How Accounting Can Help Your Business Decision Making
Accounting can be an intimidating industry if you are unfamiliar with the concepts of the financial planning process, but it doesn’t have to be complicated! Our team at Locmans Advisors is here to help, below we have mapped out just how tracking and analysing your financial goals regularly can help you gain the confidence to take your business and/or personal wealth to the next level.
Here are 6 easy steps for you to use in your financial planning process, feeling overwhelmed? Our services are designed to help you. Regardless of what we’re doing for your, we always approach our work with your best interests in mind. Get in touch with one of our advisors today:
1. Determine your current financial situation
To start you will need to evaluate your financial health. Just as important as your physical and mental health, financial wellbeing can make or break us in many cases. By having financial awareness we are able to determine what adjustments we need to make in our lives – from saving to spending. Start by analysing your net worth, your assets vs your debt.
2. Develop your financial goals
What’s fuelling you to take charge of your accounting decision making? Are you looking to get more financial independence? Build financial literacy? Maybe you are planning your retirement or looking to make your next investment.
Whatever the reason, speak to our financial experts about short, medium and long term goals. Follow the SMART framework to gain a clear vision of where you want to be with your finances to find your “why”.
3. Identify alternative courses of action
You’ve now got the what and why now you need to identify the when. How will you reach these goals? What actionable steps did you identify which will help you achieve them. Talk to our business advisory experts who know the difference between what works and what doesn’t, we strive to guide and support you and your growth within your industry so that you can achieve the best results.
4. Evaluate alternatives
Consider your lifestyle, business values and strategic goals as well as external economic market and industry factors that could impact your course of action. Our business advisory experts at Locmans Advisors will look at risk assessment, opportunity costs where your time and money may be better spent.
Everyone’s situation and goals are unique to the individual and their business, we’ll help you gain confidence in your decision making based on sound accounting practices developed over 20 years by our experts.
5. Create and implement your financial action plan
Let’s get down to business! Now is the time to start implementing some changes to reach that financial independence or goal you have been striving for.
6. Review and revise the financial plan
Finally, we will help you revise and revisit your plan when your goals or financial position changes. We ensure that you are aware of what is happening within your business and what course of actions you have to secure your financial future.
From start-ups to well-established corporations we’ve got you covered to set up or refine the strategies that need, get in touch with one of our business advisory experts today.
Ph: (03) 8393 1450