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In the current day where 'money makes the world go round', you can't afford to waste any. As a start up small business, every cent counts. Therefore don't waste time with rookie mistakes, that could potentially risk any of it. Here are three ways many businesses waste money and solutions to minimise the chance your business makes them.

Goals provide both motivation and future direction for your business. While it's important for them to be ambitious, they still need to be achievable.

Not sure how to approach a client for a delayed payment? The following are some tips of the best way to go about it:

In this day, it doesn't seem like a question for small businesses to move to the cloud. Why are so many businesses fully embracing cloud software?

It can be easy to forget the importance of accounting to a business. Your accounts tell you the facts of your business and help you predict and shape you future successes.

The biggest issue for start up businesses is cash flow. Recently conducted research has revealed that Australian businesses are chasing up to $76 billion un unpaid bills from customers. Additionally the Australian Securities and Investment Commission reported that poor cash flow was a key factor in almost half of all firm failures in 2016.

It's very likely that when you started your business, bookkeeping and accounting were quite simple and straightforward. Your income and expenses were logged into a software program and little else was necessary. However, as businesses grow, the number of transactions to track is likely to have increased making the job more labouring and time consuming. As a result of this, there are several technical and financial questions without obvious answers.

When tax time comes around again, taxpayers need to collect all supporting documents necessary to help submit tax returns in an accurate and timely fashion. If you're a small business owner, nearly any purchase that helps in generating income is tax deductible. While you do need to be careful and ensure that these expenses genuinely are claimable, some can be easily overlooks and could save you money come tax time. The following are some tax deductions that shouldn't be forgotten and some tips that could save you money long term.

Here are some other quick tips to ensure your invoicing process is as seamless as possible

• Include all details: Include your purchase order (PO) number as well as the regular information such as company number, address and VAT number.
• Send your invoice to the right person: While it may seem obvious, there is a chance the person who employed you for the work isn't the one who pays the bills. Therefore always ask for the relevant person to invoice.
• Check your format: Most people accept PDFs but Word documents are usually returned, due to their editable nature.
• Keep accurate records. It's very easy to forget the exact time and materials that go into completing a specific job. Keeping clear records helps you invoice (and be paid for) the correct amount.

Accountants and bookkeepers see numbers as a way into a deeper discussion. Not just about financial mistakes or decisions made, but also the hidden barriers to our client's success and how they can be broken.