For example, it will let you easily work out what your business and personal income is and extract the information you need to give to your accountant or to do your tax return yourself.
A good budget will allow you to identify any areas where you are spending more than you have planned, or if you have any extra income you can use to grow your business. It will also help you know how much money you need to set aside to pay your bills.
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Your cash flow is the money your business has coming in from sales or other income, and going out to pay for expenses. Keeping a record of the money flowing in and out of your business is crucial for managing your business finances and making sure you have money available to pay your bills when they are due.
Even if your business is making a profit, your business can still fail if you don't have enough money available to pay your lenders or suppliers on time. Aside from making sure you can pay your business expenses on time, you also need to look at how you collect payment from your customers.
The Best Way to Manage Your Finances - wikiHow
Correctly invoicing customers, having the right methods to accept payments, and setting reasonable payment terms can all help you to receive timely payments from your customers. An invoice is a record of the goods and services your customers have purchased from you at the price they have agreed at so they can pay you.
This is considered a regular invoice. Tax invoices are different as they include the GST amount for each item along with some extra details. Read about Setting up your invoices on the ATO website.
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The types of payment you accept from your customers can vary depending on how your business is set up. Accepting a variety of payment types in your business will make it easier for customers to pay you and may even encourage faster payments from your customers. The Payment terms you set for your customers will outline:. Defects, delays and reclamations Defective goods Defective services Delays in delivery Defective cars Defects in housing transactions Residential care housing Telephone and internet connections More topics.
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