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Ever feel rich yet broke? ๐Ÿ˜ญ You might have a cash flow problem!โ  โ  Cash flow is how much money you have on hand to pay for things ๐Ÿ’ธ Profit is how much money your business makes overall ๐Ÿ“Šโ  โ  They sound similar, but when you run a business, they FEEL very different. For example, if you rely on customers paying invoices to earn money, you might see a delay between โ€œdoing the jobโ€ and โ€œgetting paidโ€ ๐Ÿงพ When you do get paid, you feel rich! But until then, your bank account is empty ๐Ÿฆ ๐Ÿ˜ฐ Hence: high profit, low cash flow.โ  โ  Link in bio for what it means and how to fix it ๐Ÿ”— โœจ
Signed, sealed, delivered ๐Ÿ’… From my business to your wallet ๐Ÿงพโ  โ  Link in bio for a free customisable invoice template ๐Ÿ”— โœจ
Best way to make money? Make it easy to PAY YOU ๐Ÿค‘โ  โ  An online payments platform is like a digital cash register: it securely processes the transaction so you get paid and the customer gets their order processed โœ…โ  โ  Reckon has partnered with Stripe, an online payments platform that integrates directly with our accounting software ๐Ÿ“ฒ ๐Ÿ’ป โ  โ  Not only does this give small businesses an easy way to get paid by customers for online shopping or invoices, but our software automatically tracks every transaction ๐Ÿงพ This makes life *so much* easier for things like managing cash flow or lodging your BAS ๐Ÿ˜ฎโ€๐Ÿ’จ ๐Ÿฆโ  โ  Link in bio to learn more about how online payment platforms work ๐Ÿ”— โœจ
We got you, boos ๐Ÿซถโ  โ  Free Payday Super Guide written in plain a$$ English in our bio ๐Ÿ”— โœจโ 
Friendly reminder: the GST threshold for Australian businesses is $75,000 ๐Ÿ’ธ ๐Ÿ‘€โ  โ  If your business makes more than $75k in turnover in ANY 12-month period, you need to register for and charge GST ๐Ÿค‘โ  โ  GST is a 10% sales tax on most goods and services in Australia ๐Ÿ“Š Not every product or business needs to charge it, but if you need to charge it and donโ€™t, you can get in serious trouble.โ  โ  Once you hit the threshold, you must register within 21 days. You may have additional obligations to the Australian Taxation Office (ATO), like lodging your Business Activity Statement (BAS) ๐Ÿงพโ  โ  Link in bio for the rules ๐Ÿ”— โœจ
*goat scream* NONONONONONOโ  โ  Good accounting software can make lodging your Business Activity Statement (BAS) a breeze ๐Ÿ˜ฎโ€๐Ÿ’จ However, if you do spot a mistake, donโ€™t panic! โ  โ  According to the ATO, you can usually just correct it in your next BAS โœ… If you canโ€™t, you may have to lodge a revision. โ  โ  Common mistakes include typos, misidentifying a purchase or sale as taxable/GST-free, or double-counting a purchase ๐Ÿ’€๐Ÿ’€๐Ÿ’€โ  โ  You also need to figure out if itโ€™s a mistake or an adjustment ๐Ÿค”โ  โŒ A mistake means the BAS was incorrect when you lodged itโ  โŒ› An adjustment means the BAS *was* accurate when you lodged it, but something happened later and now itโ€™s wrong (i.e. cancelled sale or returned item)โ  โ  ๐Ÿ‘ HOWEVER! Before you try to fix a BAS mistake, talk to a financial advisor. They can help you follow the right steps for your situation โœ…
Your prices make or break your business! ๐Ÿค‘Hereโ€™s why ๐Ÿ‘‡โ  โ  Small businesses face a lot of competition, so what usually sets them apart is their prices ๐Ÿ’ธ โ  โ  However, choosing a sale price is less about covering your costs and more about making the right impression ๐Ÿ‘‹โ  โ  For example, your sale prices can tell a customer (even accidentally):โ  ๐Ÿ‘€ If your product is of good qualityโ  ๐Ÿค If your service is professionalโ  ๐Ÿƒ If you know your competitionโ  โ›… If you change prices by seasonโ  โœจ If your business has prestigeโ  ๐Ÿ’— If you value customer loyalty (i.e. rewards discounts!)โ  โ  If a customer thinks your price is too high or too low, they wonโ€™t pay it ๐Ÿ˜ฌโ  โ  And the right price really depends on your business! It needs to reflect your goals, customers, competitors, and operating costs ๐Ÿค” โ  โ  Link in bio for price setting strategies ๐Ÿ”— โœจ

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