Financial Management – Robley Baynes

22Aug 2024 by Robley Baynes

Budgeting For The Upcoming Financial Year

As the financial year comes to a close, it’s crucial for businesses to start preparing the budget for the upcoming year.This can be a challenging task, especially with the unique needs of each business type. If you don’t have an accounting background, you might find it even more tricky. However, with proper planning and strategic thinking, you can set your organisation up for financial success in the new year.Budgeting for the upcoming financial year involves creating a detailed plan for managing your income, expenses, savings, and investments.Here’s a step-by-step guide to help you with the process:Review the current or previous year’s financial positionAnalyse Past Spending: Look at your profits and expenses from the last year. Identify areas where you overspent or underspent.What does your revenue forecast and expenses look like for…

20Dec 2023 by Robley Baynes

5 Tips To Simplify Payroll In 2024

Financial Management, Payroll, Tax Planning

Operating a small business often involves navigating a critical, yet time-consuming element such as payroll, especially when you have employees who expect to receive their paychecks on time. Payroll essentially determines how you and your staff get paid. In this guide we’ve demonstrated strategies that can simplify your overall payroll process in the new year to come. As a small business owner, you can streamline the efficiency of your payroll by using the following strategies we’ve provided below: Use of Direct Deposit/Online Banking Create a Payroll Calendar Distinguish how your employees would be paid Outsource a payroll professional Keep policies and procedures clear Use of Direct Bank/Online Banking The first tip to make payroll more efficient is to make use of Direct Bank Deposit. Direct Deposit allows small businesses to…

11Oct 2023 by Robley Baynes

Crucial Accounting Tips For Small/Start-up Business

Financial Management, Robley Baynes, Small Business Guides

As a small or start-up business owner, one of the major things you need to consider before you commence operations is your business taxes and accounting. Many start-ups regretfully leave this for later, but this is something you’ll want to get to work on as soon as possible. In this article, we’ve provided 6 tips which you should consider before starting a business or in the early stages of business. As Captain Number Cruncher, Robley Baynes can assist you with the specific areas provided below. Track Your Expenses From Day One From the very first purchase, you’d need to monitor and keep track of your expenses to reduce tax liabilities. Often a business owner’s core focus is creating or maintaining products or building clientele whilst neglecting the accounting aspect of…

22Jul 2019 by Robley Baynes

4 Ways to Improve the Financial Health of Your Business

Financial Management

4 Ways to Improve the Financial Health of Your BusinessPoor cashflow can be the cause of the death of your businessSo, how do you improve your cash flow?We've shared our top tips on Cash Flow ManagementCUT OUT INEFFICIENCIESThis includes monitoring your overheads to see if you are spending unnecessary money on running your business e.g. Late Payments on Tax FilingsCONTINUE TO INVEST IN PEOPLE AND RESOURCES. Investing in your business by hiring new staff including and skilled professionals and equipment will eventually lead to greater profits and more money coming into the business.SPEED UP COLLECTIONS PAYMENTS This involves encouraging your customers to part with their money before the end of the invoicing period. E.g. Early payment discounts etc.MAKE PAYMENTS TO CRITICAL SUPPLIERSIf you are unable to pay Invoices as it falls due,…