Most business owners think the way to increase profits is by generating more sales. While this is true to an extent, it’s by no means the whole story. Good business is about working smarter rather than harder, so we’ve put together six tips to help you boost your income while making your business accounting easier and more efficient.
1. Boost profitability and make better decisions with a real time view of the finances
It’s no good using estimated figures. Know your exact gross profit margin at any given time. Begin by preparing your accounts to the last month-end using your MYOB AccountRight software. Your finance and business information will be in one place and up-to-date, making administrative tasks like banking, payroll and super more efficient.
2. Review your prices
Are you charging all your customers the same? If so, why? Find out which jobs are profitable and set special pricing to maintain a loyal customer base. You’ll invariably find that some are less price sensitive than others.
3. Tax and compliance made easy
Stay up-to-date with changes to the Government legislation and ensure to meet your compliance obligations such as GST, employee tax (PAYG) and super. AccountRight updates keep you completely up-to-date with any change to the Government legislation, making it easy to meet you tax obligations.
4. Save supplier invoices and bills securely in your accounts
There’s a smarter way to manage your bills, making record keeping easy by saving your supplier invoices and bills securely in your accounts. It helps you:
- work with your accountant more efficiently
- reduce the amount of paper filing
- stay on top of your tax obligations.
5. Increase your security
It may sound obvious, but to protect your business, you’ll need to protect its data. With AccountRight all your records are stored in Azure’s local datacentres, so your most sensitive information remains secure and accessible only at your permission.
6. Stay competitive, get ahead
MYOB AccountRight uses Microsoft Azure to host its software in the cloud – saving you both time and money. With all your business records available at the touch of a button, you’ll be able to track your income and expenses whenever you need them as well as manage your stock to minimise theft and obsolescence.