Great Insite from Kirsty Fox of Spitfire Accounting Solutions - the accountant for tradies
How solvent is your business? If you are having difficulty paying your bills, what to you do about it? Do you talk to your creditors at that point in time, or do you wait until everything is severely overdue and said creditors take you to court for non-payment?
The thing is, if you talk to your creditors when you first have trouble with your cash flow, you'll find they want to help you. They are less likely to be aggressive about getting paid by you - after all, a payment plan means they will at least get paid (albeit over time), versus taking you to court, winding your business up and getting very little back. Conversation is key. And this includes the ATO. The people on the other end of the phone are exactly that - people, and generally they want to help you as much as they can. #business #smallbusiness #insolvency #goingunder #cashflow #profit