Credit is an essential element in modern businesses. In general, a credit plan in your company will raise the revenue because it encourages increased purchases. This trend can be attributed to the separation of the pleasure of buying from the pain of payment. On the other hand, irresponsible credit and collections can cause significant problems for your commercial operation. In simple terms, if you do not control the risks of lending and ensure that payments are collected on a timely basis, you could end up with cash flow problems.
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One of the biggest barriers to success for small businesses is offering competitive compensation. Not being able to compete in terms of sheer money can severely limit the kind of talent you can hire, at least on paper. Fortunately, you can make up for it in a number of ways.
Undercutting the Tax Rate
Getting more money doesn't always mean keeping more money. For many employees, being in the right bracket is of utmost concern.
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If you're just starting up or running a small business, it probably doesn't make sense to have an in-house financial accountant. Outsourcing to an external partner is a good way to keep your infrastructure costs low, while ensuring that you remain compliant with regulatory requirements. But corresponding effectively with an outsourced business accountant isn't always as easy as you think, and can lead to perilous miscommunications. Follow these steps to avoid any problems, so that you build a successful working relationship together.
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It is tax return time, and every tax filer is hoping that their return is correct, that they will receive a refund and that the ATO won't select them for an audit this year. The Australian Tax Office has already announced that this year's audits will focus on those people who make "excessive tax deductions." As someone who makes a reasonable number of deductions, this does not mean you are clear of an audit.
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Most small businesses in Australia do not have the luxury of surplus cash. They may not have a sizeable bank account balance that allows them to treat cash flow as an afterthought. As a consequence, it's very important for them to handle invoicing and collections very carefully and professionally, so that no issues are encountered. How can you make it easier for your customers to pay you, by adopting some certain rules?
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