With 30 June fast approaching, you need to begin planning for the 2009/2010 financial year – if you have not already. As the owner of a small business providing bookkeeping in Penrith, St Marys, Blacktown and surrounding areas, questions that I would consider are: Do you plan to grow your business in the next financial year? By what %? Will you introduce new products or services? Move into new geographic markets or target a different customer base?

To effectively plan ahead, you need to have a clear financial picture of your business. What is your cashflow situation? Are you making a profit?  Are your sales increasing? To help make these assessments, you need timely financial statements such as balance sheets, income statements and cash flow statements. You can then quickly and easily calculate important accounting ratios such as liquidity ratios (cash available to pay debt), activity ratios (how efficiently you are using your resources), debt ratios (ability to pay long-term debt) and profitability ratios (a business’ ability to generate earnings as compared to expenses over a specified time period).

Without a good bookkeeping service you cannot adequately plan, be organised, stay informed on the financial aspects of your business, avoid costly mistakes, reduce costs or save time. You need to make sure that your books are in order. By using Penrith bookkeeping, you can minimise inaccuracies in your bookkeeping and get a better picture of the financial state of your business. You can access accurate reports to help with sound business planning and decision-making. And, you can make these decisions faster and more efficiently.

With good bookkeeping records, preparing an accurate tax return for your company will also be easier and ensure that you are paying the correct taxes. It will take less time for the accountant to prepare your tax return and reduce your accountant costs. You will be ready for the end of financial year reporting on time, and without stress. And, you will be ready for an audit by the Australian Tax Office – at any time.

Our Penrith bookkeeping service takes the worry out of doing your books. You no longer have to stay up late at night preparing your BAS. Whether you are based in Penrith, St Marys, Blacktown or surrounding areas, our timely book keeping service will help you with sound business planning and meet your legal requirements. Call Irena at Bookkeeping Services Penrith now on 1800 733 497.