Getting audited sounds intimidating, but if you’re prepared, it doesn’t have to be stressful. Here’s what small business owners should know about audits and how to handle them with confidence. 1. Why Do Businesses Get Audited? Audits can happen for various reasons, such as random selection, inconsistencies in tax filings, or claiming unusually high […]
The end of the financial year (EOFY) is a crucial time for businesses to finalise accounts, meet tax obligations, and set the stage for the next financial year. Here’s a simple checklist to ensure you’re financially prepared before March 31. Don’t worry, if you are one of our clients we will email you a thorough […]
Managing finances can be overwhelming, and many small business owners make simple accounting mistakes without realising it. These errors can lead to cash flow issues, tax problems, and unnecessary stress. Here are some of the most common accounting mistakes and how to avoid them. Mixing Personal and Business Finances A common mistake is using the […]
Creating a budget for your small business is essential to keep track of spending, manage cash flow, and plan for growth. Here’s a simple, step-by-step guide to setting up a budget that’s easy to understand and maintain. Estimate Monthly Revenue Start by calculating your average monthly income based on past months. This gives you a […]
A steady cash flow is the lifeblood of any business, and one of the easiest ways to keep it flowing smoothly is by mastering your invoicing process. Here are a few simple invoicing tips to improve cash flow: 1. Set Clear Payment Terms Make your payment terms clear from the start. Specify due dates, late […]
Tracking business expenses might seem daunting, but with a few simple habits, it can become a natural part of your routine. Staying organised month-to-month not only reduces financial stress but also helps identify spending patterns and potential savings. 1. Set a Weekly Expense Check-In Dedicate a few minutes each week to log your expenses. A […]
A bank reconciliation involves comparing your sales and expense records with your bank’s records. This critical financial process helps identify and correct any discrepancies or errors between your financial data and the transactions reflected in your bank statement. Bank reconciliations are vital for maintaining accurate bookkeeping, which can help reduce tax liabilities, alert you to […]
As a business owner, you’re always looking for ways to save time. Every minute spent on admin tasks or fixing mistakes is a minute that could be used to grow your business. When time is money, finding ways to cut down on repetitive tasks is essential—technology can help. Improve Billing Billing can take up a […]
Creating a personal financial plan is a vital step toward achieving financial stability and reaching your long-term goals. A well-structured financial plan acts as a roadmap, guiding you through various financial decisions and helping you navigate life’s uncertainties. Here’s Accountants Plus’s step-by-step guide to crafting your personal financial plan: Set Clear Financial Goals […]
Creating an effective invoice is crucial for ensuring timely payments and maintaining professionalism in your business. Here’s Accountants Plus’s concise guide to help you craft clear and professional invoices. What is an invoice? An invoice is a document used to request payment for goods or services provided. It also serves as a record for […]