This page contains a Flash digital edition of a book.
Banking
INVESTMENT
for your business
Starting business in a new country involves a lot of work.
New systems, rules and infrastructure require quick learning and
adaptation. An important aspect of business is organising your finances.
Though your business banking needs will depend Overdraft can provide the extra cash your business
on your business’s individual circumstances and needs to cover those seasonal and unexpected
financial situation, we have outlined some typical expenses. Long-term finance is used for funding
business banking products and services that most investments such as a new business or equipment that
Australian financial institutions provide. expands the capacity of the business.
There are a number of factors you need to consider
bank accounts
before applying for finance such as:
All businesses need to have a bank account. There are l how much do you need to borrow;
two main types of bank accounts: transaction accounts l what type of loan will you need;
and savings accounts. l how long will you need it for;
banking
Transaction accounts are a basic necessity of l can the business afford to repay the loan;
business banking. They can help with payments and l interest and any fees involved with the loan; and
receivables and better management of your cash l what security can you offer the lender.
flow. All businesses will need an account which can
be accessed by cheque, ATM, EFTPOS, telephone
insurance
banking or internet banking, and into which you can Insurance is an essential part of running any business.
add your takings, cash and other deposits. For example Taking out the right insurance will help protect your
the Westpac Business One account has all these business and minimise its exposure to risk. Your
features and much more. insurance requirements will vary according to the type
Savings accounts can help grow your business by of business you are operating, but you should be
offering competitive interest rates and flexible options. aware that some forms of insurance are compulsory,
For example, the Westpac Business Flexi earns interest such as workers’ compensation and third party car
with immediate access to your money. insurance.
Australian financial institutions and insurance
Merchant facilities
companies offer many different types of insurance cover.
Merchant facilities provide your customers with the For example Westpac can provide insurance for your
option to pay by credit or debit card. A merchant facility business covering property, theft, equipment, public
can improve your cash flow, as your customers don’t liability and much more.
require cash in their account to pay. Australian financial
institutions offer a wide variety of payment options for
superannuation
you to offer your customers. As a business owner, if you have any employees, you
have both legal obligations and discretionary obligations
finance/Lending
relating to superannuation. Superannuation can be an
Whether your business is just starting up or is well- important tool for encouraging and rewarding loyalty
established, chances are you will need finance at some and service from your employees. Professional advice is
stage in your business life cycle. recommended and most financial institutions, such as
There are two types of finance options offered by Westpac, have financial planners ready to help you with
most Australian financial institutions: short-term finance your superannuation decisions.
and long-term finance. Your business needs to be profitable as early as
Short-term finance can help you manage fluctuations possible. Make sure you have all the knowledge for a
in your cash flow. Some common products include successful start.
business credit cards, overdrafts and fixed term
business loans. For example a Westpac Business www.westpac.com.au
30 INVEST IN AUSTRALIA – INDIA
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108
Produced with Yudu - www.yudu.com