At the end of the day, business is all about the numbers, but for many business owners accounting, bookkeeping, and invoicing are the most tedious and frustrating chores of an enterprise.
This is an area where business owners often step out of their comfort zone to learn the red tape ropes of GST, tax, invoicing and wages, and just to make it more challenging the rules often shift.
The good news is, there’s help at hand, and here are just some of the free services available to assist:
“Don’t ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers.” – Tilman J. Fertitta
From initial business setup through to annual tax returns, accounting is a task no entrepreneur or business operator escapes. Accounting is not an option in business but a necessity and legal requirement, and often the last thing business owners deal with at the end of the day working in their actual field of expertise.
So if accounting leaves you less than inspired, the following services can help with the task:
- Scott Wastell of Stellar Profits provides a free file review to ensure your business is ready for the accountant and the ATO.
Whether you outsource the task or complete it internally, bookkeeping is the nitty gritty of the numbers that make up everyday business.
And here are some tools to assist with the task:
- All Trades Bookkeeping offers a free 30-day trial where they will enter your data, produce your compliance reports, and give you a taste of the “extra service that helps you grow your business, improve your lifestyle, and build your wealth”.
- Amanda Hoffmann of My Office Books offers a free 30-minute consultation on how streamline your bookkeeping and never do data entry again.
Invoicing and accounts receivable is part and parcel of any business, and its effectiveness has major implications for cashflow, expansion and business profitability.
According to Inside Small Business:Australia’s two million small to medium businesses are drowning in a sea of unpaid customer bills, “with $76 billion worth of outstanding invoices crippling their ability to grow…”
“If the problem can be fixed, up to half a million jobs could be created, reducing Australia’s unemployment rate to almost zero,” they note.
So, if accounts receivable and invoicing is an area where you need to improve, the following services are available to ensure your invoicing is up to par:
- Jan Reeves offers a host of free tips and collection call scripts to ensure your invoices get paid on time every time.
- EzyCollect provides a series of free tools and templates to take control of overdue invoices and get paid faster.
The final word
Invoicing, bookkeeping and accounting may be the last thing business owners wish to deal with at the end of a long day, but they’re the key tools to figuring out your business’ bottom line, maintaining profitability and keeping a grip on cashflow.
Now we’ve looked at ways to get your numbers together and deal with the bottom line, let’s look at methods to increase it, which are covered in further free resources sections like business coaching, and marketing.
In the meantime there’s great information on a wide variety of business interests and issues available at the Business Business Business Learn Magazine.