Top 5 Bookkeeping tips to ensure business success

Here are our top 5 bookkeeping tips to achieve more balance in your life and get back to doing the things you love to do in your business.

At Sally Hams Business Solutions, we pride ourselves on helping businesses create systems that will improve the efficiency of their business. When a business has access to up to date records it allows for better and more informed business decisions to be made. Increased efficiency in this area not only allows for better decision making but it can also free up your time and save you money. Allowing investment back into growing your business and freeing up time to concentrate on the things you love.

Our business has enjoyed 25% growth over the past 12 months and we have enjoyed being able to help our clients achieve more work life balance. Our motto is to inspire, achieve and balance in business and we love helping our clients achieve this.

Here are our top 5 bookkeeping tips to achieve more balance in your life and get back to doing the things you love to do in your business.

1. Engage a good Bookkeeper.

A good bookkeeper will have a good sense of business, and be able to support you and ensure you are tax compliant and reconciled on a regular basis. They will be able to set up systems that will ensure your business expenses are tracked and invoices are entered and up to date.

2. Track your expenses

It is important the you make sure you track every single business expense. We suggest that you have a bank account and credit card that is used solely for business purposes, keeping your personal accounts separate from business. This will make it easier to ensure that all expenses are tracked.

3. Cash Flow Forecasting

By setting aside money for tax and other business liabilities such as superannuation on a weekly or even monthly basis it will ensure that you are able to pay your bills on time. Not doing this simple task can snowball your business finance out of control taking away time and money from your business.

4. Stay on top of your debtor invoices

Cash flow is the key in running a successful business. We suggest that you chase up any overdue invoices regularly to ensure that you are receiving the money you are owed in a timely manner, or implement a direct debit payment facility where possible.

5. Use a good accounting software package

Xero is the best cloud based accounting software, as you can access your business financial records anywhere, anytime and update them on the run. Daily automated bank feeds also make bank reconciliation a dream!

It is important for business to move with the times and avoid being left behind. These top tips will ensure that you have your finger on the financial pulse of your business. Business growth is inevitable when you have great financial records.

Author:
Sally Hams

Get in Touch

Email: accounts@balancebooks.com.au

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