Personal finance rules our small business accountants in Melbourne believe any business should live by
Managing your business expenses can be a very difficult task, however as your business grows it is crucial that you keep your personal and business bank accounts as separate as possible. Here are some more personal finance rules that our small business accountants in Melbourne believe you should pay attention to;
Track your cash flow
Our business accountants in Melbourne believe it is best to track your cash flow monthly by documenting each expense or income on a spreadsheet. In doing this, it makes it much easier to monitor how much cash your business is receiving per month, rather than counting how much cash you have at the end of the year.
Keep and emergency fund
Many people have a personal emergency fund; however, it is important for your business to also have an emergency fund. Our accountants for small business in Melbourne consider an emergency fund useful in times where rent or payroll have exceeded the business’s monthly quota.
Invest in your future
Our small business accountants in Southbank understand that it is easy to get caught up in the day to day processes of your business. However, it is important to keep focused on your long-term goals as well. By reinvesting a percentage of your profits into resources such as extra staff training, market research and development of your products, is a way to make sure your long term goals are being met.
To find out additional financial rules for your business, please contact our small business accountants in Melbourne today.