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Finance | Financial management
Your small business’ handling of money management can
make or break your success.
This section includes a wealth of tips for better money management covering topics including business invoicing,
small
business record keeping, understanding
business insurance and accounts
payable. And for when things don’t go according to plan we also look at recovering
money.
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Manage your cash flow and get paid on time
10 May 12Jo UcukaloGetting paid on time is essential to minimising cash flow problems, especially for new businesses. Here are seven simple techniques to help you avoid cash flow roadblocks. Read more
Comments: 5Good record keeping
25 Apr 12Michael QuinnKeeping good records involves more than just knowing which records to keep and for how long. It could mean the difference between the failure and success of your business. Read more
Comments: 0Twenty ways to cut costs
21 Mar 12Sue HirstEvery penny you don’t spend in your business adds to your bottom line. Here are twenty tips to help you cut costs. Read more
Comments: 2The foundations of wealth creation
15 Mar 12Brad CallaughanBuilding wealth and gaining financial independence is something many strive to achieve, but very few accomplish. Why is wealth creation so hard? And how can you join the wealthy minority? Read more
Comments: 7The value of getting your costs right
24 Feb 12Sue HirstUnderstanding how much it costs you to provide your product or service to your customers is vital to running a profitable business. This case study will help you understand why small business costs are so important. Read more
Comments: 4Knowing when to change your business structure
09 Feb 12Karl VeitchHaving the right business structure is fundamental to both the initial success of your business and its ability to grow, remain flexible, be tax-effective, protect assets, and minimise your costs. Read more
Comments: 2Creating a credit policy
27 Jan 12Colin PorterEvery time you provide goods or services before you receive payment, you’re extending credit to another party. Having a credit policy in place will help make sure you get paid. Read more
Comments: 0Profitability and cash flow checklist
19 Jan 12Brad CallaughanProfitability and cash flow are everything in business. What can you do to improve yours? This handy checklist is sure to give you some areas to think about. Read more
Comments: 3What to do when the money dries up
14 Jan 12Joanne PriorWhat steps do you take when your bank balance is shockingly low? Here’s how to survive a financial drought whereby not only do you come out of it in one piece, but you come out of it on top. Read more
Comments: 1When customers don’t pay: going to court
07 Dec 11Colin PorterWhen all other strategies fail to get a debtor to pay up, you may need to take the dispute to court. Here’s what you need to know about going to court. Read more
Comments: 3How to prepare a cash flow forecast
03 Dec 11Brad CallaughanBusiness owners tend to focus on the bottom line: the profit we are going to make. But a business can have $100,000 in profit AND an overdrawn bank account. Why? Because of poorly managed cash flow and no cash flow forecast. Read more
Comments: 3A guide to business activity statements (BAS)
11 Nov 11Michael QuinnFor most soloists, business activity statements (BASs) are a fact of life. Here’s what you need to know about them. Read more
Comments: 1When customers don’t pay: issuing a letter of demand
02 Nov 11Colin PorterIssuing a letter of demand is the first step in initiating legal action when a customer hasn’t paid, and can sometimes motivate them to open their wallets. Read more
Comments: 2Tips to improve profitability for soloists
14 Oct 11Sue HirstThere’s no point being in business if you’re not making money and keeping some of it for yourself. Could any of the following ideas improve profitability or cash flow for your business? Read more
Comments: 0When customers don't pay: alternative dispute resolution
30 Sep 11Colin PorterDon't throw your hands up in frustration when your debtors don't pay. Take action. One option available is alternative dispute resolution. Read more
Comments: 11Bookkeeping tips: Get your bookkeeping organised
22 Sep 11Monique BockKeeping proper tax records means you’ll save on accounting bills and be able to claim the maximum deductions. These bookkeeping tips will help get you organised! Read more
Comments: 4Are your credit terms enforceable?
01 Sep 11Colin PorterThe issue of getting paid has always been troublesome for micro businesses. Here's a checklist to help you develop your credit terms. Read more
Comments: 3An introduction to foreign currency transactions
22 Jul 11Heather SmithIf you import or export, you need to understand how currency fluctuations affect your profitability. Here’s a beginner’s guide and glossary of key foreign currency transactions terms. Read more
Comments: 9Planning for retirement
01 Jul 11Michael QuinnGood planning for retirement now could make your retirement years smooth sailing – but you need to make sure that your plans take your unique circumstances and goals into account. Read more
Comments: 2Improve cash flow cycle by retraining your debtors
30 Jun 11Colin PorterA good cash flow cycle is one in which the period between paying your expenses and getting paid by your debtors is as short as possible. Here are some strategies to tighten yours up. Read more
Comments: 1Getting the best from your bookkeeper
17 Jun 11Rhys RobertsBookkeeping is one of the most routinely outsourced business functions, but it’s critical that you retain overall control. Here’s what you need to know. Read more
Comments: 6Is your small business accounting software holding you back?
11 Mar 11Rhys RobertsUsing the wrong small business accounting software can reduce the efficiency of your business, increase your operating costs and make controlling your operations more difficult. Read more
Comments: 17Need to increase cashflow? Look inside your business
22 Nov 10Rhys RobertsWhen you run a small business, you need to know where your money is at all times, not least when times are tough and credit dries up. Here are eight simple lessons to increase cashflow in your business. Read more
Comments: 10Getting started with DIY bookkeeping
19 Nov 10Heather SmithBookkeeping is a vital part of running a business, but can also be overwhelming, especially if you’ve never done it before. These DIY bookkeeping tips will point you in the right direction. Read more
Comments: 4Debt collection strategies: before it gets nasty!
08 Oct 10Heather SmithFor small business owners, debt collection can be an evil necessity; it’s something many of us would really rather not do, but must if we want our businesses to survive. Here are some helpful debt collection strategies. Read more
Comments: 11Knowing your financial position
01 Oct 10Rhondalynn KorolakIf you think financial ignorance is bliss, you’d better be prepared to be blissfully broke. Knowing your financial position is very important. Read more
Comments: 6Find an accountant that is right for you
27 Aug 10Heather SmithWorking with a good tax accountant can be critical to the success of your business. So how do you find an accountant that is right for you? Read more
Comments: 12Expense management: Minimise expenditure and maximise cash flow
16 Jul 10Heather SmithMinimising expenditure is a critical component of business survival and cash flow. Follow these practical expense management guidelines to help keep your business expenses under control. Read more
Comments: 7Choosing accounting software
27 Apr 10Heather SmithChoosing accounting software for your business can be difficult. Consider these important questions when you’re investigating your options. Read more
Comments: 14Energising your profit and loss statements
25 Feb 10Heather SmithThoughtfully set-up profit and loss statements generate meaningful data that can inform your business decisions. Here’s how to de-clutter yours and make it more user-friendly. Read more
Comments: 8Ten questions to ask when hiring a bookkeeper
14 Jan 10Heather SmithIf you’re sick of dealing with the shoebox full of receipts it could be time you considered hiring a bookkeeper. Here are ten questions to ask before you do. Read more
Comments: 20Seven simple ways to improve cash flow
19 Nov 09Ingrid LouiseAre you one of the many business owners whose numbers look good yet you never have enough cash to cover your wage, supplier invoices or BAS? Here are some simple ways to improve cash flow. Read more
Comments: 11Kellie Hill. Finding the middle ground.
15 Aug 09 | AdvertorialKHC specialises in native title and heritage approvals for mining, offering negotiated outcomes rather than litigated ones. Business is booming as a result. Read more
Ten ways to reduce your accounting fees
31 Mar 09Heather SmithProfessional Accountants can be critical to the ongoing success of your business. They can provide advice on company structure, financial management and legal tax avoidance. But their fees can be exorbitant! Read more
Comments: 25Dealing with non-paying clients
17 Mar 09Trish WestonI recently had my first non-paying client as a soloist. And, if I may share, it hurt. As someone who likes to go on about the importance of building great client relationships, this really stung. Read more
Comments: 34Preparing your accounts for a business loan
15 Feb 09Sue HirstGone are the days when the last couple of tax returns would suffice to get a business loan. The banks, spooked by the credit crunch, now require precise information before lending you money. So what sort of shape are your business accounts in? Read more
Comments: 2How to grow your business without borrowing
02 Nov 08Sue HirstThose who’ve attempted to get new lending or renew an existing loan will know how hard it is right now, so how do you grow your business without borrowing? Read more
Comments: 13Money management tips to survive the downturn
28 Sep 08Sue HirstIf you can keep your cool while economic mayhem abounds, you could set up your business for not just survival, but for greater profit and cashflow when things improve. Here are some money management tips to thrive and survive in the downturn. Read more
Comments: 620 money saving tips
11 Sep 08Heather SmithWelcome to money savers anonymous. Hi! I am Heather Smith and I love to save money. I like to find a bargain, but what excites me even more than money saving is when I get something for free. Read more
Comments: 27FAQs on small business budgeting
24 Aug 08Sue HirstA budget is a guide to financial performance of the business and a way to quickly identify overspending and potentially loss making situations. Here are answers to the most common questions asked about small business budgeting. Read more
Comments: 1Tips for managing invoices
03 Jul 08Megan ToughOver the years I’ve trialled different ways of managing the paper flow in my own office. I’ve found managing invoices to be something that needs extra care. Read more
Comments: 4Solving cash-flow problems
01 Jun 08Sue HirstAn age-old question accountants get asked by business clients is “How come I’ve made a profit but I don’t have any cash?”. Solving cash-flow problems is an issue for many businesses. Read more
Comments: 7Business invoicing: How to create an invoice
20 Mar 08Heather SmithAfter years of working in Management Accounts, the same invoicing errors keep cropping up. So I'd encourage you to print out a copy of your business invoice and discover whether you’re guilty of delaying your own cash flow! Read more
Comments: 19Business cost management: Stop leaking money
10 Mar 08Peter CrockerAlthough you may not think business cost managment is the most exciting topic, it is something you need to consider if you want to make sure your business is not leaking money! Read more
Comments: 21Five ways to make the most of your Accounts Payable
04 Dec 07Sue HirstAccounts Payable may seem like a dull subject but when handled properly it can provide many opportunities to improve your cashflow and profit. This article discusses how to use your Accounts Payable to your advantage. Read more
Comments: 7Money management: Tips for solo businesses
13 Nov 07Robert GerrishRecently I wrote a piece that generated quite a discussion. It was about a soloist who was uncomfortable with money. Here's a summary of your excellent money management tips. Read more
Comments: 3Recovering money: How to speed up payment from customers
04 Nov 07Sue HirstIn my last article I discussed ways to improve business invoicing and steps to avoid bad debts. In this article I'll discuss recovering money and ways to speed up payment after the invoice has been sent out to your customer. Read more
Comments: 14Money management skills: A question of money
15 Oct 07Robert GerrishOh, no it’s happened again. I’ve just finished a conversation about money management skills with yet another person who’s allowed money to wreak havoc. Read more
Comments: 79Business invoicing: Steps to avoid bad debts
02 Oct 07Sue HirstHow well you handle business invoicing can make or break your business. There are a number of different methods, so let’s look at some of the key factors in running a successful accounts receivable process in a typical small business. Read more
Comments: 8Small business record keeping: Dealing with the shoebox
25 Sep 07Heather SmithAs an accountant, at this time of year people start arriving at my door with a shoe box stuffed full of receipts. Some of you may be chuckling in disbelief while others are blushing with recognition of their own small business record keeping! Read more
Comments: 28Understanding insurance and protecting your business
11 Sep 07Sean MorrissWorking from home gives us freedom that is hard to find in an office environment. It’s easy though to forget about the importance of understanding insurance and ignore the possible consequences of a stolen laptop or an injury sustained while at work. Read more
Comments: 11How profitable businesses can go bust
30 Aug 07Sue HirstHow can a business making plenty of sales possibly go bust, you may wonder? The answer is cash. Your cash can be in a surprising number of places other than where it belongs - in your account. Read more
Comments: 12Trusts and business asset protection: the basics
07 Feb 06Tony MelvinWhat is a trust? How can a trust help protect your personal and business assets? As for business asset protection, is it something you need to know about? Here are the answers, delivered in a straightforward manner. Read more
Comments: 7
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Small Business is Australia's fastest growing sector – this business community site was created for those running a small business of one to five people. Here the solo and micro business owner will find small business forums, a small business directory, free resources, help, tips and advice on: starting a small business; working smarter when working from home; effective small business marketing; small business networking; the solo psyche; staying balanced as a small business owner; small business technology advice and small business finance tips.
