On The Record: Staying on top of small business accounting

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Staying focused on accounting is hard for any business owner. If you don’t manage your small business accounting accurately, you can endanger the success of your business.

 

Our 5 accounting tips to help grow your business.

 

  1. Professional vs. DIY

Though many business owners act as head of accounting, sales, and marketing to cut cost, it helps to hire a professional. A qualified accountant can add much more value to your business, while you focus on other areas of your business. Not sure what type of value an accountant can bring to your business? Check out 4 things your accountant should do here.

 

  1. Follow up unpaid invoices

Seeing a solid receivables column is great, but the money doesn’t really count until it’s in your account. Be firm with your customers and don’t let them avoid regular payments.

 

  1. Get on Xero

If you want your business to work smarter and faster, cloud accounting software and specifically Xero is our recommendation.

 

Xero’s cloud based system will not only give you a better overview of your finances but will improve collaboration with your team. Guaranteed. Read more on why your business needs Xero here.

 

  1. Calculate a minimum monthly profit.

When planning how much it takes to keep a small business running, the numbers can get complicated. Devise an accurate system of expenses and regular obligations so you know exactly the minimum income you need every month. Because income can be the easiest to calculate, make a strict target you’ll need to earn. Without that exactitude, accounting becomes confusing and your business can suffer.

 

For more advice on staying on top your small business accounting talk to us.

 

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