Bookkeeping

July 19, 2022

3 Things You Aren’t Doing Right When Raising Business Funds

Melbourne start-ups face many challenges but perhaps nothing else in this list is more daunting to most founders than raising money. But what can you do, you need funds when you’re starting a business and possibly more when looking to expand. Most of the time, using personal savings isn’t an option and you’d rather ask from lenders or investors than from family and friends. Money, after all, can be a sensitive issue and you want to avoid that in your circle. In raising business funding, making sacrifices isn’t unusual – and so is making mistakes. However, if you are not open to fine-tuning your strategy, you will just find yourself back in rejection zone. Below are five of the most […]

September 19, 2016

Bookkeeping Practices That Will Save You a Lot of Trouble

Melbourne provides a great business setting for entrepreneurs. The economy is strong, thanks to its huge and diverse population and its friendly affiliations with local and international communities. If you are thinking of setting up a business in this city or perhaps you already have one off the ground, then you understand the need for efficient bookkeeping. Bookkeeping may be a mundane task in business management but its importance cannot be undermined. Simply put, good bookkeeping practices enable steady cash flow and good relationships with your employees, customers, vendors and the ATO or Australian Taxation Office. The best way to make sure your financial records and transactions are organized and your system efficient is to hire a skilled accountant or […]

January 4, 2016

How to Manage Profit & Loss

very business must focus continually on managing profit and loss to remain solvent. Profit is the money a company keeps after paying all of its expenses. A loss results from expenses exceeding the amount of sales a company makes in a specific accounting period. Companies must manage their income statements, also known as profit and loss statements, to keep earnings positive and expenses under control and in line with revenue. Initial Financial Assessment Managing profit and loss begins with an assessment of the company’s current financial position. Management must review the current profit and loss statement and compare it to the company’s last two or three years of historical data. An accountant or analyst can use this information to establish […]