Women are rapidly changing the face of business in Australia, and so is technology, but it’s cashflow that’s still causing the most headaches.
Over the past decade, Census data shows there’s been a 7.6 per cent increase in the number of female business owners and managers in Australia, compared to a rise of just 0.3 per cent for men.
While those statistics are encouraging for women, what’s not, are the stats on business success.
In a December 2017 statement, the Australian Securities and Investments Commission (ASIC) cited “inadequate Cashflow” as the reason more than two in five Australian businesses have failed since 2014, and the numbers are steadily growing each financial year.
Cashflow is everything from constantly checking account balances on your screen so you can pay staff and suppliers, to corporate customer requests for resending or reformatting of invoices. Cashflow management is a stressful yet essential part of running a small business.
So in short, if you’re not in control of your cashflow – you’re in trouble.
That brings us to the next point: how can you stay on top of your cashflow, particularly during tough times? We’ve all read the glossy ads with cash flow management ideas that usually ask you to:
- spend time you don’t have,
- and learn something more difficult than you’re already doing!
The answer is to plan for the future, and that future is digital. The paper to screens payments trend has essential benefits that prove going online is not about knowledge, it’s about leverage for your small business.
When making the decision to go digital with your business payments, keep these key points in mind:
- Will you boost your cash flow?
If you pay all your expenses by credit card, you can take advantage of the 55 day interest free period to boost your cash flow and earn rewards!
B2Bpay, in partnership with Qantas Business Rewards, is a new online service that lets you pay all your business expenses with any credit card, even if billers don’t accept credit cards, to maximise your rewards and boost your Qantas Points. You can even earn Qantas Points and regular card points when you submit your BAS statement to the ATO!
- Will you save money?
When you move from manual invoices to automated payments, you’ll reduce administration costs. You can also save on your overheads with automated direct debit payments, thanks to reduced banking costs. B2Bpay’s standard and tax deductible credit card processing fees are offset by the value of the points and cash flow benefits you get.
- Will it free up more time for you to grow your business?
Using online payments platforms allows for easy record keeping and tracking of your bills, removing those pesky filing boxes- now everything is all in one place. You can also save time by processing and sending invoices a lot faster digitally and by accepting digital payments from your customers.
- And most importantly…Is it easy to use?
B2Bpay means no switching between bank websites. Simple.
If you also use it to get paid, there’s no change to your existing banking relationships, no need for credit card facilities, no new IT infrastructure or staff training required. You can pay or get paid whenever is convenient for you, 24/7.
The online portal makes financial business decisions easy, like shedding unnecessary or superfluous subscriptions or cutting areas of excessive spending. Paying your bills through B2Bpay also makes tax time a lot easier, as all your records will be grouped together in one place- no sorting required.
Harnessing the power of digital for your business means you will earn the rewards you deserve for staying on top of your cashflow.
This article has been provided by B2BPay and has been edited by Financy to ensure it’s content is beneficial to women on money matters.