Tips On Managing Your Business Finances
Being in charge of your own business can be an exhilarating time in your life, and undoubtedly you have worked long and hard to get to the point where you are today. Poor money management and limited cash flow is a real issue with many startups, and your finances can ultimately make or break your business. Without a steady supply of money coming in and a small amount of savings set aside for emergencies, you are at risk of losing all that you have worked for. Make your finances a priority It is important that you set time aside to go over your finances on a regular basis. Stop procrastinating! They are a necessity, and your business cannot run without them. Do not keep putting them off. You need to schedule a day and a time to balance your accounts, enter your invoices and receipts, and check that all is running as it should be. If it is up to date, then you will find that you don’t have to spend as much time on it at all. Invest in quality software Gone are the days of pencils and ledgers. Today’s financials are maintained by quality accounting software stored...
Read More3 Bookkeeping Habits That Are Helpful For Your Business
Bookkeeping is an essential part of running a business or being a creative entrepreneur. How can you possibly know how much you have spent or how much you owe without keeping up to date with your accounts? No matter the size of your business, you must always endeavour to be one step ahead of your expenses. This will help you understand your cash flow at any given time. 1. Choose your software wisely An efficient business needs to get back to basics. Is your bookkeeping system really working in your best interests? It all comes down to the essentials and the choice of software. With so many options out there, it is important that you find the one that meets your requirements. If you have not tried Xero, then you may want to look into it. It offers great flexibility, real-time speed and many integrated add-on solutions. 2. Keep all your receipts and invoices The only way to ensure that your books are accurate is to keep all of your receipts and invoices, especially those cash expenses which can be harder to track. It will enable your records to be as accurate as possible. Your software should be able to...
Read More3 Accounting Tips For Solo Business Owners
As a small business owner, it’s difficult enough to complete the day to day tasks that keep your business running smoothly, much less keep up with the books so that you can run a profitable business. The following strategies will help you to stay on top of your finances and give you more time to spend on important things like pursuing your goals and exceeding your clients’ expectations. Don’t Be Afraid to Ask for Payment If you want to remain in business for the long term, it is not enough to have a unique, popular product or service that adds value to your clients. You also need a steady flow of cash coming into your business on a regular basis. The best way to ensure a steady cash flow for your company is to take steps to receive prompt payment for your work. To make certain that you are paid on time, you need to have a system in place to invoice your clients automatically once your work for them is complete. You can help ensure that you will have the money that you need to pay your suppliers and other bills by offering a small discount to customers...
Read MoreIs Your Mindset Holding You Back?
If you take the time to focus on your business or financial situation and then analyse the difference between the actual numbers and your desired goal, do you hear yourself making excuses? In truth it could be your mindset holding you back and the cause of such discrepancies. Undervaluing Yourself We have all heard of the starving artist giving up a professional career to follow one which drives their passion however creatives have the potential to earn as much or even more than their more traditional business counterparts. But so ingrained is this thought in our culture that many artistic business owners undervalue what they have to offer. Like any other business or service, you have a product of worth and this product is, and should indeed, be valued by others determining the final sale price. Fear of Rejection Of course there will always be someone who tries to haggle the price and creatives are often the first ones to crumble at any lowering of figures. Perhaps it is a fear of rejection that leads them to doing so. Remember however, if you continue to lower the price to unreasonable amounts, not taking in account your time or the...
Read MoreAre All Your Business Finances In Place?
If your business is like many other small businesses, you probably think you have all your financial systems in place. You might not realise that you’ve missed something until it is too late. As Business Victoria says, keeping on top of your business finances can be hard work, but being aware of your finances can improve your cash flow and profitability. Being prepared and doing financial forecasts can help you raise finance and prevent the unexpected from harming your profitability too. To help you, they have put together a quite comprehensive checklist to make sure you have the financial basics in place. The checklist includes links to financial tools and templates that will help you fix any problems you identify as you work your way through the form. The checklist covers areas such as wages, supplier basics, sales and marketing, pricing, budgeting and more. If you do nothing else to maintain your financial health this week, I encourage you to download the list and start working your way through it. If you find gaps that you don’t know how to fill or perhaps don’t have the time to work on it right now, give us a call on 02 9997 5662...
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"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.
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