As part of our loveable OCD tendencies, we are already all up to date in anticipation of the onslaught of end of financial year. I say it every year, it is all about the planning. But, some of our clients are feeling the pressure that this time of year brings. This week, we were delivered multiple bags of receipts from clients, along with many humble apologies. They have been hoarding them for a month and finally, our gentle, persistent chase ups have burst the dam. Yippee! My favourite apology was from a café client who said, “I feel like this is the equivalent of me getting a request for a dairy free, gluten free, eggless birthday cake with 1 hour notice and the client says they are willing to pay $4 for it.” What I did not tell her was that Appy-ites live for the days when we can turn other people’s chaos into order.
Before the goodie bags arrived, I had the opportunity to complete some online professional development at a 2-day industry event learning about all things accounting and apps. The highlight was a session run by All Aussie Accounting Adventure gurus Andrew Van de Beek and Aly Garrett called “Should I stay, or should I grow?” The link to all their hilarious and informative podcasts is below.
https://www.accountingadventures.com.au/
The session focused on whether financial professionals should grow their practice or stay where they are and the benefits and pitfalls of both. It got me thinking that this is not just a dilemma for accountants and bookkeepers but for any small business owner. We all chase growth, the next customer, the next big step, hitting a 6-figure turnover. But what type of growth are we talking about and is that what we really want? And if it is, how do we manage that growth and what difficulties does it bring? Inexperienced staff, tighter cash flow, more delegation. Are we ready for it?
My favourite quote about growth is
“Revenue is vanity, Profit is sanity”
That says it all. Growth is really challenging work but there is no point in growing your revenue if it is also not improving your bottom line. It makes no sense to work harder to go backwards. In a growth phase, it is even more important to be on top of your financials so you can make sure your processes are working and it is worthwhile.
Which brings me back to the bags of receipts. Even when your business is growing and you are as busy as a blue-ass fly, never forget that your bookkeeper is here to help. Do not be embarrassed and hoard your receipts. We are here to take away your pain. We make order from the chaos and give your business insight into how your growth plans are going.
We are ‘appy to help.
If I've said it once, I've said it a thousand times. Where's the tax invoice?
