Instant Asset Write Off 2021: How to Use It
You can take advantage of the instant asset write-off before the end of each financial year. As part of the 2020-2021 Federal Budget, the Australian Government announced an increase in…
What the Coronavirus Stimulus Means for SMEs
The Australian Government has unveiled a coronavirus economic stimulus package worth $189 billion. Here's what Australian SMEs need to know.
Federal Budget 2021: What’s In It for Business?
SMEs are being called the winners of the Federal Budget, which aims to boost confidence, help businesses grow, and increase employment. Several measures are an extension of those introduced in the budget released in October 2020. Most of the benefits to businesses will come through tax relief, while SMEs can also benefit from targeted support, technological advancement initiatives and measures to enlarge their share of government procurement. Here’s a roundup of how the budget will impact SMEs and support economic recovery.
Federal Budget 2020: What are the Opportunities for Business Finance Brokers?
The Federal Budget for 2020-2021 released in early October included a number of developments designed to help small-to-medium businesses recover from the COVID-19 pandemic and grow. Some of these measures will motivate business owners to consider new finance options. Here we cover some of the budget measures and what they can create opportunities for finance brokers.
ATO Activity to Increase as JobKeeper Ends: Is Your Business Ready?
The JobKeeper Payment Scheme has been a lifeline for many businesses since April 2020 when the COVID-19 pandemic started impacting businesses. The program is set to end on 28 March…
Small Business Government Assistance Post-JobKeeper
On 28 March 2020, the Federal Government introduced the JobKeeper payment scheme in response to the COVID-19 pandemic. The program was a lifeline for many businesses and individuals affected by the economic impacts of lockdowns and decreased demand. Since then, other programs have been introduced. With JobKeeper coming to a close on 28 March, here’s an overview of where we’ve been and what lies ahead for small business government assistance, and a guide to which support is still available.
Letter of Credit: What Is It and How Does It Work?
A letter of credit is a way for banks or other financial institutions to guarantee payment and the delivery of goods. This form of payment can seem confusing if you’re not familiar with how it works. Let’s take a closer look to understand letters of credit and how they can facilitate transactions between buyers and sellers, particularly in international trade.
How to Collect Unpaid Invoices
If late payment of invoices is common for your business, you are not alone. SME owners say that 60 per cent of their customers don’t pay by the due date. If this describes your businesses, here are some tips on how to collect overdue invoices from your customers.
Days Sales Outstanding and How to Measure It
How do you measure the effectiveness of your accounts receivable management? Days sales outstanding (DSO) is a benchmark that shows you how long it takes customers to pay you after creating an invoice. Here we delve into the details of how to use this metric and what you can do to improve it.
Cost of Goods Sold and How to Calculate It
The cost of goods sold plays an important part in how your business is performing. Besides being used in calculating business profit, it can help you set prices for your products. Here we delve into the concept of cost of goods sold (COGS), how to calculate it and how to apply it.