Tax is one of those areas that it’s easy to get wrong and that’s why BFA have the experts who can help you get it right. Client advisor, Anna Steele, says the key thing is to have a plan. When you’re just starting out it’s important to get expert advice to help you make that plan and to set up your system with all the correct methods for tracking your expenses and income – to streamline it as much as possible. A discussion with your accountant can clarify what you can claim for and what you definitely can’t – sorry, that massage may be really good for you but it’s not a business expense. However, as Anna says, if you manage your business and plan well, then you will have the money to have that massage anyway.

There are really good systems out there, such as Xero, to help you manage your tax and BFA can provide you with training on how to set up and use these systems. According to Anna, systems like Xero provide the perfect solution for SME’s as they manage creditors, integrate well with other systems and have a multitude of add-ons depending on what type of business you are in. 

These systems help you prevent those common mistakes with GST, payroll and annual leave accrual that can really trip you up. You get better reporting, cash flow tracking and analysis of actual versus budget and they can also assist you with invoicing – touch that bill once and send it to be paid! “It’s the little things that trip you up not the big things”, says Anna. The efficiencies they provide will work for you as a small business and still work for you as you grow.

Any system needs to be cost effective for you. You may think that ‘doing the books’ yourself is the answer but if you’re not doing it right then the headache this may lead to – underpaid GST etc  -could cost you a LOT more. Remember, your expertise is in running your business so, in the long run, it’s more beneficial to you and your business to seek out accounting experts to help you. 

Having good systems in place means your bills are more likely to get paid on time and you will pay your suppliers on time. Keeping your customers and your suppliers happy can come in handy if you get in a pinch and need them to provide you with some leeway. Good systems also make chasing unpaid invoices easier – you can get onto these a lot earlier and before approaching your debtor becomes awkward.

At the end of the day, you’re in business to be successful so why not make your life easier - get in touch with us today and see how we can help you put systems in place to streamline and simplify your financial requirements.