Anyone running or wanting to start a small business will likely already know that accurate, ongoing accounting is a necessary part of the process. However, did you know how important accurate book-keeping is to your overall success? That’s precisely what we’ll be looking at here, as well as touching on how financial planning short courses can provide the skills you need.
A Leading Cause of Business Failure...
Statistics show that around one in three new Australian businesses fail within the first year and a leading reason behind this is poor cash flow - so it stands to reason that taking financial planning and budgeting courses is a good idea. Most new small businesses are operating on limited resources, meaning that good cash flow is needed to keep everything moving as it should.
More Reasons Why Accounting Is Crucial
The growth and development of your business rely on effective financial management and the reason why savvy entrepreneurs focus on it is that they’re aware of everything it influences. Here’s just a small selection of those reasons.
- Cash flow management - when you run out of available funds, it can bring your business to a juddering halt, so effective record keeping as part of a larger financial planning strategy is crucial.
- Understanding the health of your business - if you understand how to read a balance sheet, you’ll have a much better grip on the health of your enterprise - allowing you to take measures when required.
- Detecting theft & avoiding late payers - keeping a close eye on your incomings and outgoings will help you to detect theft and late-paying clients.
- You’ll find it easier to obtain funding - well-run accounts make banks and investors that much more likely to have confidence in your business, meaning that funding is that much easier to obtain.
- Know EXACTLY what projects will earn you - having a firmer grasp on your finances will naturally lead to you better understand your fixed and variable costs and allow you to accurately predict what each project you’re involved with will earn you.
Financial planning and budgeting courses can benefit both business owners and entrepreneurs and in ways that influence every part of your ongoing strategy and ultimate success. The good news is that this kind of training is easy to access, flexible and cost-effective.
The Certificate in Budgeting and Forecasting from OCA
Whether looking to better manage your cash flow or highlight operation inefficiencies, the online financial planning courses we offer at Online Courses Australia can give you the skills you need. Our Certificate in Xero for example gives you a firm grounding in Xero Accounting - one of the most popular accounting software platforms with small businesses in Australia.
All of the online training that we offer is modular, meaning that it can be taken in bite-size chunks whenever and wherever you have the time. What’s more, we offer flexible payment options, meaning that the knowledge it provides is even more accessible to business owners across the country.
If you would like to know more about anything we’ve discussed here or the full range of professional training we offer, visit us online at www.onlinecoursesaustralia.edu.au. Alternatively, if you would like to talk to us directly before you enrol, just give us a call on 1300 611 404 and we’ll be happy to answer any questions you might have.