Financial management: Tips for better money 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.

Financial management is a critical area of running your own business that is too costly to ignore.

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Financial management articles

• Energising your profit and loss statement

  A thoughtfully set-up profit and loss statement generates meaningful data that can inform your business decisions. Here’s how to de-clutter yours and make it more user-friendly.

  • 26 February 10
  • Heather Smith
  • 4 Comments

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  Mind the gap

  "There's one thing for certain - and anyone in business knows it. If you don't understand the impact of a cash flow gap, you can turn a profitable job or project into a financial mess" Peter Switzer

• Ten questions to ask when hiring a bookkeeper

  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.

  • 15 January 10
  • Heather Smith
  • 13 Comments

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  Business Credit Cards: Should I Get A Credit Card For My Business?

  If you run a business, it is worth considering getting a business credit card. As well as streamlinng your expenditure tracking it offers rewards not available for owners of personal credit cards. Here are 9 benefits of having a business credit card.

• Seven simple ways to improve cash flow

  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.

  • 20 November 09
  • Ingrid Louise
  • 11 Comments

• Ten ways to reduce your accounting fees

  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!

  • 01 April 09
  • Heather Smith
  • 20 Comments

• Dealing with non-paying clients

  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.

  • 18 March 09
  • Trish Weston
  • 27 Comments

• Preparing your accounts for a business loan

  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?

  • 16 February 09
  • Sue Hirst
  • 2 Comments

• How to grow your business without borrowing

  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?

  • 03 November 08
  • Sue Hirst
  • 10 Comments

• Money management tips to survive the downturn

  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.

  • 29 September 08
  • Sue Hirst
  • 5 Comments

• 20 money saving tips

  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.

  • 12 September 08
  • Heather Smith
  • 19 Comments

• FAQs on small business budgeting

  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.

  • 25 August 08
  • Sue Hirst
  • 1 Comment

• Tips for managing invoices

  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.

  • 04 July 08
  • Megan Tough
  • 3 Comments

• Solving cash-flow problems

  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.

  • 02 June 08
  • Sue Hirst
  • 6 Comments

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  Business invoicing: How to create an invoice

  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!

  • 21 March 08
  • Heather Smith
  • 16 Comments

• Business cost management: Stop leaking money

  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!

  • 11 March 08
  • Peter Crocker
  • 21 Comments

• Five ways to make the most of your Accounts Payable

  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.

  • 05 December 07
  • Sue Hirst
  • 7 Comments

• Money management: Tips for solo businesses

  Recently I wrote a piece for our newsletter 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.

  • 14 November 07
  • Robert Gerrish
  • 2 Comments

• Recovering money: How to speed up payment from customers

  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.

  • 05 November 07
  • Sue Hirst
  • 9 Comments

• Money management skills: A question of money

  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.

  • 16 October 07
  • Robert Gerrish
  • 77 Comments

• Business invoicing: Steps to avoid bad debts

  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.

  • 03 October 07
  • Sue Hirst
  • 8 Comments

• Small business record keeping: Dealing with the shoebox

  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!

  • 26 September 07
  • Heather Smith
  • 27 Comments

• Understanding insurance and protecting your business

  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.

  • 12 September 07
  • Sean Morriss
  • 11 Comments

• How profitable businesses can go bust

  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.

  • 31 August 07
  • Sue Hirst
  • 12 Comments

• Trusts and business asset protection: the basics

  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.

  • 08 February 06
  • Tony Melvin
  • 7 Comments