Keep Your Small Business Finances in Check!
As a Penrith business owner, great bookkeeping can indeed make you feel “in control” of your plans and financial future. We spoke to bookkeepers in our network to find their top small business tips.
Small business booking tips for Penrith business owners
-
Plan for major expenditure
List and plan out major expenses and capital spend cropping up in the next one to three years:
- Will you upgrade your facilities?
- Will you add office equipment or staff?
- Do you have any large marketing campaigns planned?
Know the seasonal ups and downs of your business and their effect on your operations, cashflow and funding requirements.
-
Track your expenses
As a small business owner, it’s easy to mix business and personal expenses, especially if you use your personal credit card to pay for business related expenses.
By not accounting for these, you could miss out on claiming valuable tax deductions.
A good Sydney accountant or bookkeeper can help you set up the right systems and processes to better track your expenses and identify your business expenses automatically.
-
Cash is king
Without cash your business with fail to become sustainable long term. It’s surprising how many Penrith small business owners don’t chase up on outstanding receivables promptly.
Having a good system in place to chase debtors as soon as they become overdue needs to be one of the most critical parts of your business. Speak to your accountant or bookkeeper about implementing automatic invoice and/or overdue statement notifications.
-
Hire the right Penrith bookkeeper
Sometimes it’s best to let the pros handle it.
Consider working with a well established Penrith accountant or bookkeeper! It’s important you check they have the right experience and skillsets to help you achieve your short and long term goals.
Need the help of a good Penrith accountant or bookkeeper?
You can contact recommended accountants and bookkeepers from our Tradebusters Connect free Penrith local business directory.
Here you will find our Top 3 pick businesses near you.
Their contact details are available on this website, and you are free to contact them directly. Check out an area near you today.