North Perth Accountants

1
North Perth Accountants Tips on Proper Money
Management

• Based on many business owners and tax accountants
  in Perth, most small businesses fail during the
  first five years. One of the reasons is due to
  lack of proper understanding of financial
  management. Improper planning and impulsive
  decisions also contribute to failures.
•  
• To help you become a responsible and successful
  business owner, here are the usual things to
  remember when managing your business finances,
  according to North Perth Accountants
•  
• Records management
•  
• To effectively monitor your operations, regular
  updates on your finances is required. To learn
  the condition of your business, you need to keep
  your financial records. This will help you
  operate efficiently, control your cash flow and
  increase your profitability.
•  
• Keeping your business financial records will
  help you do the following
•  
• Create profit and loss statement by identifying
  your income and expenses.
• Create a balance sheet by knowing your assets and
  liabilities.
• Compare your business to industry benchmarks.
• Create an accurate business activity statement
  (BAS) and tax returns to pay the taxes properly.
•  
• Understanding your accounts
•  
• According to well-known business accountants in
  Perth, financial statements are important in
  creating decisions. This provides a snapshot of
  the business financial status. There are two
  kinds of financial statements commonly used in
  small businesses
•