Financial problems that businesses face by small business accountants in Melbourne
Small businesses face financial problems fairly regularly in their lifetime and most of the time the expenses are unforeseen or from a catastrophic change. Our small business accountants in Melbourne will give you some insight to these problems.
Most small businesses frequently run their businesses close to the bone and may only be profitable in the long run, just as long as unplanned expenses don’t occur. For example a retail store will have a turnover of over $150,000 after expenses and if they are sued for slip in the store, the court will award the plaintiff a $1.3million payout. Alternatively if it is even small expenses such as a one-time government levy or a rise in the cost of goods sold, can all affect the bottom-line of your business. It is important to have one of our business accountants in Melbourne assist with managing your finances to help avoid these situations.
On the other hand, a catastrophic change for the business can result in closure from a death or even a natural disaster, which will leave a large portion of your profits at the door to payout families or fix damages.
Feel free to contact our small business accountants in Melbourne for some expert advice on how to properly manage your finances throughout your business.