- Cash Flow Management -

It’s a well-worn phrase, but cashflow really is the lifeblood of your business.

When your cash inflows are greater than your cash outflows, that puts you in a positive cashflow position – giving you the liquid cash needed to trade, improve and grow as a business. But if costs start to outstrip your income, that can leave too little cash in the pot. This results in mounting debt, problems paying suppliers and (in the worst cases) the failure of your business.

So it’s vital to get proactive with cashflow management…. Remedy is here to help you and its not a daunting process.

- How to go about starting a new business -

There is alot to think about and reconsider before making the step into business. I can give you the typical Accountant approach, scaring you off with statistics which will leave you crushes and dreams shattered even before you start but that approach isn’t me….. I think it’s better to fail at building you dream than it is to live regretting not trying…. so where do we start?

Starting a business is a bit like building a house and you need solid foundations. In a business sense these foundations include the right tax structure, accounting software, insurances and marketing. Your choice of business structure is critical and there are a number of different options including sole trader, partnership, company and trust. When it comes to selecting the most appropriate tax structure for your trades business we always recommend you ‘start with the end in mind'. Australian tax laws are complex and changing your business structure at some point in the future can trigger a capital gains tax event that could prove costly. Whenever we provide advice on business structures we always take into account issues like:

Planning it the number 1…2…3….4 most important thing to do, yes its boring and you wanna get get started but planning is the key to surviving. Theres a reason why 70% of businesses fail in the first year. Now that statistic used to be 80% so we’re obviously getting better with forward planning.

Another brick in your business foundations is your choice of accounting software. Poor record keeping is one of the biggest causes of business failure in this country and up to date, accurate financial records let you to make informed business decisions. The wrong software can lead to 'computerised shoebox’ records that cause frustration, waste time and create additional fees. This conflicts with our mission of helping you slash the time and cost associated with bookkeeping and tax compliance.

Here at Remedy Business Services we want to be your accountant, business advisor & not so-expensive bookkeeping service. You’ll find we support a range of different software options but we do have a preference for cloud based solutions like Xero because of their flexibility and the fact that you can log-in online anytime, anywhere on your Mac, PC, tablet or smart phone to get a real-time view of your cashflow. Your data is automatically backed up and users have access to the latest version of your financial data plus you never need to worry about installing software or program updates.

There are alot of good tools online to help and prepare yourselves for the months ahead, such as https://www.business.gov.au/guide/starting but alot of these handbooks and guides are a little long winded and generally don’t really target directly to you, that’s why a free consult with myself would be most beneficial.

Over the years we have built a reputation as as business start-up specialists and when starting your trades business (or buying an existing business) there are numerous issues to consider. 

There is no hard sell, l actually enjoy helping others so you may as well take full advantage……talk soon