Preparing finances for your business

Isn’t this what it’s all about? Start handling the money side of things and deepen your understanding of your business’ finances.

 

Organising your finances

It’s important to have a functional organisation of your record keeping and balance sheets, as well as creating a budget, a bank account, figuring our payment methods, and more. Find in-depth information on this here.

 

Understanding your finance options

Funding can be really important for many businesses, since it can be hard to get off the ground and have money flowing.

The two main types of finance for businesses are debt and equity finance. Debt finance is money from an external lender like a bank, whereas equity finance involves getting funding in exchange for part ownership of your business.

Learn more about their pros and cons.

 

Developing a pricing strategy

Perhaps the most exciting part of finances, your prices!

Business.gov.au recommends to follow the following steps:

1. Calculate your costs
2. Determine your pricing objectives
3. Determine your pricing strategy
4. Legislation and regulations
5. Research

Each of these steps have detailed guides here…

 

Learning about invoicing and payments

A common reason people hold back from starting their business and getting clients, is the payment. If you don’t know how to invoice – no problem, here’s a full step-by-step process.

 

 

All information was sourced from business.gov.au.