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Small Business Accounting: A Push In The Right Direction

Are you someone who has just opened up a small business and needs a little push in a good financial direction? M.A.S Partners has got you covered. Here are a few things you’ll need to consider if you are getting the ball rolling with your small business accounting.

Slow And Steady Wins The Race

Just like the tortoise in the tale we all know, slow and steady will win you the race. When it comes to accounting, you’re dealing with money going in and out to see if, at the end of the period, you have made a profit or not. So accounting is not something you can just do overnight and have it ready by the morning. If you’re going to see how your business is performing, you have to see what kind of money is going out and how often money is coming in and if there are trends. To be able to observe such movements, you need to be recording everything, even the donations, and contributions you have made or have been given to you. Therefore, like the tortoise, be consistent so that you don’t spend sleepless nights doing it later on.

Work Smarter Not Harder

As we said, you will need to be tracking every single transaction - even recording the delivery fee they charged you. If you are a start-up it might be a bit easier because there will be fewer transactions being processed but it will start to get tricky if your business starts to grow. This is when efficiency becomes key! Most businesses may start with the traditional pen and paper accounting but you'd find that is inefficient and time-consuming when there are a lot of transactions. The solution to this is having accounting software that can help you track, monitor, and compile transactions efficiently and effectively and be updated with the latest software.

How Often Should I Be Looking Back At My P&L Statements?

If you are only looking at your Profit & Loss Statements every quarter, then you might want to consider checking them more frequently. Don’t just prepare those statements because you have to, if you’re going to have to do it then you might as well make good use of it. P&L Statements are great indicators of your financial statements.

Accounting is no easy task and having that on top of you trying to make sure your business doesn’t fall in between the cracks can be difficult. That’s why, most of the time, businesses (whether big or small) will turn to an accountant for help. By hiring a professional accountant, you are putting a big chunk of your financial tasks to someone who can deal with them and help you grow them while you’re sailing your business smoothly. If you are a business looking for a small business accounting firm to lift some load off your shoulders, then M.A.S Partners can help you. As Australia's original accounting firm for small businesses, our team at M.A.S Partners is dedicated to giving you a little time for yourself. If you would like to speak with our team about the services we offer and what we can do for you, call us on (02) 9211 5000 or visit our website at https://www.masaccountants.com.au/

 
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