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What do I need to include in a tax invoice?

Are there any important items or important information that I need to include on my tax invoice for... read more

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Sarah Irwin SME Community Director at SavvySME
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JBat Boutique

Each piece of clothing, jewelry and each accessory is hand-picked by Patricia David for that... read more

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Alvarez vs McGregor

UFC 205 http://alvarezvsmcgregor-live.co/ main event between light champion Alvarez vs Mcgregor... read more

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Cashflow management

Free money: how to get your hands on government grants for your agency

Oh, to be a kid again. It might be the only time in your life free money existed. Sure, you might... read more

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Cashflow management

Australia’s Long Payment Culture - the real impact on Small and medium sized business

Small and medium sized businesses employ 7 million Aussies (70% of workforce) and generate over 50%... read more

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Lachlan HandleyDirector at FIFO Capital NSW
Dun & Bradstreet compiles some really interesting analysis around speed of invoice payments (D&B Australian Trade Payment Analysis - http://dnb.com.au/article-tpa-3Q16-report.html#.WCpI9Vu9Y4A). The most recent report for the three months to September 2016 shows the national average time for an invoice to be paid is 45 days. As Alistair notes, large companies are often the slowest payers and use their position to stretch payment to suppliers, often 60 pays plus!
Taxation

Why Small Business Owners Need To Understand Tax

The tax system is complex and constantly changing. A good tax advisor is essential to every small... read more

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Paul Marini Partner at Advantage Advisors
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Accounting

Hire an Accountant | Choosing an accountant

Accounting helps you keep a track of your transactions. Maintaining accurate books of accounts is... read more

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Questions

Are there any government grants for female business owners?

Female business owners can apply for any Government Grant in Australia. Gender is not a determining factor for eligibility or awarding the grant.
Jef LippiattOwner at Startup Chucktown
Here in the United States we do have a variety of grants for related business owners.The categories for grants are typically:FemaleMinorityFemale & MinorityMilitary Veteran (male or female)Non-profit business sectors
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ICICI Lombard |health insurance ,home insurance, two-wheeler insurance, travel insurance and Mediclaim Policy

insurance sector is upgrading with the passing of time. A company like ICICI Lombard Insurance... read more

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Questions

How do you cut costs in your business?

All the costs in my business are required.I hope I don't ever try to cut costs and look more into increasing the costs of my services instead.
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Questions

Do you have your bookkeeping and accounting done by the same company?

At present we have a bookkeeper and and accountant. The reason is mainly that I figure if one... read more

Steve OsborneOwner at Smarthinking
Like Steven, I see nothing intrinsically wrong with having one company handling both aspects; a case could easily be made for the advantages. A client of mine does exactly that–she runs the bookkeeping business and her partner the accounting business. The businesses are separate but linked. They would claim their clients enjoy: 1. faster processing times; 2. more knowledgeable consultancy; 3. greater contribution to business growth.For myself, I have two separate firms performing these functions. And I run Xero myself, doing basic data entry which the bookkeeper checks each quarter and prepares the BAS. The books are then handed to the accountant each EOFY.I suspect a majority of small businesses run this way. It's cost efficient, timely and accountable.
I would have two different people performing the jobs. Bookkeeprs are generally cheaper too. I do all my bookkeeping and hand it over the final figures to my accountant
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Banking

Risk averse Australian banks have lost the art of banking — and it’s hurting our economy

You would be hard-pressed finding a story where one of Australia’s big banks supported an... read more

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Lachlan HandleyDirector at FIFO Capital NSW
There was a time when if you needed money you went to the banks. But unless you have residential or commercial property, there is no point. The banks simply aren't in the business of lending money on an unsecured basis in any meaningful way because the reality is a lof of business fail in the first two years. I don't really think that is ever going to change, regardless of how profitable they are. Thankfully financial innovators have moved to fill this void - there are now more options available to obtain finance: peer to peer lenders, on-line unsecured lenders, invoice finance, crowd funding, the list goes on. I agree with Brian that the borrower should have some / all of their own money at risk (;skin in the game') - why should the lender fund 100%. Cheers Lachlan @ Fifo Capital
Brian MallyonOwner at Luckypole Limited
I don't know what happened in banking between 2001-2008, but certainly in my time prior to that, it was very rare for a bank to lend against 80% of the value of a business. It was probably the lending practices and regulations that meant Aussie banks came through the GFC pretty well compared to overseas counterparts. You can be absolutely sure if they hadn't, people would be screaming about the greedy banks getting their just desserts. So where do we find a balance, that is probably a better question. All those excuses listed above are the exact reasons NOT to lend money to people. Why should the bank take on ALL the risk for a transaction where the borrower isn't providing any "hurt" money or collateral, and often nothing more than an idea. Especially when such a large number of these start ups never get going properly, because of the "fail fast, fail often" world we live in. For the true entrepreneurs and innovators where are the VC's and the like? These are the ones whose business is attuned to assisting startups.
Questions

Where do I get a government grant to start a new business?

Steve OsborneOwner at Smarthinking
There are good answers to a similar question here:https://www.savvysme.com.au/question/56-how-do-i-o...And if you are a Job Seeker with an idea for a small business, you may qualify for this:https://www.employment.gov.au/self-employment-new-...
Last time I checked, there were no government grants in Australia to help start a business unless you align with one of these - A community based non-for-profit organisation - Focused on youth - Providing services for people with a disability - Based on supporting innovation You could try other forms of grants. Banks are giving out grants all the time but with similar conditions.
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Questions

How do I find the most appropriate insurance plan for my business?

Find an insurance broker. They will be able to help you find the best deal. Ask for references from people in the same industry as you. Brokers tend to specialise in certain industries.
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Questions

How to find the right accountant?

Kirsty FoxPrincipal at Spitfire Solutions
Have a chat with them to start with, and see if you feel comfortable with them and what they offer. Generally you'll be speaking with the principal or a partner, but they won't be doing the work, their staff will.A couple of things to think about -- are they a CA (Chartered Accountant) or CPA? They are the 2 major industry bodies that require completion of a course plus continual professional learning. If they are doing BAS or tax, they need to be a Registered BAS Agent or a Registered Tax Agent. You can also check this on the Tax Practitioners Board website www.tpb.gov.au. It will also tell you how long they have been registered for.- do they charge by the hour or give you a fixed price for an agreed upon amount (scope) of work. - what do they require from you? How much work do you have to do (or are willing to do), and what systems do they have I'm place to make things easy for you?At the end of the day, it comes down to who you feel comfortable with to do what you want/need, and (hopefully) that extra step for you.
Hi Nathan, I have a report on the mistakes business owners make when choosing an accountant and what questions to ask. Did you want me to send it through to you? Cheers, Lisa
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Questions

I want to file my taxes as married filing separately, because my spouse and I like to keep our finances separate.

Is that OK? I’m married read more

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What’s the difference between an exemption, credit and deduction?

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How do I work out what to pay my self as a wage and how do I go about it?

Jef LippiattOwner at Startup Chucktown
One of the first questions I would ask is, are you profitable? Meaning, are you currently making more money than you are spending? If not, it isn't time to draw a wage. Keep in mind if you need to scale (add employees) they are the first to get paid and you are the last to get paid (as a founder / owner).If your business is making a profit, do you have more than enough to keep the company profitable for 1 to 2 months and still have extra money left over? If not, keep not drawing a wage. If this sounds like a board game, you aren't far from the truth.Lastly, if your business has met and exceeded both of those conditions it may be time to start drawing a wage. However, I would recommend starting small and gradually scaling it up to avoid having to ramp your wage back down.If there is still too much "haze" around this topic, I'd recommend talking to an accountant or tax advisor.
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Questions

Do you have a "get out of bed" price?

ie If a project isn't going to generate a bare minimum of X income then the conversation ends right... read more

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