Bookkeeping Sydney

Will my Sydney Bookkeeping Figures Make or Break Me?

Having advised businesses for the last 20 years I have found that businesses that review their Sydney Bookkeeping records generally have more profits than businesses who have their Sydney Bookkeeping completed but not reviewed.

What does that really mean?

Well it means all businesses need to have their bookkeeping done but does your Sydney Bookkeeper go the extra mile and give you the real management reports that is likely to make you more money?
I have found that if a business reviews their profit and loss once a year, they will make less profit then a business that reviews their figures 4 times a year. A business that reviews their figures 12 times (monthly) will make more money than a business that reviews their figures 4 times a year.
So the question is ‘If you are not reviewing your figures with your Sydney Bookkeeping person at least monthly how much money are your throwing away without realising it?
Almost always when we start working with a business we find that focusing on the figures make an immediate dramatic difference to a business’s figures. We sometimes have clients who are reluctant to look at the figures and with a few months they are desperate to see their figures because they know what a difference it can make.

So what should you be looking for?

Well the first thing we always do is educate our client so they understand a Profit and Loss and Balance Sheet. Once they understand that it is easy for them to understand their Sydney Bookkeeping.
The figures you should be concentrating on are:

Sales

You want this to go up – obviously. But be mindful make sure the increase sales are actually making profit for you. I often see businesses chase sales which do not make money. At the end of the day it is all about profit not sales.

GP Margins

If you buy and sell goods you need to know you gross profit margin – this is basically the difference between your sales and what you purchased those good for.

Your overheads and expenses

You want these to be as low as possible. If you are overspending the quicker you realise this the quicker you can fix it. You also want to compare your costs to the previous month.
If your Sydney Bookkeeping practice or bookkeeper is not giving you the reports you need maybe you should consider how much that is costing you and maybe you need to find a alternative.

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bookkeeper Brisbane.