November News

13/11/2017

Don’t let Vodafone leave you in the dark!

Effective 30 November, Vodafone will be closing their email services for the following accounts.

If you have changed your email address in the last month, remember to Let Sudburys Know. That way you don’t miss any important communications. Don’t forget to let us know which entity your email address belongs to and if it is for invoices and statements or generic information.


Let us know your NEW Email address

Congratulations

Big congratulations to Lilly who was the winner of our $100 Prezzy Card and Linda who was the winner of our $50 Prezzy Card!

Thank you to everyone who has taken the time to complete our survey and for the feedback you have given us.

It will be here before you know it

That’s right Christmas is rapidly coming up and will be here before we know it!!

We will be Closed Friday 22 December 2017 and Back On Board Monday 8 January 2018.

Important Dates

For the majority of business’ the following payments will be required…

20 Dec 2017: PAYE due for the period ended November 2017

15 Jan 2018: Income Tax – the 2nd Provisional Tax payment is due for any business with a March balance date

15 Jan 2018: Income Tax – Terminal Tax is due for any business with a December balance date

15 Jan 2018: GST payable for the period end November 2017

22 Jan 2018: PAYE due for the period ended December 2017

If you have any income tax liability we will be sending out letters well ahead of time so you know what to pay and when.


Have any questions? Let us know.

Hello, did someone say tips on how to avoid going broke while growing?

Periods of significant increase in turnover and profitability require significant amounts of cash. As a result, it is quite common for businesses to actually go broke while in a period of high growth.

The additional resources required to produce the extra turnover puts a strain on cashflow. The typical cashflow stream for a manufacturing operation is:

Payment for sales wages
Deposit received with order
Payment of production wages (and other fixed costs)
Payment for suppliers and production overheads
Customer payment

This process can take months to complete so the cash tied up in your system grows, the more orders you receive from your customers.

Unless you have sufficient funding to pay the costs before the customer pays you, then this will put a strain on your financial reserves. So, how do we avoid going broke while growing. Here are some key points:

  • Ensure that you have a high level of equity in the business (the difference between your assets and your liabilities). This will mean that some of the profits made from prior trading will have provided a buffer of cash for your growth.
  • Prepare budgets and cashflow forecasts which show the impact of the growth on your financial position.

    This forecast should incorporate any fixed assets you need to purchase, the finance for these and loan repayments on previous loans. Fixed assets should not be brought from cash.

    Include in your forecast the tax payments required from previous year’s profits and based on your estimated profit for this year.

  • Work through with your accountant and your financiers regarding the need for funding for growth. Your mainstream bank may not be able to fund all of your growth requirements, but there are financiers who can assist you with funding for growth and a partnership between everyone is the most effective way of achieving success.

The planning you do in looking forward to the expected cashflow impact of your business growth, will allow you to put in place what is required. This is so you can continue to trade and will significantly reduce your stress levels, as you will be better armed with the expectations regarding your cashflow.

If you are growing but worried about cashflow give us a call at Sudburys.

Salvation Army Donations and SPCA

You may know that it is a Sudburys Christmas tradition to, be able to give to the Salvation Army and SPCA each year. This year we have decided to extend this opportunity to you all.

From the 1 December, we will have our Christmas tree set up at reception and will be collecting gifts which will be donated to the Salvation Army and SPCA.

We would love to give you the opportunity to give also.

Any of the following items would be appreciated: Toys | Dining and Entertaining | Non Perishable Foods | Christmas Decorations | Pet Food (Canned or Biscuits) etc

All donations to be in by 4.30pm, Monday 18 December 2017.

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