Managing Expenses for Business Success

Effectively managing your expenses is crucial for sustaining growth and ensuring profitability in your business while ensuring a smoother journey along the way. 

Whether you're a start-up or an established enterprise, maintaining control over your finances can be the difference between success and failure. 

Here are eight strategies to help you better manage your business expenses and keep your finances and operations running smoothly.

1. Establish a Comprehensive Budget

Creating a detailed budget is the foundation of managing expenses for business success. A budget shouldn't just be a one-time task but a dynamic tool that adapts as your business grows.

Start by identifying your fixed and variable costs, and use historical data to forecast future expenses. Regularly review and adjust your budget to reflect changes in your business environment, ensuring it remains relevant and accurate.

First Class Accounts Ovens and Murray can assist by helping you establish and maintain a tailored budget, leveraging expert insights and real-time financial data to keep your business on track.

2. Monitor cashflow Diligently

Cashflow is the lifeblood of any business. Keeping a close eye on your inflows and outflows will help you avoid cash shortages.

Implement a system to monitor your cashflow in real time. This could be through accounting software, like Xero, that alerts you to discrepancies or potential problems. Regular cashflow analysis enables you to identify trends and make informed financial decisions promptly.

With First Class Accounts Ovens and Murray’s cashflow management services, you’ll gain access to regular reporting and expert advice, ensuring you’re always prepared for any financial challenges.

3. Separate Personal and Business Finances

Mixing personal and business finances can lead to confusion, making it difficult to track business expenses accurately. 

Open dedicated business banking accounts and ensure only business transactions are conducted through them. 

This separation not only aids in clear financial analysis but also simplifies tax preparation and legal obligations.

4. Implement Expense Tracking Tools

Technology offers numerous solutions to streamline managing expenses for business success. Consider using expense tracking software or apps, like Weel or Dext, that allow you to photograph receipts and automate entries. These tools can generate comprehensive reports, providing insights into spending patterns and helping you identify areas for cost reductions.

First Class Accounts Ovens and Murray can implement your expense tracking software and manage your bookkeeping, ensuring everything runs efficiently while saving you time and reducing errors.

5. Review and Reduce Unnecessary Expenses

Regularly review your expenses to identify non-essential costs. This could include subscriptions, services, or supplies that are rarely used or that don't add significant value to your operations. Make sure expenses are worthwhile, and approach vendors for better rates or seek alternative suppliers.

6. Foster a Cost-Conscious Culture

Encourage your team to be mindful of spending by promoting a culture that prioritizes cost efficiency. Educate employees about the impact of expenses on your business bottom line, and empower them to suggest improvements. 

When everyone is aware of financial goals, they are more likely to contribute to cost-saving initiatives.

7. Plan for Taxes Early

Taxes can be a significant expense, so it's crucial to plan for them well in advance. Work with a tax professional to ensure compliance with all tax obligations, and take advantage of any deductions or credits available to your business. Setting aside money for taxes up front helps prevent cashflow issues at tax time.

8. Regular Financial Audits

Conduct periodic audits of your financial statements. This doesn't necessarily mean hiring an outside firm; instead, engage a team member or business partner to review the records. These audits can help you discover discrepancies, unexpected expenses or even fraudulent activities early, allowing for timely correction.

Take Control by Managing Expenses for Business Success

Effective expense management is not a one-time task but an ongoing process that requires vigilance and adaptation. By establishing a robust budget, employing the right tools, and fostering a cost-conscious company culture, you can ensure your business maintains financial health.

Need assistance with managing your business finances? First Class Accounts Ovens and Murray offers bookkeeping services to streamline your expenses, improve cashflow, and support your long-term success. Contact us today to find out how we can help.

Dealing with uncertainty – tips for business owners

Whether you’re facing changing market conditions, supply chain disruptions, or other challenges, there’s still real uncertainty for business owners. We’re trading in challenging times at present. 

And knowing what step to take next is a key worry. We know that you invest more than simply time and money into your business. It is more than a job but part of your identity.

So, how do you get more clarity around your future plans? And how do you work on the short-term future of the business, when sales, income and cash are in short supply?

Focusing your efforts in the right places

Planning the next business move is difficult at the best of times, but it’s doubly problematic when we have so little clear idea of what a post-COVID19 business world will look like.

It's difficult to plan when we don't know what will be possible. What regulations will be in place once you can begin trading? Will the market have changed dramatically? Will you be able to trade over borders and continue to be an international operation? Will you have enough cash to actually operate?

As a business owner, you’ll be continually thinking of new business-critical issues to add to this list – but the reality is that you CAN’T control all these elements. This sense of mounting uncertainty is likely to raise your stress levels and make you more anxious.

So, how do you overcome these worries and find a practical solution?

Try to focus on the things you can control:

• Identify the things that matter to the short and long-term success of the business

• Find the things you can control and over which you have some influence.

It's too overwhelming to try and work on everything at the same time. Instead, try to focus on the one thing you can achieve each day.

At First Class Accounts Ovens & Murray, we can help you identify and prioritize these elements through detailed management accounting and cashflow forecasting. These tools empower you to make informed, confident decisions, even when navigating uncertain times.

Review your overheads and costs

One way to reduce your cashflow worries is to reduce your spending. Look at your controllable overheads and see if there are ways to negotiate better terms with suppliers, cut down on expenses or pause any subscriptions.

Our team can assist by reviewing your financial data and providing insights into where savings can be made without sacrificing operational efficiency. With First Class Accounts Ovens & Murray managing your accounts, you’ll save time and gain clarity.

Talk to debtors and creditors

If you can bring down your aged debt, that will help your overall financial health. Set up automatic reminders for any overdue payments. Also, talk to any late-paying customers and agree when these debts will be paid. And talk to suppliers about extending payment terms, if possible.

First Class Accounts Ovens & Murray can streamline your debtor management process by setting up automated payment reminders using integrated apps like Xero. These tools ensure your customers receive consistent, professional reminders about outstanding invoices, helping you reduce late payments and improve cashflow.

Our expertise extends to configuring these apps to suit your business, saving you time and ensuring payments are followed up efficiently. We can also assist with tracking your accounts payable, giving you better visibility and helping you negotiate extended payment terms with suppliers when needed.

Consider alternative revenue streams 

If your current business model doesn’t work well in lockdown, are there other online services that you could diversify into? Any new revenue streams will help to bolster your income and cash position.

Update your website and marketing

Having a great online presence is vital during this crisis, when most goods and services will be purchased online. Give your website a refresh and make it easy for potential customers to find and buy your services.

Catch up with your team

Maintaining contact with your employees is vital if you’re going to nurture team spirit. The more engaged your team is, the easier it will be to embrace change together.

Reach out for tailored support

First Class Accounts Ovens & Murray offers flexible, 100% contract-based bookkeeping services. This means no interruptions due to staffing gaps—your accounts will always be managed on time, accurately, and with efficiency. By partnering with us, you can focus on growing your business while we handle the financial details.

Take control of what you can today by seeking expert advice and support. With First Class Accounts Ovens & Murray, you’ll gain access to expert bookkeeping, process improvement, and cashflow solutions to help you stay ahead, no matter the challenges.

Cashflow and cost control

More than ever, cashflow is a vital part of staying afloat, whether your business is in recovery or growth mode.

Revenue, profit, and your bottom line are always important, and in 2024, maintaining steady cashflow remains the foundation for keeping your business running smoothly and adapting to challenges as they arise.

Regular cashflow forecasts will help you keep that in focus. Here’s why:

Cost control  

If you can't reach your targets for income, reining in your costs may give you a little extra head room to manage cashflow while you plan your next move.

At First Class Accounts Ovens & Murray, our team provides detailed cashflow analysis and forecasting services, ensuring you have a clear picture of your financial position. With actionable insights, we help you identify areas where costs can be reduced without compromising business quality.

Visibility on outgoings 

Cost control can be a challenge when it’s hard to pinpoint hidden costs or where established ways of doing things cost more money than they should. You may also have been coping with unexpected expenses, as you’ve adapted your business for unplanned circumstances.

We can your financial systems and processes to identify inefficiencies. Our expertise in management accounting ensures your data is not only accurate but also timely, so you’re never left guessing where your money is going.

Improving business practice

It's more than just keeping an eye on outgoings (though that's important). It's about looking at each aspect of your business and business systems (or the gaps where there should be business systems) to see if poor practice is driving costs up unnecessarily.

Streamlining your processes can drastically improve your cost control. We work with you to implement appropriate apps to improve efficiencies, save time and money, and reduce costly errors.

It can be useful to break it down  

You can look at cost centres such as office supplies or freight. Or you can look at what those costs do for your business.

It can help to analyse costs in terms of cost of sale and overheads.

Cost of sale and overheads

Cost of sale (also known as Cost of Goods Sold or CoGS) is how much it costs you to make a sale. In a business which sells products, CoGS is based on the price paid for the product, plus any costs necessary to put the merchandise into inventory and make it ready for sale, including shipping and handling. You can even break it down to calculate the cost of sale of individual units.

Overheads are general business expenses. They can’t be tracked directly to sales. Overheads are what it costs you to open your doors (whether online or actual) every morning.

What’s your plan?

1. Reduce unnecessary expenses
   Now might be the time to trim every expense that’s not related to your core product or service.
2. Suppliers
   Are you able to work with your providers to ask for discounts or more favourable payment terms on either cost of sale or overhead expenses?
3. Talk to the team
   Analyse your costs and involve your team, including frontline sales staff.
4. Advertising
   It might be a false economy to cut back on advertising, as customers are online looking for bargains and price-checking alternatives. Targeted campaigns might work better.
5. Prioritise
   Can you pinpoint the products most likely to bring the fastest or best return and hold back on products that are a slower sell?
6. Promote or discount
   If you have old or slow-moving stock, can you discount it and convert old stock to cash? If you can attract customers now, you may be able to use it to spotlight your other products.

Making managing cashflow easier

Every dollar you can pull back from your costs can go straight into cashflow. Whether your sales are booming or slow, keeping your costs under control is key to sustaining growth and stability.

At First Class Accounts Ovens & Murray, we understand the importance of managing your cashflow effectively. From cashflow forecasts to systems that streamline your operations, we partner with you to ensure your business has the financial stability it needs.

Want to get a handle on cash flow in your business?

Whether your sales are boom or bust, you want to make sure that your costs aren't holding you back. We can help.

Talk to us if you'd like to review your costs and your systems to keep costs under control. .

Planning for seasonal dips in income

Seasonal dips in income can be highly challenging when you’re a small business. But there are proactive ways to predict, plan for and overcome these dips in revenue.

The key to dealing with seasonal dips is to know when they’re most likely to occur, and to have measures in place to spread your income and revenue pipeline over the course of the year.

Understanding seasonality in your sector

If your business is seasonal such as pool supplies, or a ski gear specialist, you’ll be used to the peaks and troughs, but many 'non-seasonal' businesses experience times during the financial year where sales and revenue peak – and, on the flipside, where sales and revenue experience a pronounced dip.

When income is low at certain times of the year, it makes for challenging times. First Class Accounts Ovens & Murray can assist by analysing your business's financial history to pinpoint these peaks and troughs. Our expertise in management accounting provides insights that help you understand your sector’s unique seasonality and prepare for it.

So, what are the key ways to plan for this kind of seasonality?

Forecast your seasonality

It’s vital to know WHEN you’re most likely to experience any seasonal dips. Looking at bench-marking reports for your industry is one way to predict the seasonality in your niche or sector. But you can also use your own accounting data to great effect. Look back through your profit & loss reports and spot where the peaks and troughs have occurred over preceding years.

First Class Accounts Ovens & Murray offers forecasting services to help you assess this historical data. With our support, you can anticipate and prepare for quieter periods, ensuring that your financial planning is well-informed and tailored to your business.

Charge a premium in peak time 

One straightforward approach is to apply premium pricing for your products/services during the busy season. By increasing your pricing, you boost your overall revenue, giving you more working capital to see you through the leaner months when sales and income are at their lowest.

Our team can work with you to develop a pricing strategy that aligns with your cash flow needs, helping you make the most of high-demand periods while securing funds to navigate slower months.

Offer additional peak-time services

Offering added extras and other additional service lines during peak time is another way to maximise the season. In the months where customers are most engaged, look to upsell these premium services and offer more value. Satisfied clients will be more inclined to pay for added extras, giving you an increased revenue stream from the same number of customers.

We can help identify and structure these peak-time offerings, ensuring you’re positioned to maximise revenue during high-demand times.

Target other markets

Exploring other related markets is another useful tactic. When you’re experiencing downtime, look for other ways to monetise your existing assets, products or services. For example, if you’re a hotel where sales peak in summertime, offer discounted conference space in the winter months to boost revenue.

Diversify your products/services

If one product/service has a known seasonal dip, look at adding an additional product or service to offset this downtime. For example, a a ski resort could promote bike-riding or hiking breaks during the warmer summer months to keep revenue constant. Likewise a pool maintenance firm could establish an outdoor fireplace business for the colder months.

Have a regional e-commerce strategy

If you’re dependent on a small local market, broadening your marketing and e-commerce strategies can help to attract a wider customer base – and bolster sales. Paid advertising through Facebook, LinkedIn or Twitter can easily target new geographical markets, bringing in new customers and giving your revenue a much-needed uplift during seasonal troughs.

Talk to us about planning for seasonality

If your business is struggling with seasonal dips, and the resulting impact on cashflow, come and talk to us. We’ll help you identify the timing of your seasonal downtime, and come up with a clear strategy for stabilising your income across the year.

Get in touch to start planning for seasonal dips in income.

Reduce your debtor days and improve cashflow

Managing the gap between the receiving money into your business and paying money out of your business is vital for sustaining viability.

So, how do you reduce your debtor days and improve your cashflow? Let's start with understanding debtor days. 

Debtor days is the average number of days taken for a business to receive payment for goods or services. Keeping track of the average number of days for a business to receive payment is important in understanding the cashflow gap you might experience and the impact on cashflow planning and budgets.

How to calculate debtor days

(Year-end receivables amount ÷ annual sales) x 365 days = average debtor days.

Here's an example: An IT consultant has in her terms and conditions that payment is due 21 days after invoice date. But she is interested to know what the actual average payment time is.

Trade debtors at 30 June 2019 = $35,000

Annual sales for 2019 = $478,000

(35,000 ÷ 478,000) x 365 = 26.7 days

With this information, she can either alter her cashflow planning according to the actual time-frame or take steps to reduce the average number of debtor days.

Here are ten things you can do to reduce the payment times?

1. Update your payment terms

Make sure the terms are clear on every invoice issued. Don’t forget to include bank details on the invoice!

First Class Accounts Ovens & Murray can assist in reviewing your payment terms and help integrate them into your invoicing software, ensuring consistent communication.

2. Regular admin

Schedule a regular time for your own administration and get your invoices out promptly.

3. Send to the right person

When you send invoices, make sure you address the email personally to your contact. Send the invoice to multiple addresses if possible, for example, your contact and the accounts department.

We can assist in setting up automated systems to manage your contact database, minimising errors in invoice distribution.

4. Use technology to your advantage

Use automated invoice reminders to notify customers when an invoice is about to be due and then when it is overdue. Do not wait to send notifications manually, let the software do it as soon as the invoice is a day overdue.

We can help implement the latest accounting software that includes automated reminder features, keeping your invoicing on track.

5. Make it easy for your customers

List the payment terms, for example, due in 14 days, as well as the actual due date.

6. Provide incentives for early payment 

For example, a 5% discount if paid within five days.

7. Offer several payment methods for clients

Adding options like credit card payments or online gateways such as PayPal makes it easier for clients to pay promptly.

We can advise on and set up various payment methods, ensuring integration with your existing systems.

8. Offer instalment payment plans over a mutually agreed period. 

This allows you to plan for part payments, rather than being inconvenienced by the whole invoice being paid late.

9. Do not offer unlimited credit to customers

Make sure your terms and conditions include the right to refuse further supply if invoices are outstanding. Request part or full payment before supplying more goods or services.

10. Talk to your suppliers

Maintain good relationships and clear communications so they are more likely to help you if you need an extension on your bills. If possible, renegotiate supplier terms that suit your business cashflow.

Take Advantage of Low-Activity Phases

During periods of lower business activity, take the time to:

• Update Terms and Conditions: Make sure they reflect your current business needs.
• Implement Alternative Payment Options: The more ways customers can pay, the fewer barriers there are to timely payment.
• Refine Business Systems: Use this time to review processes and find ways to improve them.
• Revamp Your Website: Ensure payment information and terms are clearly displayed.

First Class Accounts Ovens & Murray can support you in enhancing your business systems with app integration. We offer tailored advice on selecting and implementing the right apps for payment processing, invoicing, and cashflow management. Our services include ensuring seamless integration with existing systems to improve efficiency. We can also conduct cashflow analysis using app-based tools to compare your debtor days with industry standards, pinpointing areas where technology can help reduce payment times and optimise cashflow.

Talk to us about adding payment options, updating your software and improving business systems to assist in reducing the number of debtor days to improve your cashflow.

We can also look at average debtor days of your business compared to industry averages and discuss ways of managing cashflow during difficult periods.

Key numbers to focus on in your business now

As a business owner, it’s always been helpful to have an understanding of accounting – but in the world today, it’s never been more important to have a good grasp on your finances and understand the key numbers to focus on in your business.

For many businesses, priorities have changed, customer behaviours have mutated and revenue streams have had to evolve and pivot in order to maintain a profitable business model.

To track, monitor and drive your financial performance in this new business world, it’s increasingly important to have a handle on your key financial reports and metrics.

Getting to grips with your financial reports

In the past, extra cash in the business may have been seen as a surplus that needed to be spent on something. Recent years have shown us that having these reserves is vitally important for the survival and long-term health of your businesses.

To truly be in control of this cash, it’s vital that you can understand your accounts, financial reports and dashboards and ‘see the genuine story’ behind your financial position.

So, what are the key reports to focus on? Let’s take a look:

Budget 

Your budget is the financial plan that's tied in with your strategic plan. In essence, the budget is your approximation of the money it will take to attain your key strategic goals, and the revenue (income) and profits you hope to make during this period. It’s a benchmark you can use to measure your actuals (historic numbers) against, allowing you to see the variances, gaps and missed targets over a given period.

Cashflow Statement 

A cashflow statement shows the flow of money into and out of your business.

Understanding these cash inflows and outflows in detail allows you to manage this ongoing process, allowing you to aim for a ‘positive cashflow position’ – where inflows outweigh outflows.

In your ideal positive scenario, you have enough liquid cash in the business to cover your costs, fund your operations and generate a profit.

Cashflow Forecast

Forecasting allows you to take your historic cash numbers and project them forward in time.

As such, you can see where the cashflow holes may appear weeks, or even months, in advance. This gives you time to take action, whether it’s increasing your income stream, reducing your underlying costs, chasing up unpaid invoices (aged debt) or going to lenders for additional funding.

Balance Sheet 

Your balance sheet shows you your company’s assets, liabilities and equity at a given point in time.

In a nutshell, it’s a snapshot of what your business owns (your assets), what you owe to other people (your liabilities) and what money and profits you currently have invested in the company (your equity).

Your balance sheet is useful for seeing what stock and equipment your business owns, how much debt (liabilities) you’ve worked up and what your company is actually worth. This is all incredibly useful information to have at your fingertips when making big business decisions.

Profit & Loss

Your profit and loss report - often referred to as your P&L. Your P&L gives you an overview of the company’s revenues, costs and expenses over a given historic period of time.

While the balance sheet is a snapshot, your P&L is more like a moving video. It shows you how your finances are progressing by demonstrating how revenue is coming in and costs/expenses are going out (rather than cash coming in and going out, as you see in your cashflow statement and cashflow forecasts).

There is a range of software and apps that you can use to generate the above reports so you can understand and focus on the key numbers in your business. For example Xero. 

Talk to us about software and apps to help you with the financial reporting and forecasting for your business

How Much Should You Charge?

Getting your pricing right is one of the best ways to plan for business success, but how do you know how much you should charge?

First, don’t make a rushed decision; take the time to properly understand the market, your total costs, and how to position your products or services.

Figuring out how much to charge is a big learning curve for any business owner. The answer to how to approach it will fluctuate as circumstances and markets change. It is important to revisit the question throughout the lifecycle of your business.

There is No Magic Formula

All businesses are unique, with an individual offering of products and services. Before you set your pricing, it’s important to look at the whole picture. This will help to ensure you are being strategic and not just following trends.

Gather the Data

To get started, you need to gather as much information as possible. Block out some time to sit down with your business data and strategies. Pricing is essentially figuring out where your products and services are positioned in the market. So keep your business strategies top of mind. It doesn’t have to be a confusing exercise. Just grab a coffee and get started.

Here Are the First Steps to Consider:

1. Record All the Costs Involved in Production

Start by listing all direct and indirect costs associated with your product or service. Direct costs include materials, labour, and production expenses. Indirect costs encompass assets, insurance, licences, and legal fees. This comprehensive list ensures you don't overlook any expenses that could affect your pricing strategy.

2. Consider Your Current Profit Margin or Required Margin

Once you have your total costs, think about your profit margin. Understand the difference between net and gross profit margins. Gross profit margin is the difference between sales and the cost of goods sold, while net profit margin accounts for all operating expenses. Decide what margin is necessary for your business to be sustainable and profitable.

3. Conduct Thorough Competitor Research

Research your competitors thoroughly. Understand the market landscape and what others are charging for similar products or services. Identify your unique selling points (USPs) that allow you to differentiate your pricing. This research helps you position your offerings competitively without underpricing or overpricing.

4. Evaluate Your Offerings

Assess the value-added aspects of your products or services. Consider where your offerings fall on the spectrum from cheap and no-frills to high-end premium. Can you create a range of products at different price points to cater to various segments of the market? This strategy can help you attract a broader customer base.

Revisit and Adjust Your Pricing Regularly

Market conditions and business circumstances are always changing. Regularly reviewing and adjusting your pricing ensures that you stay competitive and meet your customers' expectations. This proactive approach helps you maintain profitability and growth.

Additional Considerations

Understanding Customer Perception

How customers perceive your pricing can significantly impact your sales. If your prices are too low, customers might question the quality of your products. Conversely, if your prices are too high without justifiable reasons, you might drive potential customers away. Balancing perception with reality is key to effective pricing.

Value-Based Pricing

Value-based pricing involves setting prices based on the perceived value to the customer rather than the cost of production. This method requires a deep understanding of your customers' needs and how much they are willing to pay for the benefits your product or service provides. Value-based pricing can often lead to higher profit margins.

Psychological Pricing

Psychological pricing strategies, such as setting prices just below a round number (e.g., $9.99 instead of $10), can influence customers' buying decisions. This tactic can make prices seem lower than they actually are, potentially increasing sales.

Discounts and Promotions

Strategically use discounts and promotions to attract customers and boost sales. However, be careful not to rely too heavily on these tactics, as they can devalue your product and create an expectation for lower prices. Use them sparingly and strategically to drive short-term sales and customer acquisition.

Stay Ahead of the Game

Determining how much to charge for your products or services is a crucial aspect of running a successful business. By thoroughly understanding your costs, profit margins, market conditions, and customer perceptions, you can develop a pricing strategy that supports your business goals. Remember, pricing is not a one-time decision but an ongoing process that requires regular review and adjustment.

For more personalised assistance in developing a pricing strategy tailored to your business needs, contact us at First Class Accounts Ovens & Murray and Busy01 Consulting. We're here to help you navigate the complexities of pricing and achieve long-term business success.

Top 8 things to outsource in your business

Scaling your business requires a strategic shift from being deeply involved in every task to focusing on high-level planning and growth. To achieve this, you need to spend more time working on your business rather than in it.

This means dedicating your energy to strategic initiatives that drive growth, innovation, and long-term success. However, the day-to-day operational tasks can often consume a significant portion of your time, making it challenging to focus on bigger goals.

Finding ways to leverage your time effectively is critical, and one of the best strategies to achieve this is through outsourcing. Outsourcing allows you to delegate tasks that are either not within your core skill set or those that you simply do not enjoy. By doing so, you free up valuable time to concentrate on areas where you can add the most value.

Outsourcing these tasks to professionals can enhance the quality and efficiency of your operations, ensuring that critical functions are handled expertly.

Things you should consider outsourcing in your business:

1. Payroll

Managing payroll involves complex calculations, tax withholdings, and compliance with regulations. Mistakes can lead to hefty fines and unhappy employees.

Outsourcing payroll ensures accuracy, saves you time, and can even reduce costs. While utilising a payroll product is a great option, a professional payroll service will handle everything from wage calculations to tax filings, allowing you to focus on your core business activities.

First Class Accounts Ovens & Murray can help: We offer comprehensive payroll services that ensure your payroll is handled accurately and efficiently. 

2. Bookkeeping

Do bookkeeping tasks often infiltrate your evenings or weekends? Does the stress of these tasks piling up occupy your mind?

Bookkeeping is essential but can be time-consuming and stressful, especially if it spills into your personal time. By outsourcing your bookkeeping, you not only save time but also gain peace of mind knowing that your financial records are up-to-date and accurate.

At First Class Accounts Ovens & Murray, our bookkeeping services are designed to take the load off your shoulders, providing you with accurate and timely financial information. Let us handle your bookkeeping so you can focus on growing your business. Get in touch with us today to find out more.

3. Virtual CFO

Budgeting and forecasting are crucial for any business but can be challenging without the right expertise. A virtual CFO specialises in these areas, providing detailed budget analysis and accurate financial forecasts that help you plan for the future. They offer strategic insights, monitor your financial health, and identify opportunities for growth, ensuring you make informed decisions.

At First Class Accounts Ovens & Murray we offer comprehensive budgeting and forecasting services to help you plan effectively and make strategic decisions. We use cutting-edge software like Futrli to provide you with clear, actionable financial insights. Contact us today to learn how we can support your business growth.

4. Digital Marketing

From your content strategy to your social media accounts, if this is not a strength of yours, outsource it! There are many freelancers who have multiple clients at this level, who’ll likely be more knowledgeable regarding SEO and much more effective and efficient in general.

5. Graphic Design

Your brand is a key reflection of your product offering. If you don’t have the skill, software and time to do this well, you’ll potentially damage your brand.

6. Scheduling and administrative tasks

A Virtual Assistant can help you manage anything from your appointments to flights, emails and beyond (virtually anything admin). At a lower level, consider adopting software that’ll automate or minimise processes, such as self-booking appointment apps where your clients can schedule a meeting with you, e.g. Calendly.

7. Customer feedback

Many businesses miss this valuable opportunity to connect with customers and improve their experience. A Virtual Assistant can help, but there are also apps (such as Ask Nicely) that automate the process of asking for feedback; directing happy responses to leave you Google reviews and negative responses back to you to quickly resolve!

8. Inventory management

Too much stock can cause cashflow issues and affect sales price (due to resulting discounting), but not enough equals lost sales. Outsourcing inventory management can help you minimise stock-carrying costs and allow you to focus on more important things.

While outsourcing takes a little bit of setting up, it’s worth the short-lived pain for massive gain. We don’t have to be jacks of all trades. In fact, this thinking often leads to begrudgingly doing many things poorly rather than doing a few things really well – and enjoying doing them.

Tempted to start outsourcing some of your tasks to free up your time? We can help by taking the first three roles off your hands! We work with a number of our clients in this way, allowing them to focus on what they do best.

Work to your strengths, outsource the rest! Need help? Get in touch.

A business budget will help with your financial decision making

Budgeting is about estimating your revenues, projecting your expenses and detailing the allocation of funds, so you stick to (and don’t overrun) your agreed budget ceiling.

How does budgeting affect your business?

Having a clear, agreed budget gives you a structured framework for your financial decision-making. It’s a practical way to control your costs, monitor performance and adapt your strategic and financial decisions to meet changing economic conditions.

Using budgeting helps your business in a number of ways:

Better control over your finances

Budgeting gives you a clear roadmap for managing your company’s finances. Sticking to that budget helps you maintain control over expenses, reduce wastage and make the very best of your resources.

Achieving your financial and strategic goals

Your budget helps you to set and track financial goals, making it easier to align your business strategies with your desired goals and outcomes. It’s a great way to boost growth, profitability and debt reduction.

Improved control over your cashflow

Effective budgeting helps you anticipate any cashflow fluctuations. That’s a bonus that helps you plan for both lean and prosperous periods, making sure you have the funds to cover expenses and seize opportunities.

Allocating your resources

Budgets are useful for guiding how and where you allocate your resources. From your one pot of cash, you can decide whether to prioritize investments, marketing efforts, operational improvements or business growth.

Keep track of your performance

Comparing your actual financial results to your budgeted results helps you quickly assess your performance as a business. You can look for variances, make timely adjustments to stay on track toward your goals.

How can Busy01 Consulting and First Class Accounts Ovens & Murray help you with budgeting?

Being in control of your expenses, spending and predicted revenues sits at the heart of your financial management, giving you a framework and set budgetary goals to aim for, track against and (hopefully) achieve.

As your bookkeeper, we’ll help you set up budgets for your strategic business plans, with clear tracking and reporting to keep you on the ball and meeting those targets.

Get in touch to chat about budgeting.