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HomeFinanceFinancial management

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, cash flow forecasting, understanding insurance and steps to create your budget. And for when things don’t go according to plan we also look at recovering money.

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FREE webinar: How to Create Sticky Customers

01 Apr 15

Consumers now have more choice, information, devices and power than ever. For those ready to adapt, it’s a huge opportunity! Jennifer Wells share proven techniques to delight and retain customers. Supported by CommBank. Read more

Use financial reports to improve your biz

11 Feb 15 | Rhys Roberts

If you want your business to thrive, look for ways to continuously improve it. Here’s how the information contained in your own financial data can help you. Read more

Unlock the secrets in your financial reports

14 Jan 15 | Rhys Roberts

Armed with your profit and loss statement, balance sheet and some simple tricks accountants use, you can unlock valuable information about your business. Read more

Four simple steps to create your budget

13 Dec 14 | Rhys Roberts

Working to a budget maximises the chances that your business will not only survive but prosper. This step-by-step guide will get you started. Read more

Understanding cash flow forecasting

30 Oct 14 | Rhys Roberts

Forecasting your cash flow helps you determine when you’re likely to be short of cash, giving you time to minimise the problem before it becomes a disaster. Read more

Why we’re not rich yet

25 Oct 14 | Leah Rise

This article is going to explore the reasons and patterns behind our empty pockets. Read more

Understanding your balance sheet

27 Sep 14 | Rhys Roberts

Not sure how to interpret your balance sheet? You may be missing out on valuable information about your business performance. I’ll take you through the basics. Read more

Four common mistakes of startup budgets

19 Sep 14 | Michael Quinn

In this article I’ve identified the most common startup budgeting mistakes that business owners tend to make, and how to avoid them. Read more

Understanding your profit and loss statement

27 Aug 14 | Rhys Roberts

Your profit and loss statement (P&L) provides valuable insights into your business. Can you read and interpret them? If not, these steps will get you started. Read more

2014 Federal Budget: Six things you need to know

16 Aug 14 | John Corias

It’s beneficial to invest time keeping abreast of new tax year changes. Here are six things you need to know about the 2014 Federal Budget. Read more

Taxing times: Deduction basics

14 Aug 14 | Adam Dimac

Given that it’s the end of the financial year, now is a good time to look at the basics of tax deductions. Read more

An introduction to financial reports

19 Jul 14 | Rhys Roberts

Do you understand the key financial statements available from your business accounts, as well as the information within each of them? If not, read on. Read more

Why your financial reports matter

28 Jun 14 | Rhys Roberts

In this article I’ll explain why maintaining accurate and up to date business accounts is more than just a necessary chore. Read more

The 2014 Federal Budget and small business

06 Jun 14 | Michael Quinn

The 2014 Federal Budget has delivered significant changes for small and medium enterprise (SME). Let’s find out how the changes may affect your business. Read more

Microbiz murder: Six cash flow killers

24 May 14 | Craig Jackson

One of the most important gauges of your financial health is cash flow. Just like the flow of blood in your body, when there are blockages, it can be fatal. Read more

Goodbye: How to correctly end your company

26 Apr 14 | Adam Dimac

Winding up a company can be a complex and daunting process. These tips will keep you one step ahead. Read more

Seven ways to slash your accounting costs

29 Mar 14 | Jasmine Kidd

In the current economy, cost cutting is vital for the survival of your business. Luckily, accounting is one area where it’s surprisingly easy to cut costs. Read more

Money matters: How to keep control of costs

22 Mar 14 | John Corias

Keeping control of costs is a common issue for soloists and microbusiness owners. As with everything, balance is important. Read more

My five star record keeping system

05 Mar 14 | Jasmine Kidd

Yes, this is another boring article on record keeping. But know this, poor record keeping can be costly, that’s why you need a five star record keeping system. Read more

Going bust! Company structure pitfalls

22 Feb 14 | Adam Dimac

The company structure offers some excellent benefits and is an appropriate structure in many instances. But not all. Read more

Four soloist accounting problems

01 Feb 14 | John Corias

It’s a new year, which means now is a good time to flag some common small business accounting problems in order to chart a positive course for 2014. Read more

Do your budgets need a new year spruce up?

27 Jan 14

There are 100s of accountants and bookkeepers in Flying Solo's Member directory, ready and waiting to help grow your business. Learn more about them and check out their profiles. Read more

How to get paid: issuing a letter of demand

16 Jan 14 | Vanessa Emilio

Getting paid is essential to the survival of your business. So what happens when clients don’t? Read more

How to create a micro business succession plan

15 Jan 14 | Michael Quinn

Whether retirement is imminent or a distant thought, creating a succession plan for your micro business will help ensure your stability and its survival after you leave. Read more

How much is your business worth?

30 Nov 13 | Michelle Kvello

If you haven’t already worked this out there may come a time – when selling, merging or seeking investment in your business – that you will need to. So what’s the answer? Read more

How to prepare a budget for your small business

06 Nov 13 | Michael Quinn

A budget is the most important tool a business can have, helping it to meet its goals, become more profitable, and assist it through tough financial times. Here’s how to create one. Read more

Boost business by managing your profit margins

26 Oct 13 | Craig Jackson

Do you know which of your products or services make the greatest profit margins? Making this a priority gives you an understanding of where to focus your resources for future growth. Read more

Four key financial reports you need to run your business

23 Oct 13 | Michelle Kvello

Many small-business owners find financial reporting daunting, but ignore it at your peril. Here are the key financial reports you need to understand to run your business effectively. Read more

Four business basics you need to get right

16 Oct 13 | Rob Goudie

Make sure you have these four business fundamentals in order to avoid a brush with bankruptcy. Read more

Ten money-saving tips to boost cash flow

10 Oct 13 | Michael Quinn

Saving is key to consistent cash flow, and while it might not feel like you’re saving much with small cutbacks, they can make big difference in the long run. Here are 10 money saving tips to help make it happen. Read more

Back to basics: profits, mark-ups and margins

19 Sep 13 | Warren Harmer

Are you mystified by money matters? Here’s a back-to-basics lesson on small business finance terminology and concepts to help you manage your business finances. Read more

Combating credit card fraud

13 Jul 13 | Craig Jackson

Online sales can be a soloist’s best friend, but there is a down side to the convenience of e-commerce: the financial risk of exposing your business to credit card fraud. Here are some tips for protecting your business. Read more

Forecasting unpredictable cash flow

03 Jul 13 | Heather Smith

Creating a cash-flow forecast is essential to developing a clear business plan, but how can you prepare one if your cash flow is unpredictable? Read more

How to use debt to your advantage

19 Jun 13 | Rob Goudie

Not all debt is bad. In fact, ‘good’ debt is often the key to allowing your business to grow and thrive. Here’s how to make debt work for you. Read more

Tips for managing overdue accounts

12 Jun 13 | Amanda Jesnoewski

Chasing unpaid invoices doesn't have to be a stressful process. These tips will help you get your overdue accounts under control and prevent them from happening again. Read more

Cash vs. accrual accounting for small businesses

01 Jun 13 | Susan Napper

Many small business owners record their transactions using cash-basis accounting, but could the accruals method be more appropriate? Learn the difference so you can make better accounting decisions for your business. Read more

Do you need a bookkeeper or an accountant?

31 May 13 | Heather Smith

When it comes to outsourcing your business finances, it can be confusing as to whether you should hire a bookkeeper, an accountant or a combination of both. Understanding what these number-crunchers actually do will help you decide. Read more

Choosing accounting software: Transitioning to new system

25 May 13 | Rhys Roberts

You’ve decided on a new accounting software package. Now it’s time to install it and start using it – these tips will help the implementation go smoothly. Read more

Risky business: Protecting against financial risk

16 May 13 | Craig Jackson

Your business may be small but that doesn’t mean the financial risks are. Here are five tips to help anticipate and minimise the risks that can affect micro businesses. Read more

The saddest sign you’ll ever see

15 May 13 | Paul Wallbank

The sign on an abandoned business that reads “Landlord taken possession” usually hides a pile of pain and distress. Read more

How the 2013–14 budget will affect your small business

14 May 13 | Michael Quinn

If small Australian businesses were expecting a tax cut, they will most certainly have been disappointed, given the outcome of the 2013–14 budget released by Treasurer Wayne Swan on 14 May. Read more

Operating your business as a partnership

11 May 13 | Michael Quinn

If you are starting a business with one or more others, choosing a partnership business structure might seem like the logical option. But there are both advantages and disadvantages you must be aware of before making the choice. Read more

Choosing accounting software: Evaluate your options

25 Apr 13 | Rhys Roberts

Choosing new accounting software can be daunting, but this systematic approach will help you decide which option is best for you and your business. Read more

Running your business as a sole trader

12 Apr 13 | Michael Quinn

As the simplest form of business structure to set up and relatively inexpensive to start and maintain, being a sole trader definitely has perks. But is it really right for your business? Read more

Four signs your business finances are sick

03 Apr 13 | Craig Jackson

What might seem like a cash version of a common cold could be a sign of something more serious. Here are some key symptoms your small business finances are genuinely unwell, and what to do about it. Read more

Choosing accounting software: Define your needs

28 Mar 13 | Rhys Roberts

Before purchasing a new accounting software package, it’s essential that you identify exactly what you need it to do. Read more

Structuring your new business

12 Mar 13 | Michael Quinn

You’ve decided you want to start your own business. One of the key decisions you now need to make is which structure will work best. Read more

Choosing accounting software: Do you really need it?

16 Feb 13 | Rhys Roberts

Are you still managing your finances on an Excel spreadsheet? Perhaps it’s time to switch to a more sophisticated accounting system. But where do you begin? Read more

Choosing the right business structure

26 Jan 13 | Susan Napper

For many small business owners, the decision about which business structure to choose can be confusing. Here are four common business structures and some essential things to consider when making the choice. Read more

Reducing financial risks of small business

12 Jan 13 | Rob Goudie

As with any small business, going out on your own comes with a number of financial risks. Some of these can be offset with the right approach to lending, insurance and superannuation. Read more

How to make more money

15 Dec 12 | Zoe Routh

Having a clearly defined, full-of-enthusiasm reason for wanting to make more money will go a long way to making it happen. Read more

Tips for a merry business this holiday season

05 Dec 12 | Michael Quinn

With the festive season fast approaching, now is the time for your business to start preparing its finances for this period. Read more

Life insurance: Things to consider when going solo

01 Dec 12 | Rob Goudie

Taking the leap from a full-time job to running a solo or small business is a life-changing event, so it makes sense to get your life insurance in order when you do. Read more

How to talk about money with your (salaried) spouse

22 Nov 12 | Zoe Routh

Talking about money with your salaried spouse can sometimes be difficult for micro business owners, especially if there’s a big difference between your and your partner’s income. Here are some tips for broaching this sensitive subject. Read more

The #1 money mojo mistake small business owners make

20 Oct 12 | Zoe Routh

There’s one mistake small business owners make with money that has a huge impact on their Money Mojo. The good thing is: it’s easy to fix. Read more

The flexibility of self-managed super funds

29 Sep 12 | Rob Goudie

If you’re like me and love the control that self employment provides, there is every chance that a Self Managed Superannuation Fund (SMSF) will provide the flexibility and control over your retirement assets that you have become accustomed to in your work Read more

Five tips for managing cash flow

19 Sep 12 | Heather Smith

Ensuring you have steady access to cash in your business is critical for its long-term survival. Here are five tips to help you with managing cash flow. Read more

Accounting data processing tips

30 Jun 12 | Susan Napper

Get the most out of your accounting software – and save time and money – with these handy accounting data processing tips. Read more

Save money with accurate record keeping

23 Jun 12 | Susan Napper

Avoid unnecessary costs from your accountant or bookkeeper by getting these ten basics of accurate record keeping right. Read more

Manage your cash flow and get paid on time

10 May 12 | Jo Ucukalo

Getting paid on time is essential to minimising cash flow problems, especially for new businesses. Here are seven simple techniques to help you to manage your cash flow and avoid roadblocks. Read more

Good small business record keeping

25 Apr 12 | Michael Quinn

Keeping good small business 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

Twenty ways to cut costs

21 Mar 12 | Sue Hirst

Every penny you don’t spend in your business adds to your bottom line. Here are twenty tips to help you cut costs. Read more

The foundations of wealth creation

15 Mar 12 | Brad Callaughan

Building 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

The value of getting your costs right

24 Feb 12 | Sue Hirst

Understanding how much it costs you to provide your product or service to your customers is vital to running a profitable small business. This case study will help you understand why small business costs are so important. Read more

Knowing when to change your business structure

09 Feb 12 | Karl Veitch

Having 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

Creating a business credit policy

27 Jan 12 | Colin Porter

Every time you provide goods or services before you receive payment, you’re extending credit to another party. Having a business credit policy in place will help make sure you get paid. Read more

Profitability and cash flow checklist

19 Jan 12 | Brad Callaughan

Profitability 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

Financial Drought: What to do when the money dries up

14 Jan 12 | Joanne Prior

What 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

When customers don’t pay: going to court

07 Dec 11 | Colin Porter

When 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

How to prepare a cash flow forecast

03 Dec 11 | Brad Callaughan

Business 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

A guide to business activity statements (BAS)

11 Nov 11 | Michael Quinn

For most soloists, business activity statements (BASs) are a fact of life. Here’s what you need to know about them. Read more

When customers don’t pay: issuing a letter of demand

02 Nov 11 | Colin Porter

Issuing 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

Tips to improve profitability for soloists

14 Oct 11 | Sue Hirst

There’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

When customers don't pay: alternative dispute resolution

30 Sep 11 | Colin Porter

Don't throw your hands up in frustration when your debtors don't pay. Take action. One option available is alternative dispute resolution. Read more

Bookkeeping tips: Get your bookkeeping organised

22 Sep 11 | Monique Bock

Keeping 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

Are your credit terms enforceable?

01 Sep 11 | Colin Porter

The issue of getting paid has always been troublesome for micro businesses. Here's a checklist to help you develop your credit terms. Read more

An introduction to foreign currency transactions

22 Jul 11 | Heather Smith

If 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

Planning for retirement

01 Jul 11 | Michael Quinn

Good 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

Improve cash flow cycle by retraining your debtors

30 Jun 11 | Colin Porter

A 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

Getting the best from your bookkeeper

17 Jun 11 | Rhys Roberts

Bookkeeping 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

Is your small business accounting software holding you back?

11 Mar 11 | Rhys Roberts

Using 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

Need to increase cashflow? Look inside your business

22 Nov 10 | Rhys Roberts

When 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

Getting started with DIY bookkeeping

19 Nov 10 | Heather Smith

Bookkeeping 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

Understanding finance basics

08 Nov 10

Viability and cashflow are more important than customers, explains Rhondalynn Korolak to Robert. Read more

Debt collection strategies: before it gets nasty!

08 Oct 10 | Heather Smith

For 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

Knowing your financial position

01 Oct 10 | Rhondalynn Korolak

If you think financial ignorance is bliss, you’d better be prepared to be blissfully broke. Knowing your financial position is very important. Read more

Find an accountant that is right for you

27 Aug 10 | Heather Smith

Working 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

Expense management: Minimise expenditure and maximise cash flow

16 Jul 10 | Heather Smith

Minimising 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

Choosing accounting software

27 Apr 10 | Heather Smith

Choosing accounting software for your business can be difficult. Consider these important questions when you’re investigating your options. Read more

Energising your profit and loss statements

25 Feb 10 | Heather Smith

Thoughtfully 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

Seven simple ways to improve cash flow

19 Nov 09 | Ingrid Thompson

Are 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

Ten ways to reduce your accounting fees

31 Mar 09 | Heather Smith

Professional 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

Dealing with non-paying clients

17 Mar 09 | Trish Weston

I 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

Preparing your accounts for a business loan

15 Feb 09 | Sue Hirst

Gone 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

How to grow your business without borrowing

02 Nov 08 | Sue Hirst

Those 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

Money management tips to survive the downturn

28 Sep 08 | Sue Hirst

If 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

20 money saving tips

11 Sep 08 | Heather Smith

Welcome 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

FAQs on small business budgeting

24 Aug 08 | Sue Hirst

A 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

Tips for managing invoices

03 Jul 08 | Megan Tough

Over 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

Solving cash-flow problems

01 Jun 08 | Sue Hirst

An 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

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  Payments are processed securely via PayPal. For annual membership we also accept invoice payment via EFT. Contact us