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Business Tips – Research on how to increase revenue/sales in business – Especially start ups

images/Business-Tips.jpgIf there was a good chance to increase revenue / sales was possible would you want to know how to do it

Rose Powell reports on a survey in SMEs can make better use of their accountant to boost their bottom line

“For the third of business owners who worked with an accountant as an advisor, one in five (21%) saw a rise in their revenue over the last year.”

Rose wrote – “Small business operators who used their accountant as a business advisor last year were 31% more likely to see an earning uplift, according to … research from the 2013 MYOB Business Monitor.

The vast majority of the 1005 business owners surveyed, 89% used an accountant last year.

Only 32% of owners reported having an advisory or consultative relationship with their accountant, compared with the 57% whose relationships were for compliance only, such as tax return completion or GST reporting.

Just 11% did not have an accountant.

For the third of business owners who worked with an accountant as an advisor, one in five (21%) saw a rise in their revenue over the last year.

Adam Ferguson, general manager of the accountants division at MYOB, told StartupSmart that using an accountant as an advisor was especially valuable for start-up companies.

“The start-up phase of a business is very different to when it’s up and running. In that phase, your accountant can help with things like creating a business plan, applying for business loans, building out your business case,” says Ferguson.

For start-ups who are already in operational phase, the increasing use of cloud accounting systems enables accountants to provide feedback and ask the right questions about compliance and cash flow.

Ferguson says cloud accounting means compliance is no longer a year-end process, and increasingly a monthly one. This makes them well placed to advise on cashflow questions.

“An accountant can play a key role in helping a start-up, reporting on cash flow on a more regular basis, and understanding the dynamics that drive cashflow,” says Ferguson.

The report found companies that worked with an accountant as an advisor were less concerned about attracting and retaining customers, and were more likely to increase their overall investment in their business strategies.

“Once you’ve got your cash flow healthy, it becomes a question of how to use that and where to invest that to grow my business,” says Ferguson.

Over half, 53%, said they found their accountant advisor provided useful advice on how best to manage the money that flows through their businesses.

Need help? Not sure? Call for FREE30min advice / strategy session today!

Call 0407 361 596 Aust and also get FREE“Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

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Cash Flow Tip – Manage Cashflow in Business – Some key areas to monitor

images/CashFlow.jpg

Once you start to make a profit in your business, part of good business finance 101 (Ground level) is to follow it up with good cash flow management and the key areas to watch are here. This requires a good understanding and a close eye on what drives the cash flow – both coming in AND going out!

The key areas of good cash flow management to watch are:

  • Income increasing;
  • Pricing for profit – if you’re able to increase prices, do it, competitors will be as well!
  • Timely collection from customers – don’t be a bank for them;
  • Stock management – enough to sell but not too much to waste working capital;
  • Good job management – finishing timely and with the best quality possibl;
  • Continual management and minimisation of costs and business overheads (rent, elec., cleaning);
  • Utilising all credit terms from suppliers and increasing where possible.

The very best way to handle cash flow management is to have a ‘Cash Flow Projection. This is software or a spread-sheet that plots out what your expected income will be (WHEN paid, ie taking into consideration the time customers are likely to take to pay) and what the expected outgoings (actually paid) will be. As well as income it includes any other funds coming into the business, such as asset sales, tax refunds etc. Outgoings will include items such as loan repayments, tax, dividends etc. These are just as important to take into account, as their timing can have a big impact on cash flow.

What are your thoughts? Call for FREE 30min advice / strategy session today! 0407 361 596 Aust

Call and you also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia

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