Tracking your Profit

Tracking your Profit

As a business owner facing down the end of another financial year, you’re likely paying more attention to those all-important profit and loss margins. Particularly if your financials are showing you’ve made a healthy profit as that will directly impact the amount of tax due, but we often here from clients, “but where did my profit go?” The answer can be found in your balance sheet as it shows the distinct correlation between your profits and losses.

Profit and Loss

Think of your balance sheet as the “big picture overview”. While your profit and loss margins give an indication of how your business has performed over the past year, your balance sheet clearly outlines where those profits have gone. Further clarification can be obtained by comparing the figures from last year’s balance sheet with the figures from the current year. The difference between the two sets of figures will help you pinpoint where your profit is hiding.

Granted, entrepreneurs and small business owners excel at generating great ideas and novel concepts. But while you may be passionate about your business, without a degree in accounting you may not be operating with a full understanding of your financial position. This can lead to poor financial decisions that can set your back or cost you the business in the long run.

This is where a business plan or our financial awareness course can be invaluable in helping you better understand your businesses finances and equip you to make sound strategic decisions.

In the market for practical advice that’ll improve your financial literacy? We have courses starting soon, contact SMART Business Solutions – we empower you to make better business decisions that’ll ensure long-term success.

Want to grow your business & improve cash flow?

You need SMART solutions for YOUR business, not just annual tax compliance! Get the SMART team working with you. Call SMART Business Solutions today on 03 5911 7000 or reception@smartbusinesssolutions.com.au.

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Join us for our first Mornington Peninsula retailers breakfast and learn how you can not only survive but thrive in an Amazonian retail environment.

There's been a lot of talk recently about the threat of giants like Amazon on bricks & mortar stores. But it doesn't have to be all bad.

Presented by Craig Bass from VendHQ and Shannon Smit & Nadia Hughes, Directors of SMART Business Solutions, here's a taste of what we'll be covering and why you need to get on board the Amazon Express

What you'll get from attending this session

*Using Amazon for your gain
*How to compete with Amazon by not competing with them
*How to use technology to win
*Breakfast

Who Should attend?

*Retail owners and managers
*Business that engage with and service retailers

When: Wednesday 6th September
Time: Arrive from 7 am for a 7.30am  kick off  - finish by 8.30am
Location: Benito's Restaurant, 1196 Nepean Highway, Mornington

FIRST 25 REGISTERED RECEIVE COMPLIMENTARY TICKETS! otherwise tickets are $25 per head but include a wonderful hot breakfast

A healthy cash flow is vital to keeping your business operating optimally. Should a large percentage of your customer's delay, their payments or – in the worst-case scenario – refuse to pay you, your business could be placed in a very difficult position.

Building wealth is not a product, it is a strategy

An event not to be missed:

The 3 Key topics of discussion will be:

1. Australia : As funny as it sounds, is a hidden tax haven

2. There is only one reason you should pay tax - to avoid paying more tax!

3. Recent increased tax exemptions that benefit small to medium businesses