Success in business isn’t just about how much you earn it’s about how well you manage what you’ve got. we work with clients across many industries, and we’ve seen firsthand how the right financial habits can transform a business. If you’re looking to move from surviving to thriving, these three simple practices can make all the difference.
- Review Your Numbers Monthly (Not Just at Tax Time)
Too many business owners only look at their finances when the tax return is due or when something goes wrong. But regular check-ins are essential. Set aside 30–60 minutes each month to review your income, expenses, and cash flow. If you’re using software like Xero, set up a dashboard that shows the essentials briefly.
When you’re tracking monthly, you can:
- Catch issues early (like rising costs or underperforming services)
- Adjust pricing or expenses in real time
- Make smarter, faster business decisions
- Separate Business and Personal Money Properly
We still see many business owners using the same bank account for personal and business expenses. It might seem easier at first, but it leads to messy books, missed deductions, and tax-time headaches.
Here’s what to do:
- Open a separate business bank account
- Set up a debit or credit card used only for business
- Pay yourself a wage or transfer weekly for personal use
Clean separation makes budgeting easier, builds credibility, and helps you understand what your business costs to run.
- Put Tax Money Aside as You Go
This one habit can save you from so much stress. Don’t wait for the ATO bill to arrive start allocating a percentage of your income to a tax account right now. Even setting aside 20–30% of income into a separate account will put you ahead of most small businesses.
Set up automatic transfers or bank rules that move money every time income hits your main account. That way, tax time becomes predictable instead of painful.
Good financial habits aren’t about perfection they’re about consistency. You don’t need to become an accountant (that’s our job), but building these three habits into your business can help you grow with clarity and confidence.
At Empire Accounting, we help clients set up smart systems and stick to the habits that create lasting success.
📞 Want to get your numbers in order? Let’s chat.
