Cashflow
Business insolvency is a very real risk for many small businesses but countless business owners are not spotting warning signs early enough. The reality is that around 60% of businesses don’t make it past the first three years, which is why business owners should seek help early on to ensure their financial health. But first, […]
The strange thing is you can have a full order book and see that your business is really taking off, but if you don’t have a firm grip on the cash flow situation you could struggle to stay afloat and achieve long-term success. It is important to understand why cash flow matters so much to […]
Small business operators have been described as “the forgotten people in Australia’s energy crisis” by the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell. According to the Ombudsman, high energy users such as manufacturers and hospitality businesses, are “casualties of a failed system”. “It makes sense for heavy users to negotiate long-term contracts, […]
Many SMB owners think that that debt management is frustrating, repetitive and even awkward, but it doesn’t have to be. When approached with professionalism and a clear plan of attack, the right debt strategy could save weeks’ worth of work per year, while also doubling or tripling working capital. So, why isn’t everyone doing a […]
Are you struggling to make ends meet? Do some customers take liberties and pay you weeks or months after you finish the work? Do you have a large outstanding debtor balance that just doesn’t seem to reduce? If you answer ‘yes’ to any of these questions then more often than not the answer to your […]
The Australian Competition & Consumer Commission (ACCC) is urging small business owners to prepare themselves for the excessive payment surcharge ban that will apply to all businesses from 1 September 2017. The new law limits the amount that a business can charge customers for use of payment methods such as EFTPOS (debit and prepaid), MasterCard […]
Companies that sign-up to the voluntary Australian Supplier Payment Code commit to not only paying small business suppliers within thirty days of receiving a correct invoice but also helping them implement technologies and practices to speed up invoicing. The code is an initiative of the Business Council of Australia (BCA), which believes that it will […]
Getting paid: one of the toughest issues every small business owner faces. As if building a great reputation, creating a stellar client list and securing sales isn’t hard enough – sometimes weeks go by and business owners are still waiting to see the money in the bank. Last year, data from MarketInvoice highlighted Australia as one of the […]
The Australian Small Business and Family Enterprise Ombudsman has encouraged small business operators to take advantage of the Government’s instant asset write-off extension. More businesses are now eligible to buy equipment (new or second hand) up to $20,000 and write it off immediately after legislation passed the Senate. Multiple claims can be made under the […]
To save business owners the hassle of having to source over-the-counter payment solutions from multiple vendors, Square has launched an online, one-stop shop offering a suite of third-party point-of-sale (POS) hardware and accessories. According to the global payment tech company, products available through the online store are compatible with its ecosystem of tools, including the Square POS App and […]
The continuation of the $20,000 instant tax write-off for small businesses will come as little surprise: the Treasurer had been hinting heavily at this in his pre-Budget briefings. However, the announcement that businesses with an annual turnover of less than $10 million can claim up to $20,000 worth of depreciating assets each financial year, is […]
Businesses with an annual turnover of up to $10 million will benefit from the $20,000 instant asset tax write-off scheme for a further 12 months, the Government announced in the Federal Budget. The extension has generally been welcomed, although there have been calls to make the measure permanent and increase the write-off threshold to benefit more businesses. […]
Ahead of this week’s Federal Budget, two-fifths of the small business community are not confident of a favourable outcome, according to research undertaken by accounting software provider MYOB. Dynamic Business asked MYOB CEO Tim Reed to unpack the findings of the company’s SME Snapshot, a monthly survey of small to medium businesses from its customer […]
In recent times, Australian businesses with global ties have experienced a prolonged period of uncertainty, riding out everything from Trump’s unpredictable administration to Theresa May’s shock call for a snap election. The French election for presidency is no exception, with Marine Le Pen now through to the second round of voting. The far-right candidate is […]
Last week, the Australian Small Business and Family Enterprise Ombudsman released the findings of the Inquiry into Payment Times and Practices in Australia. The results were startling but, for many small businesses across Australia, they were not surprising. The inquiry revealed almost half of small business are owed more than $20,000 from late payments, and […]
By extending payment times to small businesses in the supply chain, large Australian and multinational organisations are effectively using them as ‘a cheap form of finance’, according to a new report by the Small Business and Family Enterprise Ombudsman (ASBFEO). The report, which responds to the Ombudsman’s inquiry into payment times and practices, highlighted the […]
Australians will feel the impact of the upcoming new credit card interchange regulations — we’re a nation of points junkies with 11 million Qantas Frequent Flyers * alone. But while everyone’s thinking about how the reverberations of these changes affect consumers, it’s easy to forget that new interchange rates raise a number of big questions […]
Businesses that can gain visibility into expenditure, automate spend management and achieve effective governance of spending policies can achieve stronger cash flow. But, for many companies, getting a tighter grip on corporate spending can present a daunting challenge. For example, Concur’s recent ANZ spend management index found that, while 82 per cent of respondents have […]
Coinciding with the anticipated release of the Small Business Ombudsman’s report on its inquiry into payment times and practices, American Express has released research showing mid-sized Australian businesses owe $8 billion in outstanding payments to suppliers, with more than $2 billion currently overdue. According to Martin Seward, VP, Small & Medium Enterprises at American Express Australia, […]
The numbers are in and the news isn’t great for Australian small business owners. Research undertaken for the latest Scottish Pacific SME Growth Index * shows more than half of SMBs cite cash flow as a major barrier to growth (56%). Less than one in ten are content with their cash flow and around three-quarters of growing […]
