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Ledger Guard's Tips & Strategies - September 2011 |
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"Protecting Your Business" |
Tips & Strategies - September 2011
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Business Names Register, PPS Register, Insolvencies
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Hi
This month we are pleased to announce that efforts have been made to untangle some of the red tape involved in registering business names in multiple states and territories. Check out our main article below.
We also update you on a delay to the start of the Personal Property Securities Register (PPSR), share some alarming insolvency statistics that should ring warning bells if you are treating your late payers too casually, and include further worrying statistics relating to payments from the manufacturing sector.
On a positive note, our client featured this month is BSharp Accounts who will whip your accounts into shape so you can more effectively manage your debtors and get paid on time. Scroll down for more information.
Regards
Larry, Geraldine, Mike, Emma and Ben
Register your business name without all the red tape
Simplified process
We are please to announce some great news regarding business names registration. As of mid 2012, if your business trades in more than one state, you will register your business name on a national database. The new National Business Names registration system will be more streamlined than the current one which is non-uniform, complicated and expensive for businesses.
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The new system will be managed and administered by the Australian Securities and Investments Commission (ASIC).
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Your business name can be registered for a period of one year for $30 or three years for $70.
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Applicants need to have an Australian business number or be in the process of applying for an ABN.
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There will be a single integrated online registration process for the business name and the ABN.
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If you already have a registered business name under a state or territory, your business name will automatically be transferred to the national register at the introduction of the new system. If your business name has been registered in several states or territories, these will be consolidated into one registration.
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If some identical business names have been registered by different owners in different jurisdictions, ASIC will insert a distinguishing mark or expression on the register; therefore you won't have to change your business name.
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Latest PPSR Update
Start Date Delayed
In our August newsletter, we advised that the Personal Properties Securities Register (PPSR) would be operational 31st October following the original start date of May 2011.
We have now received advice that there will be another delay with launching the PPSR as further testing is required to refine the system.
The Personal Property Securities Act requires the register to be up and running by 1 February 2012, so the start date will be sometime between November and February. The good news is that there is still time to ensure you are fully prepared for this new process of securing an interest in your goods ("personal property").
If you are a retailer, manufacturer, wholesaler, distributor, consignor, franchisor or supplier/lessors of equipment or construction materials such as fencing, portable toilets etc., then it’s most important that you take the time now to learn and understand how the PPSA legislation will affect your business.
For more information on the Personal Property Securities Act and to check if your terms and conditions comply with the new legislation contact Ledger Guard now on 07 3260 7232.
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Did You Know?
Manufacturers finding it difficult to pay their bills
According to an article published this month by credit agency Dun & Bradstreet, Australian manufacturers are nearly five times more likely to be unable to pay their bills. These are the findings derived from Dun & Bradstreet’s Dynamic Delinquency Score (DDS). The data reveals that over the four months to June 2011, the likelihood of severely delinquent payments in manufacturing increased by nearly 10%, compared with a rise of just over 2% in the non-manufacturing sector.
We urge you to consider these statistics and to take precautions when you extend trade credit. Slow payers can cripple your cashflow and destroy your profit margins, but the most worrying outcome is a customer going into bankruptcy or liquidation owing you a large amount of money.
Don't take unnecessary risks. Make sure you have a signed contract, conduct regular credit checks and maintain a tight rein on all your accounts. If you are still waiting for payment at 60 days past your 30 day terms contact Ledger Guard immediately.
We are a licensed debt collection agency, but we can also help you protect your business so you get paid on time for every invoice.
Find out more:
Ledger Guard's website
Ledger Guard's
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Ledger Guard's phone 07 3260 7232
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In This Issue
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Register your business name without all the red tape
(Simplified process)
Latest PPSR Update
Start date delayed
Did You Know?
Manufacturers finding it difficult to pay their bills
Did You Know?
Insolvencies hit record high
Introducing Our Client -
BSharp Accounts
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Did You Know?
Insolvencies hit record peak
* A record number of Australian businesses (921 in total) entered administration in July according to new ASIC figures. This is a 6% leap on July last year.
* The first seven months of 2011 has now seen 5,852 Australian businesses go to the wall, an all-time record.
By comparison, 5,735 businesses entered administration in the period January to July 2009, the height of the GFC.
* Sensis figures report that business profitability has hit an 18-year low, with 80% of SMEs experiencing flat or declining profits in the three months to August.
Don’t let your business become a statistic by virtue of the poor financial condition of your debtors.
Ledger Guard can help ensure you are paid every time and we can also help you to identify risky customers before you take them on.
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"As a practice we've just been through a process of reviewing and tightening up our payment and credit Terms and Conditions with an outfit called Ledger Guard.
We felt Ledger Guard's service was extremely professional and their price point offered value for money."
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- Brad Peters
"We would recommend Ledger Guard to any business that needs debt collection or an update of their credit documentation."
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- Stephanie Walls
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Introducing Our Client:
Bsharp Accounts
If you are looking for a reliable and efficient bookkeeping service in the Brisbane area we recommend you contact Evan Wright of BSharp Accounts.
Evan and his team of fully qualified and experienced bookkeepers offer onsite and offsite bookkeeping services that will save your accountant heaps of time resulting in fewer billable hours which means you save money.
And, you can relax knowing your accounts are in the hands of a professional.
Contact Bsharp Accounts on 07 3847 4830 or
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
or check out their website.
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