CPA Australia says there is room for "significant improvement" in the financial management of SME's in Australia. On the to-do list are more frequent bank reconciliations, chasing late payments, more regular preparation of financial statements and cash-flow forecasts, and greater use of financial ratios to measure the performance of a business.
Only 56% of SME's reconcile their bank accounts at least once a month. 12% never do it. CPA Australia found that the number who never reconcile their account has increased over the past couple of years.
47% of SME's contact their customers about late payments on a regular basis (once a month or more). 20% never do it. The association says "In difficult economic times, it is hard to understand why a business would not chase up late payments on a very regular basis".
Only 26% of SME's prepare a financial statement at least monthly (16% never do it), 34% prepare cash-flow forecasts at least quarterly (36% never do it), and only 21% prepare a financial ratio analysis at least quarterly (49% never do it).
All business have goals, but to be achievable they must be measurable. Even the smallest SME needs to recognise that if you can't measure it, you can't manage it.
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Angelique offers professional service with peace of mind. As a qualified and registered BAS agent, Angelique provides quality services combined with honesty and integrity, confidence, competence and lawful independence.
Some of what our customer's are saying
Three years ago, I was a struggling new small business owner trying to keep up with being in the business and working on the business, something had to give. I remembered Angelique from her first visit during opening month at which time I had many bookkeepers contact me and I said the same to all- "I’m going to do my own bookkeeping work for the first 6 months to get an understanding at which time I will evaluate where my time is best spent."Angelique was the only bookkeeper to contact me exactly at the 6 month period and you don’t have to guess I had made the decision after my first BAS I needed help. From there, Angelique has saved my business life. I liked the professionalism displayed from day one and her ‘can do attitude’, nothing is ever a problem and no question she can’t answer.