The Australian Tax Office has provided some excellent information on protecting your business fro illegal phoenix activity. Illegal phoenix activity is when a new company is created to continue the business of an existing company that has been deliberately liquidated to avoid paying its debts, including taxes, creditors and employee entitlements. To find out more visit …
An essential part to any business plan is the Cash Flow Budget.
This involves planning out the income and expenses you’re expecting from your business; it’s really important because you need to have a guide or something that you can work to. Also, when you’re providing business plans to banks and other financial institutions, they would like to see how you’re actually going to make money, and if it’s going to work out with business. Now, it’s important when doing a cash flow budget that you are realistic — it’s very easy to overestimate your income and underestimate your expenses — so one key thing is to be realistic.
We are seeing a growing trend experienced by our SME clients whom provide services to large companies, this is the large corporations are pushing out their payment terms. We have seen one that now pays in 60 day terms and another that has switched its terms form 30 Calendar days to 30 Business Days. This …
You’re going into business. Now you have to figure out how you’re going to pay for it. Why? Well, because you have foregone the security of your job and employment to take a risk and try and improve your financial position. Now, let’s be realistic. You’re probably not going to be making millions straight upfront, but you need to make sure you’re covering your expenses and that you’re effectively paying yourself a wage. Otherwise, you may as well stay working for somebody else.
There’s never been a better time to start a small business. Advances in technology over the last few years have really given small businesses a lot of tools to leverage their business.
There are tools not only for managing your business and day-to-day financials, but also other tools which are specific to your industry and what you need to run your business.
Because investments can go up and down in value over a short period of time, this can make most investors nervous. Some investors will try to figure out the best time to buy an investment (this is commonly referred to as “timing the market”), then worry that they bought it too early or too late. A better investment strategy is Dollar Cost Averaging.
When you’re starting your business, one of the things you must do is to choose your business structure. It’s a little dry, but it’s key and doing it upfront is important. You can change your business structure down the path, but that can be costly with changes in admin, branding, and so on. Getting your …
We create our beliefs and values through our childhood money moments, and reinforce them as adults by our behaviours and habits. Our financial decisions are never just about money; they are always based on our values. Your money values are neither good nor bad, but it’s important to know them so you can align them …
“Too many people spend money they haven’t earned, to buy things they don’t like, to impress people they don’t like.” - Will Rogers Most people don’t understand why they struggle financially because they don’t understand cash flow. A person can be highly educated and professionally successful, but financially illiterate. These people often work hard without having their …
“Knowledge is the new Money” – Unknown Mastering your cash flow is an essential part to achieving financial success. Your goal is to ensure you’re living within your means and saving for your financial future. Your future is created by what you do today, so plan ahead and use your cash flow now to create …