Cashflow

The beginning of a new financial year is the ideal time to focus on financial business strategy, with experts suggesting businesses target three main areas – finances, culture and operations.

Business failures rose 25 percent for the three months to June to reach their highest rate in 12 months, according to the latest Dun and Bradstreet (D&B) figures.

The Government announced reforms designed to make it easier for people to switch banks overnight, with a Treasury-led working party to ensure the changes are enacted by July 1 2012.

The rise of trade delinquencies over the last 12 months is putting small businesses in serious risk of debt defaults.

As local businesses face continued difficult economic times, an increasing number are seeking online solutions for managing their customer relationships and cashflow – a trend that’s seen software development and direct debit payment processing company Debitsuccess enjoy a 25 percent revenue jump.

Close to 50 percent of small business decision makers have dealt with overdue customer payments in the last year, with the majority reporting a rise in customer excuses for slow payments.

Cashflow remains a key priority for small businesses, with Dun & Bradstreet’s latest trade payment survey showing payment terms have reached three-year highs, with the average time it takes a debtor to pay a bill jumping more than five days in the first quarter of 2011. With cashflow back on the agenda, there’s evidence more businesses are reviewing their payment options to bring cash into the business faster.

If you’re scared that the latest financial shake-up may lead to a second GFC, you’re not alone. Fortunately there are strategies you can employ to run a business in an uncertain economic environment.

Recent changes made to the Fringe Benefits Tax (FBT) invites SMBs to take advantage of novated leasing, which could help retain staff, reduce administrative burdens and save time.

Getting cash into your business is a two-step process that may seem easy, but actually determines whether you have a business or not.

On the whole, SMEs are reporting low business confidence and continued challenges posed by cashflow, with the NAB Quarterly SME Survey revealing a disparity in confidence exists for businesses across different industries.

In comparison to personal customers, small businesses are being treated as second-class customers by Australian banking providers, leading Mozo.com.au to launch a comprehensive business banking comparison service to help small business owners compare their options.

Tens of thousands of dollars are slipping away from the bottom line of Australian businesses, as owners continue to purchase ad hoc essential items from retailers instead of planning ahead and bulk buying.

To help small businesses manage their finances on the fly, Xero has developed a free smartphone application for download from the Apple App Store.

Over two-thirds of small businesses aren’t paying bills on time, with the number of organisations paying invoices more than three months late jumping to 20 percent.

Business credit cards are a useful financial tool for both small and large businesses but there are many tips and traps to be aware of.

Small business owners are seeking more cashflow advice than any other business assistance, according to an American Express study.

Australian small business owners are feeling confident about growth prospects, despite coping with additional stress, a new study has found.

Small businesses see little difference between the Big4 major banks and regional bank brands such as BankWest, BankSA and St George, new research has found.

Foreign currency exchange is an important part of any business trip, but without the know-how it can cost your business hundreds of dollars in hidden fees and inadequate exchange rates – if you are making significant purchases overseas the expense can be even higher.