Organise your business finances now to save time later

Looking for ways to streamline the set up of your business finances? A few simple actions now will save you time and may prevent stress later. Here are three tips to put your business on a strong financial footing.

Tip 1 – set up one or more business savings accounts

Business savings accounts make it easy to squirrel away the cash you’ll need further down the track. That way you’ll: 

• Know your cash position. Separating the cash you need now from the cash you’ll need later will equip you to make smarter spending decisions.  
• Make Business Activity Statement (BAS) time easier. Regularly transferring the Goods and Services Tax (GST) that you’ve collected into a separate savings account means you’re more likely to have the funds needed to meet your quarterly tax obligations.  
• Stay on top of ongoing expenses. Set aside funds for superannuation, wages and forecasted expenses. 
• Survive slower months. Set aside funds during peak periods to cover your expenses during low-income months – often the summer holiday period for many businesses. Learn more about how to master your cashflow. 
• Prepare for the unexpected. Pay unexpected expenses, such as equipment repairs; or seize growth opportunities, such as buying inventory to fill a large customer order. You’re also more likely to have cash to pay for bigger expenses, such as a new ute. 

Learn about the benefits of an ANZ Business Online Saver account.

Tip 2 – link your business accounts to your accounting software

Save time and get a clear view of your finances by linking your business accounts to your accounting software. You’ll reduce manual data entry and gain real-time insights into your cashflow. MYOB and Xero  are popular examples.

What’s more, with six months of accounting software data, you can access finance faster. ANZ GoBiz links to your accounting software, and if you’re eligible, provides conditional approval in minutes and full approval in two business days.^disclaimer   Learn more about business loans and overdrafts with ANZ GoBiz.

If you don’t have accounting software, ANZ can help you get started. When ANZ customers pay for one month with MYOB, they get a bonus 11 months free.

Linking your business accounts to your accounting software with ANZ Bank Feeds as early as possible saves a lot of time and frustration down the road.

Tip 3 – set up recurring payments

Set up regular payments, such as for lease costs or software subscriptions using PayTo agreements. Benefit from reduced risk from scams and fraud and streamline your back-office reconciliation.

Business finance checklist

To make the finances for your business easier, consider:

1. Setting up one or more savings accounts.
2. Linking your business accounts and payment processing platforms to your accounting software.    
3. Establishing recurring payments using PayTo.