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Growth is exciting but it also exposes every crack in your systems. If your business is starting to bring in more clients, hire staff, or launch new services, now is the time to pause and check:

Is your financial foundation ready to scale?

Dozens of businesses who hit a ceiling not because they lacked demand, but because their systems couldn’t keep up. Here’s what you should fix before things get out of hand.

Get Clear on Your Profit Margins

When your business grows, more money comes in but more goes out too. If you don’t know your margins, you can end up working harder for less profit.

Review your:

  • Pricing structure
  • Cost of goods/services
  • Team overheads
  • Hidden costs (like software, subscriptions, or delivery fees)

If your margins aren’t where they should be, growth could just amplify your losses.

Tighten Up Your Bookkeeping

Messy books will sink a scaling business. You need clean, up-to-date data to make confident decisions especially when you’re hiring, buying equipment, or taking on debt.

Make sure you:

  • Use cloud accounting software (like Xero)
  • Reconcile transactions weekly
  • Separate personal and business finances
  • Automate where possible

Better yet? Let a professional handle it so you can focus on what you do best.

Upgrade from “Reactive” to “Proactive” Accounting

Most small businesses only talk to their accountant at tax time. That doesn’t work when you’re scaling. You need financial insight all year round not just once a year.

Work with someone who:

  • Helps you set monthly or quarterly targets
  • Tracks cash flow projections
  • Flags when you’re under- or over-spending
  • Gives you real-time reports not just end-of-year summaries

This is where Empire Accounting thrives. Our clients don’t just get compliance they get strategy.

Fix Your Systems Before You Add More Work

A sudden jump in clients or orders will break clunky systems fast. That includes:

  • Invoicing
  • Payroll
  • Expense tracking
  • Reporting

Ask yourself: If you tripled your workload next month, could your systems handle it without breaking (or burning you out)? If not, now’s the time to clean them up.

 

 

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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.

 

  1. 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

 

  1. 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.

 

  1. 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.

Contact us today

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A good budget isn’t just a spreadsheet it’s a system. And without the right setup behind it, even the best numbers fall flat. If you want a budget that helps your business grow, you need more than just estimates. You need structure.

Open a Business Bank Account

First, open a dedicated business bank account, ideally two. One should be used for daily operations (income and expenses), and another reserved purely for savings, GST, or tax. Separating funds like this helps you stay on top of obligations, manage cash flow better, and protect your business’s financial clarity.

Create a Professional Business Email

Your email address matters. A domain-based email like [email protected] looks credible, improves brand trust, and keeps communication professional. It also helps keep personal and business records separate especially when dealing with the ATO or suppliers.

Set this up using Google Workspace or Microsoft 365 so you can access your email across devices and scale as your team grows.

Apply for a Business Credit or Debit Card

A dedicated business card makes it easier to track spending and identify trends. It’s also useful for separating personal and business expenses, streamlining your bookkeeping, and building a credit profile for future financing or leasing.

Choose a card that integrates with your accounting software (like Xero or MYOB) to reduce admin and improve accuracy.

Build a Monthly Budget You’ll Actually Use

With your systems in place, it’s time to budget. Start by reviewing last year’s actuals or estimating your income and expenses based on your services and cost structure.

Create a basic monthly forecast that includes:

  • Income targets
  • Fixed costs (e.g. rent, wages, software)
  • Variable costs (e.g. marketing, materials)
  • Tax & GST allocations
  • A profit buffer

Avoid budgeting yearly/monthly budgets reveal issues sooner and help you adjust quicker. Review your numbers quarterly and update them based on real performance.

Review and Adjust as You Grow

Budgets shouldn’t sit in a drawer. Make them part of your business rhythm just like checking your inbox or doing payroll. The more you check in, the better your decisions.

If numbers aren’t your thing, get help. Outsourcing budgeting, forecasting or bookkeeping to a trusted advisor (like us!) can give you back hours and serious peace of mind.

 

📞 Book a consult today and let’s get your financial foundation sorted.

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🧾When Doing It Yourself Starts Holding You Back

Most small business owners start out managing their own books Excel sheets, receipts in shoeboxes, and late-night Xero reconciliations. But as your business grows, the cracks start to show. DIY bookkeeping can cost more than it saves: in missed tax deductions, compliance risks, and time taken away from profit-generating work.

In this article, we break down the true cost of DIY bookkeeping and share clear signs it’s time to hand it over to a pro.

💸 1. You’re Losing Money Without Realising It

  • DIY often means missing eligible deductions (home office, vehicle expenses, super top-ups).
  • Misclassified expenses can trigger ATO red flags or hide profit leaks.
  • You don’t know if you’re really making money until tax time and that’s too late.

🧠 Empire tip: A good bookkeeper doesn’t just track your spending they help you interpret the story behind the numbers.

⏳ 2. Bookkeeping is Taking You Away from Growth Work

  • The average business owner spends 6–10 hours a week on bookkeeping.
  • That’s time you could spend on sales, client experience, or strategy.
  • Bookkeeping becomes a “Sunday stress task” and it’s the first thing to slip when you’re busy.

💡 Empire’s approach: We take it off your plate while giving you visibility through simple dashboards and monthly check-ins.

🧾 3. Errors Are Easy—and Expensive

  • One mis keyed digit can throw off BAS lodgements, GST claims, or cash flow.
  • ATO audits don’t care if it was an honest mistake.
  • DIY software still needs training, “automated” doesn’t mean “accurate.”

🚩 Common DIY mistakes we see:

  • Incorrect chart of accounts
  • Personal vs. business expenses blurred
  • GST not applied consistently

⚠️ 4. Signs It’s Time to Outsource

It might be time to let go of DIY bookkeeping if:

  • You’re behind on BAS, tax lodgements, or payroll
  • You feel unsure about what your reports mean
  • You’re growing, hiring, or scaling your services
  • You want funding and need reliable records

📈 Growing businesses need proactive financial guidance not just data entry.

🤝 Why Empire Accounting?

We don’t just “do your books.” We:

  • Set you up with the right systems from day one
  • Flag issues before they become emergencies
  • Help you use your numbers to make better business decisions
  • Save you hours of stress

Our bookkeeping packages include compliance, reporting, and advisory built-in, so you’re always ahead not catching up.

PRIVACY POLICY

Empire Accounting Caroline Springs is committed to providing quality services to you and this policy outlines our ongoing obligations to you in respect of how we manage your Personal Information.

What is Personal Information and why do we collect it?

Personal Information is information or an opinion that identifies an individual. Examples of Personal Information we collect include: names, addresses, email addresses, phone and facsimile numbers.

This Personal Information is obtained in many ways including [interviews, correspondence, by telephone and facsimile, by email, via our website www.empireafi.com.au, from your website, from media and publications, from other publicly available sources, from cookies–delete all that aren’t applicable] and from third parties.

We collect your Personal Information for the primary purpose of providing our services to you, providing information to our clients and marketing. We may also use your Personal Information for secondary purposes closely related to the primary purpose, in circumstances where you would reasonably expect such use or disclosure. You may unsubscribe from our mailing/marketing lists at any time by contacting us in writing.

When we collect Personal Information we will, where appropriate and where possible, explain to you why we are collecting the information and how we plan to use it.

Sensitive Information

Sensitive information is defined in the Privacy Act to include information or opinion about such things as an individual’s racial or ethnic origin, political opinions, membership of a political association, religious or philosophical beliefs, membership of a trade union or other professional body, criminal record or health information.

Sensitive information will be used by us only:

  • For the primary purpose for which it was obtained
  • For a secondary purpose that is directly related to the primary purpose
  • With your consent; or where required or authorised by law.
Disclosure of Personal Information

Your Personal Information may be disclosed in a number of circumstances including the following:

  • Third parties where you consent to the use or disclosure; and
  • Where required or authorised by law.
Security of Personal Information

Your Personal Information is stored in a manner that reasonably protects it from misuse and loss and from unauthorized access, modification or disclosure.

When your Personal Information is no longer needed for the purpose for which it was obtained, we will take reasonable steps to destroy or permanently de–identify your Personal Information.

Policy Updates

This Policy may change from time to time and is available on our website.

Privacy Policy Complaints and Enquiries

If you have any queries or complaints about our Privacy Policy please contact us at:

15 242–244 Caroline Springs Boulevard, Caroline Springs VIC 3037

[email protected]

(03)9363 7600

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