05 Sep Accounting Spring Clean
We all love a good spring clean and just like our home which is always fresh, ordered and more enjoyable after an all over spit and polish; your business might also be better off with a spruce up for the springtime.
Here are a couple of quick tips to get you started:
Freshen up your debtor policy; have a good think about what has worked & what hasn’t? Can you try something new e.g. send SMS reminders or take payments upfront. If chasing debtors makes you squirm seriously consider hiring outside help.
Uncover Tax Breaks & Changes to your Advantage. The tax laws are forever changing for e.g. this year you may be eligible for a $5000 once-off tax deduction for the purchase of a new or second-hand motor vehicle. Visit the ATO website, read your accountants newsletters and keep an eye on business publications to find out about any opportunities.
Review Loans & Insurances (and for that matter all general costs). But remember make sure you are getting a better deal not just a cheaper deal. If it all seems a bit daunting utilize brokers or change brokers if you aren’t getting service from your current one. Use websites that compare various service providers e.g. www.iselect.com.au, www.switchwise.com.au www.ratecity.com.au
Tidy up your financials; do you have amounts in your profit & loss or balance sheet that you have no idea why they are still there or what they mean? Ask your bookkeeper or accountant to explain these items & clear out if necessary.
Bring in help! See if there are government, chamber of commerce etc. initiatives or programs that can help your business getting into top shape.
As always business ownership is an ongoing improvement process that should never stop – Happy spring cleaning!