Australian SME Business News and Accounting Articles

Shoebooks has just raised the quality of its business accounting software by integrating a project costing feature. The goal of the integration is to provide another way for clients to increase the viability of their businesses. With the project costing feature, clients can manage the costs of projects so that profit is maximized and loss is minimized.

A booming and renowned business - that is the ultimate goal of every business owner. But due to competition and other factors, this seems to be a dream farther than the stars. Add to that the terrifying idea that they have to spend half of their profits for advertising to reach a wider market. All these challenges in business expansion can be overcome with wise and proven ideas from successful venturers. Aside from utilising online accounting programs to streamline financial recording, the following tips are money-free ways in expanding a business:

Nowadays, starting a business has become easier. Unlike before when a building is a fundamental necessity, a modern business needs presence more than anything. Moreover, a huge capital is not crucial, for any budding entrepreneur can start up with only a computer and internet connection.

Every business should strive for a strong cash flow in order to cope with never-ending expenses. However, this cannot be achieved without a reliable invoicing software, one that will automate the invoicing process without sacrificing accuracy and preciseness. In this light, here are some tips for a better or rapid cash flow for your business:

One business aspect that demands much time and effort from a business owner is accounting. This task requires the owner to keep records of transactions, projects, profits, and expenses updated—all the time. Accounting records should include everything in detail—up to the last cent or digit—and must leave no room for human error. Since accounting is time-consuming, the owner who falls behind with the records will be needing plenty of time to cope up, making managing a business more stressful. Good thing, there is a modern way of keeping financial records: online accounting software.

In business, financial accounting is an essential operation that is done perpetually, given that money goes in and out by the day. Apart from dealing with financial transactions, this kind of accounting also serves as a tool for gauging the economic performance of a business.

With financial accounting, a business owner is able to create reports from financial data, which are useful for stakeholders, investors, lenders, suppliers, and tax authorities. But raw numbers are difficult to organize and analyze without the use of a good accounting software for business. Thus, a wise owner ensures that all records are kept clean using any reliable accounting program, be it online or offline.

Despite the advantages of using social media in reaching a wider audience, many Australian businesses fail to recognize this, as revealed in a Telstra research conducted with 1,000 small and medium firms.

According to KPMG partner Malcolm Alder, many Australian businesses are missing out on the benefits of using social media and the chance to hear out what their customers have to say about their services and products.