It’s Time You Got Your Business Finances In Order

by | Mar 28, 2018

While you are busy managing the customer service aspect of your business and coming up with brilliant marketing campaigns in your spare moments, who is looking after your business finances? Is it something you do every now and again or do you just pile all of your receipts in one corner and hope for the best? For your sanity (and that of your accountant), it is essential that you spend time each week checking your business finances to avoid panic and stress when it comes to submitting your taxes. Do away with those excuses because it really is time you got your business finances in order!

Keep personal and business separate

If you are continually paying your private bills through your business account and vice versa, things can get slightly messy. Try to keep things separate. Maintain two different credit cards and two separate bank accounts for neatness and accurate recordkeeping. You will save yourself many hours of having to sift through those receipts and trying to work out what was what.

Schedule regular bookkeeping updates

If the only way you will look at your finances and update your expenditure is to book it into your calendar on a regular basis, then do it. Consistent effort on your part will ensure that you maintain accuracy and have a good handle on your cash flow and expenditure. While you may feel there are other more important matters at hand, do yourself a favour and commit to the success of your business by taking time of out of your regular schedule. Get that bookkeeping up to date. Be organised; get on top, and stay on top.

Move to the cloud

Cloud-based software such as Xero means you can actually do your bookkeeping from anywhere. You don’t have to stay late at work to get things done; you can go home, freshen up and then spare half an hour in the evening once you feel recharged and reenergised. Tackling your bookkeeping in good spirits will ensure that you don’t rush through them and make unnecessary errors. Not only is cloud-based accounting and bookkeeping software extremely flexible, but you can also view your accounts in real-time so you can see where you are at any given moment.

Hire a bookkeeper

You can only put it off for so long. If you are the type to just look at your business finances in the lead-up to the EOFY, then you need professional help. Hire a quality bookkeeper to help you get up to speed with your accounts and then update them as necessary. Once you have them in order, you will be surprised at how relatively low maintenance they can be. As a creative entrepreneur, you are probably juggling one too many balls, at least. Handing at least one over by outsourcing to a qualified bookkeeper can help your business grow.

Stick to your budget

If you are not following a budget, how do you know how well you are doing in business? Are you making a profit or a loss? Are you spending more than you bring in? Without a current bird’s eye view of your cash flow, you won’t be able to manage your business efficiently through the slower periods. Reviewing and sticking to your budget will ensure you make better spending decisions and don’t put all your eggs in one basket. Always save money for a rainy day and try to avoid making large financial decisions on a whim without consulting your books first.

Be Prompt With Billing

If you are not strict about sending out your invoices, then your cash flow will suffer. If you send them out late, then clients will be more likely to pay late too. Show them how professional you are by sending them out on time. Then, follow up immediately if they are not settled before the due date. They won’t take an email personally – it is just business – and good business sense at that! It may not be the most exciting thing you do in the scheme of your day, but it is one of the most important. How else can you pay the wages and settle your invoices if the payments are not coming in promptly?

Want to find out more?

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E: admin@accountsstudio.com.au

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Surry Hills NSW 2010

What our clients are saying...

I was recommended to The Accounts Studio at a networking event and have been working with them for the last 2 years. The team have all been very approachable and available – two things essential when it comes to understanding your accounts! I now no longer have the stress every three months of getting my BAS correct and even better I have a clear understanding of where my company is financially! Thanks Sophie and TAS team!

Eleni Mitakos
Galmatic Pty Ltd

2017-10-13T04:16:02+00:00

Eleni Mitakos
Galmatic Pty Ltd

I was recommended to The Accounts Studio at a networking event and have been working with them for the last 2 years. The team have all been very approachable and available – two things essential when it comes to understanding your accounts! I now no longer have the stress every three months of getting my BAS correct and even better I have a clear understanding of where my company is financially! Thanks Sophie and TAS team!
I have really enjoyed working with you guys and look forward to a successful 2013. From the moment we started with TAS I have seen value. The figures are accurate, you are accessible (and approachable!) and most of all – you are cool people!

Chris Du Plessis
Managing Director, Origin Meat Pty Ltd

2017-10-13T04:20:03+00:00

Chris Du Plessis
Managing Director, Origin Meat Pty Ltd

I have really enjoyed working with you guys and look forward to a successful 2013. From the moment we started with TAS I have seen value. The figures are accurate, you are accessible (and approachable!) and most of all – you are cool people!
"Sophie is so professional – careful, attentive and punctual – she has made managing my accounts not just easier, but a whole lot less stressful"

Fast Ed
TV Chef from Better Homes & Gardens

2017-10-13T04:23:15+00:00

Fast Ed
TV Chef from Better Homes & Gardens

"Sophie is so professional – careful, attentive and punctual – she has made managing my accounts not just easier, but a whole lot less stressful"
Sophie has been a tremendous support and guiding light for my business. I have continually succeeded when acting on her advice and by using her services. Her products are fantastic and her ideas and accuracy is out of this world. I would never hesitate to recommend Sophie’s services and I would invite anyone to contact me for a referral.

Belinda Grundy
GM, Property Styling Online and BG Property Styling

2017-10-13T09:21:50+00:00

Belinda Grundy
GM, Property Styling Online and BG Property Styling

Sophie has been a tremendous support and guiding light for my business. I have continually succeeded when acting on her advice and by using her services. Her products are fantastic and her ideas and accuracy is out of this world. I would never hesitate to recommend Sophie’s services and I would invite anyone to contact me for a referral.
Sophie has the spirit of the Entrepreneurial Business Owner! Whether she is running a successful single family website, creating a product for small business owners or running her own bookkeeping agency she is always right on track as to what small business needs. If you want to speak to someone who not only knows what business owners are going through-she also does something about it- then don’t miss out, connect with Sophie! She is someone who can not only think outside the square- she has true strategic thinking; which is often spoken about but is rarely truly placed into action.

Sue Heins
Councillor at Warringah Council

2017-10-13T09:25:16+00:00

Sue Heins
Councillor at Warringah Council

Sophie has the spirit of the Entrepreneurial Business Owner! Whether she is running a successful single family website, creating a product for small business owners or running her own bookkeeping agency she is always right on track as to what small business needs. If you want to speak to someone who not only knows what business owners are going through-she also does something about it- then don’t miss out, connect with Sophie! She is someone who can not only think outside the square- she has true strategic thinking; which is often spoken about but is rarely truly placed into action.
Sophie is an amazing business woman. She is able to take the complexities of business and break them into manageable pieces for small and home based business owners to work with. She’s clever, creative, supportive and very generous. She’s the reason that so many small businesses are doing so well. If yours is a small or home based business then Sophie is someone you need to know.

Anne Maybus
Writer and Content Creator, Clever Streak

2017-10-13T09:26:35+00:00

Anne Maybus
Writer and Content Creator, Clever Streak

Sophie is an amazing business woman. She is able to take the complexities of business and break them into manageable pieces for small and home based business owners to work with. She’s clever, creative, supportive and very generous. She’s the reason that so many small businesses are doing so well. If yours is a small or home based business then Sophie is someone you need to know.
Sophie is efficient, direct and gets the job done. She responds quickly, keeps me updated and has a way of simplifying things and making my life easier. She is all about efficiency and that’s what makes it great to work with her, I highly recommend her to anyone who wants someone to efficiently look after their books and she is great value for money too.

Adam Dobson
Strategic Resourcing Manager

2017-10-13T09:28:24+00:00

Adam Dobson
Strategic Resourcing Manager

Sophie is efficient, direct and gets the job done. She responds quickly, keeps me updated and has a way of simplifying things and making my life easier. She is all about efficiency and that’s what makes it great to work with her, I highly recommend her to anyone who wants someone to efficiently look after their books and she is great value for money too.
I’d been stalking Sophie for a while since I saw some of the great work she did at Ideas Book. What she’s up to at the SOHO Agency is equally impressive and I’m delighted to have someone working in this space who I feel so confident referring onto others. Keep being brilliant Sophie!

Robert Gerrish
Founder and Director, Flying Solo

2017-10-13T09:30:45+00:00

Robert Gerrish
Founder and Director, Flying Solo

I’d been stalking Sophie for a while since I saw some of the great work she did at Ideas Book. What she’s up to at the SOHO Agency is equally impressive and I’m delighted to have someone working in this space who I feel so confident referring onto others. Keep being brilliant Sophie!
Sophie is an incredibly savvy business owner, for whom I have great respect. She has always been very clear and detailed in her instructions, is always very focused on her business objectives, and displays a business model that you can aspire to as a small business owner. I have no hesitation is recommending her work at The Accounts Studio.

Kristy Smith
Director, Virtual Elves Outsourcing Solutions

2017-10-13T09:30:59+00:00

Kristy Smith
Director, Virtual Elves Outsourcing Solutions

Sophie is an incredibly savvy business owner, for whom I have great respect. She has always been very clear and detailed in her instructions, is always very focused on her business objectives, and displays a business model that you can aspire to as a small business owner. I have no hesitation is recommending her work at The Accounts Studio.
I have had many a chat with Sophie on the networking circuit. Sophie has a strong profile and reputation within business circles and I wouldn’t hesitate to recommend her to any soho needing direction, support and encouragement. I have a passion for educating small business myself and wholeheartedly support Sophie in her endeavour to actively reduce costs for those who may be unintentionally making uninformed decisions relating to business management. Many business owners are unnecessarily outsourcing tasks which are misdirected or can be achieved inhouse.

Gai Hook
Virtual Sales Strategy

2017-10-13T09:32:05+00:00

Gai Hook
Virtual Sales Strategy

I have had many a chat with Sophie on the networking circuit. Sophie has a strong profile and reputation within business circles and I wouldn’t hesitate to recommend her to any soho needing direction, support and encouragement. I have a passion for educating small business myself and wholeheartedly support Sophie in her endeavour to actively reduce costs for those who may be unintentionally making uninformed decisions relating to business management. Many business owners are unnecessarily outsourcing tasks which are misdirected or can be achieved inhouse.