Nobody works harder than those running their own business, but quite often owners can be so busy that they don’t have the chance to see how their finances are really tracking. Fortunately, your small business accountant in Sydney can provide valuable insights and strategies to maximise and increase your profits.
Assess your expenditures
We all know that the higher your expenses the lower your returns are likely to be, but it’s often difficult to identify areas that can be cut back. Your small business accountant can look through your labour costs, advertising expenditure and everyday accounts to help eliminate wasted and unnecessary costs.
Optimise your pricing
Are you valuing your products or services correctly? If you’re charging too little you’re selling yourself short of profits, and if you’re charging too much you could be putting off potential customers or clients. Your business accountant can review your pricing structures and factor in your expenses to find the optimal costing figures.
Improve your tax planning
With some effective tax planning, businesses can experience a profound improvement in their cash flow and profit outlook. You have the right to pay the minimum amount of tax possible from your business, and the right plan will ensure you keep compliant while keeping more of your profits in your pocket.
Reduce any bad debts
If you have multiple business loans, or are simple wanting to make repayments on your financing sustainably, your small business accountant is the ideal person to talk to. We can plan, restructure and create strategies to reduce your bad debts and the interest you may be paying. That could give you vital increased cash flow for wages and business growth as you continue.
Plan for growth
Setting key financial goals for your business will often make the difference between a small business stagnating or thriving. Your small business accountant should know how to put together realistic, achievable objectives that give you a clear path for the future. Focus on achieving those milestones one by one, and you will likely see your profits grow over time.
The right business accountant will take a proactive approach to your finances and provide tailored techniques to improve your returns. If you’d like to speak with an expert small business accountant in Sydney about your business’s finances including methods to protect your success, speak to the team at Chan & Naylor’s Parramatta office today.
Chan & Naylor Group has nationwide offices in Brisbane and Capalaba in Queensland, Melbourne and Moonee Ponds in Victoria, East Perth in Western Australia, and South West Sydney, Parramatta, Pymble, North Sydney, and Sydney in New South Wales.