TIPS TO HELP YOU THINK LIKE AN ACCOUNTANT

TIPS TO HELP YOU THINK LIKE AN ACCOUNTANT

If you own a small business which does not have up to 5 employees or you probably run the business alone (a small scale interior designer for example) then it might be too expensive for you to Hire a Professional Accountant as a staff member or pay for regular outsourced accounting and bookkeeping. In this post, Opulent Accountants will help you think like an accountant so your business can have proper financial records which will make you spend less time and money with your outsourced professional on the few occasions that you need them. Let us face it you will need them even if it’s just for the legislative updates.

First, you need to think tax.

Tax time is (unfortunately for some) already upon us, but there’s no better time than the present to start prepping for next year! Our tip – every time you catch yourself avoiding bookkeeping or accounting duties, put on the mental mold of an accountant and try to remember tax-seasons-past. What didn’t you do last year that you wished had been done?

What would have made tax season less strenuous? Create a tax-mantra and stay on top of your bookkeeping to-dos. Staying on top of bookkeeping and accounting will save you time, money and countless future headaches!

Stick To A Schedule

There’s no procrastination in accounting, only deadlines! Figure out a time each week to update your books, pay bills, reconcile and organize. This will keep your desk clear, and prevent a complete math-meltdown later. Updating while the transactions are fresh in your head can also save you time and money (no future billing issues). Plus, can you really put a price on catastrophe prevention?

Reconcile

Speaking of catastrophe prevention, make sure you know what is outstanding, and what isn’t. Few things are more embarrassing as a business owner than asking an on-top-of-it client for payment they’ve already submitted. And aside from losing face, you may also lose money which is the direct opposite of your aim when you started your business.

Some clients are not so patient or forgiving when it comes to such mistakes. It can also help you keep on top of those clients that haven’t because making this mistake can also have the same effect as earlier mentioned in this section.

Evaluate

Once you’ve got your fool-proof system down, take the time at the end of the year (or quarterly) to evaluate your business. That’s one of the biggest benefits of staying on top of your small business accounting. It gives you the tools you need to figure out how to make more money, and how to best use the funds you do have. Make a habit out of consistently evaluating your business finances, pivoting when needed, and strategizing for success. That’s what accounting is all about!

We hope that these tips would help you grow your business in the right direction. However, for more information, you can always Contact Opulent Accountants and we will surely be there for you and your accountancy needs of your business.

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Moumita Ghosh
Moumita Ghosh
2020-11-18
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We've been meeting Dayan for years now and he is great with his advice and is very knowledgeable and pragmatic. We recently used his services to get the home loan for our house and he and his team went above and beyond to get us the best possible deal. Ishara in his team was super communicative and responsive in following through and made the process very easy for us. Highly recommend them!
Cara Neela
Cara Neela
2020-10-24
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Dayan and Hasi are wonderful, wouldn’t hesitate to recommend them! They went through all with a fine tooth comb to ensure all was correct. Thanks to you both and the Opulent team!
Jason Barry
Jason Barry
2020-09-29
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I was looking for a different accountant and was recommended to Opulent Accountants. I have been blown away with there service. I wish I moved accountant sooner. Platinum Plumbing Enterprises P/L
Afshin Koohestani
Afshin Koohestani
2020-09-10
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Uditha Illeperuma
Uditha Illeperuma
2020-09-08
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Opulent Finance gave professional advice for my unique home loan requirement. They respond quickly with the proper information. The process was smooth and I felt comfortable to deal with the team. The team is friendly and professional to deal with. Highly recommended for any one looking for finance.
Dinesh Fernando
Dinesh Fernando
2020-09-03
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Very happy with the service provided in getting my tax returns done. Mr. Dayan is very helpful and professional and has extensive knowledge in his field of expertise. Highly recommend if you are looking for a hassle free and prompt service.
Ronald Turner
Ronald Turner
2020-07-16
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Opulent were absolutely fantastic to deal with, they are competitively priced and incredibly proactive and friendly. For me I have been much better off using their fantastic services as opposed to doing tax returns myself. Sum was amazing, incredibly knowledgable and super friendlyI'll certainly be back with Opulent next year
Milinda Wickramasinghe
Milinda Wickramasinghe
2020-07-05
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Opulent team has been fantastic and it has been truly a pleasure dealing with the team for more than 10 years. Dayan and Ishara have gone above and beyond to assist and communicated with me even when I was overseas. Excellent service has being provided in a professional and timely manner. I would highly recommend the team.
Chami Ranaweera
Chami Ranaweera
2020-04-28
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I have been working with Dayan last 9 years. All of my loans, refinance and tax are done through Opulent.Dayan and his team including Ishara are very helpful and easy to deal.
Edmund Lobo
Edmund Lobo
2019-12-02
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We were new entrants to the cattle farming scene. All the rules and regulations surrounding primary production can be very confusing. The team at Opulent Accountants walked us through all the steps, set up the necessary ABNs and Company / Trust accounts, filed the related pending BAS and Tax returns, and is currently keeping us up-to-date with all ATO related transactions. We recommend them highly to all.