Eyes on Business Newsletter - September 2015
Posted on Tuesday 8th September 2015
To thrive and excel in today's business environment, you need to have good habits to take your business where you want it to go. To assist these good habits, it can be rewarding if you know the basic numbers of your business to make key financial and business decisions. I think you would agree that your business is likely to be a hard-earned asset, which has become not only a business but a second home and many of your staff like a second family. Therefore it is important to understand the value of your financials.
Do you know what you need to jump out of bed each day to ensure you are remunerated well, and also that this important figure must cover the costs and nurture your amazing staff? If you answered NO to this magical figure, please touch base with your accountant or us!
To help find the magic figure, here are a couple tips to assist.
Open a new business bank account for business earning and expenses.
A good bookkeeping practice to start today is to keep your business expenses separate from your personal expenses. It is important to keep your private transactions separate from your business transactions. In time, you can apply for a business credit card and apply the same terms.
Allocate time each week and devote to your books.
It is very important to be on top of this. Regularly reviewing your books will let you know how your business is going and allow you to keep aware of cash.
Get accounting software that suits your business needs.
Or get a great bookkeeper! As you expand your business you may need to engage the assistance of a great bookkeeper. Keep in mind that this service is also tax deductible. Hiring a bookkeeper helps you focus on growing your business while ensuring your record keeping is up to date.
I can't stress enough how important it is to organize your accounts from the onset by setting up and using simple accounting software that suits your needs. If you are unsure which software to select, you may contact a business consultant or accountant that can better advise you before you buy. We are also able to help gather the ingredients you may require from the software.
- End of Year Tax Tips
- Eyes on Business Newsletter - April 2015
- Eyes on Business Newsletter - May 2015
- Eyes on Business Newsletter - June 2015
- Eyes on Business Newsletter - December 2015