Backing Business: Financial Insights, Tips and Tools

Backing Business is a magazine designed to support small business owners and growing businesses. You’ll find real stories and pro tips that could help at any stage of your business journey.

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What’s in this article

 

Renzo Petersen, founder and director of Natraplas compostable packaging, photographed by Raquel Aranda

Running a business can be overwhelming. With tracking expenses, juggling invoices and preparing for tax time, you can feel swamped. We get that staying on top of finances can be hard, so we’re here to support with tools that could help you manage your business efficiently. 

Cash flow management in a changing economy

Good cash flow management is key to every small business. If money isn’t flowing properly, things may get stressful and you could feel stuck, which slows down the whole business. A good place to start is choosing cost-effective ways to keep money flowing and your business finances healthy. 

 

In the Backing Business magazine, you’ll find:

  • Handy infographics and realistic cash flow insights 
  • Success stories of three business owners who connected with Westpac at the right time
  • Ten important cash flow management tips to help keep your business thriving
  • Digital tools that could help you spot cash flow issues and address them with expert guidance

 

Every business is different — but with the right tools in place, you could keep your business cash flow running more smoothly. This could lower financial stress and set you up for future growth. 

Using a business cash flow statement template

A clear cash flow forecast helps make sure there’s extra cash for unexpected expenses or chances for growth. Without it, it’s hard to know how much cash you have to keep things running day to day. By learning how to manage cash flow, you may find yourself worrying less about daily costs and feel more confident planning for the future. Find out how to create a cash flow statement (PDF 321KB). 

Preparing your business for tax time

The end of a financial year can be stressful, but it doesn’t have to be a scramble. With a bit of planning and the right professional advice, tax time could be a chance to improve how your business runs, cut costs and build up your cash reserve for the year ahead.

 

It's not uncommon to experience cash shortages during this period, especially when overdue payments or unpaid debts come due. To help ensure you have spare cash available, keep a backup plan ready for late payments and unexpected expenses. Next time, you can pay early or consider business loans to manage short-term gaps.

 

For tips on getting organised before tax time, Backing Business offers helpful information about:

  • Eligible tax deductions
  • Instant asset write-offs
  • Preparing for paperwork
  • Tax time scams to be wary of

 

The key to a more efficient tax time is good record keeping. As you prepare for tax time, having all your paperwork organised and your understanding on eligible deductions can assist your tax return preparation.  You might want to consider tracking your income and expenses in real time and having separate bank accounts for your business and personal related expenses.    

 

If you’re operating as a sole trader, test your knowledge about what you can and can’t claim for in the magazine’s tax trivia section.

More financial insights and stories

Backing Business is more than just a magazine. It’s one way we support the everyday business decisions and long-term goals of small business owners. We’ll release new editions regularly, with each issue shaped by the challenges and questions that matter most to you.

Debt collection, business loans and more

As a business owner, you'll always need more money coming in to cover rising insurance costs and other daily expenses like paying suppliers, excess stock and overdue accounts. 

Looking at future sales could help you plan your cash flow and see if you might need extra funds. Before getting a credit check or applying for a business loan, it’s worth looking at your current financial situation to make sure you can manage unpaid debts and pay bills on time. 

 

Beyond big topics like tax time and cash flow tips for small business owners, Backing Business also opens conversations around:

  • Actionable insights and key economic indicators for businesses in the months ahead
  • Tips on when to use a bank guarantee and how our partnership with Lawpath could benefit you
  • Sharing tradie secrets and access to tools, knowledge, and financial support
  • The people behind the bank and how they work with customers across the country

Download your copy of Backing Business

Whether you’re a sole trader, running a family business, or leading a growing team, your time matters and your financial situation is unique – which is why we’ve made a business banking magazine you could read when it suits you and come back to all year round. 

 

You can download the full issue as a PDF and read it on the go. You can save it, share it, or print it – whatever works for you.

 

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We’d love to hear what you think – and what you’d like us to cover next. We want to help you thrive and we’re excited to share your stories. If you’d like to be part of our next edition of Backing Business, be sure to let your banker know.