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Money management tips for the self-employed, by your small business accountants in Melbourne

If you’re setting out on your own, it is important to find the best way to handle your business’ income. In order to take the right path so that you manage your funds better, you should be asking questions to find out the best way of benefiting your business and our small business accountants in Sydney will have the right tips for you.

If you’re self-employed and looking to improve your current financial situation, our business accountants in Melbourne recommend the following tips:

• Always make a budget, being the first step to improving your finances it is vital to be making the best decisions possible with your money
• One of the biggest mistakes small business owners make is with their taxes, it is important to always put money aside for them if you don’t have any small business accounting services in Melbourne on your side already
• Most owners tend to forget about paying themselves, it is important to set yourself a salary. Be sure to stick to your figure and don’t be tempted to take more!
• Another smart tip is to think in percentages, this way you are preparing yourself for the future and everything gets divided accordingly. For instance, for each check you receive, put 30% away for your taxes, 10% for retirement, 20% for your salary etc.
• Set up an emergency fund where you store money in the case of a shortage
• Be sure to plan for your retirement

While small business accounting might seem like a struggle, it can be quite simple and easy if you set aside just an hour or two a week!

Be sure to contact our small business accountants in Melbourne with any enquiries you may have.

 
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