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As the end of the financial year quickly creeps up on us, once again it’s time to start thinking about planning for the next financial year. Financial planning is a crucial aspect of keeping every small and medium sized business running smoothly. The EOFY can be a great time to take a step back and review your company’s position, heading into the next financial year.
In Australia, the ATO (Australian Taxation Office) allows businesses to write off most costs incurred in running a business. Claiming expenses can be one of the best ways that a small or medium sized business can gain a tax advantage, if completed correctly.
How much can you claim on the purchase of a company vehicle? 🚗
+ More simple tips on claiming GST credits from the @ato_gov_au > https://t.co/ZVrwDnaHZL
#smallbiz #vicbiz #taxes #EOFY pic.twitter.com/KlWKBjUDvS
— Business Victoria (@businessvic) June 20, 2018
When it comes time for the end of the financial year there are a few things your SME needs to consider. Firstly, you will need to go over your debtors to see if you have any outstanding debts. You would want to get on top of them as soon as possible and not head into the financial year with old debts. Also recovering any unpaid invoices before the end of the financial year, can put you in a better tax position.
Your SME should also consider reviewing their financial strategy for next year. It is a great way for you to judge what hindered and facilitated your success this year, and if you need to make any adjustments. This is also a good time to decide if you are looking to get any new equipment or vehicles that can assist your business in expanding and growing.
“(Asset Finance) helps to gain the capital that is needed in order for you to grow your business, smooth out any cash flow problems, upgrade necessary equipment and also improve your tax outcomes”.
This is where Asset Finance can be a great benefit to your planning for the next financial year. Asset finance can help your SME in a variety of ways. It helps to gain the capital that is needed in order for you to grow your business, smooth out any cash flow problems, upgrade necessary equipment and also improve your tax outcomes.
Whether or not you have the immediate cash available to purchase any assets that are required to run your business successfully, asset financing can be an effective business and cash flow strategy. So, in many cases Asset Finance is one key to an outstanding plan for the next financial year, not only by improving your possible tax outcomes, but by improving your business and its growth, directly creating a better financial year overall for your SME.
However, if you manage a small or medium sized business, you probably know how challenging it can be to secure finance from a traditional lender. This can make securing asset finance a difficult process bringing greater challenges to your future growth plans. Which is why a better way to secure finance and plan a great financial year for your SME, is to get help from a non-bank lender such as Grow Finance. Grow Finance provides a range of options to finance asset purchases, and their products are specifically designed to meet the needs of SMEs.
Planning properly for your next financial year is crucial to your SME succeeding through the next year. A great way to ensure your business will grow and thrive is by using asset finance from Grow Finance as a tool in your success.