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It’s hard to believe the end of the Australian financial year is nearly upon us again. It’s a busy and critical period for organisations of all sizes, working through accounts, tax returns and plans for the new financial year. This planning is incredibly valuable so you can work smarter in the year ahead.

To help, we’ve put together some tips for business owners to consider for the new financial year:

Picking partners
The right partners can help your business streamline costs, assist with change and reduce complexity.

A recurring payment solutions provider is a great example – they can add significant value for an organisation by reducing some of the key ‘pain points’ such as following up on outstanding payments and dealing with customer changes.

In fact, the right partner in this area can help your organisation with greater flexibility, consistent cashflow and a full credit control system, saving time and money so you can focus on what’s important – your customers and outstanding service.

Cashflow is king
This consistent cashflow is the cornerstone of any organisation. Large one-off payments can make a business vulnerable; that’s where an effective payment plan can assist as it supports regular and reliable cashflow, putting an end to chasing payments and late fees.

Making technology talk
It can be easy to overcomplicate things in the technology world so consider your existing and potential business management software. Do these systems integrate? What would be the benefits and opportunities with a payment platform? How would this enhance your offering?

Application program interface (API) integration enables all these tools, products and applications to work together, providing greater options and scope; ultimately making life easier for you and your customers. The right partner can assist with this so these benefits and more can be realised.

The old adage: stick to your knitting
We all want options that make life easier! As life gets increasingly busier, there are options to help make things as seamless as possible in your business and as easy as possible for your customers.

A key way to do this is to offer flexibility around payments. In addition to the benefits noted, payment plans increase retention due to their reliability, ease of use and security guarantees. The right partner can facilitate this through technology, expertise and experience.

 

These tips ring true another old adage: failing to plan is planning to fail. It just makes good business sense to consider options that add value to your organisation, particularly as the door to a new financial year opens.