Helping small businesses on the Sunshine Coast to fulfill their true potential
By BMN
It’s no surprise that starting a business requires a decent chunk of money, but expenses don’t end once you’re up and running. As a small business owner, you’ll want to create and maintain a reliable budget to keep your finances in check.
https://www.businessnewsdaily.com/8323-small-business-budget.html
This article was suggested by our mentor Bob McGannon
By BMN
When Traditional Accounting Fails YOU: Would you like to be confident that your business has made a Profit and a Salary and that you have sufficient cash to pay the Tax man when they come calling? This revised accounting equation will show you how – read more.
https://mailchi.mp/0bc39f73918d/wtips-050419
This article suggested by our mentor Scott W
By BMN
Among the largest contributors to the failure of both small and larger businesses, are either, they fail to make a profit or they incorrectly account for their cash and run out of money to pay their debts and tax liability.
This is particularly acute in small businesses where the owner/operators do not necessarily have much experience in financial matters and find themselves in an unexpected cash flow crisis.
It introduces a simple set of “Piggy Banks” that give you a “set and forget” approach so that when tax and other expenses become due, you have sufficient funds to pay. And, along the way, you have also taken out not only a Wage but a Profit as well. Read more here:
https://mailchi.mp/bfab42d30c39/fam2qc6i05
This article was suggested by our mentor Scott Williams
By BMN
If you’re a sole trader and don’t earn personal services income or have any income from primary production, you can use the ATO app’s myDeductions tool to simplify your record keeping.
https://www.ato.gov.au/Newsroom/smallbusiness/General/Sole-traders—keep-your-records-digitally/
This article was suggested by our mentor Julie Piper
By BMN
It’s the stuff of nightmares for business beginners: customers not paying on time; never enough cash in the bank; unexpected tax bills. Where does it end? To help you sleep easier, read this short guide on cashflow management.
https://nzbusiness.co.nz/article/beginner’s-guide-cashflow-management
This article was suggested by our mentor Julie Piper