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Tailored Accounts becomes 2016 Telstra Business Awards finalist

The judges of 2016 Telstra Business Awards have shortlisted Tailored Accounts to be the finalist for Small Business Award Category. Once again, we have an honour to become a Telstra Business Award finalist together with many other inspiring Australian companies.

The 2016 Telstra Business Awards has encouraged us to reach for higher achievements in serving our clients and being committed to innovation in bookkeeping practice. The news comes to us when we are working hard to improve our service bundle.  July is the beginning of an exciting yet challenging financial year for many of us. Being the finalist of this prestigious award gives us a great inspiration to pursue our goal in the year 2016/2017.

The achievement that we have today comes from the endless contribution and support from our staffs and clients. We are grateful to have amazing team members who never fail to deliver the best quality of work. Our clients have always been supportive of us. The clients’ queries and concerns give us many ideas to design business solutions that answer their needs. Seeing our clients become successful businesses in town is a source of joy.

 

Let us together celebrate this exciting moment as it is another milestone to mark our growth and success.  

Tailored Accounts is proudly listed on Telstra Business Awards website

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End of Financial Year Note

Most business owners do not know that the SME sector in Australia has wasted millions of dollars due to inefficient cost, most of which can be attributed to the complex bookkeeping process. As the financial year is coming to an end, here is a guide to help business owners save the unnecessary cost and improve the company performance in a period when financial management is very much needed.

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To improve the existing financial management process, you will first have to evaluate the system. Take a minute and think about how you control your financial process right now. Most SMEs have the same mistakes listed below:

  • They fail to realise how important financial management is. Businesses with poor financial management tend to suffer from poor cash flow and profit margins, ineffective debtor control, and an inability to meet their business’ commitments;

  • They are unaware of alternative solutions such as hiring an accountant or implementing an accounting system. If crunching the numbers is not your strength, either hire or outsource to an accountant or bookkeeper who will deliver regular and reliable information and advice that you can use to manage your financial position;

  • While many businesses are in the field of IT, it is surprising how backward their accounting systems are. Stacks of receipts, manual ledger books, simple Excel sheets, messy financial transactions and reports, and overdue BAS and tax returns are common among start-ups with bad financial management;

  • Businesses owners tend to focus on their products, ideas, and clients, often neglecting the fundamentals of their business. I have never seen a successful business that does not have strong financial management.


As a matter of fact, most people fails to realize their mistakes until it’s too late. 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 seemingly 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. Only until the end of financial year does your disorganized bookkeeping system come back to bite you. To avoid this scenario, though, here is the EOFY to-do list from our executive director.

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