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November 23, 2015

Choosing An Accounting Software

If you don’t want to be your own accountant, but need an efficient system to manage your business’s finances, an accounting software is for you. Software Features This kind of software offers a bevy of technical functions and capabilities to help you manage your finances. However, many of the business owners we spoke to said ease-of-use and time-savings are two of the top features they look for in an accounting software. Accounting software should also be able to cater your business’s needs to help you see the big picture. Michelle Devereux, owner of Back Office Support Services (BOSS), an Enterprise Resource Planning (ERP) company that helps businesses manage their finances, said tailoring solutions to a client’s unique needs helps the […]

November 16, 2015

Your Retirement Checklist

Small business owners focus most of their energies on starting, running, and growing their businesses. Some do not plan to retire, but others assume that at some point they will retire … and, of course, they will die. Unfortunately, according to a study, nearly 40 percent of owners don’t have a retirement income strategy; they assume the proceeds from the sale of their business will provide them with financial security. This is so even though only half of all businesses have had any appraisal within the past three years. Assumptions and lack of action can undermine a secure retirement or cost heirs dearly. There are important things to do before you retire. Below are some actions to take – now. 1. Get […]

November 9, 2015

Setting Up An Inventory Control System

Inventory control systems keep costs down. Inventory is the most valuable asset in a large number of small businesses, and it can also be one of the most difficult assets to keep under control. Theft, administrative errors, physical damage and obsolescence all eat away at inventory, squeezing profit margins and damaging bottom lines. Setting up an inventory control system can help you to maximize the value of your inventory by keeping costs under control. Step 1 Implement policies to limit the amount of people with access to your inventory, and keep a record of who has access to secure areas at specific times throughout each day. Managers often underestimate the effect of theft on their inventory costs. Consider installing […]

November 2, 2015

Good Business Management

Here at Melbourne Accountant, you don’t have to be a fortune 500 (or even a fortune 500,000) company to take advantage of these tips for good business practice. In fact, some of the best small businesses have evolved and succeeded by implementing some of these principles. Hire the Right People If you are technically proficient in your field but lack marketing knowledge and expertise for example, then be prepared to hire the right people to fill in the blanks. This will start the trend of people beating a path to your door. The next trick is to keep them coming back and referring their friends. Know-How is Not Enough Just because you’re an expert in your field doesn’t mean that […]