Your business focuses on creating health and fitness for individuals and groups. But have you stopped and considered “Is my business financially fit?” Keeping proper financial records, being compliant with BAS and monitoring your cash flow, income and expenses is essential to creating a financially fit business.
Here are simple tips to becoming financially fit:
- Use cloud-based software. Improve flexibility by having your data available to you anywhere, anytime.
- Go paperless. Improve efficiency by receiving and sending invoices and statements from vendors and customers via email and process payments electronically via credit card, BPay or bank EFT.
- Delegate to the professionals. Let them do as much as work as they can so you spend time doing what you’re good at.
- A professional bookkeeper should do all day-to-day activities, should provide you with financial insights and be your partner in making you succeed.
- A professional accountant will advice you how to manage your tax compliance.
- Be Diligent. If you allocate only 15 minutes per day to maintaining your business’ financial affairs you will be financially fit. Sounds familiar, right?
Your business helps people stay physically fit. Make sure your business is just as fit as you by following the regimen above.
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