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Business Cash News

Virgin Blue swings from denial to raising $231m

28 July 2009

A fortnight can be a long time in business, especially the airline business, as Brett Godfrey and Richard Branson can attest... read full story

Transport Cash Goes On Leaks

16 January 2009

DESPITE scores of train cancellations this week, the Transport Department is spending hundreds of thousands of dollars that could be poured into running a better system on investigating embarrassing leaks... read full story

Travel Incentive Offered

14 January 2009

DUE to a special relationship with American Express, a Wollongong business travel firm is offering to turn any membership rewards points clients have with American Express into real travel dollars... read full story

Business is all about money, and that money is what you call business cash. It is cash that's earned by blood, sweat, and tears. Thus, it should also be well spent and taken care of.

A lot of people are afraid to venture into business because they get to hear stories of those who did and eventually went bankrupt. But truth is, running a business does not necessarily have to be a horror story. For a business to prosper, all you have to do is take care of your business cash!

What Should A Businessman Do To Take Care of His Business Cash?

There are three things that a businessman has to keep in mind when dealing with the money he earns from his business:

  • Get that money fast! Devise quick and sure-fire methods of collecting the fruits of your efforts. To do so, you should run your business with an aura of speed and efficiency. One brilliant suggestion: get a fax machine and/or a website and give your customers the option of ordering by fax or online. The faster you get the orders, the quicker you'll be able to deliver the goods, the swifter you'll get your hands on your cash! Not only that, you'll have a better reputation, thus, more customers.
  • Save those funds fast! Don't stare at those wads of bills for too long, for someone might snatch them off your hands. Deposit those funds to your bank. Don't delay!
  • But, don't shell out that cash fast! You don't have to spend as fast and as much as you save. And, this should be stressed, it's not advisable for you to spend ceaselessly, even if it's for your loans or your company supplies. Evaluate which ones need payment NOW and pay them. Otherwise, ignore those bills first.

How Do I Start A Business In Australia?

The first thing you have to do to get a chunk of that business cash is to have your business registered. Following are the steps in registering your business as a company in Australia:

1. Fill out the application for registration as an Australian company, otherwise known as the ASIC form 201. Completing this form requires you to provide the following:

  • the proposed company name (optional)
  • the kind of business the company is engaged in
  • profile of the owner of the business, be it an individual, a partnership, or a corporation
  • the business site or location
  • nomination of the territory or state of registration of the business
  • notification if the business has its own constitution or amendable implementing rules and regulations or if it will adopt the replaceable rules stated under the Corporations Act
  • profile of the employees holding office in the company--there should be at least one Australian director and at least one Australian office secretary
  • proposed business days and hours
  • the structure of the business stocks, as well as the profile of the stockholders and their holdings

2. Get a certificate of incorporation with the Australian Securities and Investments Commission. All you have to present here is your completed ASIC form 201. Once your business gets incorporated with the Australian Securities and Investments Commission, you will be provided an Australian company number or ACN.

A word of note: There is a corresponding fee for the first two requirements. Kindly inquire with the Australian Securities and Investments Commission.

3. Log on to the Australian Taxation Office (ATO) website and fill out an application for an Australian Business Number or ABN. This is for big businesses with a gross yearly turnover of $AUS50,000 or more every year. Businesses with less that $AUS50,000 may apply for the tax on goods and services or GST without an ABN.