Grow Your Revenue: Any Business Can Sell Online
July 6, 2020
When we think of selling online, we tend to think of services like eBay or Amazon, which are options for product-based businesses. However, if there is anything the pandemic has taught us, it is that most businesses can sell effectively online. It isn’t just for retail or product-based businesses anymore.
Selling products and services online means finding a digital way to supply a product or deliver a service. Many businesses who thought that they would not or could not sell online are discovering that not only they can do it, they are making a profit while doing so.
Write Off New Purchases
When planning to go online evaluate your hardware needs. Many businesses are limiting their spending at the moment, but the good news is upgrading technology is covered under the government’s 150,000 instant tax write off.
Under the instant asset write-off, eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use.
Instant asset write-off can be used for:
- multiple assets as long as the cost of each individual asset is less than the threshold
- new and second-hand assets.
There are many things to consider when making purchases such as new computers, web-cameras, video conferencing microphones, headsets or even lighting. For example, a home studio to take photos of new products to post online. Each business will have its own needs, and as the current situation changes the business needs will too. The most important thing is to understand is that any equipment’s ultimate goal is to make the offerings really stand out to new customers. Be sure to spend the necessary amount of time and money to figure out what is critical and invest in that. Be sure to reevaluate periodically over time and make new purchases when needed.
Get Creative with Your Offerings
When offering new or adapted services online it is important to open your mind to what is possible and get creative. There is innovation happening in the world right now with online services. Bars are selling tickets online for limited seating on Friday nights. Gyms are streaming live classes on Zoom. Business training is taking place through online learning platforms. Most things that took place in the physical world can and are being done online. Think about what current services can be structured so they can be conducted online. Some things will need to change, but it is easier to start with something that currently exists rather than having to start completely new.
For product-based businesses most of the work comes with creating listings online. It is important to note that online competition in ecommerce is only going to grow. Ensure all websites are up to date with current integrated payment systems, customer service chat options and more.
Update Your Website
It is critical that websites are SEO compliant. They should be structured with the appropriate searchable tags and a site structure that leads a shopper to the exact item they are looking for. If a website hasn’t been upgraded or had an SEO audit recently this is highly recommended before spending time and energy in listing items or investing in plugins or templates that may not work for the business. While most businesses are conscious of costs, this is definitely not the place to reduce spending. A well-constructed website is critical to ensure all further efforts of time and money are not wasted.
Online Promotion Is Key
Once all equipment has been purchased and the website is up to date, it is time to get selling! This can be done with social media or with paid digital ads. This can feel very daunting if this is a new type of activity. The most important thing to consider when posting online is to be very clear about the value of the offering. For example, for an online cooking class, explain what the person will learn, how they can apply their new skills in the kitchen and show why your class is the best one to attend. If you are able to explain your value clearly, it takes the guess work out of it for your clients.
A study
of 25,000 consumers across 30 markets showed engagement increasing 61% over normal usage rates. If you are wondering if your clients or customers are online, the answer is yes.
Taking the leap online is not a nice to have any more. It is critical for business continuity, to ensure all businesses have a future. If you would like more information on how to budget or structure costings for online sales and services please get in touch. We are always happy to help.
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Running a small business in Australia is a journey filled with passion, hard work, and countless decisions. Amidst the daily operations, it’s easy to overlook one of the most critical aspects of long-term success: regular financial reviews. These aren't just about crunching numbers; they're about understanding the health of your business, identifying opportunities, and mitigating risks. Why Regular Financial Reviews are Non-Negotiable 1. Informed Decision-Making Without a clear picture of your finances, every business decision becomes a gamble. Regular reviews provide you with the data needed to make informed choices, whether it's about investing in new equipment, expanding your team, or adjusting your pricing strategy. 2. Identifying Trends and Opportunities Financial data often tells a story. By regularly reviewing your income statements, balance sheets, and cash flow reports, you can spot trends in revenue, expenses, and profitability. This allows you to capitalise on growth opportunities and address potential issues before they escalate. 3. Cash Flow Management Cash flow is the lifeblood of any business. Regular reviews help you monitor your cash inflows and outflows, ensuring you have enough liquidity to cover your operating costs and seize opportunities. It can also highlight potential cash flow shortages, giving you time to implement solutions. 4. Budgeting and Forecasting A well-constructed budget is a roadmap for your financial future. Regular reviews allow you to compare your actual performance against your budget, identify deviations, and adjust your forecasts accordingly. This iterative process helps you stay on track and plan more effectively. 5. Tax Compliance and Optimisation Australia's tax landscape can be complex for small businesses. Regular financial reviews, often in conjunction with a qualified bookkeeper or accountant, ensure you're meeting your tax obligations and taking advantage of all available deductions and incentives. 6. Measuring Performance Against Goals Every business sets goals, whether they're related to revenue growth, profit margins, or cost reduction. Financial reviews provide the metrics you need to track your progress and assess how effectively you're achieving your objectives. 7. Early Problem Detection Catching financial problems early can save your business from significant challenges down the line. Whether it's declining sales, increasing expenses, or unexpected liabilities, regular reviews act as an early warning system. How Often Should You Review Your Finances? The frequency of your financial reviews will depend on the size and complexity of your business. However, a good general guideline for most Australian small businesses includes: ● Weekly/Fortnightly: Quick check of cash flow and key performance indicators. ● Monthly: Detailed review of profit and loss, balance sheet, and cash flow statements. ● Quarterly: Comprehensive review, including budget vs. actual analysis, and planning for the next quarter. ● Annually: Year-end review, tax planning, and strategic financial planning for the coming year. Getting Started with Your Financial Reviews If the idea of regular financial reviews feels daunting, consider these steps: Set aside dedicated time: Treat financial reviews as a critical business activity, not an afterthought. Utilise accounting software: Tools like Xero, MYOB, or QuickBooks Online can automate much of the data collection and reporting. Work with a professional: A qualified bookkeeper or accountant can provide invaluable expertise, helping you interpret your data and make sound financial decisions. Regular financial reviews are not a burden; they are an investment in the stability and growth of your Australian small business. By making them a consistent part of your business routine, you empower yourself with the knowledge and insights needed to navigate challenges and seize opportunities, ensuring a healthier financial future. For more information on how we can assist with your financial reviews and bookkeeping needs, please contact us at https://www.360accountingservices.com.au
Staying Organised: Financial Document Management Tips In today's fast-paced world, keeping your financial documents in order can seem like a daunting task. However, proper financial document management is crucial for everything from tax season to personal financial planning. This blog post will provide you with practical tips to help you stay organised and on top of your finances. Why is Financial Document Management Important? Effective financial document management offers several benefits: ● Easier Tax Preparation: Having all your documents readily available makes tax season less stressful and reduces the chances of errors. ● Improved Financial Planning: A clear overview of your financial records allows for better budgeting and future planning. ● Protection Against Fraud: Organised documents can help you quickly identify and report suspicious activity. ● Access to Important Information: Whether it's for a loan application or an insurance claim, quick access to your documents is invaluable. Essential Tips for Financial Document Management 1. Digitise Your Documents One of the most effective ways to manage your financial documents is to go paperless where possible. ● Scan and Save: Use a scanner or a scanning app on your smartphone to convert physical documents into digital files. Save them in a secure, cloud-based storage system like Google Drive or Dropbox. ● E-Statements: Opt for electronic statements from your bank, credit card companies, and utility providers. This reduces paper clutter and often provides immediate access to your statements. 2. Create a Consistent Filing System Whether you prefer physical or digital files, a consistent and logical filing system is key. ● Categories: Create clear categories for your documents, such as: ○ Bank Statements ○ Credit Card Statements ○ Loan Documents ○ Investment Records ○ Tax Documents ○ Insurance Policies ○ Utility Bills ● Sub-Categories: Within each category, consider sub-categories by year or type. ● Naming Convention (Digital): For digital files, use a consistent naming convention (e.g., "Bank_Statement_2025_October"). 3. Implement Regular Review and Purge Cycles Don't let documents pile up. Schedule regular times to review and purge unnecessary papers and files. ● Monthly Review: Dedicate an hour each month to sort through new documents, file them, and shred anything you no longer need. ● Annual Purge: Before the end of the year, do a comprehensive review of all your financial documents. Dispose of anything that has exceeded its retention period. 4. Secure Your Documents Protecting your financial information is paramount. ● Physical Documents: Store important physical documents (e.g., property deeds, birth certificates) in a fireproof safe or safety deposit box. ● Digital Documents: ○ Use strong, unique passwords for your online accounts and cloud storage. ○ Enable two-factor authentication (2FA) wherever possible. ○ Back up your digital files regularly to an external hard drive or another secure cloud service. 5. Know What to Keep and For How Long It's important to understand the retention periods for different types of financial documents. Document Type Tax Returns & Records Bank Statements Credit Card Statements Loan Documents Investment Statements Insurance Policies Utility Bills Property Deeds 6. Utilise Financial Management Software Consider using personal finance software or apps to help track expenses, manage budgets, and even link to your bank accounts for automated categorisation. This can significantly reduce the amount of manual organisation required. Conclusion Organising your financial documents doesn't have to be overwhelming. By implementing these tips – digitising, creating a consistent filing system, regular reviews, securing your information, and understanding retention periods – you can achieve a more streamlined and less stressful approach to financial management. Start today, and give yourself the peace of mind that comes with being financially organised. For more financial tips and advice, subscribe to our newsletter and follow us on social media!
Simple Financial Habits for Business Owners Running a business comes with a myriad of responsibilities, and sometimes, financial management can feel overwhelming. However, by adopting a few simple financial habits, business owners can maintain better control over their finances, ensure long-term stability, and reduce stress. This blog post will outline some essential practices that can make a significant difference. 1. Separate Business and Personal Finances This is perhaps the most fundamental rule for any business owner. Commingling funds can lead to confusion, complicate tax filings, and make it difficult to accurately assess your business's financial health. ● Open Separate Accounts: Set up distinct bank accounts and credit cards for your business. ● Avoid Personal Expenses from Business Accounts: Even small, seemingly insignificant personal purchases from your business account can create headaches. ● Pay Yourself a Salary: Treat yourself as an employee of your business and pay yourself a regular salary. 2. Track All Income and Expenses Accurate record-keeping is crucial for understanding where your money comes from and where it goes. This information is vital for budgeting, forecasting, and tax preparation. ● Use Bookkeeping Software: Invest in reliable accounting software like MYOB, Xero, or QuickBooks. These tools automate many tasks and provide clear financial reports. ● Categorise Transactions: Consistently categorise your income and expenses. This helps you identify spending patterns and areas for improvement. ● Keep Receipts: Digitise or keep physical copies of all business-related receipts. This is essential for auditing and expense verification. 3. Regular Review of Financial Statements Don't just record transactions; understand what they mean. Regularly reviewing your financial statements will provide insights into your business's performance. ● Profit and Loss (P&L) Statement: Review your P&L monthly to see your revenues, costs, and profits. ● Balance Sheet: Check your balance sheet quarterly to understand your assets, liabilities, and equity. ● Cash Flow Statement: Analyse your cash flow regularly to ensure you have enough liquidity to meet your obligations. 4. Create and Stick to a Budget A budget is your financial roadmap. It helps you allocate resources effectively, prevent overspending, and work towards your financial goals. ● Develop a Realistic Budget: Base your budget on historical data and realistic projections. ● Monitor and Adjust: Regularly compare your actual spending to your budget and make adjustments as needed. ● Allocate Funds for Taxes: Set aside a portion of your income for taxes, as estimated taxes can be a significant surprise if not planned for. 5. Build an Emergency Fund Just like personal finances, businesses need an emergency fund to weather unexpected challenges, such as a sudden drop in sales, equipment breakdown, or economic downturns. ● Set a Target: Aim to have at least 3-6 months of operating expenses saved. ● Automate Savings: Set up automatic transfers from your operating account to your savings account. 6. Regularly Reconcile Bank Statements Bank reconciliation ensures that your internal records match your bank statements. This helps catch errors, detect fraud, and verify the accuracy of your books. ● Monthly Reconciliation: Reconcile your bank accounts and credit card statements every month. ● Investigate Discrepancies: Promptly investigate any differences between your records and the bank's records. 7. Seek Professional Advice While these habits provide a strong foundation, there will be times when you need expert guidance. ● Consult a Bookkeeper or Accountant: A professional bookkeeper or accountant can help set up your systems, ensure compliance, and provide strategic financial advice. ● Tax Planning: Work with a tax professional to optimise your tax strategy and ensure you're taking advantage of all eligible deductions. By consistently practicing these simple financial habits, business owners can gain a clearer picture of their financial health, make informed decisions, and pave the way for sustainable growth. Start implementing these habits today, and watch your business thrive. For more detailed guidance and personalised support, contact us at 360 Accounting Bookkeeping Services. We're here to help your business succeed. Contact Us: Phone: Parikshit Kikla (PK) Email: pkikla@360accountingservices.com.au Website: https://www.360accountingservices.com.au/
Running a small business in Australia is a journey filled with passion, hard work, and countless decisions. Amidst the daily operations, it’s easy to overlook one of the most critical aspects of long-term success: regular financial reviews. These aren't just about crunching numbers; they're about understanding the health of your business, identifying opportunities, and mitigating risks. Why Regular Financial Reviews are Non-Negotiable 1. Informed Decision-Making Without a clear picture of your finances, every business decision becomes a gamble. Regular reviews provide you with the data needed to make informed choices, whether it's about investing in new equipment, expanding your team, or adjusting your pricing strategy. 2. Identifying Trends and Opportunities Financial data often tells a story. By regularly reviewing your income statements, balance sheets, and cash flow reports, you can spot trends in revenue, expenses, and profitability. This allows you to capitalise on growth opportunities and address potential issues before they escalate. 3. Cash Flow Management Cash flow is the lifeblood of any business. Regular reviews help you monitor your cash inflows and outflows, ensuring you have enough liquidity to cover your operating costs and seize opportunities. It can also highlight potential cash flow shortages, giving you time to implement solutions. 4. Budgeting and Forecasting A well-constructed budget is a roadmap for your financial future. Regular reviews allow you to compare your actual performance against your budget, identify deviations, and adjust your forecasts accordingly. This iterative process helps you stay on track and plan more effectively. 5. Tax Compliance and Optimisation Australia's tax landscape can be complex for small businesses. Regular financial reviews, often in conjunction with a qualified bookkeeper or accountant, ensure you're meeting your tax obligations and taking advantage of all available deductions and incentives. 6. Measuring Performance Against Goals Every business sets goals, whether they're related to revenue growth, profit margins, or cost reduction. Financial reviews provide the metrics you need to track your progress and assess how effectively you're achieving your objectives. 7. Early Problem Detection Catching financial problems early can save your business from significant challenges down the line. Whether it's declining sales, increasing expenses, or unexpected liabilities, regular reviews act as an early warning system. How Often Should You Review Your Finances? The frequency of your financial reviews will depend on the size and complexity of your business. However, a good general guideline for most Australian small businesses includes: ● Weekly/Fortnightly: Quick check of cash flow and key performance indicators. ● Monthly: Detailed review of profit and loss, balance sheet, and cash flow statements. ● Quarterly: Comprehensive review, including budget vs. actual analysis, and planning for the next quarter. ● Annually: Year-end review, tax planning, and strategic financial planning for the coming year. Getting Started with Your Financial Reviews If the idea of regular financial reviews feels daunting, consider these steps: Set aside dedicated time: Treat financial reviews as a critical business activity, not an afterthought. Utilise accounting software: Tools like Xero, MYOB, or QuickBooks Online can automate much of the data collection and reporting. Work with a professional: A qualified bookkeeper or accountant can provide invaluable expertise, helping you interpret your data and make sound financial decisions. Regular financial reviews are not a burden; they are an investment in the stability and growth of your Australian small business. By making them a consistent part of your business routine, you empower yourself with the knowledge and insights needed to navigate challenges and seize opportunities, ensuring a healthier financial future. For more information on how we can assist with your financial reviews and bookkeeping needs, please contact us at https://www.360accountingservices.com.au
Staying Organised: Financial Document Management Tips In today's fast-paced world, keeping your financial documents in order can seem like a daunting task. However, proper financial document management is crucial for everything from tax season to personal financial planning. This blog post will provide you with practical tips to help you stay organised and on top of your finances. Why is Financial Document Management Important? Effective financial document management offers several benefits: ● Easier Tax Preparation: Having all your documents readily available makes tax season less stressful and reduces the chances of errors. ● Improved Financial Planning: A clear overview of your financial records allows for better budgeting and future planning. ● Protection Against Fraud: Organised documents can help you quickly identify and report suspicious activity. ● Access to Important Information: Whether it's for a loan application or an insurance claim, quick access to your documents is invaluable. Essential Tips for Financial Document Management 1. Digitise Your Documents One of the most effective ways to manage your financial documents is to go paperless where possible. ● Scan and Save: Use a scanner or a scanning app on your smartphone to convert physical documents into digital files. Save them in a secure, cloud-based storage system like Google Drive or Dropbox. ● E-Statements: Opt for electronic statements from your bank, credit card companies, and utility providers. This reduces paper clutter and often provides immediate access to your statements. 2. Create a Consistent Filing System Whether you prefer physical or digital files, a consistent and logical filing system is key. ● Categories: Create clear categories for your documents, such as: ○ Bank Statements ○ Credit Card Statements ○ Loan Documents ○ Investment Records ○ Tax Documents ○ Insurance Policies ○ Utility Bills ● Sub-Categories: Within each category, consider sub-categories by year or type. ● Naming Convention (Digital): For digital files, use a consistent naming convention (e.g., "Bank_Statement_2025_October"). 3. Implement Regular Review and Purge Cycles Don't let documents pile up. Schedule regular times to review and purge unnecessary papers and files. ● Monthly Review: Dedicate an hour each month to sort through new documents, file them, and shred anything you no longer need. ● Annual Purge: Before the end of the year, do a comprehensive review of all your financial documents. Dispose of anything that has exceeded its retention period. 4. Secure Your Documents Protecting your financial information is paramount. ● Physical Documents: Store important physical documents (e.g., property deeds, birth certificates) in a fireproof safe or safety deposit box. ● Digital Documents: ○ Use strong, unique passwords for your online accounts and cloud storage. ○ Enable two-factor authentication (2FA) wherever possible. ○ Back up your digital files regularly to an external hard drive or another secure cloud service. 5. Know What to Keep and For How Long It's important to understand the retention periods for different types of financial documents. Document Type Tax Returns & Records Bank Statements Credit Card Statements Loan Documents Investment Statements Insurance Policies Utility Bills Property Deeds 6. Utilise Financial Management Software Consider using personal finance software or apps to help track expenses, manage budgets, and even link to your bank accounts for automated categorisation. This can significantly reduce the amount of manual organisation required. Conclusion Organising your financial documents doesn't have to be overwhelming. By implementing these tips – digitising, creating a consistent filing system, regular reviews, securing your information, and understanding retention periods – you can achieve a more streamlined and less stressful approach to financial management. Start today, and give yourself the peace of mind that comes with being financially organised. For more financial tips and advice, subscribe to our newsletter and follow us on social media!
Simple Financial Habits for Business Owners Running a business comes with a myriad of responsibilities, and sometimes, financial management can feel overwhelming. However, by adopting a few simple financial habits, business owners can maintain better control over their finances, ensure long-term stability, and reduce stress. This blog post will outline some essential practices that can make a significant difference. 1. Separate Business and Personal Finances This is perhaps the most fundamental rule for any business owner. Commingling funds can lead to confusion, complicate tax filings, and make it difficult to accurately assess your business's financial health. ● Open Separate Accounts: Set up distinct bank accounts and credit cards for your business. ● Avoid Personal Expenses from Business Accounts: Even small, seemingly insignificant personal purchases from your business account can create headaches. ● Pay Yourself a Salary: Treat yourself as an employee of your business and pay yourself a regular salary. 2. Track All Income and Expenses Accurate record-keeping is crucial for understanding where your money comes from and where it goes. This information is vital for budgeting, forecasting, and tax preparation. ● Use Bookkeeping Software: Invest in reliable accounting software like MYOB, Xero, or QuickBooks. These tools automate many tasks and provide clear financial reports. ● Categorise Transactions: Consistently categorise your income and expenses. This helps you identify spending patterns and areas for improvement. ● Keep Receipts: Digitise or keep physical copies of all business-related receipts. This is essential for auditing and expense verification. 3. Regular Review of Financial Statements Don't just record transactions; understand what they mean. Regularly reviewing your financial statements will provide insights into your business's performance. ● Profit and Loss (P&L) Statement: Review your P&L monthly to see your revenues, costs, and profits. ● Balance Sheet: Check your balance sheet quarterly to understand your assets, liabilities, and equity. ● Cash Flow Statement: Analyse your cash flow regularly to ensure you have enough liquidity to meet your obligations. 4. Create and Stick to a Budget A budget is your financial roadmap. It helps you allocate resources effectively, prevent overspending, and work towards your financial goals. ● Develop a Realistic Budget: Base your budget on historical data and realistic projections. ● Monitor and Adjust: Regularly compare your actual spending to your budget and make adjustments as needed. ● Allocate Funds for Taxes: Set aside a portion of your income for taxes, as estimated taxes can be a significant surprise if not planned for. 5. Build an Emergency Fund Just like personal finances, businesses need an emergency fund to weather unexpected challenges, such as a sudden drop in sales, equipment breakdown, or economic downturns. ● Set a Target: Aim to have at least 3-6 months of operating expenses saved. ● Automate Savings: Set up automatic transfers from your operating account to your savings account. 6. Regularly Reconcile Bank Statements Bank reconciliation ensures that your internal records match your bank statements. This helps catch errors, detect fraud, and verify the accuracy of your books. ● Monthly Reconciliation: Reconcile your bank accounts and credit card statements every month. ● Investigate Discrepancies: Promptly investigate any differences between your records and the bank's records. 7. Seek Professional Advice While these habits provide a strong foundation, there will be times when you need expert guidance. ● Consult a Bookkeeper or Accountant: A professional bookkeeper or accountant can help set up your systems, ensure compliance, and provide strategic financial advice. ● Tax Planning: Work with a tax professional to optimise your tax strategy and ensure you're taking advantage of all eligible deductions. By consistently practicing these simple financial habits, business owners can gain a clearer picture of their financial health, make informed decisions, and pave the way for sustainable growth. Start implementing these habits today, and watch your business thrive. For more detailed guidance and personalised support, contact us at 360 Accounting Bookkeeping Services. We're here to help your business succeed. Contact Us: Phone: Parikshit Kikla (PK) Email: pkikla@360accountingservices.com.au Website: https://www.360accountingservices.com.au/
