Posts Tagged "expenses"

Avoid Cash Flow Dramas Over Christmas

Posted by on Dec 9, 2015 in Blog

Avoid Cash Flow Dramas Over Christmas

With the exception of retail-based industries, many businesses experience a slow period during the Christmas season. Cash collections are disrupted as businesses and staff leave to take a break. Most schedule special trips out of town during this season or use this period to otherwise slow down and relax. The problem for many small businesses is that this disruption often affects the normal payment cycle, pushing cash collections as far out as February of the next year, or even longer. This delay in payment can leave many small businesses struggling to survive. If you really can’t wait the extra days and weeks to get paid, try these tips to improve your cash flow during Christmas. Stay on Top of Your Invoices Send your invoices out automatically, as soon as the work for your client is complete. Ideally, you invoice clients early enough so that they have time to pay before they leave for their holiday break. Consider offering a small discount for early payment. You might also want to consider being proactive and asking clients for at least partial payment upfront before the work is completed. This will provide you with at least part of your funds before your...

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All That Glitters Isn’t Gold: Record Keeping Tips For Your Jewellery Business

Posted by on Aug 21, 2013 in Blog

All That Glitters Isn’t Gold: Record Keeping Tips For Your Jewellery Business

According to government statistics gathered from June 2007 to June 2009 in the Australian Bureau of Statistics’ “Counts of Australian Businesses, Including Entries and Exits,” there were 1.96 million active small businesses in Australia with 20 or fewer employees, and the number of small businesses continues to grow each year. Some of these small businesses are in the jewellery industry, and run the gamut from retail jewellery outlets, custom jewellery creation and design, and even shops that offer jewellery repair. If you have a genuine love for jewellery, and a flare for creation, repair, or even just selling, starting your own small business in the jewellery industry might be your ticket to fame, fortune and independence. However, there are some record keeping requirements that you should keep in mind before you jump right in. Failing to keep and maintain the proper records can cause you to lose out on valuable deductions, or report an incorrect amount for your income and lead to penalties and fines. So keep this record keeping list handy when you start your jewellery business. Keep Accurate and Thorough Records of Your Expenses Keeping an accurate record of the expenses related to the operation of your...

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