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Finance tips for small business

04 May 2021

Mel B Header

Missed our Lunch and Learn session with financial educator and best-selling author Melissa Browne and just want to re-watch the Dos and don’ts of small business finance, you can.

Here are the top takeaway points to look out for from the session:

  • Don't use minimising words like "my baby" or "just small" to describe your business (no matter the size) - this will limit its potential (and yours!).
  • Aim to make your business as successful and profitable as possible - it's ok to dream big!

The golden rules:

  • You need to look at the numbers - even if you only have basic maths. If you don't look at the numbers, how can you reach your goals?
  • You need to understand the difference between activity and results - it's all about profit.
  • Get used to paying yourself a salary and super contributions - even if it's small.
  • Make sure you have separate accounts for business and personal - don't mix the two!
  • There is some great accounting software out there to help with small business finances - e.g. Xero, MYOB and Reckon - use this technology to help streamline your finances.
  • Seek help from external experts if you need it - accountants, career coaches and other people in the industry. You don't know what you don't know.

Apps / Software for Accounting

Xero

Quickbooks

MYOB

Reckon

For more business know-how see Westpac Business Help. If you're interested in levelling up your career, join Meggie Palmer’s peptalkher challenge. Read more about peptalkher.

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