“I need help with bookkeeping and payroll”

Good accounts are the basis of good business, and it’s important you understand all of your accounting responsibilities so that you can start reaping the rewards. For many small business owners, getting started can be the hardest part.

At Rising Tide Financial Services, we’re here to help you identify your bookkeeping and payroll issues so that we can work out the best solutions for your business.

Know how healthy your business is

Firstly, it’s important to take a close look at the current state of your books and identify the true health of your business. With a more realistic understanding of where your small business stands, you can better prepare for the future. Work out your strengths, weaknesses, opportunities and threats, and establish ways to fill any gaps or take advantage of any underutilised assets. This will also help you determine exactly the sort of assistance you need to help take your business to the next level.

Keep on top of your records

In order to maintain a strong bookkeeping and payroll system, keeping on top of your records is crucial. Each week, set aside some time to go over your books and tie up any loose ends. Regular weekly reviews will give you greater control your cash flow, and help you keep your finger on the pulse of your business. If you haven’t already, it’s a great idea to open a separate bank account for all business earnings and expenses to keep your bookkeeping and payroll systems up to scratch.

Invest in the right software

If you’re planning to manage your bookkeeping and payroll requirements internally, sourcing the right software to suit your needs is a necessity. Be sure to shop around to find a cost effective program can handle all of your needs. Keep in mind, some programs may require additional training to ensure you get the best results from all the added features.

Talk to an expert

Bookkeeping and payroll can be challenging, but it’s important to stay on top of it. If you start to feel like it’s getting away from you, it’s time to talk to an expert. Consider outsourcing your bookkeeping and payroll requirements who can get your accounts back to where they need to be for your business to thrive.

At Rising Tide, your business goals are important. We’re here to help you put together an effective financial plan to support you on your way to achieving success.

For more information on how our expert Financial Planners can support you with bookkeeping and payroll, contact us today on 1300 880 325.

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