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Through our decades of experience in the financial services industry, we have assisted countless small business owners to move from early stages of starting the journey, into business maturity.
And as new businesses kick off and grow, we thought we’d compile a list of essential accounting tips for small businesses so you can maintain order and promote growth in your own business. Of course, we can help you create the right strategy for your business in all areas we discuss below, so keep that in mind as you read…
Our top tip is to delegate your bookkeeping. Spending countless hours on bookkeeping can be inefficient – especially when you bring other skills to the business.
Instead, follow the adage, "Work on your business, not in your business." Effective bookkeeping involves more than reliability; it includes automating functions to free up your time for business growth.
Choosing the correct business structure can significantly impact your tax obligations and asset protection. You can opt for:
• Company
• Trust
• Sole trader
• Partnership
Your business structure influences succession planning, attracting investors, and scaling your business. The Attune team will discuss your current situation and your goals before giving you assistance with your business structure – it’s all about tailoring our advice to give you the best results.
In the 21st century, cloud software is indispensable for accounting. Utilise cloud-based filing systems and tools like Xero for tracking expenses and mileage. This transition not only reduces physical paperwork but also streamlines your financial management.
Once again, you don’t have to try and set this all up alone – speak with the Attune team for a little help and advice that can get you going in no time.
For businesses dealing with stock, inventory management systems are crucial. They automate stock tracking, prevent overordering, and help maintain optimal cash flow. Advanced systems can even notify you when stock levels are low.
Be done with complex spreadsheets, software is the way to go.
A competent accountant is invaluable – that’s where we come in. Among many other things, we can assist you with:
• Setting up the best business structure
• Overseeing tax compliance
• Managing cash flow and strategic planning
Attune’s holistic business advisory and accounting service can guide you through business growth and set you up for success.
Utilise software like Xero and Spotlight Reporting to forecast cash flows and budgets. Setting goals and benchmarking performance helps you anticipate trends and identify areas for improvement.
Do this regularly to make sure your goals and plans suit the current state of your business.
Third-party HR or payroll assistance ensures compliance with award rates and regulations. They also help manage employee leave entitlements and overtime obligations. Automating payroll functions with Xero can streamline these processes, but it’s incredibly important you have the right inputs to get the right output.
Make a point of speaking to a HR lawyer about your payroll if you have staff on multiple pay rates and awards.
Avoid double handling of paperwork by integrating your point of sale, accounting, and filing systems. Using software like Xero provides real-time data on your business performance, allowing for timely issue resolution.
There’s other options out there that might suit your point of sale best, so do your research!
A digital dashboard in your accounting software (we like Xero) collates all your business numbers for easy tracking. Understanding your financials helps you identify your breakeven point and manage cash flow effectively. Maintaining a separate account for tax and GST is also advisable so nothing gets tangled up.
Franchises have unique financial challenges, including higher setup costs and complex payroll needs. Specialist advice can assist with valuation, planning, and accounting for franchises, ensuring your business runs smoothly from day one.
It doesn’t matter if it’s a food chain or sporting goods store, Attune’s specialist advice will ensure you’re doing everything you’re obligated to and of course, getting the best results you can from the structure!
If you’re looking for help starting or growing your business, speak with the Attune Advisory team today. We’re here to offer strategic, tailored advice that will keep you on the road to success. Call the team on 1300 866 113 or send us an email to start the conversation.
