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Growing Your Small Business With Accounting

It sometimes goes unnoticed but when businesses start to grow, it is usually because they have nailed their accounting and have dealt with their finances correctly. Accounting allows you to track your finances to ensure that at the end of the day, your business is gaining profitability. If your business’ accounting is not well done, you won’t have a clear understanding of your financial position which blurs your goals and what you should be improving on. To help you kick-start the accounting for your business, here are a few things you should prepare for:

Don’t Just Talk About Budgeting
It’s not good enough to just set a budget without considering other things. You need to be able to draw out a detailed budgeting plan which irons out how you will be saving in each department. When setting a budget, make sure that it is realistic so that you’re not setting yourself up for disappointment.

Your Personal and Business Accounts Are Not The Same
As a small business, some owners will be tempted to take out their expenses to cover their business expenses because there’s not a lot of money coming in for the business. But unless you’re a sole trader, you should keep your personal and business accounts separate.

Observe Your Customers
It is important to observe your customers’ activities so you get a good idea of what they prefer and their consumer behaviour. For example, if you notice that a majority of the customers ask to pay by card and you don't have a card payment, it would be a great idea to implement it. This just makes it convenient for your customers as you tailor it for them.

Track Your Invoices
When you’re sending out invoices, be sure to track them and know whether you have received the payments or not. If you haven’t, trace it up so you know what is happening and if you have, be sure to note it down.

Be Comfortable With Accounting Softwares
Different accounting softwares are out there to help you work more effectively and efficiently. Of course, not every software will be good for you so perform some trial and error that is low-risk and be up to date with the different softwares and see if it can benefit you.

Don’t Throw Away The Idea Of Outsourcing
If you are overwhelmed and feel like there's a lot of financial pressure and strain being put on you, think about outsourcing a business accountant. They will be able to take the load off of your shoulders so you can focus on other things for your business.

Choosing M.A.S Partners As Your Business Accountant
Who said that because you’re a small business you should be handling everything on your own? Not us. Having a business accountant to handle your financial tasks is a wise investment as it means you can focus on running your business to the best of your ability - even if it is just a part-time accountant. M.A.S Partners is a specific accounting firm for small businesses in Sydney dedicated to helping businesses like yours. So if you are a local business and would like to speak with our team about the services we offer and what we can do for you, call us on (02) 9211 5000.

 

 
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