Successfully growing a business and a family

Successfully Growing A Business And A Family At The Same Time

The struggle is familiar for many business owners, entrepreneurs, and freelancers – how do I balance work and home life?

It is an age-old question that seems hard to find an answer to!

Especially if your business is starting to take off, maybe you are recruiting a bigger team, seeing a steady increase in business, or expanding into a new market. You might be tempted to dive in and work at full speed, but it’s not that easy when your family is growing, too!

How can you possibly make time for everything?

The key is balance. So, here are our top tips for balancing growing a business and a family at the same time.

Successfully Growing A Business And Your Family At The Same Time

Establish a (Flexible) Routine

Your days are going to be busy, but they will also need to be well planned and organised. When you have got a lot going on, it’s far too easy to lose track of what you are doing, get stressed out, and not make the most of your time.

Be sure to schedule time for specific work tasks as well as family time each day. Make sure you also allow yourself some ‘buffer’ time to account for those unexpected things. You never know when you are going to need to pick a sick child up from school or make a quick trip to the supermarket for nappies!

Make Family Time a Priority

Your business and your income are important, but don’t forget who it’s all for – the family!

Things like making it home in time for dinner or making sure you can turn up to a sports game really makes a difference for your family. They know you are busy, and they appreciate your hard work, but they also love spending time with you!

There will always be some family events that you won’t be able to make it to. But prioritise the important ones and strike a balance with the rest.

Set Day-To-Day Goals

You probably have a long-term plan and aspirations for how you want your business to grow. But, it can be harder focussing in on the more day-to-day, business-as-usual things.

So that you use your time wisely and don’t waste any of it, have a daily or weekly plan. Start your day with ten minutes of goal setting for the day or week ahead (depending on how you like to work, you might want to do this planning the night before).

Write down your key tasks and priorities for that day or week. Crossing things off a to-do list is great for your sense of achievement! However, loading your to-do list with too many tasks is not so great. List the top three things that you need to get done each day and consider anything else a bonus!

Delegate

Despite what it might feel like, you don’t actually have to do everything yourself. You might have employees or business partners who can take care of some tasks for you. If not, then embrace the art of outsourcing all the tasks that don’t necessarily have to be completed by you. Accounting, bookkeeping, administration and content creation are great outsourcing areas to start with.

Don’t forget you can delegate at home too. You can use your family and personal support networks to help out with some of the at-home tasks. It takes a village!

Work While They Sleep

Many self-employed and entrepreneurial parents prefer to save some work to do from home after the kids have gone to bed. This can help to alleviate some of the “working parent guilt”, as it frees up more family time during the day when everyone’s awake.

Just make sure you aren’t working all hours of the night, every night. Have some definite boundaries for how much time you will spend working after bedtime.

Take Care Of Yourself

You can’t pour from an empty cup! While your schedule is demanding and life is just generally hectic, your health and wellbeing needs to remain a priority. You can’t take care of the ones you love if you aren’t taking care of yourself!

If you have been considering outsourcing your financials to free up some time and energy for growing a business, then we can help do the hard work for you. Accountants Plus helps small to medium-sized businesses with a range of tailored accounting services. Get in touch with us today to find out more.

I WIll Teach You To Be Rich

I Will Teach You To Be Rich

Money is a funny thing.

You can love it, you know you need it, sometimes there isn’t enough of it to go around, and sometimes you hate it.

Many people have the dream of being rich. Often, people go into business or choose a certain role to make their fortune. But it doesn’t always work out the way you had planned.

The cost of living continues to go up, while wages and salaries aren’t rising at quite the same rate. A 2019 survey by the Council of Trade Unions’ found that 70% of people surveyed felt they didn’t make enough money to keep up with rising living costs.

And even if you are running your own business and not relying on an employer’s wage, there are still many rising costs to factor in.

In a time when not all of us are benefitting from economic growth – how do you make the most of what you have?

Let’s take a look at some of the things you can do to be financially better off. 

I Will Teach You To Be Rich By…

Use The Money You Have To Your Advantage

The first step is to work out your budget. Putting down in black and white exactly what money you have coming in and going out will give you a clear picture of your financial position. You can use your P&L Statements to help you work out your incomings and outgoings each month.

Once you have mapped out your incomings and outgoings, you will know how much is left over per week. Set a portion of the leftovers aside for tax, and also a portion for savings. It is always good practice to have a buffer to utilise in case you have an unexpected expense or quiet spot in your business.

If you have a significant amount of money left over once all the bills are paid, you might want to consider how you can invest it. Investing means buying into things that grow in value or generate income, and ultimately make you more money. The best way is to invest funds into growing your business. But, you can also choose to invest in property, shares, and bonds too.

Don’t Waste Money

The key to riches is not to waste money. That means spending your business surplus in wise ways. Some things are necessary to run a great business, but some are more of a vanity metric that you don’t need.

Be frugal where you can.

That doesn’t mean that you have to keep every penny in the bank as that is clearly not going to help you grow your income. It just means that you should spend your funds wisely.

With your personal spending, you need to find a balance between saving and still enjoying yourself. You can cut costs by buying weekly specials at the supermarket, buying in bulk, getting less takeout, and carpooling or using public transport.

Ramit Sethi, author of the bestselling book I Will Teach You To Be Rich says, “Frugality isn’t about cutting spending on everything. That approach wouldn’t last two days. Frugality, quite simply, is about choosing the things you love enough to spend extravagantly on – and then cutting the costs mercilessly on things you don’t love”.

Create A Steady Stream Of Sales

Once you have the budget set and your conscious spending in place, it is time to create the riches. That means generating a steady stream of sales.

Having a reliable base of loyal, repeat customers is essential for keeping things ticking over money-wise. But how do you create that loyal base of customers?

  • The most important thing is delivering on promises and excellent customer service. Manage your client’s expectations, so that they know what to expect. Consider VIP programmes or incentives for repeat customers to make sure they always come back to your business. Depending on what goods or services you provide, some type of subscription or retainer service could create a steady workload and income.
  • Get your pricing at the right level so that you earn what you are worth, yet remain competitive in the market. Pricing can be a hard thing to shift once established, so do some research before you create set rates.
  • Remain visible amongst your ideal clients with a solid marketing plan. Remember that you can’t sell a secret. Attracting people to your business is more than running one advertisement too, you need a consistent approach to build momentum and create growth.
  • Examine the areas of your business that are performing well to see if you can develop and build on them. Your accountant can help you to understand where your funds are coming from and if there are ways that you can improve.

Are you ready to be rich in your business? Then we are ready to help you get there.

If you are in need of accounting advice or assistance, Accountants Plus can provide small to medium-sized businesses with a customised service tailored to your specific needs.

Get Paid On Time

Tips To Get Your Payments In On Time

Do you have clients or customers who are not paying their bills on time?

This can be one of the more awkward things about running a business. It can also have negative impacts on day-to-day operations if cash flow is constantly tight, especially in small businesses.

But what can you do about it?

How can you get the money into your accounts when you need it? After all, the ball is in your client’s court there.

Thankfully, there are plenty of ways you can encourage them to be timely with their payment.

So, let’s look at some tips for ensuring you receive payments on time, every time!

Tips To Get Your Payments In On Time

Be Clear On Your Terms Upfront

Before you undertake any work or provide any products or services, you need to agree on some terms with your client. Make sure the deadlines, scope of work, fees and penalties are clearly understood by both parties.

That means your clients will know right from the start what they are expected to pay and when.

Agree In Writing

Once you have discussed the terms, it is good practice to agree all of the above information in a written agreement or contract. This way, everyone is on the same page. There is a record of what was decided so that both parties can refer back on it if needed. It will also mean that no one can try to change the agreement at the last minute.

Send Reminders

When your clients are busy with their day to day tasks, it can be easy to forget things. Even if they have the best intentions! That is why it is helpful to send out reminders for upcoming payments.

Sending regular reminders about what is due and when, will help to remind your customers when they have payments coming up. Most accounting software will allow you to schedule automated reminders for your invoices.

You choose when you would like the reminders to go out (ie. one day before the payment is due, 3 days after it is due, and so on). Set up as many reminders as you want and you don’t even have to think about chasing payments going forward!

Prompt Payment Discounts

You could consider providing a small discount to clients who pay their invoices before the due date. An incentive as small as 2% can be enough to encourage people to pay on time. This saves you money later on if you aren’t having to spend time and resources chasing late payments, so it balances out.

Late Payment Penalties

You can give your customers extra incentive to pay on time so that it won’t cost them more. Adding penalties on for late or unpaid invoices is another way to ensure people will get their money in on time. They aren’t going to want to pay more than they had initially planned to, so if they can avoid a late payment penalty they are likely to do so.

Have Various Payment Options

People and businesses have different preferences when it comes to making payments. You should make sure you cover all the bases in terms of payment options so there aren’t any hurdles for anyone.

For example, some companies might utilise credit cards or automatic payments, but others might only have the option of internet banking. Allowing instalment options and spreading the costs over a few months is also very helpful to smaller businesses.

Be Polite

Being polite in your interactions with clients and customers is a no-brainer. Something as small as putting a “thank you for your payment/business” at the bottom of an invoice might seem insignificant but it provides positive reinforcement to get the money paid on time.

Don’t Be Afraid To Ask

Sometimes people forget about their bills, or they just need a bit more time to get the money together. Politely following up about a missing payment is part of business and is nothing to be apprehensive about. A lot of the time it simply slipped their mind or they didn’t see the invoice come in, and they appreciate the reminder!

Delay Work If Necessary

A customer or client with a history of paying late sometimes needs a bit of extra management. If other attempts to get invoices paid haven’t been successful and they still owe you money, stopping services until they get caught up might be necessary.

Part of getting the money you are owned into your account on time is having a great accounting system that is backed by a great accountant. Drop us a line here at Accountants Plus if now is the time to get your payments in order as we can take this hassle away for you.

How to perfect your sales technique

How To Perfect Your Business Sales Technique

Sales are the lifeblood of every business. After all, if you aren’t getting paid, then you aren’t running a successful business!

So it stands to reason that every business could do with more sales. However, sales don’t simply fall in your lap. The market across most industries is only getting more and more competitive.

So, how do you make sure that you are standing out among the rest?

The first step is to refine your business sales technique to increase your sales. Let’s look at how you can do that.

Perfect Your Business Sales Technique By…

Be Customer-Centred

In order to offer truly great service to your customers, you have to understand who they are and what they need or want from your business. To work out what that is, you can use the “voice of the customer” when designing your customer service and sales tools.

For example, you could survey your customers to find out what they like about their experience with your company or brand. It is also important to know what doesn’t work so well and what suggestions they have for changes.

You can also utilise existing customer feedback or complaints and make improvements based on those things. If you can design a customer experience that meets their precise needs, your repeat business (and therefore sales) will increase.

Know Your Stuff

It goes without saying that you need to know the ins-and-outs of your own products and services. But it doesn’t stop there. You also need to be aware of what’s happening in your wider industry. What are the current trends or emerging technologies that could impact you or your customers?

Having that knowledge up your sleeve is a great asset. You should consider using a blog, videos, emails or newsletters to keep your customers updated and establish yourself as an expert in your field. Remember that every opportunity for contact with your audience is a chance to convert them to a paying customer or encourage a repeat sale.

Don’t Be Too Pushy

Does anyone enjoy feeling hassled by an overenthusiastic salesperson?! The answer is most certainly a no! Therefore, it is important to prevent your customers from feeling pressured – whether in person, over the phone or online.

Instead, take a more subtle approach. The most important things are to explain the benefits of your products and to be genuine, knowledgeable and helpful. Don’t spend time knocking other brands or talking about competing businesses – keep the focus on you and the amazing things you have to offer.

Keep In Touch

Maintaining contact with your customers (while keeping the above point in mind) is important. The frequency and type of contact will vary depending on what kind of business you are in and how often your customers like to hear from you. In an e-commerce setting, it is easy to send generated email reminders or updates to keep connected to people. You can also use this method to promote and upsell related products.

It is a bit different for a more traditional operating model or business-to-business sales. For these companies, it is a matter of knowing your customer’s habits and when they are due to reorder. You can also provide them with information on new products that might be relevant or interesting to them.

The key thing with staying in touch is delivering value. Your readers will get bored with a constant stream of sales offers. But if you give them valuable tips or information along with sales opportunities, then they are more likely to read those messages and create sales.

Build And Maintain Relationships

Genuine and lasting connections with customers make a huge difference to your sales. Repeat customers are essential to business. It is estimated that they are 7 times more likely to try new offers from you than first-time buyers. New customers also cost you about six times more to obtain compared with retaining existing ones.

Your existing customers know and trust your brand, and if you have provided well for them before, they are less likely to stray to a competitor. They increase your profitability and act as ambassadors for your brand! 

Look At The Numbers

A key part of being successful at sales is selling the right stuff. If your focus is on all the wrong products or services, then you are never going to reach your targets or increase your sales. Take some time to look at your financials to see which areas of the business are performing well. Popular items are easy to sell, but you need to ensure they are generating the right level of profit.

If you are unsure how to check the profitability of certain products or services, then have a chat with your accountant. They will be able to help you dig deep into the areas of the business that are working, and those that need some boosting.

Here at Accountants Plus, we are experts in reporting and analysis that helps to grow your business. Get in touch with us today if you are ready to take your business to the next level and accelerate your profitability.

File Tax Return

Why You Shouldn’t DIY Your Tax Return

Does anyone really love doing their tax returns? If you are self-employed or running a small business (or planning to in the future), you have no doubt considered whether you should outsource your tax returns.

Surely it can’t be too hard right? It’s just one little form…

Wrong!

A quick online search or a chat to Inland Revenue will confirm that taxes are a lot more than simply filing a form once a year. It is actually about keeping an accurate set of financial records that spell out how your business is performing.

Here are the main reasons why you should leave your tax return to the professionals:

Submitting A Tax Return Is A Complex Process

The Inland Revenue is currently undergoing huge changes to become a more customer centred business. This will make interacting with the agency more efficient and pleasant. But, it doesn’t change the inherently complicated regulations involved in income and business tax.

You can certainly find a lot of information about how to handle your finances online. But, the internet is not a complete resource. It often contains inaccurate or out-of-date information. And it is certainly no replacement for the years of practical experience an accountant has.

Engaging a professional to deal with your taxes will ensure that the correct processes are followed and that you will receive accurate, appropriate advice. This is especially helpful for staying up to date on any changes to tax laws, or simply being reminded when certain things are due.

There can be some pretty hefty penalties for underpaying taxes or failing to keep your records as required. So, it’s not something you want to take a chance on!

You Might Save More Money

A tax accountant is going to know all of the exceptions as well as the rules! That means they may be able to save you money on your tax return bills by making sure you are getting all of your entitlements, like tax credits and deductions.

If you work for yourself or from home, a lot of your expenses can be either fully or partially deductible. Your tax professional can ensure you don’t miss out on anything you might be owed.

Any Income Related Lifestyle Changes

If you have recently experienced a significant increase or decrease in income, had a baby, or started a hobby business – your tax obligations might have changed, too.

If you have an accountant taking care of your taxes, you just have to inform them and they can take care of the rest! Otherwise you would have to wade through the complicated (and sometimes confusing) mass of information out there. After hours of reading, you still might not have the answer!

Peace Of Mind

This reason might appeal to you the most – you simply don’t have to worry about it anymore! Dealing with taxes can be frustrating and stressful. Most of us understand the dangers of messing up your tax return. We just aren’t completely sure how to avoid it. It also means that you won’t miss any, all important deadlines and receive penalty fees.

Outsourcing your tax related tasks frees up time and helps you rest easier, knowing that your obligations are properly taken care of. This is not only beneficial for the short term. In the event that you are the subject of an audit further down the line, all of your tax ducks will be neatly in a row – prepared and assured by the experts. 

Here at Accountants Plus we have a full range of accounting, taxation, and business advisory services.

Contact us today to find out how we can help you with your tax obligations.

Summer and quiet seasons coming

Summer & A Traditional Quiet Period Is Coming… Are You Ready?

With summer settling in and the new year around the corner, many businesses may be facing their slump season. Cash flow can slow down over the warmer months while people are on holiday or facing empty wallets after a Christmas blow out.

With the right planning, foresight and management, the quiet season doesn’t have to be a stressful time for your business.

Read on to discover some useful strategies that can get you through the quiet periods until business picks up.

Dealing With The Summer Quiet Period

Fine Tune Your Annual Budget

Planning ahead is everything. Instead of waiting until the quiet season is looming, take these seasonal fluctuations into account when doing your yearly budget. Put away some of the extra cash you earn during busy times to get by during the troughs.

Knowledge is power. The more information you have, the more prepared you will be. Calculate your bare minimum operating expenses every month and ensure there is enough to see you through even in times of reduced income. Also, have a look back on your financials to discover exactly when those quiet periods are.

Cut Down On Costs

Once you have figured out your essential spending, it is time to look at where you can tighten the purse strings. Perhaps you can reduce business hours or staffing, go easy on the advertising, chat to suppliers about renegotiating contracts, or cut out the complimentary office snacks for a few months.

However, try not to go overboard and downsize too much without really considering the implications for your business. Too many cutbacks could make it difficult to pick up again when the quiet period comes to an end. Talk to your accountant for advice on where you can afford to cut back and what you need to keep up.

Perfect Your Timing

Planning to survive, and even thrive during slow season requires some creative thinking and attention to timing. Before the lull arrives, put in some extra effort to sell and create revenue that will keep you afloat.

Leverage your existing clients by offering exclusive deals and promotions for them to take advantage of during those months. As the quiet season draws to an end, consider an aggressive, early marketing campaign to beat the competition and draw in new customers. Offer promos for early sign-up and emerge from the slow season with some forward momentum.

Expand Your Products And Services

Not all businesses have to experience a slow down over the summer months. Is there a way you can broaden or diversify your products and services to avoid a slump? Though it may not be appropriate for all business types, utilise some creative thinking to identify what complementary services you can introduce that will be in demand at this time of year.

Get Strategic

Quiet season is the perfect time to get to all those things you never find time to do when it is busy. Use the time wisely to evaluate your business plan, review processes, see what is working and what needs improving, research innovations in the industry, look at your branding and marketing strategies – all those juicy things that are essential to growing your business.

You can also use the time to tidy things up from a busy year. Finish off any filing, tidy out the office and organise your desk. Get ahead on that pesky admin work and come up with an awesome plan of action for the year ahead.

If you would like to know how you can prepare for quiet seasons in your business, then get in touch with us here at Accountants Plus. We will be able to provide you with lots of great advice to get through and strengthen your business for when things pick back up again.

Company Vehicle

Financial Considerations For Having A Company Vehicle

Financial Considerations For Having A Company Vehicle

Love the idea of having a shiny new company car or van to cruise around town in but not quite sure how it works and what you need to consider? As much as the idea is appealing and you might think you can write off all the expenses at tax time, it isn’t quite that straightforward.

The financial rules for vehicles can be quite complicated. There are actually different rules for sole traders and companies, variations that depend on whether the vehicle is exclusively used for business or also allows personal usage, and a slew of other considerations.

In some cases, it may be more prudent to maintain your own personal vehicle and claim back expenses such as mileage and maintenance.

Let’s have a look at some of the financial considerations to take into account if you have a company vehicle.

Financial Considerations For Having A Company Vehicle

Is It Viable?

Before you start looking at all the shiny new cars on the lot or deciding whether to go petrol or electric, you need to know if it is a viable choice for your business.

First and foremost, you need to figure out if you have enough financial stability to make such a sizeable investment up front. It is not just the cost of the vehicle to consider, insurance and other associated costs add up. Although you can write off a substantial amount, you still need the money upfront.

If you don’t have the funds upfront, you may decide to take out a loan to purchase a company vehicle. In some cases, the interest on the loan may be tax-deductible. But, don’t bank on that fact. It pays to check with your accountant before making any financial commitments. They will have the right advice for your individual situation and advise whether or not it is a good investment for your business.

Ongoing Costs

Cars and vans are not a one-time purchase. You will need to have the budget to maintain a WOF and registration, make repairs, pay road user charges (if applicable) and cover insurance for all employees who use the vehicle. Again, most of these expenses are deductible, but your bank account needs to be healthy enough to sustain unexpected costs.

Although it is possible to claim back all the running costs, petrol, insurance and even depreciation of the car, bear in mind that you are likely to be required to pay fringe benefits tax (FBT). This is tax your business is liable for if the company car is made available for staff for any form of private use. Even travelling from home to work is considered to be personal use – unless you are a sole trader and using a truck or van as your company vehicle.

The amount of FBT you pay depends on how much the car is worth and how much your company earns. If you are a sole trader, you won’t need to pay FBT on your business vehicle – instead, your accountant will make other tax and GST adjustments.

If your company vehicle is a non-passenger vehicle and is only ever used for work-related tasks, you are exempt from FBT. As a general rule, if you are more likely to use the vehicle for personal use, it makes more financial sense to pay FBT.

Do You Need It?

Probably the biggest consideration is whether or not your business needs a company vehicle? Because it makes your financials a lot more complicated, you should carefully consider if you are buying the vehicle for the right reasons or for vanity’s sake.

Deciding whether or not to invest in a company vehicle is no small decision. You need to discuss your current business requirements and finances with an experienced accountant who can advise you of your options and help you save money in the long term.

If you are considering buying a company vehicle and need to understand how it could impact your business, then get in touch with us here at Accountants Plus today. We can advise you on the best way to handle the vehicle situation specific to your business.

Tasks to make your accounting easier

Tasks You Can Do To Make Your Accounting Easier

One of the biggest time suckers for a small business is trying to maintain your finances. That is why hiring an accountant to manage them for you is a smart move. You give yourself extra time and energy to focus on the important aspects of growing your business.

However, if you don’t utilise or support your accountant, you are not doing yourself or your business any favours.

With any outsourcing you choose to do, you want to ensure that your money is well spent and the service adds value to your business. Because accountants need to charge for their time, it is in your best interest to make sure you have all your ducks in a row. That way, they can get straight to the grunt work without having to chase you for more information.

Here are some key tasks you should be doing to help your accountant do their job effectively and efficiently.

 

Tasks To Make Your Accounting Easier

Organise Your Receipts

In this age of advanced apps and software, there is no excuse for keeping a shoebox piled full of receipts under your desk. Grab an app or use the capabilities of accounting software like Xero to save all your electronic receipts and organise them into categories.

Photograph hard copy receipts and add them to the folder, or assign them to your entries in Xero. You will save your accountant the hassle of endless hours of sorting and cut down on the billable hours you have to pay.

Meet Deadlines

A good accountant will give you plenty of warning in advance of tax time. They will tell you what they need from you to file your tax returns. Help them out by getting them what they need, when they need it. They have many clients and can’t receive everybody’s info back at the last minute. Plus, a late tax return can incur fines and fees which you don’t want to deal with!

Bill Efficiently

Talk to your accountant about the best-invoicing cycle to stay in the black and make sure you chase clients who are late to pay. Your finances can get out of whack if you have already paid for stock and employee wages, but then have to wait another month for the invoices to be paid by clients.

If you struggle to find time for this, consider an automated invoicing system that will remind you of any outstanding invoices and send reminders to clients on your behalf. Most online accounting programs have this function built in.

Communicate

Always keep your accountant up to date on any changes to your personal or business circumstances. They can anticipate problems or challenges that you weren’t aware of and assist you in coming up with solutions.

It is far better to be proactive than reactive. Also, discuss with them if you are intending to make any big financial moves in your business like buying a new significant asset or borrowing funds. Your accountant will be able to advise on the best way to handle it and if it is a smart financial move to make.

Manage Your Books Regularly

Set aside time every day to reconcile your Xero accounts, update your spreadsheets and records, produce your invoices and pay any bills that are due. Delaying these tasks for days or even weeks can lead to gaps or inconsistencies that will cause problems for your accountant and potentially your cash flow. Getting into the habit of dealing with this daily means there is less of a chance you will forget something important down the line.

Using cloud-based accounting software makes this part easy. You can create rules to reconcile transactions so that it would be a 5-minute job to get everything up to date. Plus, your accountant can log in any time to get an accurate snapshot of your finances.

Help Your Accountant To Help You!

If you have a scheduled catch up with your accountant, take the time beforehand to write down a list of questions or outline any plans you have for your business. Send this list to them ahead of the meeting, so they have time to get any information or documents ready for you.

Your accountant has a wealth of knowledge in many areas of business. That means they can provide you with sound advice on how to scale or grow your business. More than just numbers, they cover all the important parts of business.

If you would love to work with an Accountant that loves to work with you, then get in touch with us here at Accountants Plus. We make a point of getting to know your business so that we can always work in your best interests. Get in touch today.

Review your Goals

Why You Should Review Your Financial Goals

The end of the year is fast approaching, and you know what that means – holidays, Christmas trees and parties, right? Yes, while these things are all on the horizon, it also means the end of the financial year is only a hop, skip and a jump after that!

So, it is time to hit the pause button on all those holiday preparations and put aside some time to review the financial goals that you set for your business at the beginning of the year.

Reviewing your goals is a chance for you to get a snapshot of how your business has performed, allows you to figure out if you are on track, and adjust accordingly. You still have two quarters left to rev up and get those goals met. It also helps you to plan how to do things differently next year.

Let’s look into the review process a little further.

Review Your Financial Goals

Remember those goals that you set way back at the start of the year? The ones you were really enthusiastic about?

As part of your business plan, you should be setting goals, whether they relate to business growth, profits, expansion or other aspects of your business. This you know. But then you have to actually put those goals into action to make them happen.

Hopefully, you didn’t file those goals away and forget about them!

Take a look at the expectations you had for your business and check your progress.

If you met your goals, high five yourself! But then take a more in-depth look into the goals that you set. If you have reached them already, then you might have set a goal that was too easy, now is your opportunity to raise the bar for next year.

If you are miles away from completing your goals, try to figure out why. Were they unreasonable? Did you miss an important aspect of your planning? Is there a way that you can step it up now, to still achieve what you wanted to? Then, ask yourself how you can handle things differently next year to set yourself up for success.

Review Your Profits and Spending

Part of your review process should include looking at your numbers. Spend some time examining your income to see if it was what you expected. Brainstorm some ideas on how you can maintain your momentum, or increase it as we head into the last half of the financial year.

Once you have looked at your income, it is time to look at the outgoings. Try to examine them with an unbiased attitude. Did you spend your money wisely? Are there purchases or investments you regret making? Or, are there subscriptions, courses, or services you have signed up for but aren’t using?

These kinds of reviews clearly help you see where you need to build discipline, and what kind of worthwhile spending you might like to continue with. Be ruthless with your examination and remove anything from your business that you don’t need. If there is less spending happening, then you have more in the pot for investing in your business and paying yourself!

Get To Work

Although it may be tempting to spend the warmer months cruising towards the end of the year, don’t give up yet! You don’t need to write the year off, vowing to improve things next time around with a new set of goals.

Instead, focus on switching your attitude and trying to complete any goals that you didn’t quite get to yet. There is something incredibly satisfying about reaching those targets. After all, you set them for a reason in the first place.

Review Timeline

Instead of waiting for halfway through the financial year, or one week before its end, it can be helpful to review your goals on a more regular basis. That way if you are falling behind on your progress, it is easier to get caught up and on track before it is too late.

It is important to remember; whether you are reviewing your financial goals monthly, quarterly or annually, there is always something to learn from the process. Don’t be too hard on yourself if you haven’t managed to achieve everything you hoped. Use those shortfalls as a lesson, study them closely and come up with ways to do things better.

Financial reviews are an essential part of your business growth, and the perfect opportunity to refresh and empower your business. If you need some help with reviewing your financial goals, then get in touch with us here at Accountants Plus. We are not just accountants; we have plenty of business expertise that will help you to take your business to the place you want it to be.

Happy Accountant on Your Team

Why A Good Accountant Is On Your Team

Why A Good Accountant Is On Your Team

Accountants have a bit of a bad reputation. We aren’t sure why; we are actually a pretty cool bunch here at Accountants Plus! But unfortunately, it seems to be a reputation that comes with the territory.

Accountants really are an essential resource for your small business. That is not just us tooting our own horns. A good accountant can help you keep your business on track, position you for good growth and an even better return!

If you aren’t a money or finance person, it can be a mission to get your head around things like payroll, taxes, and financial reporting. Having a professional and qualified accountant to take care of these important parts of your business can really make all the difference.

We want to change the opinion people have about accountants and prove that we really are an integral part of your team. So let’s dispel some myths and look at how we can help you…

Common Misconceptions About Accountants

They Just Want To Make Money Off Me! Not true! The thought of a big accounting bill is of course intimidating. But before you sign on with someone, do some research into their fee and billing structure. Some accountants even offer a package where you are billed monthly and can spread the cost across the year.

They’re boring! Just because you find finances boring does not mean that we ourselves are boring! In fact, we pride ourselves on our friendly, helpful and personable service.

Bookkeeping Is Simple. I Don’t Need Any Help! Bookkeeping and accounting are very different things. It is not just a matter of tracking ingoing and outgoing money. You might do your own bookkeeping, and that’s great! But an accountant does far more. They take that day to day information and turn it into a regular financial statement report. That contains important data about your profitability and assets. They are also available on hand to help with any accounts, tax or payroll advice. While only 14% of small businesses outsource bookkeeping, 71% outsource the more complex tasks such as tax preparation.

They Only Do Taxes: While taxes and GST are some of the main roles an Accountant performs, they actually do far more than that. Their extensive knowledge in a wide range of areas means they can give practical and valuable advice. They can identify areas of weakness in your business and help you turn them into a strength.

Ways A Good Accountant Can Help Your Business

Help With Your Startup: There are a lot of crucial things to consider when starting up a business and if you haven’t done it before, you might miss something. Accountants can help with pretty much everything, including determining your business structure, creating business plans, designing processes to comply with industry regulations, even giving advice on which bookkeeping software to use.

Save You Time And Money: Your time should be spent on what you do best – delivering your products and services. Having someone else crunch the numbers and take care of financial obligations gives you back the time you need to do your job. Getting it right the first time can also help you avoid fines and penalties if you submit things late or incorrectly.

Help Grow Your Business. Over time, your accountant will come to know your business inside and out. They can be an excellent source of objective advice for important business decisions. When the time comes to grow and expand, an accountant who knows your business well is a vital resource.

Are you ready to have a good accountant in your corner? Then we are ready to be on your team! Give us a call today to see how we can help you and your business with more than just your taxes!