Financial management
Your small business’ handling of financial management can make or break your success. This section includes a wealth of tips for better financial management covering topics including business invoicing, small business record keeping, cash flow forecasting, money saving, understanding insurance and steps to create your budget. And for when things don’t go according to plan we also look at recovering money. Need help calculating your hourly rate? Try this hourly rate calculator. Check out our step-by-step course to solo success.
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Financial management
A budget-friendly way to #spendsmall & support your local small business
Has anyone asked you how they can best support your small business right now? I loved this recent Instagram post from Sydney journalist Alexandra Carlton. She shares a simple and super effective approach to supporting her own small business community, while she’s on a budget.
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Financial management
The changes to JobKeeper in plain english
In response to the effects on the economy of the stage 4 lockdowns in Melbourne, the government has eased the criteria around the eligibility test for JobKeeper.
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Financial management
3 questions to ask about your business before JobKeeper ends
SMEs need to think now about their funding plans, ahead of the phasing out of JobKeeper, or risk being part of the anticipated October spike in insolvencies. Australia’s largest non-bank SME lender, Scottish Pacific, says there are three key questions business owners must ask themselves.
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Financial management
12 questions to stress test your business
Worrying has become a national past-time thanks to COVID life. One antidote to the stress has to been to (rightfully) celebrate our courage to pivot or pursue a myriad of other creative solutions to survive. Nobody is more nimble or better equipped than our small business community to make rapid change. We’re used to it. It’s part of our DNA. But are we talking enough about whether now is actually the right time to call it quits on your business?
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Financial management
What’s ahead for the economy…
Remember these are all estimates from the Government. They are conservative and, I dare say, hopefully a worst case scenario so the Government can claim they are good economic managers in the lead up to the next election. That’s politics… or am I a cynic?
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Financial management
Josh Frydenberg:$85 billion deficit but we’ve saved lives and livelihoods
Treasurer Josh Frydenberg says the government’s swift actions have saved over 700,000 jobs and ensured Australia has the best pathway to recovery post-COVID-19 but it has come at a cost.
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FROM THE FORUMS
How much is this store worth?
Who says it makes $7000 a week? If it’s the owner then definitely half that and get everything checked professionally . The owner has done that so no reason for…
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Financial management
Government to extend unsecured small business loan scheme
The Treasurer Josh Frydenberg has announced the government will extend the range of its unsecured loan scheme to allow businesses to cope with the growing COVID-19 crisis.
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Financial management
Why this is the time to refinance your home loan
Record low overall interest rates and falling fixed rate fixed term rates is really encouraging Australians to refinance old loans at old higher rates.
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Financial management
Understanding the cost of public liability insurance
Public liability insurance is one of the most important business insurances in Australia. It can cover legal costs and compensation for damages caused by your business operations.
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Financial management
JobKeeper ends soon: Two actions small businesses must take to survive
This July sees one of the toughest starts to a new financial year in decades, with small business owners bearing the brunt of the impact. Scottish Pacific CEO Peter Langham says business owners need to take action to ensure their survival.
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Financial management
The Government is borrowing money at less than one per cent interest
I’ve mentioned this before, but it’s worth restating, while Government debt will obviously rise to fund the economic stimulus packages the debt level is easily manageable… and it’s borrowing at an interest rate of less than one per cent. For example, just this week the Australian government sold $2bn in bonds set to mature in 2030 at an average yield (interest rate) of 0.8759 per cent and had demand from investors of more than three times the offer.
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Financial management
Podcast 225: 5 ways to boost business cash flow as we emerge from COVID
Surviving as a small business can be tough at the best of times but thanks to COVID our everyday has become even more challenging. With so many of us slowly building our businesses back to life how can we put our best financial foot forward? In this episode Flying Solo editor Lucy Kippist is joined by Joann Chung, head of product and finance at MYOB.
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FROM THE FORUMS
Transition from Sole trader to P/L: FTB, CSA, Austudy
Hi Julian, Assuming your still on this site, and you manage to see this... (10 years on) did the rude, unprofessional accountant shut-down your business venture…
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Financial management
The 5 worst credit cards to avoid… still charging over 20% interest!
Don’t get me started on credit card interest rates… the only financial product to not cut its interest rates despite official rates being at historic lows. And, according to the Reserve Bank, staying this low for years to come.
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Financial management
5 EOFY tips to wrap up the numbers
Another financial year is almost over, where did it go? How was the year for you, good, bad or downright ugly? With just a few days to the end of the year, it may be too late to have a chat with your accountant to do some tax planning unless you already have, but there’s still time to take action on a few things.
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Financial management
2020 has been difficult but your tax return doesn’t need to be
The Australian Taxation Office (ATO) recognises that the small business community has experienced significant challenges this year. Therefore the ATO has devised a range of different approaches to support taxpayers and the community through this tax time.
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Financial management
It’s EOFY: Three tips to make tax time a breeze
For so long, the end of the financial year has been approached with apprehension by small businesses; a complicated, confusing and stressful reminder that finances aren’t easy, writes Mark Bartels, Chief Financial Officer, Invoice2go.
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Financial management
Make tax time a breeze with these tips from the ATO
The Australian Taxation Office (ATO) is advising people to act now to improve their tax time experience. There are some simple things taxpayers can do now to ensure they can lodge their tax return quickly, securely, and smoothly.
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Financial management
Unemployment rate is horrible but maybe we’re through the worst
The ABS employment numbers were a shocker in anyone's book. Employment declined by 227,700 in May, worse than expected, and the unemployment rate was up to a 19 year high of 7.1 per cent… up from 6.4 per cent in April.
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Financial management
Cash flow: 7 ways to survive now and thrive later
If you’re a small business owner, start-up or sole trader then it pays to get your systems in place to manage your cash flow and make sure your business is fighting fit, especially in these uncertain times, so you’re ready for better days ahead. Here, debt specialist, Anthony Igra, shares his top tips.
