Talking Cents

Small business accountant: piece of accounting advice for small business owners in Melbourne

For small businesses to compete in world-class cities is something hectic and stressful. Small business owners in Melbourne will agree to this. Everyone is moving in such a fast pace everyday. How can accounting be easy then? Read on more for tips and guidance.

The golden rule for accounting is “don’t need leave anything to the last minute”.

Sure you know what is a ‘profit and loss statement’. It is an extremely good tool to check the financial health of your business. Thus, do it regularly. You can choose to do it monthly, quarterly or yearly and stick to it. To have an accurate statement, you need to update it at the right time.

What is the right time? It should be done immediately, at the time.

How to be accurate? For example, invoices. They are not reminders for clients to make payments, they are your records of transactions. If you are contributing to a non-profit organisation, make sure you get a receipt for them to enjoy any sort of tax benefits that you might be eligible.

In a nutshell, accounting can be less stressful and tedious only if you are willing to invest just a little more time over each week. Time management is key.

If you are looking for someone to help, contact mas soon! Based in Sydney and Melbourne, we are a group of professional accountants who are passionate in taking off the accounting burden off our clients.