As a business owner, it is important that if you are going to offer credit to customers, you have a credit policy in place to mitigate some of the risk. Your credit policy should be clear and protect both your business from non-payment and your clients from getting themselves into undue debt. Here are six […]
As we start a new year, what were the best and worst economic events in 2023? CreditorWatch has compiled the list and given us an idea of what we can expect for 2024. Best economic trends 1. Declining inflation: While higher interest rates proved difficult for households and businesses, they did help lower inflation. Unfortunately, […]
Your self-managed superannuation fund (SMSF) must be run for the sole purpose of saving money for retirement. For this reason, there are strict rules for accessing the funds. As a trustee of your fund, it’s important that you understand the rules that apply. Preservation age Access to your super funds typically begins when you reach […]
There is a critical importance for non-profit organizations and associations to ensure they have at minimum two (2) people within the board or committee approve all bank transactions. The adoption of advanced technologies in banking services has undoubtedly increased efficiency, but it has also exposed these entities to potential financial risks. One powerful strategy to […]
Cashflow is the lifeblood of any business and key for financial sustainability. With the end of this calendar year approaching, business owners should start planning now for ways to improve cashflow in 2024. Whether your cashflow is in the negative, meaning more money is going out the back door then coming in the front door, […]
In the world of business, processes are the lifeblood that keeps the organisation running smoothly. Standard Operating Procedures (SOPs) are the essential documents that capture and preserve these processes. Often overlooked or undervalued, SOPs play a pivotal role in ensuring efficiency, consistency, and scalability within a business. In this blog, we’ll delve into the significance […]
In today’s highly competitive business landscape, establishing a strong social presence and generating increased sales is paramount for success. While digital marketing and online strategies play a significant role, sponsoring local theatre or sporting clubs can be a game-changer for businesses. In this blog, we will explore how sponsoring local associations or clubs can improve […]
Cash flow forecasting is a vital financial tool for any business, big or small. It involves projecting the expected inflows and outflows of cash over a specific period. This forecast helps business owners make informed decisions, plan for the future, and ensure sufficient liquidity to cover expenses and investments. In this beginner’s guide, we will […]
In today’s competitive business landscape, maintaining a strong financial foundation is crucial for sustainable growth and success. A bookkeeper plays a pivotal role in managing your company’s financial records and transactions. However, viewing a bookkeeper merely as a process worker can be a costly mistake. In this blog, we will explore the reasons why a […]
In the fast-paced world of business, effective financial management is crucial for sustained success and growth. Among the many responsibilities that contribute to a well-oiled business, managing supplier invoices and payments is a task that demands precision and attention to detail. Entrusting this responsibility to a skilled bookkeeper offers a multitude of benefits that can […]