Are you a small business owner? Are you a self employed professional? Bookkeeping touches upon the core operational, legal and strategic aspects of running a business. Here at Fintax Bookkeeping we care that you succeed, and here is a list of tips to ensure you are on top of your game.
Work on your business, not just in your business.
As a professional, you might be tempted to focus on the job to be done, in order to be competitive and deliver the best experience to your stakeholders. However that focus can only take you so far.
Any business improvement initiative begins with managing cashflow and costs. You need professional review, at least periodically, to ensure you are setting and meeting the right business goals.
How do I grow and scale my business?
Every small business owner would like to scale out their business. It is in scaling out that mistakes are made. To sustainably grow your business means that you manage your resources, and not take on too much financial and supplier risk, to service additional customers.
Management accounting and what-if scenarios can help decision making and planning. Sustainable businesses are those which anticipate and plan for contingencies. Underpinning your forecasts, the availability and accuracy of financial numbers is key.
Technology is but a part of the solution.
It is also part of the problem. There is an old adage, ‘Garbage in, garbage out’. For instance there are many accounting packages out there, but you still need to know what you are doing from an accounting and legal perspective. Best practices vary by industry.
There are learning curves involved depending on how comprehensive the package is. Mistakes can prove costly and time consuming to troubleshoot, depending upon at what stage they are identified. Working with a pro can help you remain in the familiar zone, and getting up to speed. Choosing a cloud based accounting package is a good start. Choosing a Bookkeeping service to support you is a better one.
Get Tax Wise.
There are two aspects to managing taxes, timing and volume. Treat tax deadlines and the tax calendar seriously. At the last minute, things can go awry. A pro will help keep you abreast with all the items you can claim as business expenses to help maximise deductions, and changes in Tax policies and laws. Disputes and discussions with the Tax office can be long, stressful and take your focus way from your business. They are an additional time and cost overhead. If they cannot be avoided they are best handled by professionals.
Be a master Paymaster.
Employees and suppliers are business critical. Treat them with respect and they will go out of their way to help you succeed. They have needs which you must be sympathetic to. Payroll managed well is a reminder to the employee that they are valued, and Employee churn be very costly. Payroll is the ideal service to outsource because it can be very time consuming to get right.
Need to learn more? We are here to help. Give us a call at 0403 281 709 for a chat. Or contact us on web at https://www.fintaxbookkeeping.com.au/contact-us/.