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Accounting

3 Benefits to Setting Up Your Business Accounting Systems for Success

When I created the accounting firm Inspire CA, I wanted to make sure that the businesses we worked... read more

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Ben Walker Chartered Accountant at Inspire CA
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Superannuation

Superannuation Strategies: A Comprehensive Guide and Tips for Small Businesses

For many small business owners, superannuation can be a confusing and complicated place. It is best... read more

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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

Asked by:
Wendy Huang Full Time Blogger and YouTuber at A Custom Blog in 4 Minutes
Justin Dry 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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Questions

As a startup who has a new product to develop and sell, what is the best way to seek funding?

If a person or company has designed and created a new product (not tech) and needs to aquire... read more

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Jef LippiattCo-founder at Startup Chucktown
Suzie,I would suggest looking into crowdfunding websites such as Kickstarter, Indiegogo or others. They can be great places not only to gain funding for your product, but also to validate that you have correctly positioned your product and that the market is reacting favorably to a product that isn't even available yet.You will need to think hard about a launch strategy as well as what type of rewards you're willing to setup at the different tier levels, but all of that can set you up for a successful campaign. Also clearly explaining or demoing the product in a video can really increase the audience understanding and value proposition of the product.I would also recommend that if you are interested in pursuing this avenue, that you browse the different platforms to find out which one is bet suited to your product, as well as research some successfully funded campaigns and see what you can learn from them to apply to your own.
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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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Warwick Jackson Director at Berkmans Chartered Accountants
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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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Business finance and loans

5 Things You Must Do Before Applying for Finance

Given all the various finance options available and the complex matrix of requirements associated... read more

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Questions

Is Ozbargain profitable enough for you to make a living?

Asked by:
Scott YangFounder at OzBargain.com.au
Yes. OzBargain (or rather, the company that runs OzBargain, Delvu Media Pty Ltd) is currently employing 4 full time staffs in Australia paying them proper wage.Edit: Someone on OzBargain asked what's the biggest income for OzBargain and whether there's any income source other than ads. The answer is -- yes it's all ads. Mostly from Google AdSense -- they fluctuate seasonally but generally stable. We also show affiliate links to non-logged in users (which they have option to opt-out). Affiliate commission however,Fluctuates too much for a community website with a stable trafficWorking with affiliate networks distracts us from our main goal which is building a community for the shoppers. It takes more time and requires us to form partnership with merchants, which can be undesirable sometimes.And that's all!
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Questions

Is it legal to pay your employee in crypto currency like Bitcoin?

Crypto currency are popular and easy to manage, but i am not sure, whether it is legal or not to... read more

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I find BitCoin and other crypto currencies so interesting. From a legal view point I have no idea how to classify them - are they currency? goods? something else? Are they subject to GST? Income tax? FBT (as Katherine mentioned above, in some circumstances, yes). I also find people's motivations for using cryptos intriguing. Personally, I find the wild fluctuations in the 'value' of each unit worrisome and woudl not agree to be paid in BitCoin.
Ananda Raj PandeyOwner at GuestJet
Thank you Katherine. It will help.
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Accounting

Your Complete Guide in Purchasing a Business: The In's and Out's

Purchasing a business can take time, energy and a lot of research! It may seem less risky and more... read more

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Jim Garis Principal at Garis Group
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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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Lisa Ormenyessy Business Coach and Marketing Specialist at Straight Talk Group
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Taxation

Understanding Business Activity Statement (BAS) - The Complete Guide

The business activity statement (BAS) is a tax reporting requirement for businesses issued by the... read more

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Craig Pisani Director at 542 Partners
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Taxation

8 Types of Business Taxes in Australia

When starting a business in Australia -- whether big or small, you need to make sure that you have... read more

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Accounting

Differences Between A BookKeeper and An Accountant: Who Should I Call?

What are the top differences between a bookkeeper and an accountant? This is an easy guide that... read more

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Joe Piovesan at First Class Accounts
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Taxation

Do I Need to Register For GST?

Do I need to register for GST? This is a question I am often asked by potential clients. So what... read more

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Michael Prior Principal at PB Advisory Group
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Accounting

Is It Time to Find an Accountant?

Every cent counts when you're a small business owner. But if you don’t know where you stand... read more

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Ling LeeDirector at Japanese Sword Auctions Australia
thank you for the fantastic article and lovely infographic!
Business finance and loans

SME Banking and Finance – Credit Card Checklist

If you're like many other small business owners, chances are you've used a credit card to help fund... read more

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Andrew Boyd Co-Founder at CreditCardCompare.com.au
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Craig GarblerManaging Director at Sterling Debt Advisory Pty Ltd
Andrew, thanks for the prompt. I will be following up very shortly. I needed this prompt - have been thinking abouth this exact thing for ages! Craig
Banking

How to Check and Manage Your Business Credit File

For years now small business owners have said one of, if not, the biggest challenge they face has... read more

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Superannuation

Why are Self Managed Super Funds (SMSF) Becoming so Popular ?

Nearly 200 people are starting Self Managed Super Funds (SMSF’s) in Australia every day. So many... read more

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Greg Einfeld Director at Lime Super
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Daniel OddOwner at Accounting Perspective
Great Article Greg. Well balanced, and covers the relevant issues. I wish there were more advisers with this mind-set in the marketplace!