Know your numbers
When beginning your start-up journey, there is so much you need to be on top of –your product, customers, marketing, finding staff… thelist never ends. Whilst most start-ups dread the thought of doing their books, staying on top of your numbers is super important for a start-up’s success.
How can knowing your numbers help you?
Knowing your numbers can lead to better decision making. Your numbers will tell you all of these things… and more
So how do you stay on top of your numbers?
There are a lot of cloud-based programs in the market which make staying on top of your numbers really easy (and even a little bit fun). Programs like Xero* have automatic bank feeds and credit card downloads, which mean you don’t need to waste time typing out lines of bank and credit card statements.
A good tip is to make sure you continue to do your numbers at least once a month. Some start-ups sign-up to software like Xero and start-out with the best of intentions… and then they get too busy and the numbers get forgotten. If you need help, ask for some. Stay on top of your numbers. Have a look at your numbers each month and use those numbers in your decision making. You’ll be surprised at how good the decisions you make can be.
By Emma Petroulas
Emma Petroulas is Client Happiness Director and Co-founder of Nudge Accounting, online accountants for StartUps and Small Businesses. She also lectures in Small Business at the University of Technology, Sydney.
*At Nudge we use Xero and MYOB Live Accounts