KEY Financial tips

Starting a business is exciting, but managing your finances effectively from the start is crucial for long-term success. At EMPIRE Accounting, we’re here to help you get started on the right foot. 

  1. Start with a Simple Financial Plan

Every business needs a financial plan. Include: 

  • Start-up Costs: Estimate how much you need to get going. 
  • Revenue Projections: Forecast your income for the first year. 
  • Expense Budget: Plan for fixed (rent, salaries) and variable costs (utilities, marketing). 
  • Break-Even Point: Know when you’ll start making a profit. 
 
  1. Monitor Your Cash Flow

Keeping track of cash flow is key to staying afloat. 

  • Track Regularly: Monitor income and expenses to avoid surprises. 
  • Invoice Promptly: Send invoices on time and follow up on overdue payments. 
  • Plan for Fluctuations: Set aside extra funds for slow periods. 
 
  1. Separate Business and Personal Finances

Make sure to keep your business and personal finances separate. 

  • Open a Business Account: Use it for all transactions. 
  • Apply for a Business Credit Card: Build your credit responsibly. 
  • Pay Yourself a Salary: Keep personal withdrawals separate from business funds      
  1. Keep Accurate Financial Records

Good records help you make informed decisions and stay compliant. 

  • Use Accounting Software: Automate tracking of expenses and generate reports. 
  • Save Receipts and Invoices: Keep digital or physical copies of all documents. 
  • Reconcile Regularly: Ensure your bank statements match your records. 
 
  1. Stay on Top of Taxes

Navigating taxes is crucial to avoid penalties. 

  • Know Deadlines: Stay aware of tax due dates like GST and income tax. 
  • Claim Deductions: Don’t miss out on eligible business deductions. 
  • Seek Help: Consider hiring an accountant for complex tax issues. 
 
  1. Plan for Growth

As your business expands, so do your financial needs. 

  • Create a Growth Strategy: Plan how you’ll scale your business. 
  • Secure Funding: Explore loans, investors, or reinvesting profits for expansion. 
  • Update Your Financial Plan: Regularly review your plan to reflect changes in your business. 

 

Effective financial management is key to the success of your business. For more personalized advice and support, visit www.empireafi.com.au. 

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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 cookiesdelete 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 deidentify 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 242244 Caroline Springs Boulevard, Caroline Springs VIC 3037

[email protected]

(03)9363 7600

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