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Cost Of Goods Sold Or COGS

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.
Woman In Retail Shop Thinking About The Cash Conversion Cycle

Cash Conversion Cycle: What Is It and How Can You Improve It?

The cash conversion cycle is a way to measure the amount of time it takes a company to convert its cash on hand to additional cash. The process includes purchasing or creating inventory, selling it and eventually getting paid. Here we explore how to calculate the cash conversion cycle and how to improve it.
Reduce Debtor Days For Law Firms

6 Tips for Reducing Debtor Days for Law Firms

Australia’s legal services industry brings in over $20 billion in revenue each year and employs 112,000 people. The delay in getting payment for services provided is a significant challenge for law firms. In fact, smaller firms wait 52 days on average to get paid after issuing an invoice, while larger firms wait 92 days. Let’s take a closer look at this problem and how law practices can bridge the large gap between providing legal services and getting paid for them.
People In Warehouse Considering Days Inventory Outstanding

Days Inventory Outstanding: How to Calculate and Apply It

Days inventory outstanding measures the average number of days that a business holds inventory before it is sold. It shows how long it takes to turn inventory into cash and a company’s operational and financial efficiency. Here we’ll show you how to calculate days inventory outstanding (DIO) and how to use it to improve inventory management.
Person At Computer Analysing Opportunity Cost

Opportunity Cost: How Does It Impact Your Business?

Opportunity cost is a concept that considers the expected returns lost when one alternative is chosen over another. Have you ever wondered about how to calculate the benefits you are missing by choosing one option over another? This is a form of opportunity cost. Although it does not appear in your accounting transactions or financial statements, it’s important to understand what it means when making business decisions. Here we’ll explore the idea of opportunity costs and how to weigh potential returns against lost opportunities.
Professional Services

How to Reduce Debtor Days for Professional Service Businesses

Professional services businesses play a key role in Australia’s economy. With over $179 billion in annual revenue, the industry is the fourth largest in the nation and employs over 1.1 million people. Many of these services are delivered by SMEs that struggle with cash flow as a result of late payments from their customers. Here we’ll explore the challenges that high debtor days raise and how to solve them.
Carrying Cost Of Accounts Receivable

What Are the True Carrying Costs of Accounts Receivable?

Managing accounts receivable is a challenge for most SMEs. While invoicing customers for products and services can simplify transactions, this comes at cost. In addition to waiting for invoices to be paid, there are other costs such as administration. Here we’ll break down the cost to create a clear picture of the costs of carrying accounts receivable.
Future Of SME Lending

SME Lending for Finance Brokers Beyond COVID-19

The impacts of COVID-19 have significantly changed the business environment and raised challenges across the economy. While these changes will continue to have an impact, there are still opportunities for experienced finance brokers and mortgage brokers planning to diversify their businesses. Here we’ll go over some of the recent trends, where the opportunities lie, and how finance brokers can place themselves for future growth.
Man Looking At JobKeeper Information On His Computer

JobKeeper: Is Your Business Eligible?

In late July 2020, the JobKeeper payment was extended by an additional six months to March 2021. Besides extending the program, other changes were made including lower payment rates. Let’s look at the details more closely to understand the JobKeeper extension. If you’re not sure if your business qualifies for JobKeeper, here we cover the latest updates.

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