When a business hits hard times and has fairly significant debts, the owner of the business will consider filing for bankruptcy. There are ways to avoid this and save a business, our bookkeepers for small businesses in Sydney will tell you how to avoid bankruptcy as a business.
Here are a few ways to improve your business and avoid bankruptcy:
• If your business is struggling with debt, you should immediately contact a professional who can manage your accounts and give advice on how to pay off your debts
• You can freeze most of your debts for 21 days by lodging a declaration or intention, as it gives you some time to consider what you can do to manage your debt
• Set up a personal insolvency agreement that lets you pay off your debts in a way that suits your financial situation
Debts and bankruptcy are very complicated situations for business owners, knowing what to do, how to do it and when to do it is critical. Bookkeeping for small businesses in Sydney helps your business stay on track and lets your move forward.
Don’t know hesitate to contact us, the small business keeper in Sydney, for any bookkeeping needs!