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How can I generate more online sales traffic?

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Just wondering what are the requirements of paying tax to be able to claim small business expenses?

And is it worth it or is it better to run it as a hobby? I'm approaching my 1st year and also... read more

George Grimekis CPAAccountant at Giannakos & Co Pty Ltd
Hi Jeanette,It seems from your wording that you are already running a business. A hobby is a spare time activity pursued for pleasure or recreation whilst a business is run with the intention of making a profit.Indicators of a business include but is not limited to:- Having an ABN/Business Name- you are keeping records- you genuinely believe you you will make a profit even if you do not do so- repeating nature of transactionsIn saying that, if what you are doing is a hobby then the $3000 you have spent is not deductible. If you are running a business and you have not made any turnover, then you will need to pass the non commercial losses tests before the losses can be deducted against your income.Any losses made that do no pass any of the tests in the non commercial losses rules will have to be rolled over until such time the tests are passed and you can claim them in future years.If you need further clarification please send me a private message or you can google "non commercial losses"and click on the A.T.O link.
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When paying my company’s bills, should I take advantage of early payment discounts or pay late?

Hitesh MohanlalDirector at WOW! Advisors & Business Accountants
Good question. Yes if you have the funds it is worth taking the discount because on an annual basis the discount can save you money. I once did a calculation for one of my clients which showed that it was worth him increasing his overdraft and take the discount. Paying late can also work but this generally affects goodwill. If you pay on time and then find you are in a tricky position, suppliers will give you a bit more time to pay. If you are constantly late it can affect your relationship. You need to do some quick calculations but i usually take advantage of early payment arrangement.
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Are you a shoebox culprit on your finances?

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Cashflow management

5 Simple Ways to Reduce Office Expenses

Your regular office expenses will have a direct impact on your business's profit margin. Therefore,... read more

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Andre SmithMarketing
Good tips. AC is always a problem. We also reduced the access to the office printer, basically you have to email office admin, and she prints out anything you need. That way people stopped printing out pdf books and other non-work related stuff.
Jef LippiattOwner at Startup Chucktown
Good read and ideas, thanks for sharing.
Cashflow management

Is Cost Cutting Now Costing Your Business Later?

In business and in life, there are two kinds of people. A folder or a scruncher. Pasta twirler or... read more

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Cashflow management

How Small Businesses Can Leverage Currency Fluctuations

Whether you have an international or local business, it’s likely you’d still be affected by... read more

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Iona Yeung Digital Content Specialist at FIRST
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Cashflow management

Driving Business Performance in Difficult Economic Times

It’s said that a week is a long time in politics. In the context of business, a week can be the... read more

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Questions

How important was cash flow to Vinomofo?

How important was cash flow and did it ever take a back seat when you were growing your company? read more

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Wendy Huang Full Time Blogger and YouTuber at A Custom Blog in 4 Minutes
Justin DryOwner at Vinomofo
Incredibly. We started Vinomofo with $100k in the bank so we didn’t have much wiggle room. It was so important to us that we would actually update it daily. This way we knew exactly where we were going to be (based on projections) at any time over the next 3 months.We also kept the business very lean to give ourselves the longest runway possible. Obviously the numbers are bigger now but we still manage cash flow and stock levels very closely.
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Cashflow management

How to Improve Cash Flow for Small Business

Cash flow is the life blood of every business. It is consistently one of the top challenges I have... read more

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Jeff GordonPrincipal at Prestige SME Business Solutions
MS Data Intelligence (Michael Silberthau) has created a brilliant customised XL spreadsheet model that will make sure you control your Cash Flow really well. The "What If" option is great. Check out www.msdataintel.com.au, use this great option and sleep better at night!
Jeff GordonPrincipal at Prestige SME Business Solutions
By converting to Xero software, as a Business Owner you can turn on your PC, Ipad or IPhone every day and the KPI Dashboard that is great and will be even better in June 2015 when it is upgraded and improved. You will see Cash Flow from every angle, money in and out every day, all bank balances, problem debtors, main creditors you owe etc. Cash Flow is KING. You must watch it every day!
Cashflow management

Dealing With an Unexpected Financial Blow to Your Business

Remember that unexpected repair or a client didn't pay you on time?Or you lost that big account...read more

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Cashflow management

How To Get Your Money Faster - Without The Hassle

Get Paid Sooner & Boost Your Cash flow Today’s strategy is a no-brainer, but one that can... read more

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Cashflow management

Why cash is more important than profit

Why cash is more important than profit? What does it take to make a success of your small... read more

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Cashflow management

Osteopathy and improving your business

I have had some problems with my neck and the impact was that I was very stiff and sore. I had... read more

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Cashflow management

Increase your cashflow by automating 3 simple daily tasks

Daily administrative tasks like creating and sending out invoices, and chasing customers that... read more

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I love your tips Andrew... simple and doable ... I always tell my clients to make their collection system as automatic as possible and communicate in the reminder emails that it is an automatic system... and once you get caught in the system as a debtor... there is no way out... you will pay and if you don't pay soon, it will cost you more money so you might as well pay up now... nothing person... hey sorry, but it is the machine... once the machine grinds into gear there is no escaping it
Samson PatrickPrincipal at The Diligent Group - Small Business Specialists in Accounting, Taxation, Planning, Legal & Marketing
Concise & very useful pointers - well done Andrew! Totally reaffirms my favorite of all times - Cash is King!
Cashflow management

High profits & about to crash?

High Profits & About to Crash? A relevant question for SME Management. “How important is... read more

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Neil Steggall Partner at Wardour Capital Partners
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Neil SteggallPartner at Wardour Capital Partners
The easiest options would include invoice discounting or factoring and increasingly stock funding. With a good spread of customers 80%+ of invoice value is achievable. American Express have some interesting SME options also. A company we invested in traded with the restaurant industry which is notorious for late payments and defaults. We offered an online account application and in the fine print it stated that the restaurant (client) was trading with AMEX. We received our payments the day after the goods were received by our customer.
Phil JoelDirector at SavvySME
Such a great article Neil. I was in a similar predicament some years ago. All KPI's look fantastic but the debtors were dragging us down and was putting a strain on our payroll commitments. Even though we were making great money on paper, our bank statements just didn't reflect it. Luckily for us, we had a bumper year previously and was able to use the retained earnings to give us a cushion. What are some of financing options are available for SME's with short-term cashflow problems?
Cashflow management

SME's starving for cash

SME’S: Starving for Cash Just how much cash does a start-up need? In my experience the simple... read more

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Neil Steggall Partner at Wardour Capital Partners
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Cashflow management

Five cash flow questions to ask yourself

Written by Danielle Woods Cash flow has and will always be a key area of concern for small... read more

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SavvySME Official Official Account at SavvySME
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Cashflow management

Managing cash flow - 4 steps towards good inventory management

Managing your inventory levels is not the most exciting activity but is nonetheless critical in... read more

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Cashflow management

Is Your Cash Flow Keeping You Awake At Night?

Christmas is only 10 weeks away! Will you have enough cash in the bank to get you through? Like... read more

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Phil JoelDirector at SavvySME
Awesome tips Andrew. Some of which I haven't tried before. I must say these tips can be applied to businesses of all sizes.
Andrew OldhamOwner at Shoebooks
Thanks Wendy