Financial management: Flying Solo, Small Business Start Up Articles & Advice, Australia

Risky business: Protecting against financial risk

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

Comments: 1

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

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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

Comments: 1

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

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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

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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 business finances are genuinely unwell, and what to do about it. Read more

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Choosing accounting software: Define your needs

28 Mar 13 | Rhys Roberts

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

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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

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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 system. But where do you begin? Read more

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Choosing the right business structure

26 Jan 13 | Susan Napper

For many 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

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Reducing financial risks of small business

12 Jan 13 | Rob Goudie

As with any 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

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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

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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

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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 business is a life-changing event, so it makes sense to get your life insurance in order when you do. Read more

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How to talk about money with your (salaried) spouse

22 Nov 12 | Zoe Routh

Talking about money with your 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

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Small business government benefits for soloists

03 Nov 12 | Rob Goudie

The first few years after starting your own business can be tough on your finances, so it’s good to know what small business government benefits are available to help you out. Read more

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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

Comments: 6

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

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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

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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

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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

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How the 2012–13 budget will affect SMEs

21 May 12 | Michael Quinn

Wondering how the 2012–13 budget will affect your business? While there are a few benefits for SMEs, on the whole it leaves much to be desired, writes Michael Quinn. Read more

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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

Comments: 7

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

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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

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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

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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 business. This case study will help you understand why small business costs are so important. Read more

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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

Comments: 2

Creating a 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 credit policy in place will help make sure you get paid. Read more

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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

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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

Comments: 1

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

Comments: 3

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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

Comments: 6

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

Comments: 11

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

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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

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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

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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

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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

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Ten questions to ask when hiring a bookkeeper

14 Jan 10 | Heather Smith

If 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

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Seven simple ways to improve cash flow

19 Nov 09 | Ingrid Louise

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

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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

Comments: 25

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

Comments: 35

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

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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

Comments: 13

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

Comments: 6

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

Comments: 27

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

Comments: 2

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

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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

Comments: 7

Business invoicing: How to create an invoice

20 Mar 08 | Heather Smith

After 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: 19

Business cost management: Stop leaking money

10 Mar 08 | Peter Crocker

Although 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: 21

Five ways to make the most of your Accounts Payable

04 Dec 07 | Sue Hirst

Accounts 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: 7

Money management: Tips for solo businesses

13 Nov 07 | Robert Gerrish

Recently 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: 3

Recovering money: How to speed up payment from customers

04 Nov 07 | Sue Hirst

In 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: 14

Money management skills: A question of money

15 Oct 07 | Robert Gerrish

Oh, 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: 79

Business invoicing: Steps to avoid bad debts

02 Oct 07 | Sue Hirst

How 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: 8

Small business record keeping: Dealing with the shoebox

25 Sep 07 | Heather Smith

As 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: 28

Understanding insurance and protecting your business

11 Sep 07 | Sean Morriss

Working 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: 11

How profitable businesses can go bust

30 Aug 07 | Sue Hirst

How 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: 12

Trusts and business asset protection: the basics

07 Feb 06 | Tony Melvin

What 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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Finance | Financial management