There are more than 46,000 businesses in New Zealand today, and if you own a company of your own, you’ll know how important it is to keep on top of your finances and manage your accounts. As a small business owner you may have thousands of other things to be getting on with, so sometimes your accounts end up taking a back seat. It doesn’t have to be this way: Using an accountant in Wellington can free up your time and resources so you can concentrate on other areas of your business while your important paperwork still gets done.
Here are some of the best finance & accounting tips for small business owners in Wellington.
1. Use software
If you’re used to doing your accounts by hand, have you considered computer software? You’ll still be able to monitor your income and outgoings but keep an accurate, electronic file that you can refer to in the future. Using computer software can have a number of benefits when compared with paper accounts, and it can be easier to update your documents and make edits. Even better, enlisting the services of accountants in Wellington will help you manage your money even more effectively.
Professional chartered accountants can spot trends and patterns in your data, file important documents and help you manage your finances better. You can even use software to handle your payroll – speeding up the time it takes to pay your staff. If you want a quicker, more effective way to handle your finances, computer accounting software could be right for your small business.
2. Don’t leave everything to the last minute
It’s important that you plan ahead and do your finances as soon as you can. This makes it easier at the end of the year when you want to manage your money and find out about your income and outgoings. A little organisation always goes a long way so always file your invoices and receipts in a safe place, in chronological or alphabetical order. All other important documents should be kept in the same place so you can refer to them quickly if you need to find important information fast.
If you have difficulty when it comes to organising your accounts, enlist the services of an accountant in Wellington who will be able to help you. They can also help you plan a budget by reviewing your cash flow and making forecasts for the new financial year based on previous payments.
3. Send invoices out early
The earlier you send out your invoices, the better. Business accounting services by your Wellington accountant can help you do this properly. Your accountant will also suggest ways that you can make your invoices clearer for your clients so they know who to send payment to. Organising your invoices in this way can mean you are more likely to get your money sooner and not have to chase up payments as frequently.
If you’re looking for an accounting practice in Wellington that you can trust, contact Stephenson Thorner today at www.stephensonthorner.co.nz. The business advisors and chartered accountants at Stephenson Thorner can help you take control of your accounts and grow your business finances. Visit their website to find out more about their small business finance solutions.