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Tips from an accountant on setting your business up for success this year

With tax time always a great opportunity to have a look at your strategy and business goals, here are some ways your accountant can help.

In addition to the usual services you associate with accountants, as tax experts in Narre Warren and Bunyip, we are professionals in giving advice to businesses across a range of areas like structure, cash flow, workforce, budget planning, due diligence, and document preparation to honour your obligations to ATO such as GST, BAS and PAYG.

Accounting and business goals

As tax experts in Narre Warren and Bunyip we give professional insights drawn from decades of experience to our many business customers. We can analyse your business goals and help you set new ones. Accountants can help you focus on your core business model and improve workflows and product lines to increase efficiency. Accountants are also experts in streamlining ways to boost revenue and cut costs.

Business goals to focus on this year

Costs: Usually one of the major focuses of a business because it directly impacts revenue, costs are naturally one of the first things to be analysed. Everything from staffing levels, supplier contracts, workplace expenses, unpaid invoices and bills can all underpin liabilities within your business.

Cash flow: Being owed or owing money can strangle your business considerably and begin to impact growth opportunities. Ensuring you chase unpaid invoices and set generous terms for your own payments are easy ways to improve cash flow. Many businesses have payment terms of 30 days from invoice which others may be more or fewer.

Workforce satisfaction: Maintaining a happy and motivated workplace can make such a difference to your business goals and help deliver on targets. It is especially important given the changes to how businesses have operated over the past few years with Covid affecting the mental health and anxiety of staff.

Staff management: Your staff may be used to flexibility that has been afforded them during the pandemic. It may be a way forward for your business to have more people working from home or more flexible hours. Perhaps new business goals may be to work out a plan to downsize your physical workplace knowing more people may not be required in the office, shop or warehouse at any one time.

Managing relationships: We find as tax experts in Narre Warren and Bunyip that it’s always beneficial when looking at business goals to manage existing relationships to ensure goods and services are being delivered upon as agreed. Is there scope to find new business elsewhere or cease a relationship that may not be meeting business goals? There is no point stocking a product that never sells when it can be replaced with something flying off the shelves.

So, whatever your plans, talking to an experienced accountant can set your business up for success in the year ahead. Greenview Accounting Warren has offices in Bunyip and Narre Warren and we’d love to help you grow your business today. Call us on (03) 5629 6133 to make an appointment.

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