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7 New Year tips for your business

7 New Year tips for your business

Want to give your business a head start for 2016? Here are some simple tips to help you save time, improve efficiency and prepare for the year ahead.

1. Move to the cloud

Using cloud storage means you can work on your business documents, no matter where you are — without having to email them back and forth. There are plenty of cloud packages available for businesses that you can tailor to your needs. You can even decide which folders and documents your different staff members can access, but make sure you’re across any security and privacy issues before you get started.

2. Connect with your accountant

While you’re shopping around for the right cloud solution for your business, it’s worth considering getting one of the cloud-based or cloud-connected accounting systems now on the market. You can use these to directly share information with your accountant — including automated bank feeds — saving you the time and effort of doing it manually.

3. Streamline your cashflow

Finding the right online banking solution can make it easier, safer and faster to manage your payables and receivables. CommBiz allows you to link straight to your accounting software and other business systems, so you can stay in control of your cash flow every step of the way. When you’re on the go, CommBiz mobile can give you a snapshot of your actual and forecast cash balance — anywhere, anytime.

4. Don't wait to get paid

Looking for a way to put your cash to work faster? Get paid on the spot with CommBank’s Everyday Settlement. Everyday Settlement provides same-day payments to your account from all your EFTPOS and credit card sales. That way your money will be available as soon as you need it, even on weekends and public holidays.

5. Check your cover

You should already have different types of business insurance in place — from workers compensation to public liability and personal injury policies — but do you have the right levels of cover? If you’ve taken on extra staff, upgraded your systems or moved to new premises, check your policies to make sure your business is still fully protected. And if you’re not sure, it’s worth getting advice from a business insurance specialist.

6. Create a safety net

Don’t waste time worrying about how you’ll cover costs during quiet periods. With a CommBank Business Overdraft you can access up to $50,000, allowing you to pay staff and suppliers while you’re waiting to be paid yourself. It’s quick and easy to apply, and you don’t need to provide your business financials. What’s more, you only pay interest on the money you use.

7. Look after yourself 

Running a business can be hard, but running yourself into the ground is worse. If most of your waking hours in 2015 were spent at work, it’s probably time for a change. Give yourself plenty of time off to spend with family and friends doing the things you enjoy. You may even find that having a better work–life balance helps you run your business more effectively.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. You should consider seeking independent financial advice before making any decision based on this information. This information is prepared by Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945. Registered office: Ground Floor, Tower 1, 201 Sussex Street, Sydney, NSW 2000. For terms and conditions of the products mentioned, please visit any of our branches, go to commbank.com.au, or call us on 1800 138 363, Monday to Friday, 8.30am to 5.30pm AEST.