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Cashflow tips for tradies

Posted on March 22, 2019 at 10:13 am.

As we move into the back end of the financial year, tradies and suppliers should be looking to balance their books. But since cash flow is the lifeblood of business, you need to make sure you’re managing your money.

Here are seven tips to master your cashflow:

1. Go digital

The trend of managing money on your tablet is unlikely to slow. There are myriad apps and software options to help you keep track of your cashflow, and they are designed to be user-friendly and easy to adopt. Use the technology to update invoices in between jobs and access options such as automatic invoicing and payment reminders for customers.

2. Fixed expenses

When it comes to fixed expenses such as loans, rent, and scheduled maintenance there should be no surprises. The big message here is to be aware of your cash inflow and outflow. Keep track of upcoming expenses including the amounts and their due dates to ensure funds are ready to meet regular expenses. Check in on your budget to ensure it stays on track.

3. Variables

Have a little slack in your budget to prepare for variable expenses. Consider unexpected costs such as extra payments to subcontractors, extra materials and shipping costs in your budget. Your variable expenses will increase relative to workload – the more work you have, the more variable costs incurred. For costs impacted by market forces such as insurance, it’s important to understand the likely increase in what you are paying this year compared to next year’s price. Financial advisers and brokers are a good source of information on market conditions.

4. Cash reserves

Cash reserves are critical. Keep any extra reserves in interest-earning accounts for emergencies – you’ll be giving yourself a financial high-five when the unexpected happens. Maintain another cash reserve for bills and unexpected shortfalls, which can be dipped into when the cashflow tide is low.

5. Out-of-pocket expenses

Drowning in receipts? Most software now has a mobile app that allows you to scan, upload and categorise your receipts for out-of-pocket and claimable expenses. Don’t wait until the end of the quarter to pull together your receipts from a shoebox. Keep on top of them and save yourself valuable time to ensure you get as much back as you can.

6. Invoice. Now.

Don’t wait. The faster an invoice is paid, the faster you have cash flowing back into the coffers. Encourage swift collection of payment in your business by invoicing straight after job completion.

Make it easy for your customer to pay by offering a variety of payment options such as direct debit or – even better – take cash on delivery. Payment terms and conditions and late payment interest penalties must be set out in your contract or quote with your customer. Ensure that these are made clear to your customer before beginning the job so they don’t fall foul of unfair contract term laws.

7. Know thy customer

Taking on new customers is always win. But you want to make sure they can pay. For new customers, large jobs or long-term contracts, ask for a deposit or set up a payment schedule. This goes for repeat customers who have a history of late payments. Don’t wait to chase them up. Contact lax payers upon invoicing and discuss options for payment.

Cashflow keeps the wheels of the supply chain turning. If you don’t get paid, then you can’t pay the subcontractor who then can’t pay for materials and the effect goes on.

Put these tips into practice to maintain positive cashflow throughout the year.

This article was originally published by OneAffiniti.com

The new Triton gets Tougher

Posted on February 13, 2019 at 11:00 am.

Written by Michellep

Mitsubishi has ditched what it described as a ‘sporty design’ for the Triton mid-size ute and opted for what it calls a tougher-looking truck for 2019.

A midlife update usually brings some design tweaks to the grille and bumper, but Mitsubishi has gone a few steps beyond this with its MY19 Triton ute that arrives less than four years into the current version’s life cycle.

The company has completely redesigned the front, adding its familiar ‘dynamic shield’ face and making the side-view more buff. It’s prouder, bolder and more macho, which is exactly what ute buyers want.

The passenger cabin remains the same, but all the exterior metal has been replaced with a bolder, boxier design which brings the Triton into line with more modern elements of the Mitsubishi line-up. There are also four new colours, including a pearlescent white, a burnt orange and a flat red.

Mitsubishi’s Best Seller

Mitsubishi’s Triton ranks third in the new-4×4 sales race behind the Toyota HiLux and Ford Ranger – Australia’s best-selling vehicles in 2018 – which is an impressive result considering competition such as the Colorado, Nissan Navara, Isuzu D-Max and VW Amarok.

Price is core to the appeal of Triton. Mitsubishi can credit its sales to heavy discounting and great drive-away deals that have always made the Triton a good value-for-money vehicle for both private and fleet buyers, but it’s not a cheap, stripped-out vehicle. It entices practical value-shoppers who’ve long loved the Triton’s price tag and reliability.

Interior Specs

The layout of the cabin isn’t much different, though there is some extra stitching and silver plastic inserts scattered about. Higher grades also get roof-mounted air vents. Plus, rear passengers will be happy with two USB points for the back seat, a new storage area, and a B-pillar-mounted grab handle to help you climb up.

The dash is home to a 7.0-inch touchscreen with Apple CarPlay/Android Auto. There’s also a neat 360-degree overhead camera like the Navara’s available, but with better resolution.

Under the bonnet

The engine is familiar, a 2.4-litre turbo-diesel. Power is 133kW at 3500rpm and maximum torque is 420Nm at 2500rpm. The tow rating remains 3.1 tonne.A major replacement is the axing of the old five-speed automatic gearbox in favour of a new six-speed unit.

Other new tech in the 2019 model includes a suite of driver’s aid technologies such as Forward Collision Mitigation (FCM/AEB), Blind Spot Warning and Ultrasonic Misacceleration Mitigation System which cuts engine power if you accidentally move forwards or backwards from standstill towards an object and don’t brake (perhaps engaging R instead of D, for example). There is also a stop/start system to cut fuel use and improve emissions

Time for a new set of wheels?

If you are interested in learning more about the new 2019 Mitsubishi Triton or about the ins and outs of car finance for any make or model, contact one of our expert consultants today.

Revamped 2018 Ford Mustang

Posted on September 28, 2018 at 2:34 pm.

Written by Michellep

Now with a 10-speed automatic, revised styling, more power and a nastier exhaust note, the new Ford Mustang is tougher than it was.

Louder, prouder – Ford has updated their V8 Mustang, introducing a host of changes for 2018 that improve the appeal of its coveted muscle car. Already the most popular sports vehicle on sale in Australia, the midlife facelift uncovers more speed, dynamics, tech and safety.

First up, appearance. The new model boasts a reshaped bonnet and has gained some air vents. There’s a 60mm broader grille, plus countersunk ‘eagle eye’ all-LED headlights. The remodelling in the rear is subtler: techier-looking LED taillights and quad exhaust tips. Less muscle car, more motorsport effect, then, but from the rear this is a tougher looking car.

The interior of the Mustang has never been built to high-street opulence, it’s materialistically modest and has been built-to-cost since the 1960s. This helped it retain its nice level of American-tinged kitsch, rather than a premium Euro-look. One noticeable upgrade is the all-digital 12-inch digital instrument cluster with countless personalisation menus. The modest 8-inch centre touchscreen has been upgraded to Sync3 software with Apple CarPlay and Android Auto, while a reversing camera and sat-nav are both standard.

This new GT absolutely roars because, according to Ford, customer feedback made it clear the outgoing V8 was way too quiet. But quiet can be cool. The adaptive exhaust’s Good Neighbour mode allows you to electronically preselect time-of-day parameters for the Mustang so it starts up in Quiet mode rather than the already-bellowing Normal setting.

The 2018 Mustang starts from $66,259 plus on-road costs, and despite the price hike with the new model, it still represents eyebrow raising bang-for-your-buck. The range includes the Mustang GT Fastback auto, GT Fastback manual and the top-end GT Convertible auto.

GT fastback features

Engine – 5.0-litre ‘Coyote’ V8 petrol
Maximum power output (kW/rpm) GT : 339 @ 7,000 rpm
6-speed manual or 10-speed automatic
Automatic On-Off LED Headlamps with Automatic Levelling
Tyre Pressure Monitoring System (TPMS)
New optional Recaro seats
Active Exhaust Valve with four selectable modes
Sync3 software with Apple CarPlay and Android Auto

Limited Edition Ford Mustang Bullitt

Ford Australia has confirmed that 700 units of the limited-edition Mustang Bullitt will be coming to Australia in October.

Built to celebrate the 50th anniversary of the Steve McQueen film Bullitt (famed for its epic 10min car chase that stars a 1968 Mustang GT 390 fastback tearing up the streets of San Francisco), the Bullitt Special Edition will be offered in a new one-off colour; a Dark Highland Green that matches the tone of the movie car.

The new version is distinguished by Bullitt badging, a darkened front grille, gloss-black 19-inch ‘Torq Thrust’ wheels and a beefed-up version of the Mustang’s 5.0-litre V8 engine. While in the cabin, Recaro seats, a badge bearing your unique chassis number and a new B&O 1000-watt sound system with 12 speakers also join the standard features list.=

Time for a new set of wheels?

If you are interested in learning more about the new 2018 Ford Mustang, or any other vehicles, the team at Platform Direct Finance have extensive experience in negotiating, procuring vehicles across Australia.

Speak to one of Platform Direct’s expert consultants for an obligation-free quote.

Need a car or equipment for your business? We’ve got the loans for you

Posted on September 20, 2018 at 12:10 pm.

Written by Michellep

When you’re a business owner, finding the cash for new cars or equipment can be tricky. Lucky for you, we have finance options built specifically for businesses like yours. Here’s just a taste of what’s on offer.

Chattel Mortgage

Like any loan, under a chattel mortgage, your financier provides the funds you need to purchase a new vehicle. However, unlike a normal loan, once you’ve taken ownership of your new vehicle, your financier takes a ‘mortgage’ over the vehicle. This mortgage is then held as security for the loan and is registered with the PPSR (Personal Property Security Register). Once the loan contract is complete, the security interest is removed, giving you clear title to the vehicle.

Benefits

Chattel mortgages are generally very flexible, and offer a range of loan repayment periods, ranging from two to five years
To reduce your monthly repayments, you also have the option of setting a final balance (also known as a residual value) payment of between 0 and 60% of the full loan amount
If your car is used for business purposes, you can claim your repayments on tax and, if registered for GST, claim input tax credits
Fixed interest rates for the term of the loan
Deposit and trade-in availability

Equipment Finance

Need finance for new business equipment? We’ve got you covered. With a network of over 30 finance providers, we can help you cherry pick the best deals and get the loan that perfectly suits your needs.

Our equipment finance options cover everything from the office to the paddock and include finance for:

Computers
Earthmoving equipment
Farm equipment
Medical equipment
Office equipment
Truck finance

We also want to make the application as simple and stress free as possible, which is why we’re available online and over the phone, as well as in person. All you need to do to get started is pick up the phone and give us a call on 1300 554 553 or fill out our enquiry form. One of our loan specialists will give you the lowdown on your options and get you started right away.

Applying for a car loan? Here are the 5 pre-approval boxes you need to tick

Posted on September 8, 2018 at 10:34 pm.

Written by Michellep

Buying a new car’s super exciting. But getting the loan to finance it? Not so much. Thankfully, getting your car loan ducks in a row doesn’t have to be a hassle. Here are the 5 things that will get you into your new car and onto the road in half the time.

1. Proof of income

One of the biggest things car loan providers are looking for is proof you’ll be able to repay the loan. Requirements differ from lender to lender, but as a general rule, you’ll need to show 3 months of steady income to even be considered for a loan. If you’re self-employed, depending on circumstances, you may have to provide a copy of your tax returns or the last two years.

2. Credit history

Along with knowing you’re able to repay your loan, lenders are also looking for proof that you’re not a bad risk. So you’ll need to provide details on any other loans and debts you currently have, as well as ones you’ve had in the past. Information on mortgages, personal loans and credit cards should all go into the pot.

3. Proof of residence and identity

Lenders love their paperwork, so don’t forget about providing details of your current residence and proof of your identity. You’ll need to show 100 points worth of ID which may include your birth certificate, passport, driver’s licence, Medicare card and a utility bill (gas, electricity or water).

4. Vehicle information

Once your potential lender knows who you are, they’ll also want to know what you’re going to buy. So you’ll need to hand over details about the purchase price, VIN number, year, make and model of the car you’re planning to buy. If you’re buying a used car, the seller should be able to provide this information, as well as details on mileage, title and any liens or legal claims on the car.

5. Proof of insurance

Again, requirements differ from lender to lender, but be prepared to hand over details of how you plan to insure the car. You can arrange a certificate of currency with your insurance provider prior to handover and it’s usually sorted with a quick phone call.

And that’s it – a quick guide to getting your car finance sorted. Platform Direct Finance can help you today – call us on 1300 554 553 or click here to Apply for Pre-Approval today.

Mercedes introduces the new X-Class Ute

Posted on May 6, 2018 at 10:54 pm.

Written by Michellep

With Mercedes releasing their new X-Class line-up, the Australian luxury utility market is in for a serious shake-up. Competing with the likes of the Amrok, Nissan Navara and Ford Ranger Raptor, its 13 variants start at $45,450 and are set to redefine the workhorse of the motoring world as we know it.

Three grades of tough, luxury power

Available across three grades – entry level Pure, mid-spec Progressive and the flagship option Power – the new X-Class comes with a six-speed manual or seven speed auto transmission.

Pure and Progressive grades come in dual-cab form, with a pick-up or cab chassis body style, while the Power is available in pick-up form only. Initial offerings come with two 2.3-litre four-cylinder diesel engines (a single-turbo X220d with 120kW/403Nm or a twin-turbo X250d with 140kW/450Nm), with a 190kW/550Nm 3.00litre turbo-diesel V6 joining the line-up in mid-2018.

Breaking the mould

Rather than starting from scratch, Mercedes have designed the new range around the world’s third best-selling pick-up globally, the Nissan Navara. But don’t be mistaken, the X-Class is no cookie cutter reproduction model.

With a stronger chassis, an extended track and a wider body, the new variants showcase a unique bodywork. A bespoke interior, recalibrated suspension dampers and ventilated disc brakes nudge it into a higher class, while a five-star ANCAP rating, ABS, tyre-pressure monitoring and reversing camera (pick-up only) ensure a safe and reliable ride.

Built for comfort

Thanks to superior noise suppression, the X-Class is the quietest in its class. Superb suspension ensures even bumpy rides level out, while weight in the back provides a seriously car-like drive. A factory bullbar and nudge bar are under development specifically for the Australian market, and it’s hoped their arrival will coincide with the introduction of the six-cylinder option later this year.

Air-con and cruise control are standard, while tech needs are taken care of thanks to a 7.0-inch Audio 20 CD multimedia system with Bluetooth phone and audio streaming, USB connectivity and four speakers.

On the downside, there are no standard accessories for any model, with bed liner/cargo liners, soft tonneau, canopies, hard lid and roller covers all available for extra.

Prices & specs

The X-Class range is available now and starts at $45,450 and goes up to $64,500. All models come with a full-size spare and can tow up to 3500kg and take 7.4L-7.9L of petrol per 100km.

If you are interested in the new X-Class, please contact our consultants today, and your finance can be arranged before you walk into the dealership. If dealerships aren’t your favourite place, ask about our free Car Buying Service to get the best deal from the comfort of your own home.

EOFY – The best time of the year to bag a car bargain!

Posted on May 6, 2018 at 10:52 pm.

Written by Michellep

Thanks to oversupply and stocktakes, EOFY is one of the best times to buy a new car. Here are 3 proven tips and tricks to rely on, along with some of the most common pitfalls to avoid.

1 – Plan ahead

EOFY deals are only on the table until July 1. After that, it’s business as usual, so take the time to do your research and sort out your finance before you hit the showrooms. That way, you’ve got time to consider multiple options without succumbing to the pressure last minute buying can bring. It’s also worth remembering that delivery on new cars can take up to 6 weeks, so getting started sooner rather than later is always a good idea.

2 – Don’t be afraid to bargain

Dealers are in the game to make money, so it pays to remember that as great as that EOFY offer seems, it still contains a built-in margin. With that in mind, don’t be afraid to ask for an even bigger discount. If your dealer can’t (or won’t) go down on price, see which optional extras they’re prepared to throw in to sweeten the deal. Conversely, you can also ask about which optional extras they’d be prepared to discard to bring your costs down.

3 – Read the fine print

Some deals look great on the surface, but when you get down to the details, they don’t always stack up. To ensure you’re not getting taken for a ride, take the time to read the fine print and don’t let slick sales talk lead you astray. Pay particular attention to delivery costs and finance deals and ensure any ‘additional extras’ aren’t reflected in the ultimate purchase price.

Work with the experts

With fleet buying power and financial savvy on our side, we can help you find the EOFY deal that’s the perfect fit for your budget and your lifestyle. We know all the tax time tips that’ll ensure you get maximum bang for your buck and have access to deals you won’t get as an individual buyer. To find out more, get in touch with us today.

Introducing the Ford Ranger Raptor

Posted on April 4, 2018 at 10:21 pm.

Written by Michellep

The new Ford Ranger Raptor’s covers have been taken off and it’s got everyone’s attention. Like the F-150 Raptor before it, it has been extensively developed, factory-built and factory-warranted. It’s the off-road performance truck you’ve been waiting for and Ford means business.

Looks that thrill

With pumped front and rear guards house wider tracks at both ends and bespoke alloy wheels wrapped in off-road tyres, the new Raptor certainly looks the business. An imposing new grille adds to the rugged look and is set to take everything nature can throw at it. A two-stage powder and grit process on the running boards ensures high-level protection from scratches and stains while extra under-body protection helps to keep expensive components from damage. Colour choices of Conquer Grey, Frozen White, Lightening Blue, Race Red and Shadow Black guarantees everyone’s aesthetics will be satisfied. Throw in lightening blue stitching, leather-accents and a heated leather steering wheel and it’s a beast that won’t be confused for anything else.

Proven performance

The more aggressive look isn’t just for show. Those new alloy wheels hide larger brakes and suspension is now replete with Fox Racing Shox for significantly improved control and capability off road. Ahead of the new 10-speed auto transmission is an equally-new 2.0lt bi-turbo diesel engine, generating 157kW of power and a whopping 500Nm of torque, allowing for improved performance across a greater range of conditions. Driver assist tech like Terrain Management, trailer sway control and roll-over mitigation are all included and recalibrated to help ensure safety.

Intelligent tech

A reverse camera is standard, along with an 8.0-inch touch screen enabled SYNC 3 infotainment system complete with voice control, sat-nav and Bluetooth connectivity. An Intelligent Access key with remote start is included, along with the EZ Lift Tailgate which Ford claims reduces your lifting effort by 66%. According to Ford’s Performance Chief Engineer, Jamal Hameedi, it’s a motorcross bike and ATV rolled into a pick-up truck and will be a unique offering in the Australian market when available in the latter half of 2018.

Coming to a showroom near you

You can expect to see the new Raptor in showrooms late in the second half of 2018. Prices haven’t yet been released but are expected to hover around $80,000. Watch this space for more details.

Novated leasing – how does it work?

Posted on March 12, 2018 at 11:43 pm.

Written by Michellep

Whether you’re an employee or an employer, novated leasing is one of the most tax effective and flexible ways to finance your next car, saving you considerable money on tax and GST. Here’s how it works and why it’s worth considering.

If you’re an employee

Fleet discounts on the price of the car, servicing and tyres are just some of the benefits on offer with a novated lease. A novated lease allows you to use some of your pre-tax dollars to pay for running costs, allowing you to save an average of $4,132 per year, making a novated lease one of the most financially sound ways to purchase and run your next car.

So how does it work?

It’s simple: you choose your dream car and our sister-company, beCarWise does the rest. They tailor a quote for you and once you’re approved they take care of the details and the setup with your employer; payment of the lease and running costs is done with a simple, regular payroll deduction.

As a beCarWise customer, you’ll also benefit from:

Savings on GST payable on the purchase price, repayments and running costs of your new car;
Discounts on servicing, tyres and batteries, along with an easy-to-use fuel card;
Monthly driver reports allowing you to keep track of how your budgets are going with at-a-glance ease.

Choices, choices, choices

Under a novated lease, you have the flexibility of a new, used or existing car and a choice of term from 12 to 60 months. Additionally, when your lease is up you can choose to keep and re-novate for an additional term, pay out and keep your vehicle, or trade up to the latest and greatest.

You can also have more than one lease at a time, use your new car for business or personal purposes and often don’t need to drive a set number of kilometres over the life of the lease.

How does it work for employers?

It’s easy as 1, 2, 3…

Step 1. beCarWise procures the employee’s car of choice at fleet discounts not available to individual buyers. They work with them to tailor a package that suits their needs.

Step 2. They work with your payroll department to create the payroll deductions and assist your business with the setup process. They handle the setup, determine the deductions and supply you with easy-to-understand information to get things underway and they’re always on hand to answer questions you may have.

Step 3. You reduce your company tax, reward your employees and become an employer of choice with greater staff retention and reduced turnover costs. With employees saving an average of $4,132 on average per year, it’s one of the easiest ways to keep your employees happy.

Want to know more?

beCarWise is a sister-company of Platform Direct Finance and is a nationally recognised expert in novated leasing. They have the knowledge and experience you need to make an informed decision. Give them a call on 1300 734 500 to learn more, or visit www.becarwise.com.au to calculate your savings today.

7-step guide to caring for your car

Posted on March 9, 2018 at 1:59 am.

Written by Michellep

Cleaning your car doesn’t just keep it looking good, it also makes it easier to maintain and, later on down the line, easier to sell. Here are the 7 steps you need to follow to keep your ride looking super slick.

Step 1 – Always read the label

Before you get busy with your car cleaning chemicals, read the label. Application methods vary from brand to brand and car to car and using the wrong product (or using the right product the wrong way) could cause some serious damage. We also recommend you invest in some microfibre cloths – keep separate ones for paint, wheels and windows and give them a wash after every use.

Step 2 – Rinse

Before you put pad to paint, it’s a good idea to park your car in a shady spot and give it a top-down rinse first. Rinsing your vehicle first with a high-pressure hose (or a high-pressure washer if you have one) helps to remove dirt and contaminants that can get caught up in your sponge or wash mitt and scratch the paint.

Step 3 – Wash

Next you want to grab a good quality car was detergent (household detergents can often contain harsh chemicals that can damage your vehicle’s paintwork) and start working from the top of the car down in sections and rinsing as you go. We also suggest a separate cloth or to clean door sills and exhaust tips as these can be especially dirty. Once you’ve washed and rinsed the vehicle, use a chamois to dry the vehicle off to help avoid water spots.

Step 4 – Prep your surface

After your car has had a good clean, you may notice scratches, swirls and oxidation in the paint that washing can’t remove. A clay bar is an effective, gentle way to remove more stubborn contaminates from the paint surface, restoring smoothness to the finish. For scratches and etching under the surface, you can use a compound applied by hand with applicator pads or a dual-action polisher, being careful to follow all instructions.

Step 5 – Polish

Polishing is an optional extra and can be done by hand or with a dual-action polisher. For dark coloured vehicles, it’s particularly effective as the conditioning oils add depth of colour and maximum gloss before waxing.

Step 6 – Wax on, wax off

Waxing protects your car from UV rays that can fade your finish, as well as anything that may land on the paint. You can go with a carnauba or polymer wax – both perform the same way but a polymer wax can usually be wiped off soon after application and won’t haze as it dries.

Step 7 – Windows and wheels

Steer clear of Windex and other household glass cleaners as they can damage your window tint. Instead, use an auto window cleaner, wiping down twice to ensure the cleaner is properly removed. For your wheels, use the cleaner formulated for your type of wheel. If you’re not sure, pick the least powerful version which can be used on all types of wheels.

And that’s it, you’re done!

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