Stream Accounting Videos

You're losing money every day and don't even know it. Here are 5 financial mistakes you think you're avoiding, but are actually making: Small business owners are making critical financial mistakes that are costing them thousands. These errors are so common, you probably think you're avoiding them. Here are the 5 financial mistakes you think you're avoiding, but are actually making: 1. Not tracking expenses properly Failing to meticulously track your business expenses can lead to missed deductions and inaccurate financial reporting. This can cost you thousands in overpaid taxes. 2. Mixing personal and business finances Mixing your personal and business finances is a recipe for disaster. It makes it nearly impossible to get an accurate picture of your company's financial health. 3. Neglecting to set financial goals Without clear, measurable financial goals, you're flying blind. You need a roadmap to guide your spending, saving, and investment decisions. 4. Ignoring key business metrics Failing to monitor and analyse critical business metrics like sales, cash flow, and profitability can leave you blind to problems and opportunities. Tracking the right KPIs is essential for making informed decisions. 5. Failing to monitor cash flow Keeping a close eye on your cash flow is essential for managing your business finances. Unexpected dips in cash can quickly lead to late payments, overdraft fees, and other costly issues. Which of these 5 are you actually making? Let me know your thoughts in the comments below ↓ Follow @streamaccounting for more

There's a myth that bookkeepers are too costly for small business owners, but here's the reality. By delegating financial tasks to a professional, you get more time to focus on the important things in your business and actually growing your business. And as we all know, time is money, right? Bookkeepers can also actually save you money by helping you identify areas in your business where you can save money and reduce your costs. We offer flexible pricing arrangements and monthly packages so that you know how much you're going to be spending each month so that it fits your budget. You could even think of hiring a bookkeeper as an investment for your business rather than an expense. Working with a bookkeeper is actually a smart business decision and a smart financial move. So don't let the cost misconception hold you back. If you're ready to take your business to the next level, comment below and I can reach out, we can organise a time to chat, where we can run through what services we can provide for you and how much that's going to be each month.

Show of hands, who loves the idea of changing the oil in their own car? Definitely not me. I had a conversation with a fellow business owner the other day, and he likened doing his own bookkeeping to changing the oil in his car. He said he could do it. It might take him all day, and he might get completely dirty afterwards, but he's probably likely to put the wrong oil in or not do it properly in the first place. And to me, that was a really good metaphor for someone who's trying to do their own bookkeeping. Sure, it is something that you could learn and it's something that you could do, but is that the best use for your time? Or should you try to outsource that function to some professionals who can help you free up your time and give you the numbers that you need to help you generate money and to grow your business. Does this resonate with you? I'd love to know, let me know in the comments below.

Believe it or not, being your own bookkeeper might be holding your business back. Now, when many people go out into business, they have to wear all the hats in the business. They need to do the work. Find the work, manage the finances, everything that you can imagine a business owner will do for themselves. But over time, as your plate gets busier, there's more things that you need to outsource in your business. And bookkeeping is one of those. So once you get to a point where, your busy doing the operations of the business, and you're starting to bring on team members, it can be a great moment to look at outsourcing your bookkeeping. If you are a business owner who uses Xero to do your own bookkeeping, I'd love to help you out. I'm offering a 60 minute free Xero audit call where we can sit down together. I can analyze your Xero file to see how it's being managed to either give you some tips on how to improve what you are doing Or whether it would make sense for my team to help you by taking books off your hands. So, if that sounds like something you'd be interested in, let me know below and I'll reach out and we can organise a time.

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