By Ben Pfisterer
Have you thought of any new financial year resolutions? There’s no better time than now to get your business set up and streamlined. Square’s Australian country manager, Ben Pfisterer, shares some simple tips for small retail owners who want big business-style preparation for the new financial year.
Stay on top of your BAS
Your Business Activity Statement (BAS) is one of your most regular obligations to the Australian Taxation Office (ATO), but not the most exciting of prospects to complete on a day off. Don’t let it get out of hand. Ensure submission and payments are made on time.
Don’t spend your GST
Having to make a lump sum GST payment at tax time can impact your financial position; so make sure you always have access to funds to make repayments as they become due. Now is a good time to review whether quarterly or annual GST payments suits your business best.
Cash flow is the backbone of any successful small business to ensure that you’re always covered for your expenses and the unexpected. Issue invoices for goods or services as soon as possible to ensure that you’re paid promptly – your healthy cash flow will thank you.
Work in the cloud
Cloud based business solutions aren’t a new trend – don’t be the only small business on the block who’s not taking advantage of these cost-effective solutions, such as Square Register for point of sale or Xero for accounting. Cloud based solutions often allow for deferred payments to be made on a monthly basis, which is much better for your business’ cash flow.
Automate the hard stuff
When working in the cloud, it’s a good chance to automate your business operations. Automation can significantly reduce the amount of time spent managing manually (bookkeeping, for example) by syncing data between platforms. Square Register automatically syncs sales data to Xero, which is a great example of automation that can save time and money.
Never take your eyes off the prize
If you want to see your small retail business grow, start acting like a big business. Track your sales performance on an hourly, daily or monthly basis and compare your like-for-like periods. Keep focused on what you’re selling (and what you’re not) and be prepared to make data-driven decisions.
For more information visit https://squareup.com/au/