8 Small Business Money Management Tips

Discover tools to save time, simplify admin and grow profits. Running a small business can be time-consuming. Between managing employees, bringing in new customers, and keeping the books balanced, there's not always a lot of time for innovation and growth. Thankfully, technology has advanced to the point where there are plenty of great software tools to help small businesses do just that. But with so many options available, which ones should you choose? In this article, we'll break down six of the most helpful tools for growing your business, and offer advice on how to pick the right one for you. 1. A simple, powerful accounting platform If you're not an accountant, bookkeeping can seem like a complex task. Luckily, there are many accounting platforms available to make the process easier and more streamlined. Accounting software is a convenient way for small business owners to simplify the bookkeeping process. Gone are the days of maintaining a paper ledger — accounting platforms provide tools to manage income, expenses, tax information and more, allowing business owners to keep track of their financial data in real time throughout the year. With over three million subscribers worldwide, Xero is a popular choice for entrepreneurs. Developed with small business needs in mind, Xero allows you to keep track of your finances via its intuitive, easy-to-read dashboard. At a glance, Xero users can get a holistic view of their financial position, including outstanding invoices and bank balances. However, don’t confuse simplicity with reduced functionality. This is a powerful solution that can deliver advanced reporting when you need it. And, with multiple subscription price points, there is an affordable option for all businesses. Not convinced just yet? For more help choosing the best accounting platform for your needs, read How to choose the right accounting software for your business. 2. Robust point-of-sale software A point-of-sale (POS) system is a must-have if your business needs to manage ordering or inventory. For retailers and hospitality merchants in particular, POS software can be a lifesaver — serving as a central hub to help business run more smoothly. Retailers can use a POS system to ensure appropriate stock levels are maintained, and that in-demand items are always available for purchase. This serves to ensure customers come back, time and again, to your business. Vend takes the pain out running your retail business by providing an integrated point-of-sale experience. With their portable software, you can accept payments, stay on top of inventory, and keep detailed records of your customers’ buying habits. You can also integrate the software with your accounting platform, to make it even easier to keep your business growing. In hospitality, POS software can help your business run more smoothly by streamlining the process for bookings and delivery orders, as well as tracking stock levels, and ensuring that your customer enjoys the ultimate dining experience. There are dozens of options on the market. The right option for your business depends on a number of considerations, including whether you offer delivery, accept bookings, and allow for meal customisations. Read more about how to find the best POS System for your restaurant on the blog. 3. Affordable email marketing software One of the most powerful ways to build customer loyalty is via email marketing. While social media and other channels might boost your brand visibility, a direct email will help ensure your past customers know about new product offerings, sales, and other changes in your business. Email marketing software can be used in a multitude of ways. You can use it to send regular newsletters, and track performance metrics such as open and clickthrough rates. Or, you could simply use it to let your customers know about a change to opening hours. Once your confidence with your chosen system builds, you might even consider using an automated email sequence to direct your customers through a pre-planned journey to drive sales for your business. For an email marketing platform with a good track-record, you can’t go past Mailchimp . Founded in 2001, Mailchimp has established itself as an affordable and easy to use email marketing platform for businesses of all sizes. Boasting an intuitive interface and expertly designed templates, sending out customer emails is easy for professionals and amateur marketers alike. If budget is a consideration, Mailchimp offers an entry-level plan — allowing businesses with fewer than 2,000 subscribers to use the platform free of charge. 4. A mobile EFTPOS terminal With cash use in steady decline , it’s never been more important for businesses to be able to accept cashless transactions. For that, you need a portable EFTPOS machine . All EFTPOS machines accept cards — it’s what they were originally built to do. However, the shift to more modern digital forms of payment will continue, and new payment methods will continue to emerge. In determining which EFTPOS machine is best for your business, consider not only whether it enables you to accept today’s most popular payment methods — but also whether it will continue to enable you to accept your customers’ payments into the future, as new methods such as ZipPay grow in popularity. Zeller Terminal is a powerful portable EFTPOS machine designed to make it easy to keep your payments in order and improve your cash flow. Featuring an elegant design, Zeller Terminal allows you to accept all payments, including smartphones and other mobile devices, contactless debit and credit cards, as well as traditional chip-enabled cards. Other benefits include being able to accept payments on the go, customising receipts, and a low fixed rate for all transactions. Coupled with a free Zeller Transaction Account , Zeller Terminal can fast-track payments, while ensuring that your funds (and those of your customer) are safe and secure. Learn more about how the Zeller Terminal can help you do business better by reading Zeller Terminal: your EFTPOS payments solution . 5. Task management software For every big task you need to tackle, there’s probably a hundred smaller tasks to manage. It’s these small, administrative tasks that keep the day-to-day operations running smoothly. Yet keeping on top of every detail can sometimes be overwhelming. If that’s the case, a project management tool might just be the lifesaver you’re looking for. What makes a good project management tool? Different people use different systems to stay organised, so choosing the right one might be a case of trial and error. That said, knowing your priorities is a good way to narrow the field. If you’re not sure where to start, Asana is a robust software solution that is easy to use. Even the free version comes with templates for everything from team meetings to event planning and content development, making Asana an ideal solution to break down tasks into smaller, achievable chunks. Plus, Asana’s collaboration features allow you to set up teams for separate projects, and communicate progress without the need for endless, repetitive emails to your staff. 6. A collaboration platform Maintaining open and transparent communication with your team is the secret to a high-functioning, positive workplace culture. While face-to-face communications is ideal, COVID-19 has taught us that workplace communications can take many forms. Tools that make group communications simple to deploy, and easy to read, are vital for your workplace. Consider how hard it has been to communicate constantly changing public health advice, or managing staffing, during the pandemic. Having the right collaboration tools can make all the difference. Slack is a team communication platform that acts as a modern alternative to email and other business tools. It makes it easy to keep track of conversations, files, and information shared across all devices, and integrates with existing tools such as MailChimp and Google Drive to allow information to be share efficiently across all platforms. If you find it challenging to keep track of email threads, you might find that Slack has the advantage over email, making it easier to keep track of discussions without worrying about where you filed an importance correspondence. In short, technology can make your life easier — whether you are running a small or large-scale enterprise. When you decide you need help with accounting, processing payments, or staying in touch with your customers, there are numerous options on the market. The important thing is to know your business needs and choose tools that are compatible with your goals, as these will streamline tasks and free up your time so that you can enjoy the fruits of your labour.

How to find the right price to maximise your profits and keep customers happy. The importance of appropriately pricing your products cannot be understated. Too high and you could lose out to more affordable competitors, too low and you could struggle to break even. Finding the right pricing strategy is key to boosting your business’s growth trajectory. Whether you’re starting a brand new business or reevaluating your pricing, this article outlines the five essential steps you should be taking to correctly price, or reprice your product or service. From calculating your costs, to understanding your customers, doing market research, monitoring sales and implementing price changes: this article guides you through the art and science of pricing. 1. Calculate your costs The very first thing you need to do when deciding on a price is to calculate how much it costs you to make or deliver your product or service. You need to identify all the direct costs – that is, raw materials or components, labour costs, packaging, shipping and any manufacturing costs. You then need to consider your indirect costs, these include rent and utilities, staff salaries, marketing or advertising, general supplies and insurance and taxes such as GST. Once you have a good idea of what each product or service costs your business, you can use one of the most simple pricing strategies: cost-plus pricing. This strategy involves simply adding a markup to the cost of your product or service. For many retailers that are on-selling pre-made products, this is a common pricing method that works well. However, it does rely on your cost calculations being accurate. So, to ensure you’re not undercutting yourself, it’s important to also factor in market demand and competition. 2. Research your competitors If you’re entering or operating in a crowded market, it’s critical that you understand what the going rate is for your product or service. Do your own market research by looking online, signing up for newsletters, monitoring social media or by discreetly going into your competitors’ stores or speaking to their customer service. If you discover that your proposed pricing is far higher or lower than competing businesses, identify why. Is your product or service lacking something that your competitors are supplying? Are you offering a customer experience or convenience that your competitors are not? If your proposed pricing is in the ballpark of the existing market, then you have a few strategic options. You might choose to adopt penetration pricing, by setting a relatively low price in order to quickly attract customers to try the product, with the view of increasing prices once your business has gained some traction. Or, if your product is new or highly innovative, you may want to initially set your prices higher than your competitors in a strategy that is known as skimming pricing . This capitalises on the willingness of early adopters to pay a premium. Then you can gradually lower your prices to target broader market segments. Or, you could simply opt for competitive pricing, whereby you set your prices close to or just under what your competitors are charging. Whatever you do, it’s important to remember that your competitors’ costs and customers aren’t identical to your own. So, the aforementioned strategies will always work best for your business if you implement them in alignment with your production costs and your customers’ spending capacity. 3. Cater to your customers Getting to know your customers is one of the most important business lessons you’ll ever learn. What they value and what you offer them can make or break your business; so it pays to listen. Talk to your clients and find out what they’re looking for, then bring them more of it. If you don’t have face-to-face interaction with your customers, having a customer contact management solution will help offer insights into their purchasing behaviour. If you’re operating within a demographic that values quality, they’ll likely be prepared to pay a premium for well-made goods or white-glove service. If this is the case, your business could benefit from implementing a value-based pricing strategy , which focuses on the perceived value of the product or service. Consider the benefits, quality, and uniqueness of your offering, and price your product or service accordingly. Or, if you are aiming to create an image of prestige, you could opt for a premium pricing strategy , whereby you purposefully set a high price to position your product or service as luxurious, exclusive, and superior quality. If your customers are searching for a bargain, either you’ll need to find ways to reduce your production costs to ensure your prices stay low, or you could adopt the loss leader pricing strategy. This involves deliberately selling certain products at a loss, in the hope that customers will purchase other, more profitable items as well, making up for the initial loss. For businesses catering to a mix of customers at both ends of this spectrum, having a tiered pricing strategy will help you accommodate the diverse needs of your clientele. By offering a range of prices, you cast a wider net for reaching potential customers. 4. Track your sales Once you’ve decided on a pricing strategy, it’s time to evaluate whether it’s working or not. Having a simple, integrated process that easily shows you what’s coming in, and what’s going out is key in this process. Whether you’re accepting payments via an EFTPOS terminal or through invoicing , Zeller’s all-in-one solution is a great way to evaluate your cash flow. Business expenses can be paid for using the Zeller Debit Card or through a direct debit from the Zeller Transaction Account , and sales can be tracked via an online dashboard and mobile app , giving you an insightful visualisation of your business cash position. Seeing the net balance of your funds over time will quickly tell you if your pricing strategy is working or not, and moreover, it will enable you to identify spending patterns, which can inform whether or not you implement a dynamic pricing strategy . Adjusting your pricing to align with sales peaks or troughs – whether over days, weeks, or seasons – can help bring in customers when business is slow, or capitalise on demand at busier times. Similarly, if your business operates in different locations, being able to compare your sales in different venues can help you implement a geographical pricing strategy if necessary, where you adjust your prices to local market conditions. 5. Adjust your prices (if you need to) After monitoring your sales for a period of time, you might decide you need to change your tack. If this means decreasing your prices, most customers will welcome the change. Just make sure you can reassure them that the quality of your product isn’t also decreasing. If, on the other hand, you need to bump up your prices, there are a number of ways to go about it to ensure you don’t get your customers offside. Soften the blow by offering discounted bundles when several products or services are purchased together as a package. Improving the quality of your product, or adding in extra features, benefits, or improvements can also help to justify the increase in price. Alternatively, consider incremental increases over time to allow customers to adjust to the changes gradually. Or implement psychological pricing by rounding them down from the nearest whole, $9.99 for example. Timing is also an important factor. Generally, the beginning of the financial year (after the sales) is a good time to adjust your prices. Otherwise, identify when your busiest season is, and implement the changes then. If you’re worried about backlash, notify your clients of the price increase either in-store or via email, and clearly explain the reasons. Educating your customers and being transparent with them will help build their trust and loyalty. Finding the right price starts with the right tools. Understanding your costs, customers, positioning, competitors, and ideal profit will help you pinpoint the pricing strategy that’s right for your products. However, it’s important to note that it’s unlikely you’ll ever choose one strategy and stick with it. Your approach will adapt and change over time and in line with the market, which is why it’s important to remain agile. Equipping yourself with the right tools to help you regularly evaluate your pricing will ensure you’re always ahead of the curve. Zeller’s end-to-end solution is your number one ally when it comes to tracking your business cash flow and using sales data to strategically grow your business.

Each account is a financial tool with an important role to play. Money management is a skill that can take time to master. However, no business owner can afford to let this one slip through the cracks. Keeping a close eye on your incomings and outgoings from the outset is critical to keeping doors open. One of the simplest and most effective techniques to effectively manage your money is to set up three separate accounts: operating account tax account profit account. Each account has its own purpose. By keeping your funds in separate accounts, you will always have enough money on hand to carry you through quieter periods, take care of your tax obligations, or spend in case of emergencies. When you sign up for Zeller, you get a free Zeller Transaction Account . Setting up multiple Zeller Transaction Accounts is simple, and can be done in seconds. What is a business bank account? A business bank account is a facility that protects a business’s capital while enabling it to spend its funds. You’ll use a business account to receive payments from customers, fulfill invoices, track business expenses, and generally keep your accountant happy. A business bank account is not a personal account. For tax and bookkeeping purposes, banks, accountants and payments providers strongly recommend that merchants separate personal from business funds in separate accounts. To open a business account, business owners used to need to gather their documentation together, visit a bank branch in person to meet with a representative, and then send various forms via fax, postal or electronic mail. Eventually, you’d receive a card and checkbook in the mail. Instead, you can sign up for a free Zeller Transaction Account in minutes. A  Zeller Terminal can be purchased from the online shop , with free express shipping and same-day dispatch. Funds accepted via Zeller Terminal will be available in your Zeller Transaction Account for spending, the very next day, or you can simply use Zeller as your primary financial services provider without taking payments through Zeller Terminal. When comparing business accounts, it’s important to spend time on working out what’s important to you and which features your business needs. Read our blog about opening your first business account. 3 important accounts to open There are three basic business accounts you should consider opening. Of course, there are more sophisticated ways of managing your funds; you could be pouring over your budget every day. However, for simple and straightforward money management, keep reading. Zeller merchants can set up multiple sub-accounts to tailor their funds management to fit their unique business set-up. Not only does this give you a better overview of your business's finances, it also gives you the ability to more easily manage your money — with quick and seamless transactions between your main and sub-accounts. Here are the three accounts every small business owner needs. 1. Operating account The first account you’ll need is your operating account. Your operating account is where you run the day-to-day operations of your business. It’s where you: receive your income pay your bill pay your wages and so much more. Basically, all your day-to-day cash inflows and outflows go through this account. Most businesses should have one of these accounts already. For most Zeller merchants, this will be your Zeller Transaction Account . Funds are collected from your Zeller Terminal , settled and cleared into your Zeller Transaction Account overnight — so they’re available for spending the very next day. It’s the fasted way to get access to your takings and speed up your cash flow. Sign up for Zeller and you could have your Business Transaction Account in less than five minutes. Once your account is set up, stop using cash and do all your transactions electronically. If you’re paying suppliers in cash, it’s easy to lose track of the payment. If you pay electronically, you can always find a record of the transaction — ensuring you don’t miss out on claiming GST (if you are registered for it), or other tax deductions. Bigger businesses may choose to use a traditional bank for their operating account, because they offer overdraft facilities (subject to approval). These banks likely charge a monthly fee for the service. 2. Tax account The second account that you’ll need is your tax account. Your tax account is where you start putting money aside for tax. By separating it from your operating account, you will be less likely to spend it. It's easy to accumulate funds in your account, forgetting that at some point down the line there's tax to pay. Entrepreneurs and business are legally obliged to pay a number of different taxes, such as sales tax, trade tax, income tax, and wage tax. When you first start trading, you’re not paying tax on your earnings. But the year after you lodge your first tax return in net profit, you get a tax bill for that year — plus all of a sudden you also have to pay PAYG installments. Depending on which type of tax you pay, you will be required to make specific quarterly or monthly payments in advance to tax authorities. These advance payments help your business to budget and plan ahead, by spreading the business’s tax burden over the entire year. If you set aside money in a sub-account on a regular basis, it can help to make sure that you have sufficient financial resources available to pay your taxes on time. Each week or each month, start to put money aside money that will cover your obligations such as: Good and Services Tax (GST) Pay As You Go Tax (PAYG) superannuation income tax, and so on. 3. Profit Account Finally, the third account you’ll need is a profit account. This is where you put money aside for the profits of your business. So, as your business makes a profit, simply put a portion of that money aside. Again, if you leave it in your operating account, it’s far easier to spend. But if you put it aside in your profit account, it will be available when you want to make any changes in the business. This could be things like: paying out dividends purchasing new tools or assets for your business reinvest in the growth of your business giving all your staff a bonus investing in additional COVID-safe measures. The beauty of starting to manage your money this way is that you’ll be able to start choosing where you spend your accumulating profits, rather than your takings being simply absorbed in the day-to-day operations. Set these three accounts up today and use them frequently — you’ll soon find that you’ll have the money that you’ll need to scale your business. Once your business grows, it’s a good idea to look for a high-interest business savings account. This will let you earn interest on extra funds that you don’t need right now; effectively, it’s another revenue stream as it allows you to make money on business assets. Introducing smarter business banking With Zeller, you can accept payments from customers, track spending and manage your business's finances online. It’s an all-in-one solution for merchants looking for the most straightforward way to start or grow their business — no hidden fees or lock-in contracts required. In Zeller Dashboard , you can see: details of every sale the number and value of sales your business has made at any point on time where business funds have been spent account totals and so much more. By putting valuable insights at your fingertips, we hope to enable Zeller merchants to be able to make important business decisions with ease. Sign up to the Zeller Business Blog for more business tips delivered straight to your inbox. Please note this article is for educational purposes only and does not constitute advice.