In addition to the above make sure that you also constantly direct the employees working on the accounts of the firm, to reconcile the bank statement and bank account. If there is a difference take steps to amend them right away. And as a result you can guarantee you make tax payments on time.
Money is everything for a business. Even if you are running with a profit, if you have no physical cash with you in your firm, then you cannot really label your firm to be doing fine! So here are some ways you could use to take control the finances in your firm.
Work the accounts right
You should have the right people working with you in your firm to help you make sound financial decisions. To such make decisions or start projects, you should be aware of how much finances you have. So if you feel that you are short on staff to account things for you in data form to make informed decisions, then just outsource this function. After all when the tax accountant Sydney comes ringing up your company door, you should have proper answers to give for your accounts. So don’t take risks with this function. If you can’t do it right, let someone else!
One of the best things about this century is the widespread improvement in technology. There is practically nothing you cannot do with it! so use this to your benefit!
There are special software like xero accounting that helps you keep track of your accounts without the use of giant files and tons of paper, but with the use of cloud. It lets you access them wherever you are, whenever you want on whichever device. Though the initial set up cost for them would be costly at the beginning, the benefits are greater. And you certainly won’t regret investing on this!
To be able to control your finances and make the most of what you got, you should first be aware of what you are spending the most on. So set time apart and organize your expenses. Look at what you are spending the most on and consider possibilities of trying to cut down on them. By working on them now you can save time as well, towards the latter part of the financial year. Don’t wait till the end to find out where and how things went wrong, instead start now!
If you want to organize things better and have everything on track, one of the best things to do is to set deadlines. Have your staff work on the accounts of a week, a month or even for a quarter and set deadlines for these to be submitted. This increases the efficiency and productivity of making informed and rational decisions.
So use the above tips and take control of your company finances!