1. REPORTING
- This is the first and essential step in in understanding your business accounts.
- Having access to correct statements, including Profit & Loss, Balance Sheet, Debtor (Customer), Creditor (Supplier) and Payroll reports can keep YOU informed, therefore in control of the business.
- Pentagon Bookkeeping can provide these reports via Computerised Accounting Programs, such as MYOB and Reckon (QuickBooks).
2. CASHFLOW
- The second step is being aware of where the funds are being spent after they are received.
- Having a Net Profit at the end of each month is great, but if there is no money in the bank, a further review is required.
- Possibly the business has a bank loan or credit card repayment which outweigh funds being received.
- Pentagon Bookkeeping can assist by preparing Cashflow Statements on a regular basis, in order to help YOU gain better control of your finances.
3. GROWTH
- The third step is preparing your business to have controlled expansion, both in profitability and size.
- Growing too quickly can result in issues such as premises size, staff numbers/capability and having sufficient funds to support the expansion.
- Growing too slowly (or negative growth) can result in issues such as Customer/Supplier problems, business reputation and low staff morale.
- Pentagon Bookkeeping can assist by providing the necessary information to your Accountant, so they can analyse the information further, therefore assisting YOU with business decisions.
4. ASSET MANAGEMENT
(Plant & Equipment, Motor Vehicle, Property)
- The fourth step is managing your businesses assets via Computerised Accounting Software.
- Assets need ongoing repairs & maintenance, as well as depreciate (lose value) during the first 3-5 years of their life, so these need to be considered.
- Pentagon Bookkeeping can maintain the assets via Computerised Accounting Software, therefore giving YOU further control over the business.
5. PERSONNEL
(Employees & Subcontractors)
- The fifth and final step is controlling your businesses human resources, including employees and contractors.
- Employers are great at selecting appropriate people to employ, taking into account industry knowledge and experience, yet struggle to implement and maintain the paperwork, financial and tax obligations, which change yearly.
- Pentagon Bookkeeping can assist by helping YOU gain control of these tasks, including processing of Payroll (Wages), Pay-As-You-Go Withholding, Superannuation, Employee Entitlements, Payroll Tax (if necessary) and any government changes that relate to these tasks.