A budget is a roadmap of your income and expenses and a well-designed one can assist in achieving your goals for the year.
Having a clear financial goal for a business is important. One bit of advice I can give when compiling a budget is base a budget on the worst case scenario. Always allow for unpredictable and uncertain events. Too many people base a budget on the best possible set-up, and when the worst case happens – it hits the fan! Base your expenses on the least amount of income you are certain to get, then if more is forthcoming you will be able to expend money on items previously omitted due to lack of funds, or you will have a surplus budget.
You have a budget, so use it! Review it periodically, it is only a guide and can be altered according to changing circumstances.
Making it easy for your customers to pay you is key to actually getting paid.
- Accept credit cards.The most effective way to make it easy for people to pay you is to accept credit cards.
- Make it convenient by giving people options
- Accept payments on the go
We’re living in a world where we can accept credit card payments with our cell phones. The truth is you never know when you’ll meet a great client or customer, so having the option to pay you on the spot makes things easier for everyone.
Banks are a great source of free information to help your business financially. I often use ANZ Business Insights https://anzbusinessinsights.com/
NAB has a range of resources including ‘how to’ guides, online training modules, videos, tools and calculators on key business topics such as writing a business plan, managing cash flow and funding for your business http://learn.nab.com.au/category/business-tips/sta...
Bank SA has a range of Business tools and information to help set your business up for success. http://www.banksa.com.au/business/business-tools/m...
Good accounting systems help you to organise and keep track of yourbusiness activity. Check out our information on what you need to consider whensetting up accounting systems for your business.
Setting up your accounting system
Find out the difference between cash accounting and accrual accounting.
Read more about why you should set up record keeping and accounting systems.
Learn how to set up a basic bookkeeping system for your business.
Invoicing and collecting payment
Learn more about invoicing and collecting payments.
See what’s involved in choosing payment methods for your business.
Read about Point of sale (POS) systems and how they can help you get and store salesinformation.
Find out about the different types of invoices.
Find out how to create an invoice, including what you should include on your invoices.
Learn how to create a receipt or other proof of purchase.
Find out about setting payment terms and why it is important for your business and customers.
Trying to collect debt from your customers can bedifficult. Find out ways to prevent unpaid debt in the first place.
Look at how to manage unpaid debt to resolve disputes with customers who aren’t payingtheir bills.
Budgeting and reporting
Learn about preparing financial reports – including budgeting and forecasting.
Read more about preparing a budget for your business.
Learn more about calculating your gross profit for your profit and loss statements.
The end of the financial year can be a busy time for yourbusiness. Find out more about Essential tasks at the end of financial year (EOFY).
If you're thinking of starting a business, a start-up costing sheet can help determine how much money you need to start.
A cash flow statement tracks all the money flowing in and out of your business and can reveal payment cycles or seasonal trends that require additional cash to cover payments.
A profit and loss or income statement lists your sales and expenses and helps you work out how much real profit you're making or losing.
A balance sheet is a snapshot of your business on a particular date. It lists all of your business' assets and liabilities and works out your net assets.
Use this template to calculate your key financial ratios and help you analyse the financial health of your business.
Find definitions for financial terms that you may come across when you are dealing with accountants and financial institutions, or while running your business.