Debts owed to your business

Having too many or too few debtors could be a sign of poor business health – take our Business Health Check.

Having too few (or no) debtors might mean that your business could expand its business by offering to the right clientele some limited credit facilities?

To schedule a free review of your current business structure click the following link: Book a meeting instantly

To view our knowledge base glossary – for the definition of a term click the following link:  Glossary of terms

To view our knowledge base click the following link: Knowledge base

take our free Business Health Check and receive bespoke, obligation free advice suited to your needs within minutes.

Otherwise – click here to book a free appointment, call me anytime on 1300-327123 (till late), or click the chat tool – bottom right corner to instant chat now

Thanks, Mark Smith, Director

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Savings fee: save on your business debts over $2000

take our free Business Health Check and receive bespoke, obligation free advice suited to your needs within minutes.

Otherwise – click here to book a free appointment, call me anytime on 1300-327123 (till late), or click the chat tool – bottom right corner to instant chat now

Thanks, Mark Smith, Director

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Free debt collection tool

Is your business or are you personally owed money by a company here in Australia?

If yes – and if the amount in over $2,000 – it is likely you are able to use our free debt collection tool called the Creditors Statutory Demand.

To find out – click here and complete the check list, then proceed to collect the money (no charge from us).

To schedule a free review of your current business structure click the following link: Book a meeting instantly

To view our knowledge base glossary – for the definition of a term click the following link:  Glossary of terms

To view our knowledge base click the following link: Knowledge base

take our free Business Health Check and receive bespoke, obligation free advice suited to your needs within minutes.

Otherwise – click here to book a free appointment, call me anytime on 1300-327123 (till late), or click the chat tool – bottom right corner to instant chat now

Thanks, Mark Smith, Director

Mark J. Smith
Mark J. Smith

If you need help with your business’ finance, to access more finance, complete the form below:

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Good debt practices

Business Health Check
Business Health Check

There are a number of healthy things a company can do in the conduct of its affairs.  Some obvious, some not so obvious – but most discussed under our free Business Health Check – start now

Below is a short checklist of good practice suggestions (in no particular order).

Checklist

  1. Not incur debts in the first instance.
  2. Checking invoices and ATO tax office statements carefully – ensuring there are no additional, unapproved items.  Particularly in relation to taxation matters, it is critical that you check these thoroughly!
  3. Disputing unapproved items quickly.  Ideally in writing.  Particularly concerning alleged taxation debts, directors tend to do the opposite.  And, a director under pressure already, often fails to fully read a tax notice of assessment.  (Sometimes they are just plain depressing).  A director must resist the urge to bury the document and should immediately dispute any tax ruling or assessment that they believe is incorrect.  Failing to dispute assessments can have huge consequences later when and if a creditor’s statutory demand has been issued – options become vastly more limited.
  4. Putting everything in writing.  i.e. using email particularly when entering contractual arrangements.  This can provide an important record of the exact agreement.
  5. Confirming discussions in writing by email after discussing things with the other party.  i.e. if one side has made concessions about the debt, the time when due or payable or similar, send an email immediately afterwards confirming what was discussed.  It’s much easier to remember at the time than 2 months later.
  6. Keeping documents and records.  Ideally electronically in an inbox.
  7. Backing up and saving documents and records.  There are many good free or low-cost cloud solutions for storing emails and documents.

If your company needs help arranging its file, contract and legal documentation, or if your company needs to dispute a tax notice of assessment or director’s penalty notice call us for a free consultation, call 1300-327123 or complete the form below.

Take our free Business Health Check – start now

Thanks,

Mark Smith, 1300-327123

Mark Smith, Business Asset Protection
Mark Smith, Business Asset Protection

To view related blogs, follow the following category links and tags below.

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What is insolvency?

Insolvency in general terms, as it relates to a corporation, is the inability to pay debts as and when they become payable.

A company is also insolvent if it is experiencing an ‘endemic shortage of working capital’ as opposed to a temporary lack of liquidity.

Determining the difference at a point in time during the corporation’s life is a question for a court to determine .

Indicators of insolvency include:

  • continuing losses,
  • no access to alternative finance,
  • the inability to raise further equity,
  • special arrangements with selected creditors,
  • solicitors’ letters or judgments issued against the company,
  • overdue taxes,
  • failure to keep books and records, etc.

The list is indicative and not exhaustive.

Companies experiencing any or all the above indicators should book a free consultation by clicking here then where we’ll provide you with company specific advice re insolvency in your instance.  Alternatively call us on 1300-327123 (till late) or complete the form below.

 

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