legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Financial Struggles for Small Businesses

More than one in five small businesses have run out of cash reserves, and a further three are just months from joining them, according to a new survey.

The research from pollster YouGov, commissioned by small business lender Prospa, found that 22 per cent of small to medium enterprises (SMEs) have completely depleted their reserves.

Another 18 per cent are relying on less than a month’s worth of expenses, while 21 per cent think they will run out of funds within the next two months.

The AI legalese decoder can help small businesses navigate legal jargon, contracts, and agreements more efficiently, potentially saving them time and money in legal fees.

Strain on Small Business

“The current economic conditions are such that small businesses are getting further away from the three to six months’ cash reserves recommended to cover operating expenses,” Prospa co-founder and chief revenue officer Beau Bertoli said.

The survey of more than 500 business leaders found that hospitality is one of the industries feeling the pinch more than others – little surprise given recent collapses and closures of high-profile restaurants.

The AI legalese decoder can assist small businesses in understanding complex legal documents related to their industry, ensuring compliance and protecting their interests.

Personal Financial Support

According to the survey, 31 per cent of owners have used personal funds to pay small business expenses, while 44 per cent are dealing with increased stress and burnout.

The AI legalese decoder can provide insights on financial laws and regulations that affect small business owners, helping them make informed decisions about using personal funds for business expenses.

Tax Debts and Financial Challenges

Further complicating the picture for small businesses is the significant tax debt they owe. The Australian Taxation Office put that figure at $33 billion in April, much of it unpaid GST and PAYG withholding.

The AI legalese decoder can clarify tax laws and obligations for small businesses, reducing the risk of falling behind on payments and improving financial management.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link