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Struggling to reach your financial goals? Here are 4 key tips to help you understand your profit & loss statement
4 key factors that drive cash flow and profit – Profit & Loss Statement Do you ever glance at your financial statements and feel completely overwhelmed and confused? You can never fully understand your profit & loss statement? You aren’t sure what numbers to...
Bank Account theory vs Financial Statement theory: Making a profit when there’s no money in the bank?
The Bank account theory VS The Financial statement theory The number one question an accountant will get from a business owner is "how can I be making a profit" and for a good reason. As we emerge from the economic downturn, it is one of the most important questions...
Working rights and weekends
Working rights as a business owner Overworking yourself is a given when you have your own trade business. You may feel like the workload never ends. BUT every business owner, no matter how busy, deserves adequate working rights and rest! Just because...
A Business Plan: The importance of having one as a small business
The Importance of a business plan When you own a small trade business your time is mostly spent managing a bunch of tradies while also trying to put out fires and deal with the chaos that is owning your own business, for these reasons you can often put your business...
Benefits of having a CFO as a small business
Benefits of having a CFO as a small business
Are you a small business? Maybe a contractor with your own team? Let’s face it, we can’t always do it all, and when we try it can feel impossible to get everything done on time and to a quality standard.
Outsourcing is invaluable and an inexpensive, low-risk way to up your business game and delegate those tedious tasks so you as the business owner can focus on what’s really important, growing your business.
Heard of a CFO? A Chief Financial Officer is a very valuable part of any business. The right CFO can assist you in creating and formulating different strategies for optimal financial growth
CFO’s can
• Manage Risk- helping you create the right risk prevention plan and guide you on your financial controls. Always making a responsible decision.
• Negotiate with suppliers and customers – Since a CFO is a genius in all things financial and business, they can get you the best rates, terms, and conditions plus more beneficial payment methods.
• Be more strategic – Having a CFO will guarantee a strong plan/strategy around marketing, services, pricing and competition.
• Manage growth – Creating company goals is much more important than many realise. A CFO will keep you on track with your goals and can help analyse those metrics that will give you accurate insight into how your company is performing financially.
• Establish relationships – Since you now have someone by your side who is well versed in all things financial, you have the inside connection to all of the best resources and someone who is an expert in the area. Stopping you from making financial mistakes that will damage your business.
• Keep business running smoothly – As I said earlier, it can be tough being a one-man show trying to manage a large group of tradies. It can feel impossible to manage all of the financials on top of that. A CFO is a cheap alternative to handling your finances, business goals and progression. Outsourcing a CFO will definitely be beneficial to your business.
• Budgeting – Are you having issues with overspending or sticking to an achievable budget. That is what a CFO can help you nail down in a few easy steps. Budgeting is crucial for any business as overspending and losing profit can be extremely damaging.
You may think your business is too small for a CFO or you will just wait until you start making a profit. However, bringing in a CFO early on in your business journey is extremely smart as they have the best knowledge and tips on how to grow your business and finances.
Working And Studying Part-Time: Have You Considered All Your Deductions?
If you are studying part-time have you considered all your deductions? Consider your deductions Undertaking further study is a great way to enhance your skills on the job, but on top of tuition fees, you may be facing a range of additional costs. An important...
How to increase business capacity: Growing your trades business
In order to grow a trades business, you have more people doing more work and you take your part of the money you charge out for them. Simple right? Read the article to find out more
Hiring the Right People for your Tradie Business
What to consider when you hire a new person without leaving yourself exposed to making poor decisions.
PRICE VS RISK (CHEAP TRADIES VS EXPENSIVE TRADIES)
Price Risk Price can be quite an issue and you can feel understandably pressured when someone else comes in much cheaper than you for the same job. Now, when two people or two businesses quote for the same job and come in at very different prices in my experience,...
Small Business v Big Business
There’s a lot of difference between a small and informal trade business, and a structured and systematised one. I’m Zoltan, from CFO@CALL and my goal is to helps people take their business from small and informal to bigger, structured and systematised,...
Not Charging Enough
How common is not charging enough Not charging enough is an easy and a common mistake. A lot of people come to me frustrated that they have cash flow issues and often they are not making what they think and they’re not charging enough. It’s an easy mistake to...
Pricing: Why it is not the main thing
Increasing Prices puts money in your pocket and helps improve Cash Flow! I recently read a story about pricing that claims to be a true. Jim put his price up by a considerable amount and no one even blinked. I’m trying to persuade you, of course, that you...
Profit and Cash Flow – 7 Key Drivers
Make a big difference to your bottom line Understanding Cash Flow. So you want to know how your profit and cash flow is looking? Do you ever look at a set of financial statements produced by your accounting software and get overwhelmed? Maybe you don’t even print them...
Top 15 Bookkeeping Mistakes That Are Costing Your Business Money
Small business owners often make bookkeeping mistakes unknowingly Why Stress! Engage an Expert Avoiding the bookkeeping mistake(s) is easy when you engage an expert. The tedious and mundane task of bookkeeping can often take up hours of time. Bookkeeping, mundane as...
Taxable Payments Reporting System (TPRS) To Be Extended
Reportable Payment System to be extended by the ATO The government plans to extend the Taxable Payments Reporting System (TPRS). Entities that provide road freight, IT, security, investigation, or surveillance services will be affected. TPRS are designed in part to...
New Year – New Direction and Goals
It's time to kick some goals New Year - New Direction and Goals So a New Year – New direction and goals equals New beginnings! It’s time to take stock and refocus - assess where we want our businesses to be in a year from now. How did your 2018 go? Reflect on what has...
STOP REVIVE and SURVIVE
When driving in Australia you frequently see signs encouraging drivers to “stop revive and survive”. It is part of a road safety campaign aimed at reducing the number of crashes caused by driver fatigue. It highlights the early signs of fatigue and advises drivers on...
Five Reasons your business is making a profit, but there is NO money in the bank.
Unlock five secrets why your business is making a profit but there is no money in the bank. Here are 5 more reasons why your business is making a profit but there is NO money in the bank. It is also important that you as business owners understand some of the key area...
How can I be making a Profit when there is no money in the Bank?
There's no money in the bank! How can I be making a Profit? Perhaps the number one question that business owners ask their accountants, particularly when we emerge out of an economic downturn. "There's no money in the bank! How can I be making a Profit?" In this...
Financial numbers – where I find them and what they mean
We discuss what a financial number is, how you can find them and what they mean. In this article we also dive into which of all financial statements is perhaps the most important and why.
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