For small businesses to remain afloat they require healthy cash flow. Improving cash flow may sound simple; earn more and spend less, but managing cash flow can be far more challenging than it may seem. Good cash flow management helps sustain business during times of cash shortfall and excessive expenses. Managing cash flow requires proper planning and forecasting to avoid severe cash shortages. Here are five...
Businesses facing a slowdown in cash flow due to tied up capital and slow-paying customers may consider using a factoring service to increase their liquidity during cash-poor times. Factoring is the sale of accounts receivables to a factor company to generate cash immediately. Instead of waiting for your customers to pay your business the factor company purchases your receivables and assumes the responsibility of collecting your...
The Taxation Office has recently announced that it is working towards making a simpler BAS to reduce GST compliance for small businesses and also make GST record keeping and reporting easier. This is a result of tax professionals, small businesses and industry associations expressing their concerns to the ATO over current BAS requirements. From 1 July 2017, the ATO is reducing the number of labels on...
Cloud computing is recommended by Samios Partners for many good reasons. The new trend of business processing is based on the technological advancement of using the virtual realm or ‘cloud’ to store, process, and manage business data, information, and processes. Because it is internet-based, it provides improved definition to data accessibility, mobility, and security of data files. The first step to technological advancement was the computerization....