Do You Have The Time To Manage Your Accounts?

Posted by on Jan 23, 2013 in Blog

How up to date and accurate are your financial records and accounts? Running a small business can be difficult at the best of times and finding time to maintain them can be hard, especially at the end of a long day or week. The following is a quick checklist to highlight some of the main issues you need to manage to keep your books accurate and up to date.

These include:

• Reconciliations for your accounts and especially your bank reconciliation.

• Preparation of cash flow reports.

• Ensuring your debtors pay on time and if they are late they are immediately followed up.

• Invoices are sent out without delay at the completion of the job.

• Ensuring your creditors are paid as required.

• Relevant and useful financial reports are prepared that actually help you to make decisions for managing your business. These reports can include:
o Profit and loss report.
o Balance sheet.
o Cash flow report.
o Budget reports.
o Specific management reports.

• Preparation of tax related reports that may include annual taxation returns, BAS, IAS, FBT and payroll tax returns.

As noted at the start, these are the main issues relating to maintaining and managing your accounts.

If you are having trouble finding the time or motivation to keep your books in order then let us help you. In addition to saving you the time and stress we can also provide an analysis of these reports that can help you improve your profitability.

Why not give us a call on (02) 9997 5662 so we can discuss your requirements and show how we can assist you?