With just two months to Christmas most businesses should start to think seriously about their plans for 2011.

Not only does the Spring air bring a feeling of rejuvenation but it also signals the tail end of the calendar year – or at least the run toward it. When I sat down to reflect on the year, just like many others I suspect, I thought that 2010 has been busy for most. With just 12 weeks to Christmas most businesses should start to think seriously about their plans for 2011.

For our team the relocation to Hamilton has given us a new lease on life – and given the vast array of delicious food that is on offer along the strip that we are now proudly part of, perhaps a new lease on our expanded belt buckles.

There is a bit happening in the regional and Australian economies. Unemployment continues to fall. The Reserve Bank has kept interest rates on hold for the moment, which is great news for business and home owners. Our exports are still strong, even against the Australian dollar. Overall you could say that the Australian economy is back to normal, before we had the GFC.

As a conservative accountant I wouldn’t be giving the right message if I didn’t express some caution about our current economic position. Just remember that the Federal Government stimulus spending on schools and infrastructure is coming to an end. The Reserve Bank cash interest rate is at 4.5%, well below Australia’s 30 year average interest rate. Economic growth in Europe and America is still very weak and the performance of these economies still drives economic performance in the world.

In short, my message is that you should continue to keep a close eye on all areas of your business and household spending. Review your sales regularly, constantly monitor your costs and most importantly keep an extra close eye on your cash flow. Money is still tight amongst the four major banks, so be vigilant of your cash reserves. Remain vigilant on all areas of your business, especially sales and debtors collections.

It is also timely to warn that we are continuing to see some activity from the taxation office regarding debt collection. The message from the tax office now is that the GFC is over and it is now time to repay your debt and to keep up to date with all your income tax obligations. If you have any issues with the tax office let us know so we can get a repayment arrangement in place before things escalate.

On a final note I would like to congratulate Melanie and Stephen Hamilton on the arrival of first son Brody who was born on Monday 4 October.

Keep focused over the upcoming months and ready yourself for the Christmas holiday season. Just remember the Taggart team is always ready to assist with all of your accounting and income tax requirements.

Ross