As a tradie, you know that running a successful business takes hard work and dedication. But did you know that maintaining accurate and up-to-date financial records is one of the keys to keeping your business profitable?
Increased Profit
Having accurate financial records allows you to manage your finances effectively, and ensures that you don’t miss out on any potential profits. It’s especially important for small businesses, as even small mistakes in record-keeping can lead to significant financial losses.
Save on Tax
But that’s not all – accurate financial records are also crucial for tax purposes. At the end of the year, you’ll need to report your income and expenses to the government in order to calculate how much tax you owe. If your records are incomplete or inaccurate, you could end up paying more tax than you should, or even face penalties for underreporting your income.
Access to Finance
Finally, having accurate financial records can also help you secure financing for your business. Banks and other lenders will typically require detailed financial information before they are willing to lend money, and having up-to-date and accurate records can help you demonstrate the health of your business and your ability to repay the loan.
Need help?
In short, keeping accurate and up-to-date financial records is a crucial part of running a successful and profitable business. So, call Josh at The Financial Foreman on (08) 7129 4433 to make sure you’re taking the necessary steps to maintain your financial records and keep your business on track for success.