Rick & Mon Accountants & Business Consultants

Six easy steps to ensure financial efficiency and gain peace of mind.

While you’re creating a great experience for your customers, don’t let your financial paperwork become a tedious chore that ends up being ignored or avoided. By having efficient accounting practices in place, you can focus on growing your business instead of scratching your head over paperwork. Make life easier when it comes to preparing for the end of the financial year and meeting your financial compliance. Turn this stressful time around by taking these Six Accounting Practices to free up your time, manage your financial matters efficiently, and meet your financial responsibility without a whole lot of blood, sweat and tears.

1. Use great accounting software. There are several accounting software systems available including Xero, MYOB, and Quickbooks Online, that you’ll find easy to use with a little training. These systems are set up to help you determine balances, categorise your expenditure and income, and maintain recurring payments.

2. Hire a professional bookkeeper. If you prefer to use your time more effectively in your business, leave managing the paperwork to a professional bookkeeper. Hire someone to take care of this on a regular basis, so you manage paperwork and payments throughout the year. It eliminates frantic rush at the end of the financial year and takes the pain out of BAS and filing Tax Returns to the ATO.

3. Group your paperwork. It’s easy to make mistakes if your business paperwork is not organised. Eliminate wasting time on sorting receipts and other paperwork at Tax time. As the business owner, you’re responsible for your business compliance, so create a system that is easy to use throughout the year. Keep documents in a secure place using dividers or colour-coding to make filing easier. Don’t let financial paperwork clog up your desk, simply file it straight away for future reference. You’ll know where it is when you need it.

‍4. Record all your expenses. All of your business expenses should be recorded as each one makes a difference to your business. Log receipts, and file them safely straight away instead of throwing them into a shoebox. At the end of the business financial year, you won’t have to work through endless piles of receipts trying to determine how to assign them to the correct department or project. You don’t want to miss claiming all your business expenses appropriately.‍

5. Automate your invoicing. Manage your business cashflow by organising your invoices with an online system. Having your customers invoiced promptly is a great way to keep money flowing into your bank account. Create professional invoices, which add to your business image. Keep track of payments and send reminders easily to clients whose payments are outstanding. The longer you leave sending your initial invoice and reminders, the easier it is for customers to forget what you’ve done, and your payment loses priority in their mind.

‍6. Undertake regular audit checks. Keep on top of your financial management by conducting regular audit checks. Finances are an area of your business that can get into a mess if you are not careful. You need to get all your financial accounting right. If you don’t have the skills to undertake a thorough audit, consider hiring a bookkeeper or accountant to perform professional audit checks on your business.
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7. Get professional advice. Never be afraid to ask for professional advice to assist you in maintaining compliance and in achieving your business goals. Use your accountant as a sounding board and as your source of important financial matters.

Taking a proactive approach is the best way to gain peace of mind about your business and to ensure you meet your financial responsibilities in an efficient, professional manner.

If you would like more information or need assistance, contact Rick & Mon Business Consultants on (03) 5902 7090. We’ll guide you through the whole process.

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