Update Your Accounts

Bring your accounts up to date. It seems obvious, right?

But in the hustle and bustle of running a business, the finer details beyond the basics—like paying your team, invoicing clients, and paying bills—can often be overlooked.

Failing to keep your accounts up to date or neglecting any financial aspect of your business can lead to significant issues.

Whether you have an internal team or an external bookkeeper managing your accounts, as the business owner, you must be familiar with all aspects of your financial position.

I've seen many instances where, upon taking over a client's accounts, we discover that superannuation is behind, BAS is not lodged, the bank account doesn't reconcile despite the big "green tick," or income, expenses, and GST are overstated due to duplication or incorrect reconciliations.

So, get your accounts up to date and maintain open communication with your bookkeeper to ensure everything is in order.

Implement systems to regularly update your accounts, including data entry, account reconciliation, and report reviews.

This might seem obvious, but many business owners get so caught up in operations that they only do the bare minimum for bookkeeping, thinking they'll get to it in their spare time. But really, who has spare time? And if you do, wouldn't you rather spend it growing your business, developing new revenue streams, investing in your team and client experience, or enjoying time with family and friends?

Keeping your accounts up to date provides clarity, opportunities for growth, and more time for the important things in life.

And remember, this isn’t just an end-of-financial-year task—it's essential all year round.

PS. Whenever you’re ready, here are 3 ways we can help you eradicate financial stress in your accounting firm or professional services business – faster …

1. Sign up to our LinkedIn newsletter, published weekly. You can sign up here: Eradicating Financial Stress
2. Get our book “Wow – I’m in Business! Your journey from overwhelmed to organised.” It’s full of insights, solutions and downloadable resources you can implement into your business immediately. Click here for your copy: Wow … I’m in Business! – Miss Efficiency
3. Book a time with me privately and we’ll do a deep dive into your Xero file to help you optimise for cash flow, efficiency and growth. Click here to book: Book a time with Sarah