So you’ve started your side hustle and made your first sale.
Maybe you run the family business and need to nail the numbers.
Whatever your role within the business, if you’re planning on running a successful one, you need to get your accounting in order.
With 25 years in the industry, Eclipse Accounting Group is a local Shire business who can help, especially if the memory of Year 10 Maths fills you with dread.
Specialising in accounting and taxation services for small to medium sized businesses, Eclipse Accounting offers a Virtual CFO service which assists in budgeting, forecasting, budget adjustments and financial health checks, as well as ongoing strategic advice and support. And for those who have excelled in business over the years, they can also manage personal wealth and investments.
Many small to medium sized business owners are finding these services essential to the smooth running of their companies as they scale and find growth opportunities. One such business, a local freight forwarding company, was consistently turning a profit close to $50,000. During the pandemic, the company engaged Eclipse Accounting’s Virtual CFO service where they provided monthly analysis of their accounts with guidance and feedback. As a result of remaining focused on their business in real time and being held accountable, they were able to reach a profit of over $400,000 last year – growth of 800%.
Whilst balancing the books can often be overlooked in favour of product development or marketing, any successful business owner will tell you it is the backbone of any reputable company. Failing to get your accounts in order will more than likely result in short lived success, even for the most promising of enterprises.
To help you avoid the most common pitfalls of accounting, Associate Jacob Ward cites the following top three financial mistakes he sees business owners make:
- Poor cash flow management
- Attempts to manage the books themselves with little to no prior experience in accounting
- Failure to regularly review accounts to assess what is working and what isn’t
Along with the rest of the team, Associate Jacob Ward and Business Client Manager Tamsin Nolan are passionate about helping you run your business effectively, saving on tax and building value. In addition to their business solutions, the team at Eclipse Accounting Group can also work closely with individuals to determine the best strategy for their Self Managed Super Funds, or simply help with the ongoing paperwork involved in retirement.