Simply put, this means you have more cash flowing into your business rather than out of it. And as you receive more cash from customers, new business loans or investments, or sales of assets, you’ll find that your cash spending is decreasing, too. When a business has a poor cash flow, they’ll experience a number of problems in a domino effect.
According to a study by Money.com.au, 52% of business owners struggle with cash flow issues. This includes being unable to pay suppliers or give salaries to employees, losing track of debt repayments and gaining penalty fees, and even having overdue invoices with customers.
These are critical problems that can be solved with effective cash flow management.
Cash flow management is important for your business to grow and be financially secure. And for a small business owner, this should be a top priority.
Incorporating the best financial practices in your cash flow planning will improve the finances of your small business. Regularly monitoring and reviewing your cash flow allows you to accurately predict how much money your business will bring in and how much you can spend on growth and investment opportunities.
Rigorously reviewing it also ensures that you don’t overspend and that you stay within your budget. Without proper cash flow management, it’s easy to find yourself guessing how much money you have and end up overspending it. Or worse, spending money that was already allotted for something else.
Not every accountant is a tax agent but plenty overlap. A tax agent is a specialist in Australian tax law and needs to be approved by the TPB. They can help support your business by identifying your liabilities, obligations, and entitlements based on taxation laws. They protect your financial interests by ensuring that you comply with the regulations set by ATO.
Accountants are recognised as highly trusted financial advisors for small business owners. In an unpredictable world where the economic (and even political) climate is always changing, an accountant gives invaluable insight on how to maintain your financial security and business growth despite external factors. Managing your cash flow is one of the most important ways to do this.
Their expertise and attention to detail allows them to catch errors in your financial statements or processes and correct them immediately, so that you can avoid hefty overheads.
An accountant understands the way your business operates, and makes sure to systemise your cash flow processes effectively, such as your invoices and payment collections.
Accountants will analyse your cash flow statements and then provide projections on how your business will develop, allowing you to make more strategic decisions.
Because you’re handling different aspects of the business, you might be missing out on opportunities for funding, loans or grants that you’re eligible for. An accountant keeps an eye out for these options and will bring them to your attention.
Once you leave a trusted accountant to manage your cash flow, you can prioritise the development of other important business aspects.
Maintaining a positive cash flow is one of the most essential objectives in your business. This means that you have more cash flowing into your business rather than out of it.
And as you receive more cash from customers, new business loans or investments, or sales of assets, you’ll find that your cash spending is decreasing, too.
We conduct an initial conversation with you. We ask questions to better understand you, your business, and the pain points that you are experiencing.
We have a formal meeting with you once you’re comfortable with us and perform an audit of your current financial practices and position by looking at profits and losses, balance sheets, and financial projections. We ask about any insights you may have on your cash flow.
We create a workable solution based on our review and walk you through our proposal so you understand what you’re investing in.
We help you achieve your goals by creating the space for growth. When you’re not stressed about your accounting, you have more time to focus on growing your business.
We also provide tax planning and tax advisory to support your cash flow. And we pay close attention to how tax law constantly changes (though we know this isn’t the case for most business owners), so we’re excited to help you optimise your tax position and provide you the tax relief you deserve.
To get started, it’s as easy as saying hey!
We’ll get in touch and ask you a few questions to better understand you, and to see whether we’re a good fit. We’re interested in working with those who want to build a long term partnership and not just a tax outcome.
From there, we’ll need access to some data or reports for us to put together our proposal.
Our Proposal meeting is more than ‘here it is, have a think about it and get back to us’. We provide you with a review of the story in your numbers, highlighting anything that needs to be addressed, so whether you work with us or not, you know the true story that your business is telling you.
Our Proposals are all sent for electronic signature, and once accepted you move to our onboarding meeting, where you get to meet the key players in the team who are there to support you.
Once that is done, we get stuck into the work. Operating behind the scenes, but only ever a phone, SMS, Facebook / WhatsApp / Instagram, or email away.
The best part is, depending on how ready you are, we can usually do this process within 2 weeks.
Permission to be blunt — how frequently you hear from us is dictated by how much you’re willing to pay. We’re not trying to be rude about it, but it’s plain and simple. We value our time and our knowledge, and if you want smart advice, you’ve got to have skin in the game.
But, we’re always available via phone, SMS, Facebook / WhatsApp / Instagram, or email, and we’re regularly sending out communications and invitations to events.
We’re certain we are, otherwise why would you be on our page reading this right now?
In truth, you don’t until you give us a go. Every new beginning starts with a single step.
But if you need more convincing, we can send you through testimonials and client references.
A few things, really:
We’ve got packages from $200/month through to $2000+/month.
It’s hard to say until we start looking into your business, but what we can say is this:
Of course! Let us know, and we’ll give you a couple clients to speak with.
We’ve worked across multiple industries, and in reality, a business sells time or ‘stuff’ (products).
We understand the differences in both business models because we’ve worked across both business models.
In fact, we’re regularly cross implementing advice, meaning we implement product methodology into service businesses and vice versa, because sometimes the answers require you to think laterally.
We’re a tech-driven firm. Majority of your interaction with us will be via phone, email, zoom/MS Teams.
We’re a Xero Partner, and work predominantly in Xero, but have experience working across Quickbooks and MYOB.
All our lodgements are sent electronically for you to sign, and all the programs we use to run our business are cloud-based, meaning the team can work remotely across the globe (which they do).
For us, work is where the Wi-Fi is.
We work with clients across the country, and when we can, we try to get out there to our clients in different states. But if you’re in Sydney, there’s a good chance we’ll get to catch up for a coffee (or beer).
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