Business - Legal & Financial

• warranty

  a written guarantee to a purchaser promising a repair or replacement in a certain time period.
• Consumer guarantee

  Consumers are guaranteed the right to repair, replacement or refund for goods or services up to the value of $40,000
• customer database

  a collection of information about existing and potential customers.
• Financial consideration - Separate business account

  A business owner must first consider to establish a separate business account. It enables a business to separate business and personal spending. It enables a business to properly calculate its bank balance and understand its financial position. It enables a business to accurately lodge its tax returns
• Financial Control systems

  Financial control systems are processes and procedures used to direct and monitor a business’s finances.
• Record keeping strategies

  Record-keeping strategies are methods used to keep track of the financial transactions of a business over a period of time. Most small businesses record transactions in cash books, which is the simplest form of record-keeping used to prove cash transactions.
• Registering a business Name

  A business name is the title that a business operates under and what customers use to identify the business. It should be memorable, easy to spell, original and not offensive. It is a legal requirement for all businesses to obtain an Australian Business Number (ABN) and to register a business name with the Australian Securities and Investments Commission (ASIC).
• Registering a website domain

  A website domain is a website address that identifies a business’s online site. A domain name should be purchased for a website. The domain name should be easy to type and remember, and potentially alliterative.
• Work safe insurance

  Work safe insurance is compulsory insurance that assists employers to meet their obligation of financially compensating and supporting employees who become injured or ill because of their work.
• budgeting

  involves estimating a business's future financial transactions to ensure it remains in a financially viable position.
• auditing

  involves assessing a business's financial information to verify that it is true and accurate.