Phil Khor
Phil Khor Founder at

What are the most common small business accounting issues?

What are the key areas in accounting that typically give the most headaches to small business owners? How do you mitigate this?

Top voted answer
Warren Cottis

Warren Cottis, Director at 360 Email Marketing

maintaining adequate cash flow

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Stuart Reynolds

Stuart Reynolds, Partner at

There's plenty of different matters to sort through, but here's a start....
How to get your tax obligations in order - https://www.fullstack.com.au/understanding-your-accounting-obligations/
Getting the corporate structure right - https://www.fullstack.com.au/should-you-choose-a-trust-or-a-company/
Managing your cashflow effectively - https://www.fullstack.com.au/7-steps-to-managing-cash-flow-better/
 

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Stephanie Mellick

Stephanie Mellick, Accountant, Consultant & Strategist at

The most common account issues small business owners face are:

  • Reconciling services/products provided with cash received
  • Choosing the right software 
  • Managing cash flow 
  • Managing accounts payable 
  • Forecasting sales for the month and year ahead 
  • Sitting down with your adviser on a regular basis to go over the numbers and make sure the business is tracking to forecast/business plan 

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