As small business owners, one of the most overwhelming aspects of the day-to-day running of the business, can be the accounts, the numbers, tax, invoicing and navigating your overall finances. We have good news though, accounting doesn’t have to be overwhelming! We've put together six simple tips to make your finances so much easier to navigate.

1. Automate you invoicing

Avoid the hassle of manual invoicing every individual client or customer by automating the process. Whatever website provider, or ecommerce platform you're using, look into whether there are automated processes in the back end that will allow you to create, send, and track invoices automatically, reducing errors and saving you time. There also may be a self service functionality through your provider, if you're not sure reach out to them to find out. 

2. Track expenses in real time

Don’t let receipts and transactions pile up, track them as they happen. Connecting your business bank account to accounting platforms like Xero, QuickBooks, or MYOB allows your expenses to be automatically imported and categorised. This means you’re always working with up-to-date information and can spot any unusual spending before it becomes an issue. Real-time tracking gives you a clear picture of your cash flow and ensures you're not scrambling at tax time.

3. Use budgeting tools to stay on track

A budget isn’t just about limiting spending, it’s about giving every dollar a job. Start by making sure your pricing covers your costs and builds in a profit margin. Then use tools or built-in budgeting features in accounting software to plan monthly spending. This helps you stay in control, understand where your money is going, and make informed decisions without second-guessing yourself.

4. Set up recurring payments

Avoid missed bills and late fees by setting up recurring payments for regular expenses like software subscriptions, utilities, and supplier invoices. Most bank accounts or accounting platforms allow you to automate these payments, so you don’t need to think about them every month. This also helps you keep your outgoing cash flow consistent, making it easier to forecast your monthly expenses.

5. Save for taxes regularly

Getting caught short at tax time is one of the most stressful financial issues for small business owners. Prevent this by setting aside a percentage of every payment you receive, typically around 30% depending on your tax obligations and business structure. Many business bank accounts now offer sub-accounts where you can move funds automatically as income filters through. Some accounting platforms can even estimate your tax based on your income and expenses, helping you stay one step ahead.

Managing your business finances doesn’t have to be a completely nightmare. Do you have any other tips that help? Let us know in the comments or join the Business Growth Network for more tips and tools for managing your business stress free.