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ATO: WAYS TO STAY ON TOP OF YOUR CASHFLOW

As the world economy recovers from the impact of COVID-19 many business owners’ attention is turning to working out an action plan for their business.

However, when faced with the pressure of trying to save a business that is facing financial difficulties, business owners can run the risk of making poor decisions.

It’s important not only to get the basics right but also to spend your time wisely and concentrate on areas that will help your business succeed.

Cash flow is the lifeblood of any business. Like fuel for your car, without cash flowing through your business, it won’t run. Getting your cash flow in order and understanding the current health of your business will help you and your business to prepare for the ‘new normal’.

At the ATO, we offer a range of tools and services to help you manage and grow your business and get back on track if you need it.

 

 

Andrew Watson is an Assistant Commissioner for the Australian Taxation Office in the Small Business line. He collaborates with small businesses, industry groups and government agencies to shape the client experience and drive improved digital services. His area also helps small businesses manage cash-flow and digital readiness.