business properly. In this industry, your finances and job tracking are everything. If you don’t have clear systems and accurate reporting, you can’t tell whether you’re actually profitable on a job, and that’s a dangerous game to be playing. Dream Admin introduced those systems for me and keeps them running accurately. It gives me the confidence to know that side of the business is being looked after properly, so I can focus my energy on what I do best, building. It’s one of the best decisions I’ve made for the business.
Adam’s journey with Veo Building is a powerful reminder of what can happen when passion meets intention. From identifying gaps in the industry to redefining what the client experience should look like, Adam has built more than a construction company he’s built a business grounded in clarity, communication, and genuine care.
We’re proud to be part of that story. Supporting Veo with bookkeeping, BAS, and HR means Adam can stay focused on what he does best: building homes he’s proud to drive past for years to come.
A huge thank you to Adam for sharing his insights and for being such a valued part of the Dream Admin Services community. We can’t wait to see where Veo Building goes next!
