Tips to Keep Your Business Finances in Order

Planning and knowledge will help you achieve your business goals.  Business finances need insight to be under your control rather than controlling you.

If you’re like most business owners, you spend the majority of your time working in your business rather than working on your business; managing operations, keeping customers happy and looking for ways to grow.

Accounting, spreadsheets, cash flow analysis and financial projections are probably not your first passion, however measuring profitability, creating realistic budgets and planning ahead for the future are crucial to making the right plans and decisions to drive success.

Our tips and support will help you get a handle on the numbers and take control of your business finances.

Move to the cloud

How much of your time do you spend hunting down financial documents, poring over spreadsheets and tracking expenses?

Manage your business finances faster and more accurately by moving them to the cloud.  Our recommendations are Xero or MYOB.

Cloud-based financial management systems have many benefits, including:

  • Integration with your other operational systems for quick retrieval of current data;
  • Bankfeeds and automation of daily processes;
  • Efficient expense tracking that improves accuracy and reduces revenue leakage.  Receiptbank is very cool; and
  • Easy collaboration with team members, advisers and stakeholders.

Conduct regular reviews of your business finances

Each month, set aside time to review your balance sheet, profit and loss statement and forecast cash flow.

Management reports – a spotlight on your business

Regular quarterly check-ups will give you actionable insights into your business performance and growth potential. This information is crucial for:

  • Projecting future revenue, cash flow and expenses
  • Validating major purchasing decisions
  • Anticipating and mitigating risk
  • Ensuring you have your tax obligations understood and budgeted

You’ll need this key data, too, if you ever want to apply for a loan to expand and grow your business.  Porters CA can prepare reports and forecasts to understand your trading and plan out your future and use our insight to help your decision making.

Bring a professional on board

On the surface, hiring an experienced bookkeeper or accountant may seem pricey, but investing in our expertise may deliver considerable long-term gains for your business.

With the help of Porters guidance and advice I have seen Bull Motor Bodies develop and grow and I must admit that my previous view of seeing an accountant as a compliance cost has changed to now seeing Porters as an important value adding part of my business and financial success.      Andy Park, Bull Motor Bodies

We can optimize the efficiency and accuracy of your financial management granting you peace of mind and time to pursue the right growth opportunities.

Plus, most small business don’t need full-time professional help. Part-time services are typically enough to help you manage crucial processes, plus a few extras, including applying for a business loan or overdraft, articulating and adapting your business plan and managing sudden growth – for example, hiring new staff, acquiring office space, or determining when to introduce a new product or service.  We offer monthly fixed prices to best meet your needs across reporting, tax, financials, BAS and a knowledgeable adviser and soundboard for your plans.

Final tips

Consider enrolling in a basic bookkeeping or accounting course so you can better understand the fundamentals of business financial management. Xero and MYOB both offer easy free and accessible online training.  The knowledge you gain will feel empowering and can help clarify discussions with your accountant.

Your knowledge, combined with Porters CA professional support, is the fastest route to sustainable, effective business financial management.

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