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One of the most difficult aspects of owning a business is managing finance admin, especially ATO Business Activity Statements (BAS) and their obligations. There are consequences if BAS is not submitted on time, and businesses may fall subject to interest penalties.

Factoring InvoicesFactoring invoices can help businesses meet their obligations with the ATO and pay the next quarterly payment [due on 28-April] on time.

Key Factors can help businesses get on top of their ATO obligations through factoring invoices.

Factoring invoices with Key Factors

Factoring invoices couldn’t be simpler with Key Factors, allowing you to release cash from your invoices with 3 easy steps:

  1. Invoice your clients and send Key Factors a copy
  2. Key Factors will transfer up to 80% of the invoice value to you in as quickly as 4 hours.
  3. Key Factors will credit you the remaining 20% less any accrued fees, when your customer pays us.

Getting On Top of ATO Obligations:

The business owner has specific responsibilities when it comes to getting on top of ATO obligations. We’ve outlined 4 useful tips provided by the ATO below:

1. Take responsibility

It is assumed that reasonable care is taken to meet your obligations – to provide accurate and complete information in all documents, including activity statements and tax returns.

2. Keep all required records for 5 years

Whether you’re a small business or not, you are required, by law, to retain the required business records. If you are unsure of what these records are, a full list can be found on the ATO website, depending on your business dealings. It is worth noting, that such records need to be kept for five years, and must be in English.

3. Lodge BAS by the due date

There are certain cut-offs to lodge most documents, and harsh penalties apply if they are lodged past the due date. However, if there are genuine reasons, as to why you are having difficulty adhering to these dates, or you cannot pay the amount owing on time, you must get in contact with the ATO prior to the due date to discuss your options. In some cases, extra time may be given to lodge and/or pay. Keep in mind that both tax returns and activity statements must be lodged on time, even if the amount owing cannot be paid at that time.

4. Pay by the due date

As per the previous point, all taxes and other amounts owed must also be paid by their respective due dates. Extra time to pay may be granted by the ATO in extenuating circumstances, potentially without interest charges – and only if the ATO are made aware your situation prior to the due date.

Advantages Of Factoring Invoices

The main advantage of factoring invoices is it allows businesses to get access to immediate payment, instead of waiting for up to 90 days for their clients to pay. Businesses can use the funds to get on top of their ATO obligations, pay staff on time, hire more employees to expand, and operate more efficiently.

Unlike traditional business loans or overdrafts where funding can be quite restricted, factoring invoices is more aligned to your revenue, so the more sales you make the more cash you can get.

Factoring invoices is also a quick and simple process, and funding can occur in as quickly as 4 hours.

With offices in Perth, Sydney, and Melbourne, our local State managers can provide a tailored cash flow solution to suit your business.

Contact us at Key Factors, on 1300 884 100 and a local state manager will be more than happy to discuss your needs and provide you with a quote to suit your requirements today.

So you have won a huge opportunity to grow your business with a new client, you are incredibly excited but wait! Where will you get the cash-flow to pay your suppliers and staff?

Invoice factoring is vital to help grow your business as it has many benefits to make business deals less stressful on you, your business partners and on your bank account. Invoice factoring is easier than getting a business loan from a bank and can also give you immediate cash for your sales invoices. It also opens more opportunities to work with higher paying clients and larger projects as your business grows.

What is invoice factoring?

Invoice factoring is a type of debtor finance in which a business sells its accounts receivables to a third party like Key Factors for immediate cash. This process enables your business to cover the gap of slow payments instead of waiting up to 90 days to get paid. With Key Factors invoice factoring you can get up to 80% of the invoice value in as quick as 4 hours, and the remaining 20% is credited to you once the customer pays.

Here are a few helpful tips on how to grow your business with invoice factoring.

 

Grow your business with upfront working capital

With invoice factoring, it gives you upfront funds to be able to put money where you need to. Which as a result will help you grow your business. Whether it be hiring new staff, renting a new office space or purchasing new equipment to help you fulfill your business needs. With invoice factoring, you have the flexibility to access funds and use them in your business instantly.

Invoice Factoring Perth

Pay your suppliers on time

Being able to pay suppliers up front and on time for their work is very important to help grow your business as you can often negotiate better deals for payment upfront, and on top of this, you will gain a great reputation among your suppliers which will help with getting better business deals in the future.

Business Invoice Factoring Perth

Use Invoice factoring to pay your staff

Nothing is more stressful when trying to grow your business than thinking about how to pay your staff wages. Invoice factoring will help you ensure they are paid correctly and on time so that you can continue to run your business. Invoice factoring can also help with expanding your staff as your company’s revenue grows, making the workload less stressful on your current resources.

Invoice Factoring Companies In Perth

Speak to Key Factors about Invoice Factoring

Key Factors can help you set up invoice factoring and answer any questions you may have.  We can also follow up on unpaid invoices on your behalf to allow you the freedom to focus on your business.

Key Factors allows businesses to have access to cash within as little as 4 hours! With no minimum volume or ongoing monthly charges, we can help you bridge the gap of slow payments so you can focus on growing your business. With offices in Perth, Sydney and Melbourne, our local State managers can provide a tailored invoice financing solution to suit most Australian businesses. With over 30 years of experience in invoice factoring, your business is in good hands.

Contact us at Key Factors and a local state manager will be more than happy to discuss your needs and provide you with a quote to suit your requirements.

Business Finance With FactoringRunning your own business can be challenging and if you don’t have the right tools or enough business finance to help fund operations, the stress can take a hefty toll on your health and wellbeing along with your company success.

One of the main reasons many businesses fail is poor cash flow. This is unfortunate as it is an easy problem to solve if you have the right knowledge and take advantage of different funding options. Here we will provide you with some valuable information on factoring, a flexible business finance alternative.

A great way you can maintain your business finance is to use factoring to get instant cash upfront by financing your accounts receivable.

How does factoring work with Key Factors?

Improve your business cash flow in 3 simple steps:

  1. Invoice your clients and send us a copy.
  2. We transfer up to 80% of the invoice value to your nominated account in as quick as 4 hours.
  3. The remaining 20% is credited to you when your client pays us.

By getting the cash upfront you can eliminate the stress of the waiting for clients to pay in 30, 60 or even 90 days. BCashflow Positive factoring service also provide account management and follow up of your outstanding accounts at no extra cost. This gives you peace of mind allowing you to focus on doing what you do best which is growing your business.

Factoring allows you to pay your staff on time, instead of having to try and get a business loan from a bank which can take weeks or even months.

You can use factoring to pay ATO bills, office costs, rent, supplier costs and any other expenses you may have in your business.  It’s also a good idea to use invoice factoring for those unexpected expenses that pop up from time to time or when your business is experiencing rapid growth and require additional working capital.

If you would like to know more details about how you can use a flexible business finance option like factoring to improve your cash flow, complete our quick contact form or call 1300 884 100 to speak to one of our factoring experts.

One in five new businesses will fail within the first year of business. There are many reasons that a company can fail. Some are out of your control. According to ASIC report on corporate insolvencies 2016-2017, the top 3 reasons why businesses fail is inadequate cash flow, poor strategic management, and poor financial control. Don’t let this dishearten you, we have some excellent advice on how business invoice factoring can help provide adequate cash flow for your new business venture.

How Does Business Invoice Factoring Work?

Invoice your clients for work fully completed or goods delivered and send Key Factors a copy. We will advance you up to 80% of the invoice value in as quick as 4 hours. Once your client pays the invoice in full, we will credit you the remaining 20% less any accrued fees.

invoice factoringHow Can Business Invoice Factoring Help My Business?

By using business invoice factoring, you will be able to get immediate cash for your sales invoices. You can improve your cash flow and use it to invest in hiring more staff and buy essential equipment to expand.

Other Benefits Of Business Invoice Factoring

In the early stages of running your business, it is vital to ensure your business is equipped to take on new opportunities. Business invoice factoring can help to maximize your company growth by providing the cash-flow you need to keep the wheels in motion and stay on top of operating expenses.

Key Factors business invoice factoring can increase your working capital and allow you to service larger clients by converting unpaid invoices into cash. You can be more confident in saying ‘yes’ to entering into a contract knowing you will have a more predictable cash flow to service ongoing work.

As your client base grows your staff requirements will also increase. Business invoice factoring gives you the cash readily available to pay your wages on time.

So take the pressure off and concentrate on bringing in the big clients while we take care of your business invoice factoring. Give us a call today on 1300 884 100 or contact us to find out more.