Meticulous financial management is the cornerstone of any successful business. Effective financial planning is essential for businesses that wish to run successfully and possibly expand; however, not all businesses have this aspect of their businesses well put together. Understandably, most business owners shine at the front end of things, but not the back-end tasks like balancing books and payroll; however, these duties are just as important, if not more important. They say most businesses fail within their first year, and this is largely due to money problems. To avoid being added to that statistic, it is important for small businesses to set a course of action in relation to money management. So, how do you ensure you’re on the right track with your business finance? Well, fortunately for business owners, there are many services and resources available to support effective business and financial management. You’re not left up to your own devices. So, if you’re seeing the signs of a sinking ship, consult with the following experts.
Find a Business Advisor
The Australian Government’s Business website is a resource that is a great all-rounder – it’s a hub for everything business related: relevant registrations, links to additional resources, and search enquiries for relevant services. In regards to getting some valuable money advice, they provide a tab for ‘Expertise & Advice’; here, you can search for business advisors within your area and arrange online, over-the-phone, and face-to-face meetings with them.
Hire an Accountant
Another obvious source for money advice is an accountant. However, an accountant is more applicable to businesses looking to see the big picture with their financial strategy. Accountants can provide an overview of how a business is performing financially and provide projections of where they will be in the coming months and years. Accountants, however, are less likely to help with the smaller and more persistent financial tasks.
Hire a Bookkeeper
When it comes to finding support for those rudimentary financial tasks involved with running a business – income and expenditure, tax, payroll, etc – a bookkeeper is your best point of contact. Bookkeepers work to support business owners with these operational procedures, to ensure they can keep their focus solely on their managerial duties.
Depending on the scale of support you need – from general advice and resources, to big picture overviews, or immediate support – there is a professional service out there that can help. Overall, it’s important for small businesses to recognise the signs of an issue before it becomes a crisis and seek support sooner rather than later.
Shoebox Books is a team of experienced bookkeepers that work to support small to medium business owners with their financial management. Shoebox provides expert advice, bookkeeping services, and tax services for business, so that owners can have peace of mind knowing their financials are in order. Get in touch with your closest bookkeeper by searching online or contacting us.
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