How to get your financial house in order

The last day of the 2023 Financial Year is upon us, but it doesn't mean you can't still spend a little bit of time getting your business finances in order. So here are my top 5 simple tips to get your accounts, books, reports and overall organisational finances in order, no matter what time of year it is: 1. Ensure you regularly, at least weekly allocate transactions in your software through bank feeds (don't leave it for 3 months!) and reconcile monthly. 2. Have at least 2 if not 3 bank accounts. One everyday account, One tax/gst account and one account for extraordinary costs as a buffer. 3. Extract meaningful reports each month and go through them with your advisor so you can make more informed decisions 4. Prepare a budget/cashflow for the coming financial year and compare with your actuals on a monthly basis. 5. Review your margins bi-annually. Service or product based this is crucial, especially in times of rising inflation. And remember if you need help with any of this, reach out to your advisor (Or send me a DM). I know how good it feels once everything makes sense and you're filled with confidence about your numbers. Happy New Year! #outsourcedcfo