Key ways to get more from your forecasting

During challenging times, many businesses see income either disappear completely or drop to dangerous levels.

To be able to navigate the future path of your cashflow, you need to start forecasting, so you can map out your financial position over the coming months and can take the appropriate action to safeguard your cash position.

At First Class Accounts Ovens and Murray, we understand the importance of proactive cashflow management. Our team helps businesses like yours implement effective forecasting tools, ensuring you can monitor your cash position with ease and take timely action when needed.

Forecasting your future cash pipeline

Having access to detailed forecasts helps you to scenario-plan, search for cost-savings and look for strategies that will preserve your cashflow position.

Remaining in control of the cash coming into (and going out of) the business is the real focus, so you can accurately predict your financial position and can resolve any issues.

Our team provides customised forecasting services, allowing you to see the full picture of your cashflow pipeline. We help you stay in control, so you can confidently manage both the inflow and outflow of cash.

Key ways to get more from your forecasting

Run regular forecasts

The financial landscape is changing on a daily basis at present. A cashflow forecast is not a document that remains static. Variables and external drivers are literally changing each day, so it’s vital that you run frequent forecasts and react swiftly to any projected cash issues as they become apparent.

Use the latest cashflow forecasting apps 

Cashflow forecasting apps, like Futrli, integrate with your Xero accounts, giving a drilled-down view of how your cash inflows and outflows will pan out over the coming months – information that will inform and justify the decisions you make during these extremely challenging times.

At First Class Accounts Ovens and Murray, we specialise in integrating the latest forecasting tools with your accounting software. Our team can show you how to use apps like Futrli to get detailed insights into your cashflow, so you can make informed decisions based on real-time data

Explore the right revenue streams

Most sectors will have seen their face-to-face sales drop to absolute zero since quarantine restrictions came into place. To overcome this, there’s a real imperative to explore revenue streams and new opportunities for income. An example of this is coffee shops that now sell roasted beans online (this will depend on lockdown restrictions). The idea is to find ways to increase the money that’s coming in the door and balance out your unavoidable expenses.

Get proactive with cost-cutting

If you can reduce cash outflows to a minimum, that will have a real impact on the health of your future cashflow. Pare back your operations and aim to reduce things like unnecessary software subscriptions, or over-ordering of basic supplies. Negotiating cheaper rates with suppliers, if possible, will also help.

Review your staffing needs

Now’s not the time to make anyone redundant, but you can look at ways to reduce the costs of staffing and resourcing. Reducing working hours or redeploying staff in different roles are all options that reduce payroll costs, while also looking after your staff’s welfare.

Run a variety of scenarios

Changing the financial drivers in your forecast model allows you to scenario-plan different strategies and options. Many of these will be in a long-term plan when restrictions ease. Scenario-planning lets you answer questions and will give you some hard evidence on which to base your decision-making and strategic outlook over the coming months.

Look at various ways to access funding

If forecasts show a giant cashflow hole coming up, you’re going to need additional funding to get through this crisis. We can assist your business to investigate funding opportunities from grants, banks, loan providers, alternative lenders and crowd-sourcing funders.

Forecasting is an important step to give you the business intelligence to support your decision making. 

By working with First Class Accounts Ovens and Murray, you’ll have the tools, insights, and ongoing support to ensure your cashflow forecasts are accurate and responsive to your needs.

Talk to us about setting up cashflow forecasting today. We’re here to help you stay in control of your financial future. Get in touch today.

How to use forecasts and scenario-planning

For centuries, accounting was all about reviewing historic information – but that only told you about the past, not what was going to happen in the future.

If you’re only looking back at past periods and historic numbers, that limits the insights you can achieve into your business. With a backward-looking ideology, it becomes difficult to plan, run through different scenarios or understand the path of the business.

Forecasting changes this. With the right data analysis and forecasting tools, you can project sales, cash, revenue and profits into the future – and get in control of your business.

At First Class Accounts Ovens & Murray, we understand that your business is dynamic, constantly evolving, and influenced by countless factors. We specialise in implementing forecasting apps, such as Futrli, that allow you to see beyond the numbers and into the future of your business. 

Our bookkeeping and app implementation expertise helps ensure that you’re using up-to-date, accurate data when forecasting, giving you confidence in the decisions you make.

A forward-looking view of your business journey

Forecasting switches the focus of your financial management. By moving to a forward-looking view of your business journey, you can see further down the road – and that helps to spot the opportunities and avoid the common business pitfalls.

By collaborating closely with you, our team at First Class Accounts Ovens and Murray can implement Futurli, or alternative forecasting apps to help you analyse trends, identify patterns, and anticipate challenges ahead of time. Our goal is to provide you with a clearer picture of what’s coming, so you can focus on making strategic decisions to grow your business. Whether it's sales, cash flow, or profit forecasting, our team is here to help you take charge of the future.

Forecasting adds value by:

Highlighting the data patterns

A forecasting tool takes your historic data and projects it forward in time. This helps you and your advisers to spot the patterns, trends, gaps and opportunities, revealing the true ‘story’ behind your business accounts. For example, forecasting may reveal a predicted seasonal slump in the next quarter, allowing you to plan ahead and proactively take action to minimise any negative impact.

Giving you a future view of your business

Instinctively, business owners will look back at prior periods to assess performance. There’s value to reviewing your historic actuals, of course, but using forecasting helps you to look forward, rather than just backwards. Forecasting is the satnav, showing you the road ahead, rather than the rear-view mirror showing you the road you’ve already travelled.

At First Class Accounts Ovens and Murray we make it easy to access this future view by integrating apps that generate future financial projections with just a few clicks.  This gives you a clear understanding of what’s next for your business, enabling you to allocate resources more effectively, plan for growth, and avoid potential pitfalls. 

Helping you scenario-plan

With a financial model of your key drivers, combined with accurate forecasting, you can quick answer your burning ‘What if…?’ questions.

Forecasting lets you run different scenarios, with different drivers, to see how business decisions may pan out over time. If option B performs better than option A, that’s invaluable information when defining your next strategic move.

Making informed, evidence-based decisions

Having ‘the full picture’ of combined historic numbers, forecasts and longer-term projections aides your business decision-making. Forecasting gives you solid evidence on which to base your strategy, and helps to red flag any threats that are looming on the horizon – giving you the best possible information to keep your executive team informed and on the ball.

We believe in making decisions based on evidence, not guesswork. That’s why implementing the appropriate apps can provide you with the data you need to inform your strategies. We ensure that your forecasts are based on accurate, up-to-date financial information, helping you make better decisions. Whether it's managing cash flow or planning for future growth, we give you the tools to act with confidence.

A deeper relationship with your accountant

Forecasting also helps us to get a far more granular view of your business. This helps to spot potential areas of performance improvement, and to give you the best possible strategic advice, all backed up by solid, empirical data and management information.

Take Control of Your Future with Forecasting

If you want to get in control of the destiny of your company, come and talk to us. Forecasting helps you highlight your future threats and opportunities – and create a proactive strategy to improve the performance of your business.

At First Class Accounts Ovens & Murray, we not only manage your bookkeeping but also help you implement powerful forecasting tools like Futrli. By connecting this app with your Xero platform, we can give you clear insights into what lies ahead. 

Our goal is to help you plan for the future, whether that involves managing cash flow, preparing for growth, or navigating uncertain markets. Whether you’re looking to grow your business, manage cash flow more effectively, or simply get a better sense of what’s coming, we provide the tools and insights you need to succeed.

Talk to us today to learn more about how forecasting can benefit your business and set you on the path to future success.

The Importance of Reviewing Your Financial Reports

Understanding your financial reports is essential for the health and success of your business.

At First Class Accounts Ovens and Murray, we believe that taking the time to review these reports regularly is a key part of effective business management. 

Whether you’re managing your finances yourself or working with a bookkeeper, here’s why you should make financial reports a priority.

1. Profit and Loss Report (P&L): Understanding Your Business’s Performance

The Profit and Loss report provides a detailed overview of your business’s financial performance over a specific period. It shows your revenue minus expenses, giving you a clear picture of your profitability.

Why It’s Important:
Regularly reviewing your P&L allows you to monitor your business’s financial health month by month. It helps you understand what drives your profits and highlights areas that may need attention.

Comparing different periods can reveal trends and pinpoint any anomalies, ensuring that you stay on top of your financial situation.

2. Balance Sheet: Assessing Your Financial Position

The Balance Sheet is a snapshot of your business’s financial position at a given point in time. It details your Assets, Liabilities, and Equity, providing insight into what your business owns and owes.

Why It’s Important:
Your Balance Sheet, when reviewed alongside your P&L, offers a comprehensive view of your financial standing. This report is crucial when applying for loans or assessing the overall health of your business.

Working with a bookkeeper can help ensure that you fully understand your Balance Sheet, allowing you to make informed financial decisions.

3. Accounts Receivable Ageing Report: Managing Your Invoices

The Accounts Receivable Ageing Report shows how much money is owed to your business, broken down by how overdue these payments are. It’s an essential tool for managing your incoming cash flow.

Why It’s Important:
By staying on top of your receivables, you can ensure that overdue accounts are followed up promptly, reducing the risk of bad debts. This report is vital for maintaining a steady cash flow, which is the lifeblood of any business.

4. Accounts Payable Ageing Report: Keeping Track of What You Owe

The Accounts Payable Ageing Report details the money your business owes to suppliers, segmented by how overdue the payments are. This report helps you manage your outgoing cash flow.

Why It’s Important:
Maintaining good relationships with your suppliers is crucial, and timely payments are a big part of that. Reviewing your Aged Payables ensures that you meet your obligations on time, preserving those essential business relationships.

 A bookkeeper can help you keep your Accounts Payable organised and up to date.

5. Cash Flow Management: Ensuring Financial Stability

Effective cash flow management relies on a clear understanding of both your Accounts Receivable and Payable. Together with your P&L and Balance Sheet, these reports help you plan for the future and avoid financial pitfalls.

Why It’s Important:
Knowing when money is coming in and going out allows you to plan better, ensuring that your business has the funds it needs when it needs them. This level of financial awareness is crucial for sustaining operations and pursuing growth opportunities.

Your bookkeeper can assist in creating cash flow forecasts that align with your business goals.

6. Informed Decision Making: Empowering Your Business

Your financial reports collectively tell the story of your business. Understanding this story empowers you to make decisions that positively impact your profitability and long-term viability.

Why It’s Important:
The better you understand your financial reports, the more confident you’ll be in making strategic decisions. Whether it’s cutting costs, investing in new opportunities, or planning for growth, having accurate financial data at your fingertips is essential.

Partner with First Class Accounts Ovens and Murray

At First Class Accounts Ovens and Murray, we’re here to help you make sense of your financial reports. Whether you need help understanding your P&L, Balance Sheet, or cash flow, our experienced bookkeepers are ready to assist.

We’ll work with you to ensure that your financial records are accurate and up to date, giving you the confidence to make informed business decisions. Get in touch.

Following Up Invoices in a Challenging Economy

In times when the economy is down, it can feel particularly challenging to chase up payment of invoices. Yet, keeping cash flowing into your business is crucial to cover expenses and meet your obligations to others. 

While the task might seem daunting, maintaining a steady cash flow is essential to your business's survival and growth. 

As with all dealings in difficult times, a combination of empathy and open communication can significantly improve your chances of receiving timely payments without damaging customer relationships.

The following tips are useful to keep in mind when asking for payment. 

The Importance of Personalised Communication

Connecting with your customers is important. Try to make it personal to their situation rather than a one-size-fits-all email. Connecting on a more personal level shows you value them and are conscious of the impacts that the current situation may be having on them. The empathy you show now will also be remembered when the economy recovers. Be proactive—early communication will help you stay on top of cash flow and will also alert you if you need to account for late payments.

When reaching out, consider multiple communication channels. A phone call or video chat might be more effective than an email for some clients, as it allows for a real-time conversation where issues can be resolved quickly. This also helps build a stronger relationship, as it shows you're willing to take the time to discuss their concerns.

Offering Flexible Payment Options

For customers who can’t pay in full, consider breaking invoices into multiple payments with payment terms moved to a longer timeframe. Set up a credit card facility to give customers other options for payment. After all, the easier you can make it for them to pay you, the quicker you will get paid. If you don’t have payment services set up in your accounting software, we can help you do this. Offering a discount for early payment might provide the incentive for customers who can settle to pay your invoice before others.

In addition to these options, consider setting up automatic payment plans. By allowing customers to pay in smaller, manageable amounts on a regular schedule, you can ensure a more consistent cash flow. This is especially useful for customers facing temporary financial difficulties, as it spreads out the payment burden and makes it easier for them to meet their obligations.

Monitoring Total Outstanding Invoices

Make sure you keep track of how much customers are in arrears. While you can continue to allow credit, you want to make sure you're not creating too much risk. Allowing continual extensions to payment while also letting more to be added to their total amount outstanding can create a cash flow crunch. 

Regularly reviewing your accounts receivable is crucial. By keeping a close eye on which customers are consistently late, you can take early action to address potential issues. Implementing credit limits or requiring partial payment before extending further credit are strategies that can help protect your business from excessive risk.

Get in touch if you want help to better track your cash flow.

Using Automated Reminders

One of the most effective ways to ensure timely payments is by incorporating automated reminders into your accounting software. Automated reminders are a powerful tool that can save you time and ensure that no invoice is forgotten. These reminders can be set to notify customers of upcoming due dates, as well as follow up on overdue payments without you having to remember each one.

Automated reminders can be customised to fit the tone and style of your business, ensuring that they maintain a personal touch. This automation not only helps in keeping the process consistent but also reduces the likelihood of late payments, as it keeps your invoice at the top of the customer's mind. 

If you haven’t yet implemented automated reminders, this could be a valuable addition to your current invoicing process. Our team at First Class Accounts Ovens & Murray can assist you in integrating this feature into your existing accounting software, ensuring you have all the tools you need to manage your accounts efficiently.

Consider a Bill Chaser Service

Managing overdue invoices can be time-consuming and stressful, especially when you're also trying to run your business. That’s where our Bill Chaser service comes in. Designed to take the hassle out of following up on unpaid invoices, this service allows you to focus on what you do best while we handle the rest.

Using our service can help you maintain a professional distance, which is sometimes necessary when dealing with late payments. This can preserve your relationship with the customer, as they may find it easier to discuss payment difficulties with a third party.

Keeping Your Business Financially Healthy

Keeping cash flow going is vital for your business, so the earlier you communicate with customers, the better. 

By being proactive, offering flexible payment options, using automated reminders, and considering services like our Bill Chaser, you can significantly improve your chances of receiving payments on time. Don’t let unpaid invoices become a burden—take steps today to secure your business’s financial health - Contact us.

Building a Better Business in 10 Steps

What are you doing to build yourself a more successful business? There’s no magic bullet; it’s about taking small steps every day to get a bit better than the day before - it all adds up.

You're in Business

Congratulations! Running a business takes courage and commitment. It’s not easy, and at times you might find yourself questioning why you’re even doing it, but you’re here because you had a vision. You decided that being in business was a better way to achieve that vision than working for someone else. And you’re right; you just have to work on it. Good things come to people who hustle.

Starting a business is an achievement in itself. You’ve taken the leap, faced the uncertainty, and now you’re here. This is a significant step that many people don’t dare to take. It’s essential to remember why you started in the first place. Your business is not just a source of income; it's your legacy and your opportunity to make a difference. The road may be challenging, but it's also rewarding.

Continuous Development

You’re likely an expert in what you do. Maybe you’re a mechanic who knows the inside of a car engine like the back of your hand, or perhaps you’re a fashion retailer who can style anyone. This doesn’t mean you’re an expert at running your business, though. It’s hard taking time out of working in your business to work on it. But doing this is essential for its success.

Continuous learning and development are crucial. The business landscape is constantly changing, and staying updated with the latest trends, technologies, and practices is vital. Attend workshops, read industry publications, and seek out mentors who can guide you. Investing in your growth is an investment in your business's future.

There’s no magical overnight solution to building a more successful business. It’s about taking small steps every day to get a bit better than the day before.

So, What Should You Do to Build Yourself a More Successful Business?

We’ve broken it down into ten essential steps:

1. Get Clear on Exactly What You Want

Understanding your goals is the first step in building a better business. Ask yourself what success looks like for you. Is it about financial freedom, providing excellent service, or making a difference in your community? Write down your goals and make them specific and measurable. Clarity is power.

Getting clear on what you want is essential for setting a direction for your business. Take time to reflect on your short-term and long-term goals. Are you aiming to expand your customer base, increase revenue, or launch new products? Whatever your goals, make sure they align with your values and vision. Break them down into actionable steps, and remember, the clearer your goals, the easier it will be to achieve them.

Key actions:

• Identify your long-term vision and mission.
• Break down your goals into specific, measurable, achievable, relevant, and time-bound (SMART) objectives.
• Regularly review and adjust your goals as needed.

2. Be Open to Change and New Learning

The business world is always evolving, and being adaptable is vital. Embrace change and be open to learning new skills or adopting new technologies. This mindset will keep your business competitive and resilient. Remember, change is not a threat; it's an opportunity.

Being open to change is vital in today’s world. Technology, customer preferences, and market dynamics are constantly evolving. Embrace change by staying informed and willing to experiment with new ideas and strategies. Adaptability is a strength that can set your business apart from the competition.

Key actions:

• Encourage a culture of innovation within your team.
• Stay updated with industry trends and technological advancements.
• Be willing to pivot your business strategy if needed.

3. Define Where You Are Now (Warts and All)

Honesty is crucial. Evaluate your current situation, including your strengths, weaknesses, opportunities, and threats (SWOT analysis). This realistic assessment will help you identify areas for improvement and growth. Understanding where you stand will guide your future steps.

Defining your current position requires a candid assessment of your business. Conduct a SWOT analysis to understand your strengths, weaknesses, opportunities, and threats. Identify areas where you excel and aspects that need improvement. This awareness will help you make informed decisions and allocate resources effectively.

Key actions:

• Conduct a SWOT analysis to assess your current situation.
• Gather feedback from customers and employees to gain different perspectives.
• Identify key performance indicators (KPIs) to measure your progress.

4. Make a Plan

A well-thought-out plan is your roadmap to success. Outline the steps you need to take to achieve your goals, including resources, timelines, and responsibilities. Remember, a plan is not set in stone. Be flexible and willing to adjust it as needed.

Planning is the foundation of any successful business. Develop a detailed business plan that outlines your strategies, objectives, and action steps. Include financial projections, marketing strategies, and operational plans. A clear plan provides direction and helps you stay focused on your goals.

Key actions:

• Create a comprehensive business plan that outlines your strategies and objectives.
• Set realistic timelines and allocate resources accordingly.
• Regularly review and update your plan as circumstances change.

5. Get Your Organisational Structure Right

Your organisational structure impacts how your business operates and grows. Ensure that your team members understand their roles and responsibilities. Streamline processes to improve efficiency and communication. A strong structure supports your business's foundation and scalability.

The organisational structure is the backbone of your business. Ensure that your team understands their roles and responsibilities. Foster a collaborative environment where communication flows freely. Streamline processes to improve efficiency and productivity. A well-organised team is essential for executing your business plan.

Key actions:

• Define roles and responsibilities clearly within your organisation.
• Foster a culture of collaboration and open communication.
• Implement efficient processes to enhance productivity.

6. Be a Better Leader

Leadership is not about authority; it's about inspiration and influence. Lead by example, and empower your team to excel. Communicate your vision clearly and motivate your team to achieve it. Being a better leader positively impacts your business culture and results.

Effective leadership is about inspiring and guiding your team toward success. Lead by example, set high standards, and communicate your vision clearly. Encourage open communication and provide support and guidance to your team members. Being a better leader will inspire your team to reach their full potential.

Key actions:

• Lead by example and demonstrate the behaviours you expect from your team.
• Provide regular feedback and recognition to motivate your employees.
• Invest in leadership training and development for yourself and your team.

7. Be Held Accountable by Someone Independent

Accountability drives results. Partner with a mentor, coach, or accountability group that can provide guidance and hold you accountable for your goals. Having someone outside your business to offer perspective can lead to valuable insights and improvements.

Accountability is a powerful tool for achieving your goals. Consider working with a mentor, coach, or accountability partner who can provide objective feedback and hold you accountable for your progress. Regular check-ins and assessments can help you stay on track and make necessary adjustments.

Key actions:

• Find a mentor or coach who can provide guidance and support.
• Join a business accountability group to share experiences and insights.
• Set regular check-ins to assess your progress and make necessary adjustments.

8. Build Strong Networks

Networking is essential for business growth. Connect with other professionals in your industry, attend events, and join online communities. Building strong relationships can lead to collaborations, referrals, and valuable opportunities that contribute to your business's success.

Networking is an essential part of business growth. Build strong relationships with other business owners, industry professionals, and potential clients. Attend networking events, join industry associations, and engage in online communities. Networking opens doors to new opportunities and collaborations.

Key actions:

• Attend industry events and networking functions to expand your connections.
• Engage in online communities and forums related to your industry.
• Foster mutually beneficial relationships with other business owners.

9. Monitor Your Progress

Regularly review your progress against your goals. Use key performance indicators (KPIs) to measure your success and identify areas for improvement. Tracking your progress allows you to celebrate achievements and make informed decisions for the future.

Monitoring your progress is crucial for staying on track. Set key performance indicators (KPIs) and regularly evaluate your business's performance. Celebrate successes and identify areas for improvement. Monitoring your progress helps you make informed decisions and adjust your strategies as needed.

Key actions:

• Set clear KPIs to measure your business's performance.
• Conduct regular performance reviews and adjust your strategies as needed.
• Celebrate milestones and achievements with your team.

10. Keep Your Well of Happiness Full

Running a business is demanding, but taking care of your well-being is essential. Prioritise self-care and maintain a healthy work-life balance. A happy and fulfilled entrepreneur is more likely to lead a successful business. Remember, your happiness fuels your motivation and creativity.

Maintaining a positive mindset and overall well-being is essential for long-term success. Take time to care for yourself and recharge your energy. A healthy work-life balance is crucial for avoiding burnout and staying motivated. Remember, your business will thrive when you’re at your best.

Key actions:

• Prioritise self-care and well-being to prevent burnout.
• Set boundaries to maintain a healthy work-life balance.
• Engage in activities that bring you joy and relaxation.

Building a Business: The Ongoing Journey

Building a better business is not a one-time event; it's an ongoing journey. Success is not achieved overnight but through consistent effort and dedication. By implementing these ten steps, you can create a solid foundation for your business and set yourself up for long-term success. Remember, small, incremental changes can have a massive effect on your success.

Every step you take, every goal you achieve, brings you closer to the vision you set out to accomplish. Stay focused, stay motivated, and keep pushing forward. The journey may be challenging, but the rewards are well worth the effort.

“Success isn’t overnight. It’s when every day you get a little better than the day before. It all adds up.” - Dwayne ‘The Rock’ Johnson.

We’re here to help you, every step along the way. Get in touch!

Successful App Migration - A Case Study

How ENZED Albury Transitioned from Fishbowl to CIN7 with First Class Accounts Ovens & Murray.

Having the right applications (apps) implemented in your business can significantly enhance efficiency, productivity, and overall operational success. 

Cloud-based apps, in particular, offer unparalleled accessibility and real-time data management, making them invaluable tools. 

Migrating to a more advanced app can address existing system pain points and streamline processes, allowing businesses to operate more smoothly and effectively. 

ENZED Albury recognised these benefits and embarked on a journey to transition their inventory management system from Fishbowl to CIN7, leveraging the expertise of First Class Accounts Ovens & Murray to ensure a seamless migration.

On July 1, ENZED Albury successfully migrated their inventory management system. While the 'go live' date was crucial, the preparation and planning that preceded this transition were key to its success.

Why Move from Fishbowl to CIN7?

ENZED Albury's decision to migrate to CIN7 was driven by the need for a cloud-based solution that could support both their retail store and mobile Hose Doctors. The main advantages of CIN7 included:

• Anywhere, Anytime Access: This allows staff to review inventory and complete customer invoicing from any location.
• Seamless Payment Methods: Onsite payments are now more straightforward and efficient.

How First Class Accounts Supported ENZED Albury

First Class Accounts Ovens & Murray played a significant role in ensuring the success of this app migration. Here's how we supported ENZED Albury:

Understanding Pain Points with Fishbowl

We began by identifying the issues with Fishbowl, understanding what wasn't working, and pinpointing areas for improvement. This was essential to ensure that CIN7 would address all of ENZED's needs.

Scoping the Requirements of the New System

We worked closely with ENZED Albury to outline the requirements for their new inventory management system. Key requirements included:

• Multiple Warehouse Locations: The ability to manage inventory across different locations.
• Bill of Materials for Assembled Products and Kits: This was crucial for their product management.
• Integration with Their Barcoding System: Ensuring smooth and efficient inventory tracking.
• Easy Access for Hose Doctors: Allowing mobile staff to access the system effortlessly.
• Integration with Xero: Seamless integration with their existing accounting software.

Data Import from Fishbowl to CIN7

We handled the import of all data from Fishbowl to CIN7, ensuring that real-time stock quantities were transferred accurately by June 30.

Training and Support

To ensure a smooth transition, we provided comprehensive training for key staff before the migration. Additionally, we offered support to all staff during the first week of operating with CIN7, addressing any issues and ensuring everyone was comfortable with the new system.

Development of Custom Reports

We developed specific reports to meet ENZED Albury's needs, such as:

• Hose Doctor Commission Calculations: Ensuring accurate and timely commission payments.
• Franchise Reporting Requirements: Meeting all reporting needs for franchise operations.

More Than Just Bookkeeping

At First Class Accounts Ovens & Murray, we pride ourselves on offering more than just bookkeeping services. Our mission is to provide comprehensive solutions, including selecting and implementing addon apps that enhance business operations. The successful migration of ENZED Albury to CIN7 is a testament to our commitment to supporting our clients through significant changes.

The Importance of App Migration

App migration, particularly for inventory management systems, can transform the way a business operates. By moving to a cloud-based system like CIN7, businesses can enjoy greater flexibility, efficiency, and accuracy. The benefits of such a transition include:

• Improved Accessibility: Staff can access the system from anywhere, at any time.
• Enhanced Efficiency: Streamlined processes and seamless integrations reduce manual work and errors.
• Better Data Management: Real-time data updates ensure that inventory levels are always accurate.

Could Your Business Benefit from an App Migration?

If you know a business struggling with its current systems or looking to upgrade to a more efficient solution, we can help. Our experience with ENZED Albury's migration to CIN7 shows how a successful app migration can significantly improve business operations.

Get in touch with First Class Accounts Ovens & Murray to discuss how we can support your business in achieving a successful app migration. Whether it's inventory management, accounting software, or other business applications, we are here to help you transition seamlessly and efficiently.

Supercharge Your Business: Proven Strategies for Success

Maintaining momentum and driving growth can be challenging. However, with the right strategies in place, you can supercharge your business and achieve remarkable results. 

Here are ten practical tips to help you navigate each business quarter with purpose, vision, and the courage to elevate your business to new heights.

1. Use Technology

Embrace technology to streamline administrative tasks, enhance communication, and improve reporting and accountability. Utilise the best apps to reduce paperwork and automate processes where possible.

Research and implement software solutions that cater to your specific business needs, such as project management tools, CRM systems, and accounting software. Stay updated with technological advancements and continually seek ways to integrate them into your operations.

At First Class Accounts Ovens & Murray and Busy01 Consulting, we can help your business by integrating the most effective apps tailored to your needs. 

2. Eliminate Distractions

Time is the most precious resource for any business. Many owners find themselves bogged down by distractions and focusing on non-essential tasks. To combat this, be decisive. Reduce standard meeting times, cut down on unnecessary administrative tasks, and delegate whenever possible. By doing so, you'll create more time to focus on what truly matters.

Implementing productivity tools like time-tracking apps can help you identify and eliminate time-wasting activities. Additionally, consider setting specific times for checking emails and notifications to avoid constant interruptions. Creating a daily or weekly priority list can also keep you on track and ensure that you're focusing on high-impact tasks.

3. Say Goodbye to Bad Customers

Some customers may drain your resources without providing significant value in return. If feasible, identify and phase out ten time-wasters, late payers, or troublesome clients. This will not only relieve stress but also allow you to allocate your resources more effectively.

Conduct a customer analysis to identify which clients are profitable and which ones are not. Use metrics such as customer lifetime value (CLV) and customer acquisition cost (CAC) to make informed decisions. By focusing on high-value customers, you can improve your overall profitability and customer satisfaction.

4. Invest More

With the time and mental space gained from the first two steps, allocate resources—time, key personnel, and money—toward strategic initiatives. Passionately redeploy these resources to drive significant improvements in your business.

Consider investing in employee training and development programs to enhance their skills and productivity. Explore opportunities for upgrading your equipment or expanding your product line to meet market demands. These investments can lead to long-term growth and a competitive edge.

5. Get a Plan

Operating without a plan is like embarking on a journey without a map. Develop a robust planning process, create a comprehensive business plan, and ensure its execution.

Include measurable goals and timelines in your plan to track progress effectively. Regularly review and adjust your plan based on market changes and business performance. Incorporate contingency plans to address potential risks and uncertainties.

6. Reconfigure

Don’t let unmotivated or incompatible employees hold you back. If someone isn't a good fit, consider parting ways to free up their future and make room for someone who aligns better with your business goals.

Implement regular performance reviews and provide constructive feedback to help employees improve. Offer opportunities for skill development and career advancement to retain top talent. A positive and motivated team can significantly impact your business success.

7. Value Add

Avoid stagnation by focusing on activities that add value. Aim to make a meaningful impact through your work, ensuring that it brings real value and significance to your clients.

Engage with your customers to understand their needs and preferences. Develop new products or services that address their pain points and exceed their expectations. Consistently delivering value can lead to increased customer loyalty and referrals.

8. Be Different

Stand out from the competition by positioning yourself as unique. Attract ambitious, growing, and engaged clients and employees by breaking the mould.

Identify your unique selling propositions (USPs) and highlight them in your marketing efforts. Foster a culture of innovation and encourage your team to think creatively. Differentiate yourself through exceptional customer service and a strong brand identity.

9. Deploy Marketing

Develop a straightforward marketing plan to enhance your reach and market penetration. Dedicate a percentage of your revenue to marketing efforts and ensure online engagement is a core component.

Leverage digital marketing strategies such as SEO, social media marketing, and email campaigns to reach a broader audience. Monitor and analyse your marketing performance to identify areas for improvement and maximise your return on investment.

10. Ask for Referrals

Actively seek out referral relationships to attract high-quality customers. Networking and word-of-mouth can be powerful tools in driving business growth.

Establish a referral program that rewards customers for referring new clients. Build strong relationships with complementary businesses and explore partnership opportunities. Regularly request feedback from your clients to ensure their satisfaction and encourage referrals.

Supercharge your business

By implementing these ten tips, you can supercharge your business and achieve sustainable growth. Stay focused, be proactive, and continuously seek ways to improve and innovate.

Ready to take your business to the next level? 

At First Class Accounts Ovens & Murray, we provide tailored bookkeeping, payroll and advisory services to help you implement these strategies effectively. Contact us today to learn how we can support your journey to success and supercharge your business!

5 common bookkeeping mistakes (and how to avoid them)

Are you making any of these common bookkeeping mistakes? Starting a business can be a challenging experience, especially when it comes to managing your numbers and staying on top of your financial management.

Unless you’ve got some experience in finance, the bookkeeping and accounting requirements can be quite daunting. And even with today’s helpful cloud accounting platforms and fintech apps, there’s always the possibility of making a simple accounting mistake.

So, what are the most common bookkeeping mistakes made by business owners? And what can you do to avoid these pitfalls and keep your finances looking healthy and shipshape?

The top five mistakes to avoid

‘Doing the books’ is unlikely to be your favourite part of running a small business. But the better your accounting and bookkeeping know-how and skills, the more oversight you have over the financial path (and future success) of your company. It really is that simple.

But there are plenty of traps that a newbie owner can fall into – and even a few hurdles that the more experienced business owner may trip over from time to time.

Let’s take a look at the five most common bookkeeping mistakes.

1. Mixing your personal and business finances

When you don’t separate your personal and business transactions, this blurs the lines and makes it difficult to track your income and expenses accurately. It can also lead to personal spending being counted as business deductions, causing tax issues later on.

Solution: Open separate business and personal bank accounts and keep them entirely separate and distinct.

2. Skipping the record-keeping process

If you fail to keep receipts, log your invoices and keep proper records this can be a major problem further down the road. Detailed records are crucial for tax filing, budgeting and identifying spending trends.

Solution: Keep digital copies of all receipts and be sure to keep your bookkeeping up to date and well-managed.

3. Miscategorising your expenses

Throwing all your expenses under ‘miscellaneous’ makes it far harder to analyse your spending and cashflow. With every item of expenditure logged under a specific code from your Chart of Accounts, you can quickly run reports, review your spending and look at ways to improve budgets and cashflow.

Solution: Categorise your expenses properly (rent, marketing, supplies etc.) to understand where your money goes.

4. Winging it when filing your taxes

Taxation is complicated and it’s easy to make costly mistakes if you’re not prepared and organised. Don't wait until tax season to sort everything out and make sure you’re aware of all your business tax liabilities.

Solution: Set aside funds for taxes throughout the year, and consider consulting an accountant or tax adviser to ensure you're filing correctly and taking advantage of all potential government deductions and tax incentives.

5. Failing to get proper accounting advice

If managing your finances becomes overwhelming, don't be a hero. Cloud accounting software can automate some of the key tasks, and a bookkeeper can handle day-to-day record-keeping.

Solution: Think about outsourcing and partnering with an experienced accounting firm to get real peace of mind and improved financial management.

Talk to us about outsourcing your key bookkeeping tasks.

You didn’t start your business to spend hours working on your bookkeeping and accounts. Why not outsource your key bookkeeping and tasks to us, and put those hours back into your business.

As your bookkeeping partner, we can:

• Show you how to clearly separate your personal and business finances
• Set up your bookkeeping to be as streamlined, automated and efficient as possible
• Show you the best software tools and processes for managing your expenses
• Become your BAS agent 
• Provide reporting, management information and advice to guide your decision-making

Get in touch to talk about outsourcing your finance tasks