Posts Tagged "cashflow"

Are Your Invoices Correct?

Posted by on Mar 26, 2014 in Blog

Are Your Invoices Correct?

If you are planning to start, or have already started a new business, you will want everything to be in order – especially from a financial point of view. One of the most common mistakes that many business owners make (even those who have been in the business for quite a long time) is sending out incorrect invoices. At first, this does not sound too serious – you can always reissue a new one, right? However, the matter is not that simple and a wrong invoice may have serious consequences for your business, including interruption of the cash flow and financial losses. When it comes to invoices, there are some things you need to know in order to get them right. First of all, you need to distinguish between the two types of invoices:  a ‘tax invoice’ and a ‘general invoice’. The first one is issued by businesses registered for Goods and Services Tax (GST) and the second one is for non-registered GST businesses. Once you know this, you only need to include the information mentioned below and your invoices will be correct. No matter whether you are issuing a general invoice or a tax invoice (and don’t forget to distinguish...

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Will Your Business Fail?

Posted by on Apr 16, 2013 in Blog

Will Your Business Fail?

Smart Company reports that small and medium-size businesses are most likely to fail because of an inability to manage costs or anticipate rising costs, according to a survey of more than 1000 Australian owners of small and medium enterprises (SMEs). Some of the other results were very interesting, too. 61% of the SME operators surveyed believe that small businesses fail because they don’t know how to manage their costs while 50% blame either inexperienced management or poorly designed business models. Almost 35% blame failure on operators not having enough time to manage their accounts. When you began your business did you seek professional advice on how to structure the business and how to manage your finances? If you answered “no” you aren’t the only one. Other surveys on similar topics have discovered that most business start-ups focus on the work rather than their business model. So what happens when you haven’t properly structured your business, have no clear idea of cashflow and finance and just want to get out and do the work your business is supposed to do? Your business fails. No matter how great you are at what you do, how desperate the market is for your...

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