Spring: the season that brings opportunities to refocus on your who and how.

BY SHAREE WEBSTER, CA DIRECTOR, HOLMANS ACCOUNTING & TAXATION

Growth starts from the bottom, so it’s important you’re focused on the foundation of your business, most importantly, the WHO and HOW.

WHO

It’s easy to lose track of your finances and bookkeeping obligations, especially when you’re focused on growing the business. However, bookkeeping is important for any kind of business, whether it’s small or large. Therefore, when it comes to business, you need to ensure you get the best from your WHO – which in most cases is your bookkeeper.

Your relationship with your bookkeeper is critical. Once you have built a foundation, you should focus on the following to ensure you are getting the best from your WHO.

1. Be Organised

It’s easier for bookkeepers to work more efficiently if you spend a little extra time upfront organising your paperwork rather than providing scraps of paper, unopened invoices and illegible receipts. There are many apps that assist with this function.

2. Be Clear

Be clear with your bookkeeper so they know how you’ll work together, how often they will be in touch and what you expect.

3. Collaborate in Real Time

Your bookkeeper can’t help you if they don’t have access to your information when required. Cloud accounting and online data- sharing tools make working together easy, no matter where you’re located.

4. Communicate

The more your bookkeeper understands where you want your business to be and how you want to get there, the more equipped they will be to assist you.

HOW

Your business accounting is the foundation of the finance component of your business. With the introduction of cloud accounting, your information is right at your fingertips wherever and whenever. When your data is cloud-based, you have always got a completely up-to-date view of your current financial position.

HOW you use this information in your day-to-day running of the business is up to you. Here are some tips on HOW you can take control of your information:

1. Keep Track of your Progress

Use key performance indicators and tracking functions to get a full understanding of your information and performance.

2. Compare & Calculate

Prepare a detailed budget and compare financial performance against actual data.

3. Customise to Suit

Use customisation functions to edit the report to suit your business.

If reviewing financial reports is not your strength, then this is where your accountant can assist. The year is only in the first quarter, so there’s still time to put these processes in place and ensure 2020 is your best year to date.

Download a printable version

You can download the information detailed on this page as a printable PDF for future reference. Click here to access the PDF document.

Need help and want to know more?

Call Holmans for assistance on (07) 5451 6888 or send us an email.

Disclaimer: This article contains general information only. Regrettably, no responsibility can be accepted for errors, omissions or possible misleading statements or for any action taken as a result of any material in this guide. It is not designed to be a substitute for professional advice, as such a brief guide cannot hope to cover all circumstances and conditions applying to the law as it relates to these items.