Many business owners only look at their numbers at tax time - but that’s far too infrequent to make informed decisions. Staying on top of your finances means understanding what’s happening in your business all year round.
At a minimum, we recommend reviewing your numbers monthly. That includes your profit and loss, cash flow, and debtors and creditors. This gives you a clear snapshot of performance and helps you identify issues early.
On a weekly basis, track your cash flow to ensure you’ve set aside enough for wages, super, and taxes.
Then, every quarter, do a deep dive - ideally when completing your BAS lodgements. Compare your year-to-date profit against your forecast to see if you’re on track and make any necessary adjustments.
Regular reviews keep your business financially healthy and help you make smarter, more proactive decisions.
