Insourcing vs outsourcing vs co-sourcing

Insourcing. Outsourcing. Offshoring. Co-Sourcing. You’ve probably heard of these terms. You may even know of companies that are using one or more of them to grow their business.

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Should You Take Your Small Business National?

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A lot of successful small business owners dream of growing and expanding their enterprises. A logical step for some of them is to take on a national presence, offering services and products in each state. If you’re thinking about taking this step, here are a few things you'll need to consider.

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Buying A Business? 5 Red Flags to Watch Out For

Red Flags Buying a Business

Buying a business is a big investment, and it can be a nerve-wracking process – especially for a first timer. If you’re thinking of taking the plunge and becoming a business owner, here are five obvious warning signs that an enterprise might be a bigger risk than you’re prepared for.

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Upfront costs when buying a home and how you could save

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When buying a home many people focus solely on saving for the deposit. While your deposit is likely to be your biggest financial outlay, it’s only part of the cost of buying a home. We detail the other costs and fees you need to consider and how you could save.

Stamp duty:
Stamp duty is a charge applied by the State and Territory Governments in Australia and relates to the transfer of land or property. In some states/territories there are concessions available to certain purchasers e.g. if you are building a new home. It’s wise to check out the government website for your state or territory to understand the rules and exceptions that apply to your individual circumstances.

Borrowing costs:
When taking out a home loan there may also be a number of fees payable to your lender including loan establishment fees, valuation fees and settlement fees. However in today’s competitive lending market some lenders will offer cash-back incentives. The amount offered will vary, but could be up to $2,000 and can be used to cover some of your fees. Talk to a YML Finance specialist to find out how you could receive cash-back on your home loan.

Insurance:
There are a few types of insurance that you may require when buying a home including:

Legal costs:
Conveyancing is the process of transferring the property from the seller to the buyer. You can engage a solicitor or conveyancer to do this, or you can do it yourself. A licenced conveyancer will review your contract, perform checks on the title and draft the settlement documents. They basically guide you through the complex process of buying property and do the paperwork for you.

Inspection costs:

Other costs:

Council, water and strata rates
When you purchase a property you are required to pay the vendor the remaining yearly or quarterly water and land rates. If you are moving into a strata title development, you will also be up for strata fees.

Utility connection
When moving into your new home you will need to pay connection or transfer fees to connect water, electricity and gas.

Moving costs
Finally, don’t forget that there will be removalists costs and possibly storage costs to consider as well.

There are a number of costs associated with buying a home, which can differ depending on the type of property you are buying and your individual circumstances. A YML Finance expert can provide professional advice and help reveal not only the costs you need to consider but also the savings available to you.

5 Reasons for Cash Flow Problems in Small Businesses

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Many small businesses run into cash flow issues. Here are five common reasons for cash flow crises, and what can be done to avoid them in your small business.

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Key man insurance, who do you need to insure?

The most valuable asset for any business is the key people who run it. Loss of staff with essential skills or years of knowledge can impact revenue, profit, goodwill and ultimately the value of the business. Key man insurance compensates for financial losses should the unexpected arise and having adequate insurance in place is an important part of succession planning.

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Can better inventory management improve business performance for Manufacturers?

Any manufacturing business has to grapple with two major variables, namely, the demand for its products and the supply of the raw materials required for the manufacturing activity. While on the demand front the quantity of the product demanded and the time of delivery can be uncertain, on the supply front, the timely availability of the raw materials and their prices can be uncertain also.

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5 Top Causes Of Stress for Small Business Owners Open page Preview for 5 Top Causes Of Stress for Small Business Owners

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Buying a business is a big investment, and it can be a nerve-wracking process – especially for a first timer. If you’re thinking of taking the plunge and becoming a business owner, here are five obvious warning signs that an enterprise might be a bigger risk than you’re prepared for.

(more…)

7 Useful Web-Based Software Programs for SMEs

Web based programs The use of web-based or ‘cloud’ software in SMEs is gradually becoming more the norm than otherwise. In fact, many of us have been using the cloud for years – such as through email and more recently through social media. While cloud-based applications for business are still relatively new, they are in the process of maturing and evolving, with new types of tools and applications popping up all the time. One of the main advantages of cloud software is that you usually don’t have to commit to the purchase of a full program and updates are generally included. You can try out most of the programs through free trials to see how well they work for you and your business. Many of the programs have different levels of subscription which you can select depending on the size of your business, and the features you want, and come with the flexibility to change plans or add new features as your business needs change. Here are some of the more useful cloud-based programs for SMEs. Office and data management Bookkeeping and accounting Social media management For professional assistance in running your business’s finances, including accounting, taxation, financial planning, and superannuation, our Xero accountants in Sydney can assist. Contact us for more details.

Finance options for buying a car

If you’re looking to purchase a vehicle for your business, there are a number of different finance options available. Before you enter into a finance agreement it’s important to do some research to determine which finance is suitable for your business structure, as well as understanding the implications for cash flow and tax liability. We explain three of the most common types of vehicle finance for businesses:

Finance Lease

Finance leases are a common form of finance for businesses that update their vehicles on a regular basis. The financier purchases the vehicle on your behalf; you then lease the vehicle from the financier and pay a fixed monthly rent for an agreed period. At the end of the lease many businesses will trade in the vehicle and start a new lease, but there is also the option to pay a residual (final instalment) on the lease and take ownership of the car, or re-finance the residual and continue the lease.

Benefits of a Finance Lease:

Commercial Loan (Chattel Mortgage)

A commercial loan or chattel mortgage generally suits businesses that wish to retain ownership of the vehicle at the end of the loan period. With a commercial loan you source and own the vehicle and the financier lends you the money secured by the asset. With this type of finance arrangement the vehicle is an asset of your business even while you’re paying it off. At the end of the loan period (assuming there is no balloon final payment) you own the vehicle outright.

 Benefits of a Commercial Loan:

Commercial Hire Purchase

Commercial hire purchase finance arrangements suit companies that are registered for GST. You can claim the GST on the purchase price upfront and GST on any Interest charges can be claimed over the life of the loan. With commercial hire purchase the financier pays for the vehicle on your behalf with an offer to hire it back to you in return for regular payments over an agreed time frame. You are hiring with intent to purchase and when the final payment is made the title passes to you.

 Benefits of Commercial Hire purchase:

If you’re considering purchasing a vehicle for business use, talk to a YML Finance Specialist today.