As accountants, we support individuals & businesses to comply timely with their tax obligations and help our clients save money. However, what is the safest bet for businesses? Is it the Australian Taxation Office (ATO) adapting to “Work from home” changes? Or resolving challenges arising from inconsistencies in recognising income from your books?
Bookkeeping is one of the profound and apt ways for companies to boost their cash flow management. In this exclusive read, our director Kaleem Ulah, the founder of The Kalculators talks about bookkeeping as an antidote to the posed financial challenges faced by the SMBs
Being an accountant for over 12 years, Kaleem Ulah says, “We come across contractors who have had to let go of their staff members, due to the lack of revenue generation. The post Covid work environment has certainly catalysed the big change in the world we see today”.
Remarking on the importance of organising your books & addressing minor changes can go a long way. For example, Kaleem recommends that café owners can reduce their cost by $1 per takeaway box if they switched to a much more renewable option. Hence, if a café provides 20 takeaway containers a day that would be $20 worth of savings on a per-day basis. This amounts to nearly $7k worth of savings that can be divested easily in machinery. According to research conducted by Xero, SMBs switching to cloud-based practices have a year–over–year growth in revenue by 15 per cent.