Small business inventories store collections of raw materials, components, equipment, goods, and products you use for production, sale, or distribution. Sufficient stock levels that meet customer demand rely on good inventory management. Establishing efficient operations and forming positive supplier relationships maintains excellent service. Review four actionable tips on good inventory management. Perform Regular Audits Quarterly or annual audits ensure your…
DIY, “Do it yourself,” accounting occurs when a small business’ designated individual manages all accounting tasks, like filing tax returns and recording expenditures, internally. Accounting entails many responsibilities, so you may evaluate whether to spare your time and resources for these demanding duties as a small business owner. Review the following list to help you make an informed decision. Pros…
Accounting software facilitates proficient financial management, saving valuable time on other meaningful tasks. Automation, report generation, and accurate data entry are just a few beneficial functions. Read on for guidance on how to use key accounting software features to support your small business’ finances. Manage Financial Transactions Categorise transactions into assets, equity, revenue, expenses, and liabilities by creating tabs or…
As a small business owner, it is easy to miss out on a variety of tax deductible expenses which you and your business may have incurred. To help you minimise the chances of missing out, we have put together the five most common tax deductions small business owners overlook, ensuring you will be able to achieve tax efficiency. State Payroll…
Managing debt can be incredibly stressful and time-consuming as a small business owner. In this guide, we will take you through strategies to manage your small business debt, ensuring you can stay on top of your expenses and get them in order before it becomes an issue. What is Business Debt? Business debt refers to the debt you’ve taken on…
On May 9th, this year’s Australian Federal Budget detailed the government’s plans for the upcoming year, giving us a firm idea of what public money will go towards. And, with the inflation rate still over the Reserve Bank of Australia’s goal, the 2023 Budget had much to consider. Let’s take a look at the primary points of The Budget and…
As a small business, technology will be a considerable part of your daily activities and processes and play a pivotal role in accounting. In modern-day business, technology is continuously developing, providing entrepreneurs with innovative accounting solutions that are more efficient and accurate than ever before. This guide will detail technology’s role in small business accounting and how to use…
Running a small business takes a lot of mental determination and commitment, but various accounting processes can streamline your success and make business growth possible. This article will detail five ways to improve your small business accounting processes to reach your goals. Effective Bookkeeping With the right bookkeeping strategy, your business can accurately track income and expenses, ensuring reports are…
Getting your cash flow right is essential to running a successful business, and there are specific management techniques that you can pursue to achieve this. Read on to discover how to manage your small business cash flow for the best results. How Does a Well-Managed Cash Flow Look? With a healthy cash flow, you will meet timely payments, whether paying…
It is essential for small businesses to keep on top of their accounting, and plenty of tools are available to simplify this process. As a small business, you have no time to waste using faulty platforms and tools, so we have collated the top two accounting tools and software that will meet your needs and improve business accounting procedures. Why…