SMALL BUSINESS GUIDES
Your guide to your financial information
Understand your financial information & reporting requirements to make better business decisions.
What is a financial statement?
A financial statement is a structured document which is created to record and display the financial performance of a business. Often scrutinised by accountants, tax professionals, shareholders, prospective buyers and government agencies, a financial statement is...
What is a financial statement?
A financial statement is a report that shows how your business is performing & its overall health. There are four main types of financial statements commonly used in Australia. Read the article to learn more about each type.
What is accounts receivable?
Put simply, accounts receivable is the money you’re owed by your customers. As soon as you send out an invoice, the money your customer owes you goes into accounts receivables. Read the article for details of accounts receivable duties, how to report on it and how it impacts running your business.
Weekly, fortnightly and monthly tax tables
Tax tables will help determine exactly how much pay your employees receive as well as how much to withhold in tax etc. Whether you pay your employees employees weekly, fortnightly or monthly, the tax tables will help you determine how much to pay them. Read the article for more information on tax tables.
How to calculate FBT
Depreciation is what happens when a business asset declines in value over time. You’ll probably have a good idea about depreciating assets, but when it comes to specifics around depreciation accounting and understanding what is depreciation schedules, it becomes a bit more complex. Read the article to break it down.
Sole trader tax
Working for yourself is a source of incredible self-satisfaction, but it also comes with more responsibilities – including the management of your own tax compliance. To help you stay compliant we’ve investigated sole trader tax rates, how to calculate tax and when to submit tax returns in the below article.
What is depreciation?
Understand how to calculate FBT (or the fringe benefits tax) is an important tax and compliance consideration for all employers who provide fringe benefits to their employees. Learn how fringe benefit tax works and how to calculate it in the article.
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Financial guide
Get a handle on the various terms and processes involved with the financial management of your small business with our in-depth guide.
Business Financing FAQs
Why are the principal reasons for small business financing?
Business finance refers to the funds you need to set up and run your small business, especially in the early stages. Your finance business options can come in many forms. There are three key reasons for small businesses to seek funding:
- Inventory purchases
- Business expansion
- Financial strength
Business finance isn’t exclusive to funds at the start-up stage. It also refers to the finances you’ll need to grow your small business.
What are the financing options for small businesses?
There are several types of small business finance options to unpack before deciding which one is best for your situation or stage of your business growth. These include:
- Bank loans
- Cash flow loans
- Self financing
- Investor financing
With all these types of funding for small businesses in mind, be sure to weigh your small business financing and lender options carefully before committing your small business to a certain avenue.
What are the types of business finance?
There are three types of finance for businesses. Each method of funding your business’s start-up or growth comes with unique advantages, drawbacks, requirements and structures. They are:
- Internal funding
- Debt financing
- Equity financing
What tools can you use in financial management for your business?
Here are a few tools that will boost your small business financial management efficiency and techniques:
- Simple CRM
- STP enabled payroll solution
- Mobile cloud POS
- Small business financial management software (also known as accounting software or cloud accounting software).
All this will result in better cashflow and financial techniques, as well as more time and less stress.
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