Cashflow Manager is designed for those of you who have limited accounting knowledge and want to get control of your bookkeeping records. I have been using the trial version of the software and I found it very easy to use. The setup process takes just a few minutes, and the design of Cashflow Manager makes it very simple to see what information you need to put in and how to do it.

The software is an Australian product and helps small businesses get control of their accounting records using what is called the single entry method.  Using the software helps you keep accurate records, which is vital for a healthy business as well as ensuring compliance with the tax office.  This is important as the Australian Tax Office no longer offers e-Record.

You can just do the simple things like keeping track of your payments and receipts, reconcile with your bank statements and when you need to, you can export the data straight to your accountant.  The software is ideally designed for small businesses who use the cash based Goods and Services Tax method and do not have any inventory to control.

What I liked about Cashflow Manager

• It automatically calculates your GST and even produces a report that you use to lodge your Business Activity Statement online. This is a huge time saver.
• When you set up your business you can align it to the software that your accountant uses. This means they can do their reports easily saving you money and your accountant’s time.
• It has videos that you can access from the software to help guide you through any of the different sections as well as a comprehensive user guide.
• The software is particularly suited to small service based businesses
• You can tailor the columns to suit your individual business. This means that you can just have the accounts that are needed for your business.

What could be better?

These are minor suggestions as the software is well designed for most small businesses.

• Although in the guide it has an explanation of the terms, it would be good to have these as pop outs on the columns in the software. For example if you scrolled over a column a definition and examples would be quicker for someone new to the software.
• You can add columns for different accounts. However they are only at the top level. It would be helpful to have the ability to add sub accounts that could then be totalled to the higher level.

Cashflow Manager is particularly suited to small businesses with simple needs regarding accounting record keeping. The product has a free trial and more information can be found on the Cashflow Manager website.

Editor’s note: This review was done of the Australian version of Cashflow Manager. For the U.S. version, visit the Cashflow Manager USA page.

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The latest MYOB Business Monitor revealed that business confidence is growing; especially amongst younger business owners with 65% expecting improvements in the next year.

Whilst there will still be challenges to overcome by small businesses, a key to their success in Australia as in most countries will be to meet the challenges head on and act on opportunities to grow their business.

Here are is a list of small business opportunities for 2010:

1. Retail

Australian consumers represent a large portion of online shoppers in the Asia Pacific region with 79% of internet users reporting they had made an online purchase in the last 12 months. Larger retailers are taking advantage of this; however a leading retailing expert Debra Templar says “small business retailers are still reluctant to have an online presence.” This is an easy opportunity to capitalise on now to grow their business.

2. Technology Services

According to the Australian Bureau of Statistics 72% of Australian households have internet access and more small businesses rely on their computers and internet to run their business. Whilst there are businesses that offer at home or business service  there is an opportunity to bring this online as a subscription based service with do it yourself videos or instructions for common problems, fixes, maintenance etc.

3. Networking

Offline networking events are commonplace in cities. An opportunity exists for networking events that focus on local and regional areas in different industries such as health care. One company The Brew provides live local events to promote and connect small businesses with their local community as well as now expanding into webinars.

4. Partnering with Larger Businesses

Partnering via blogs with larger companies presents an opportunity for small businesses, especially with companies that target the small business market, such as banks and Telcos. One example is Paul Hassing from The Feisty Empire who features in the Small Business Owner blog on the myBRC website.

5. Pets Services

Australians love their pets and this is a growing industry to cater for their and their owners’ needs. Most of these businesses operate on their own. Again by partnering with retail outlets such as Planet K9 does with Mega Pet Warehouse, opens up opportunities cost effectively.

6. The Environment

Being environmentally friendly and going green will increase in importance; however it is still an area that confuses people and businesses. There are already a couple of web directories and opportunities will continue to increase for consultants to assist all size businesses to have greener businesses.

7. Connecting

This year saw a small business SourceBottle utilizing email and Twitter to connect journalists, bloggers, businesses and PRs. Facilitating these connections is likely to grow and opportunities exist especially using platforms such as Twitter in industries where there is need to quickly connect  two or more parties such as temp or contract recruitment.

8. Travel

With our dollar being healthy and our economy growing, travel will come back on the agenda. Opportunities will exist for experienced consultants and those that specialize in certain travel needs. This also opens up opportunities for consultants to set up home businesses instead of leasing retail space.

9. Work Place Relations

With more changes in workplace laws coming into effect, many small businesses are under prepared in this area. This is especially important as small businesses are a large employer group within Australia. This is likely to be a growth area for consultants who can assist small businesses through the new laws.

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From the Australia Bureau of Statistics there are nearly 1.9 million small businesses (defined as those employing less than 20 people) which represents 95% of all businesses. Nearly 7 out of 10 of these businesses operate from home and whilst the number of women owning a small business is increasing, 69% are operated by men. Small businesses employ 3.6 million people which equates to 47% of private sector, non agricultural employment businesses. 

To put the importance of this sector into perspective, small businesses account for about 25% of GDP and said to be capitalised at $4.3 trillion which is about 4 times as big as the Australian stock exchange. 

The year 2009 is certainly going to be challenging but as always exciting for small businesses and the key trends identified are: 

1. Connecting with Customers

Lately there have been more articles, blog posts and discussion on the importance of retaining key customers. Customer service is usually a key strength for small businesses and 2009 will see more emphasis on strengthening current customer relationships. Whilst it will be a mixture of new and old tactics I think we will see more personal contact as we go through the year. 

2.  Connecting with other Businesses

Australian small businesses are moving to utilize social media to network and developed business relationships. In 2008 Australian small business forums were launched such as the Flying Solo forum and the involvement in these will accelerate in 2009 especially if the economy declines, as a way of connecting and sharing ideas in a cost effective way. It appears the percentage of Australian small business using Twitter is quite small and while this percentage will increase it will not be a dramatic increase. 

3. Working Smarter

As conditions become tougher many Australian small business owners have already started focusing on better financial management of their businesses. They will continue to place greater emphasis on getting their invoices paid, conducting credit checks on new customers and looking at ways to receive payments up front. On the cost side their will look to streamline their business to quickly take advantage of market opportunities for growth as well as actively reducing any bank debt. 

4. Start up and Exits

In previous years when unemployment increased there was a rise in the number small business start ups, especially for those who received a redundancy package. However with the losses to superannuation funds and investments it is likely that home businesses will continue to grow as the cost involved is small, but it is unlikely that people will rush to use their redundancy to buy a franchise. Another factor regarding buying a franchise is that borrowing from banks is only going to get tougher with tighter requirements. 

For those thinking of exiting, the last few months have seen a number on the market; however, there are not as many buyers and this is unlikely to change next year. 

5. Employing Others

With the introduction of the new Labor government’s employment laws and the economic climate small businesses will not rapidly increase their staffing levels. A recent MYOB Survey found only 14% of small businesses intend to increase their employee numbers with the majority of small businesses keeping their current staff levels even though there is still a skill shortage in certain areas. This actually could be one of the opportunities for other small business who provide services as small businesses investigate outsourcing to assist their business growth. 

6.  Expanding their Presence

It is estimated that only 40% of small businesses in Australia have a website, although approximately 80% have internet access. Australian small businesses have been quite slow to establish a web presence; however this could increase more quickly next year as small businesses give more attention to the opportunities that even a basic website can offer. Also it is thought as awareness increases of blogging platforms that are free such as WordPress more small businesses may use this as a first step for a web presence before outlaying cash building their own. 

7. Embracing Technology

Australian small business will continue to embrace technology, especially where there are cost or time saving and uptake of applications such as Skype, mobile technology and Google applications etc will continue next year. This will lead to more interest in web based software applications.  However, it is unlikely there will be a fundamental shift away from packaged software in the near future for the majority of small businesses. 

8. Finding their Voice

As it is well known how important the small business sector is for the country and during 2009 and the next few years lobbying will continue and increase for better considerations from the government. It has been said that the Minister for Small Business Dr Craig Emerson is quite proactive and this could lead to rethinking of certain government policies, e.g., a submission has called for the lowering of the tax rate for this sector. 

9. Bartering for Goods and Services

I was a little unsure whether to include this, however talking and listening to other small business owners the last few months there seems to be a growing interest in this area for two reasons. One is cost saving to the business and the other is to overcome a short term need that requires the skills the business owner does not have. As next year will see the need to be more creative for business growth, bartering may be one area investigated and trialed by small businesses. 

10. Continued Confidence

Small business owners in Australia as in most countries have always been quite a confident bunch of people and this trend is set to continue. In a recent small business survey, over 40% still expected their revenue to increase and an additional 28% expected revenue to remain the same. 

To put this in perspective nearly 60% of those surveyed expected the economy to perform worse over the next twelve months and many believe there will be a recession. One reason for the confidence is for the past months small businesses in Australia have had the time to start preparing themselves for a downturn in the economy and gain key insights from events that have been occurring overseas.

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About the Author: Susan Oakes is a director and cofounder of Marketing for Business Success Pty Ltd., which has developed the M4B Marketing Software.  She blogs at M4B Marketing Blog.

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