6 financial tips for your small business
Staying on top of your finances is crucial in business. Here are 6 tips to help you do that.
Make it easy for your customers to pay you. Let them use their preferred payment method so they can pay you quickly and without any hassles.
Try to avoid paying your business expenses in cash. Use a debit card instead to make it easier to track where your money is going. You should also analyse each business expense that you have to make sure that it’s necessary.
Invest in things that will grow your business. For example, investing in:
· technology or equipment to improve productivity, and
· product or staff development.
Hire a professional to do your taxes. They’ll help you to legally minimise the tax you need to pay. Their fee is also tax-deductible!
Do up revenue and expense budgets so you can manage your business funds effectively. Use these budgets to guide your decision-making.
Always keep an eye on your stock levels if you’re selling products. If you run out of stock, you’ll miss out on sales. And if you have too much stock, you’re tying money up unnecessarily. You could also be wasting money if you have perishable stock that you won’t be able to sell in time.
How we can help
At Scorpion Bookkeeping, we’re a Xero-certified advisor. We can help you to set up a bookkeeping system to help you to stay on top of your business finances. We can also help you with any bookkeeping support services that you may need, no matter what type of business you have. We currently have clients in a diverse range of industries in South Australia, Victoria and New South Wales.
Contact us today to find out how we can help your business!