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Exporting Your Business Products? Here’s What You’ll Need To Know

Looking to expand your business into the overseas market, or thinking about ways to increase your revenue? Exporting a good or service to customers or businesses outside of your home country can open your business to new markets, which creates sales potential and increases your business’s competitiveness.

Australian businesses export a variety of products and services from industries across multiple sectors. The benefits of exporting for your business could include:

  • Learning new and innovative ideas and practices to make your business more competitive
  • Diversifying and spreading your risk across multiple markets, rather than in just the one
  • Increasing sales to grow the business steadily and sustainably
  • Gaining new customers and clients for your business’s products and services
  • Potentially better growth and expansion prospects for your business.
  • Taking advantage of opposite seasons to promote goods in other markets during opportune times

If you are looking to pursue exporting, you may want to consider whether the benefits of it outweigh the risks. Those risks could include:

  • Getting paperwork and compliance obligations wrong (including export documentation, meeting importing regulations
  • Forgetting to protect your intellectual property
  • Unscrupulous or unsuitable new business partners
  • Lack of understanding when it comes to the local culture which may impact on your brand reputation
  • Awareness of the hidden costs that may occur when entering a new market
  • Long and complex payment terms
  • Not receiving payment
  • Political and global risks, such as politics and events,  which may affect your business when exporting.

As long as you are abiding by your local, national and international legislation, you can start exporting today if you so choose to do so.

Exporting as a  business will require you to understand and comply with the current rules and regulations that govern both your country and the countries to which you are exporting. This may include additional reporting obligations by which your business may already currently be abiding.

If you’re looking into this avenue, we highly encourage you to speak with us, so that we can advise you on planning out your business’s path and future.

If you’re someone who often finds it difficult to make large lump sum payments for goods or services, you may want to consider looking into “Buy Now Pay Later” services.

Buy now pay later essentially means that, rather than paying in a full lump sum payment for a product or services rendered, there may be an option to pay through instalments of a certain amount over a set period to make the sum of the full amount in total. This method should allow you to pay in full for the product or service without overly straining your finances – you pay back what you can, as agreed upon when you begin the buy now pay later service.

Some popular buy now pay later services include Afterpay, Zip Pay, Brightepay, and some credit card networks such as  Mastercard and Visa, can offer buy now pay later arrangements.

Though it can be a convenient, immediate solution, it may be challenging to juggle the necessary repayments with other financial commitments. It’s not always the most appropriate method for people, and you should bear in mind your situation and ability in paying back the amounts. 

Before you sign up, keep in mind: 

  • It becomes easier to overspend with buy now pay later services, so know your limits on what you can and can’t afford.
  • You will be charged fees and costs to use the service, which can add up to a princely sum in and of itself.
  • Keeping track of your payments can be tricky if you’ve signed up for multiple services.
  • It could affect your loan applications for a car or mortgage as lenders consider buy now pay later spending just as much as your credit score.
  • Late repayments can appear on your credit report, which affects your ability to borrow money in the future.
  • Layby can be a cheaper alternative to buy now pay later, with no account-keeping or late fees to consider

If you are someone who could make use of BNPL services, you may wish to:

  • Ensure that when using the BNPL service, you stick to a set limit on what you spend so that you can comfortably pay it back later. 
  • Aim only to have one BNPL account at a time to manage payments through, rather than confuse yourself with multiple payments across different providers.
  • Always budget for bills, loan payments and BNPL payments, and 
  • Rather than use your credit card for payments to your BNPL account, consider linking to your debit account instead.

If you would like assistance in planning your financial future, help in managing your budget or some friendly advice, see us for a chat about what we can do for you.

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John Briggs

Jane Noller has been my accountant for the last 15 plus years. I can testify to Jane’s professionalism and expeditious manner in dealing with the day to day issues that surrounds our business accounting.

John Briggs

Registered Building Certifier

David and Alison Parker

I have been consulting J L Noller and Co. (more specifically Jane) for six years and during this time I have found her to be professional, efficient and easy to discuss all accounting and taxation matters with. Her office team are all polite and friendly also.

David and Alison Parker

Business Owner

Carl Gillmore

I have used Jane & the team for the last 6 years for all of my business & personal accounting needs. They have always been professional, easy to talk to & available when we have needed assistance.

Carl Gillmore

Carl Gillmore Landscape

John Briggs

Jane Noller has been my accountant for the last 15 plus years. I can testify to Jane’s professionalism and expeditious manner in dealing with the day to day issues that surrounds our business accounting.

John Briggs

Registered Building Certifier