Here are some financial challenges that many businesses face and with careful planning can actually profit from:
Statistically, most companies fail in the first year because of liquidity. Why? Many small business owners are not qualified or skilled enough to manage and report cash flow, understand compliance and pay suppliers, employees (or themselves) whilst still running their own business. It's understandable. This is not for the lack of accounting software, but more for the lack of experience on ‘best practices’ to keep liquid with cash and accountable with business responsibilities - like the ATO.
Spreadsheets. Yes, we all love them. Why? Because numbers can be massaged to our liking. In reality, we know it doesn’t always add up. Unplanned expenses, loose estimations, mistakes and losses bring paper profits down to reality. If costs aren’t accurately managed you will be working and making decisions on a false economy. Yet, with the right bookkeeping solution, reporting and understanding your position accurately becomes a natural activity and truly helps you forecast and analyse your cash with confidence.
With better bookkeeping reporting comes better cash flow decision-making. The sooner you can interpret costs and analyse payments, the sooner you can execute activities that will maximise your cash flow with respect to any pressing business responsibilities.
Month & Year End Reporting
Reporting and reconciliation are fiddly and time-consuming. If not done accurately, it will lead to improper calculations and misleading data. This means not only could you be making poor financial decisions, but you could be reporting the wrong information to the ATO, with potential fines to follow.
Recording expenses, whether on paper or online, can be a minefield. Many bookkeeping software packages are cloud-based and allow you to scan and record all your receipts in one place so no spending ever gets missed again.
If you have staff, payroll is one area you cannot get wrong, as lives depend on you. With the right bookkeeping solution, you can automate payroll, with allowances for tax, superannuation, expenses and more.
Yes, we know that numbers are not everyone’s strength, but that’s no excuse not to manage your books professionally. If you can do it in-house, that’s great, but if you’re like many and need outside assistance there is always help. From Month/Year End Reporting, GST Advice and Lodgements to Superannuation, Single Touch Payroll and Payroll Processing; a professional team-like Bookkeeping.Solutions can help.
Would you like to find the most affordable, customisable solution for your business - guaranteed? Contact us today and we’ll help you find peace with your numbers and positivity with your cash flow. Call 1300 089 139 or LiveChat with a real person.