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Essential Tasks at End of Financial Year (EOFY)

End of the financial year is an important and busy time for small business owners, completing bookkeeping, tax returns and begin planning for the new financial year. Putting the hard work in each financial year can help you get your business organised and work smarter in the year ahead.

 End of financial year 2016

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Start-up toolkit: financial tips for success

I started my business in 2009 with little to no capital, and have since gone through a number of roller coaster rides along my entrepreneurial journey. Six years may not be a substantial amount of time for start-up veterans, but it is enough to understand the nature of entrepreneurship.

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Cash flow management: A key to business success

On 23rd of September, Tailored Accounts co-organised a breakfast seminar with Jigsaw Accounting and Taxation Services and Chamberlains Law Firm. The event was designed for business owners and covered three much needed topics including cash flow management, tax strategies round-up, and managing, securing and recovering debt. 

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Three Common Accounting Mistakes

By Lisa Girard

Reprinted from Entrepreneur

Common accounting mistakes

Tax time isn't the only time business owners should review their accounting practices. Experts say small-business owners often make seemingly simple accounting mistakes that -- which at their most extreme -- could mean the difference between a good and bad fiscal year. Here are three common missteps entrepreneurs make and the lessons you can learn from them.

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5 end of financial year tips for small businesses

If you are a small business, it is highly likely that you need to do everything to manage your business, from administration, marketing to bookkeeping. It is running well and you believe you are able to manage it until the end of financial year approaches. One client shared with us that EOFY used to be her nightmare and she was always lost with massive paperwork. 

End of financial year bookkeeping tips 

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Small fish, big fish and the magic of cash flow

Cash flow is important for business growth.

One day, I was watching the Discovery Channel with my four-year-old son Charlie when he asked, “Why does the big fish eat the small one?” Having gone through so many life experiences compared to my son, it seemed like a natural phenomenon because that’s just the way things are, in business too. Big companies are able to yield more power than smaller ones due to the availability of resources; it comes as no surprise then that 90% of small business failures are caused by poor cash flow.

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A Bookkeeper’s Life with MYOB

With more than 1.2 million active business users globally, MYOB is proud to be the leading accounting software provider in New Zealand and Australia. Offering over 50 products and services ranging from desktop software to cloud-based solutions, MYOB is confident to fullfill small businesses’ needs. 

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Discover your business life with Intuit Quickbooks Online

Being known as one of only three Xero Gold Partners in Canberra, Tailored Accounts are proud to offer professional Xero bookkeeping/ management accounting services to small and medium businesses in Canberra and regional states. Beside Xero, our bookkeepers are competent to provide services using other cloud accounting systems including but not limited to MYOB and Intuit (QuickBooks Online). 

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Why outsourced bookkeeping is a good return on investment!

Outsourced bookkeeping and back-office accounting have become our primary means of engagement with small-and-medium businesses. While there are advantages and disadvantages to outsourced bookkeeping, this article solely considers the financial benefits for firms which have shifted from hiring part-time bookkeepers to outsourcing their bookkeeping and accounting functions. After all, a firm’s bottom line is all about cost savings.

outsourced bookkeeping in Canberra

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Seven Great Apps For Small Businesses

Reprinted from Forbes

By David Prosser

Want to run your business on the move, any time and anywhere? If so, an increasing number of apps aimed specifically at small businesses aim to make your life easier – and the lives of your staff. But while smartphones and apps could, in theory, boost output and save time, relatively few small businesses are making use of them, new research suggests.

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How should businesses review their financial systems?

By Harry Hoang

Harry Hoang of Tailored Accounts Canberra

I had a talk with an insolvency partner from one of the biggest accounting firms in Australia last week. We both agreed that small or large businesses should have their financial systems reviewed more regularly by an insolvency expert. This will ensure that the systems are in compliance with latest financial standard requirements and potential ATO audit.

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4 Smart Financial Moves For Businesses

By Brian Hamilton

Reprinted from INC

If you’re bootstrapping or working on a budget, the expertise of a CFO may not be a luxury you can afford. Even if you’ve successfully scaled your business, knowing a few core financial principles is essential as you continue to grow. Below are four pieces of financial knowledge that, even if you know nothing else, can help you keep a pulse on your company’s financial health and make better, more informed business decisions.

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