Business Finances

Mastering Business Finances: Five Essential Strategies for Success

Posted by: Glenn Sharp on April 16, 2024

Having a firm grip on your business finances is paramount for making informed decisions and ensuring sustained profitability. In today’s digital age, leveraging the right tools and technologies can streamline your financial management processes and provide valuable insights into your company’s financial health. Here are five key strategies to help you take control of your business finances:

Digitise Your Bookkeeping

Say goodbye to manual receipt tracking and embrace digital bookkeeping apps. Tools like Dext Prepare and Auto Entry streamline the digitisation process, saving you time and ensuring accurate record-keeping. By digitising receipts at the source, you’ll have up-to-date digital records and easy access to source documents.

Transition to Cloud Accounting

Embrace the convenience of cloud accounting solutions like Xero, QuickBooks, MYOB, or Sage. These platforms offer a comprehensive suite of accounting tools accessible online, eliminating the need for traditional software installation. With cloud accounting, you gain real-time access to financial data, improved reporting capabilities, and enhanced security features.

Optimise Expense Management

Simplify expense tracking and control with the latest expense management tools such as Soldo, Weel, or Pleo. These platforms provide virtual cards linked to specific budgets, enabling you to monitor spending and prevent budget overruns. Detailed reporting and analytics empower you to identify cost-saving opportunities and optimise expenditure.

Facilitate Digital Payments

Accelerate cash flow and minimise late payments by embracing digital payment platforms like PayPal, Square, or Stripe. These platforms offer faster payment processing and seamless integration with your accounting system, streamlining reconciliation and enhancing the customer payment experience. Read more about digital payments here.

Harness Digital Reporting and Forecasting

Stay ahead of economic uncertainties with robust digital reporting and forecasting tools. Cloud-based solutions enable real-time data analysis, performance monitoring, and predictive insights. Accessible anytime, anywhere, these tools empower you to make informed decisions swiftly, driving sales growth and maximising profits.

Ready to Upgrade Your Financial Systems?

If you’re ready to revolutionise your financial management processes, we’re here to help. Our experts can guide you through selecting the best-in-class cloud platforms, fintech apps, and business tools tailored to your unique needs. Let’s supercharge your finances and pave the way for business success in the digital era.

Reach out to us today to embark on your journey towards financial empowerment and efficiency.

Our next complimentary breakfast seminar, Getting Paid, is on Wednesday, 5 June at 8:00am. We will share practical and proven strategies for getting paid as fast as possible. Click here to find out more.

Google Rating

4.9

Sharp Accounting Ballarat

Based on 70 reviews

KB Exercise Physiology

22:51 04 Nov 23

We made the change to engage an accounting firm from outside of our home town and Sharp Accounting came highly... recommended. Ewen has been our accountant for more than 3 years and the changes within our business models have reflected his invaluable input. Ewen has provided support and recommendations on setting ourselves up for the future whilst continuing to run well established businesses. We highly recommend Ewen and the team at Sharp Accounting. Matt and Katherine Bissettread more

Jess Lieberman

03:13 03 Nov 23

The Sharp Accounting Team have been nothing but professional, very supportive and extremely prompt with any queries... since transitioning across to them 12 months ago. Their knowledge and expertise has definitely helped me grow my business and I couldn’t have done it without them. Highly recommend for both personal or business needs.read more

Carol Micallef

02:10 03 Nov 23

Sharp Accounting and Tarynn in particular are wonderful to deal with - she is incredibly professional, passionate and... thorough in all our dealings. She cares about her clients and always goes above and beyond. I cannot recommend her highly enough - she is an asset to our business and it is like having an extra employee on our team - she is always available and helpful whenever we have a question. Thank you Tarynn for all the hard work you put in.read more

Brooke Tamanika

01:03 01 Nov 23

We initially approached Sharp Accounting as we weren't entirely pleased with our previous accountants. Since we engaged... Ewen and Tarynn from Sharp Accounting, our business has made a steady profit every year. They changed the way we structured our accounting practices, and have listened to what we want to achieve every year. Somehow, even though our yearly goals were ambitious, they were able to get our business to our desired target within that financial year. We would highly recommend Sharp Accounting!read more

Tree Tech Management Tree Tech Management

03:13 30 Oct 23

Sharp Accounting has been an invaluable support to my business during the uncertainties of the pandemic. Glen and... Matt's responsiveness and expertise have been instrumental in guiding my business's growth. Without their help, my business wouldn't be where it is today. Whether small or large, Sharp Accounting stands out as the best in the business!read more

Matthew Fontana

10:46 16 May 21

Dealt with David on an ongoing basis, very professional and knowledgeable man who has been a tremendous benefit to my... business. I can recommend Sharp accounting to any serious business owner wanting to take their business forward.read more

dustin mcmurray

01:33 10 Mar 20

Sharp have always been a pleasure to deal with and offer honest straight forward advice, you can tell the advice comes... from experience and a team who love supporting Ballarat localsread more

Peter Sparkman

22:53 17 Dec 19

Couldn't be more helpful, efficient and anxiety relieving! Fast, absolutely professional and polite, Sharp Accounting... is a well-oiled machine that actually almost makes tax time fun! I'd highly recommend them to anyone - and have been doing so for people with woeful stories of alternative accounting businesses...read more

Ookami Kids

03:38 11 Nov 19

We could not recommend Sharp Accounting highly enough! Working closely with Sam, we've been up-skilled and empowered... to feel more confident when it comes to managing our finances and making financial decisions for our growing business! We don't actually know where we would be without you! Thank you, from the Ookami Kids Team!read more

Michelle O'Loughlan

08:46 06 Nov 19

Sharp accounting are friendly, affordable and professional. They always deliver a great service and have the flexibilty... to cater for clients appointments, times & needs. From a Happy long term client. Keep up the great work Sharp Accounting Team Cheers Michelleread more

Gravity Tree Worx

07:45 06 Nov 19

Fantastic accounting team. Have been essential in helping to get my small business off the ground. Would highly... recommend.read more

GH girls Channel

07:09 06 Nov 19

Where do I start???? After going through the most traumatic time of being in business for over 17years .... I honestly... would’ve closed my doors if it hadn’t have been for the support, knowledge and expertise of Ewen and his team. I now actually know “all my numbers” and am slowly getting back in front. Working closely with Sharp accounting has saved my business( and my sanity ). Thanks Sharp Accounting 😊 Petaread more

Ballarat Soil Testing

06:58 06 Nov 19

Glenn and the team at Sharp Accounting have supported our company's growth for over 14 years with a caring and... personalised service that we value. Nothing is too much trouble for the staff who have even assisted us after hours from time to time. We can't recommend Sharp Accounting enough.read more

Rian Potter

01:46 20 Aug 18

Sharps Accounting have always delivered prompt, professional, accurate advice and services. Whether it's for a tax... return or guidance in business finance we've always recommended the team at Sharps accounting before any others. Keep up the good work!!read more

Wayne Squire

07:19 12 Jul 18

Moving our Business across to Sharp Accounting has been one of the most beneficial decisions we have ever made. The... experience and knowledge they bestow on our Company has seen us grow from strength to strength in the time we have been with them. They are always accessible and provide the correct advice and direction when needed. The staff are helpful, courteous and they follow through on their promises. Sharp Accounting contribute significantly back into the community in many varied ways, they are a vital part of my business and are a company I cant recommend highly enough.read more

Simon Fletcher

03:39 11 Jul 18

Sharp have given fantastic, professional and prompt service since day 1. Several years ago they provided us with... invaluable assistance in the purchase of a business and all the challenges that entailed. We couldn't have done it without them. Wouldn't hesitate to recommend them to anyone for their business or personal accounting needs.read more

Jenny O'Keefe

01:22 11 Jul 18

Ewen at Sharp Accounting is our trusted family accountant. He has changed my life for the better - so encouraging and... instrumental in establishing a new small business, I’ve been so well taken care of and never feel like any question I’m asking is too silly or a waste of his time. Ewen and the team at Sharp have given me a great deal of confidence in business, and with my personal finances. I know they always have my back. Thanks Ewen!read more

Steve Friend

01:25 14 Jun 18

I have been associated with Ewen and the Sharp Accounting staff since agreeing to purchase a business some 12 months... ago. Sharp Accounting stepped me through the purchase process, established all company regulatory requirements and just made the process painless for a first time business owner. Now we are up and running, Sharp Accounting were retained by our business, despite being 300km away. Sharp Accounting now look after all of my personal and business tax and business accounting needs. They are all easily approachable, extremely timely in responding to questions and on top of my key dates, ensuring I have everything I need to have lodged, done well in time. I highly recommend Sharp Accounting to any prospective clients.read more

Paul Ballinger

00:20 08 Mar 16

The team at Sharp Accounting have looked after us from both business and personal perspective for the past 10 years.... Their professionalism is beyond reproach. We have always had sound business advice and find the team easy to communicate with. Sharp Accounting deliver great service I highly recommend them.read more

Next Reviews