Better Business Basics has filled a niche that offers a financial support system for small and medium business owners at a hands-on level.
The company started out in 2006 with one bookkeeper and it has now grown to a team of eight staff.
General Manager of Better Business Basics, Annie Flannagan, said that the services relate to everything in financial management for SMEs.
“Our four cornerstones are Bookkeeping Maintenance, Financial Recruitment, Financial System Consulting and Troubleshooting and Training,” Annie said.
“We provide the bridge between business owners and their accountant, using our knowledge of different industries to establish good financial systems and procedures within SMEs to promote and aid growth.”
With many challenges being faced by businesses in the current economic environment, Annie highlighted a number of the common issues.
“The hurdles that SME owners need to jump to raise capital to grow have become higher, the marathon has just got longer.
“There is still an awful lot that businesses can do to make better use of the cash that is already in their business before borrowing more. Debtor and creditor management and budgeting should be the starting point.”
Having the knowledge of how and when to grow a business is another challenge regularly being faced by companies.
“I’ve seen so much financial knowledge contained within a business overlooked and wasted. The answers are there if you have the systems to be able to extract it and the skills to decipher it,” Annie added.
“Sustainable growth depends on the structure to support it and the knowledge to develop what you have.”
It has been a difficult few years for SMEs, and many businesses were expecting the economic recovery to arrive much sooner.
“There is a lot of uncertainty and I’m not sure that will change anytime soon – that’s the bad news. The good news is that I believe that key skills learnt in this environment will ultimately make SMEs stronger and business owners more savvy leaders.”
Annie said that innovation has to be front and centre to raise the right finance to grow, attract and retain the right team and inspire a very tired market.
“I’ve seen some wonderful examples in South Australia of businesses that are constantly thinking ahead, planning with purpose and then acting with strong leadership.”
There are many benefits available to businesses in receiving assistance with the financial aspect of their operations.
With an increase in the number and the complexity of compliance issues, such as GST, Superannuation, and Awards, the knowledge required to complete these obligations is becoming more specialised.
Many small businesses also have a lack of time and it is often more cost effective and efficient to outsource these elements to specialists with proven experience.
Accessing accurate financial information is often required to make key business decisions and this can be easily sought with expert assistance.
“In any climate it’s critical that key financial decisions are made with all the current facts to hand. In this climate in particular, SMEs relying on gut feel or last years figures can be the difference between profit and loss,” Annie said.
“There’s a lot of either fear or boredom connected with doing your books. It’s a shame – they tell you everything you need to know about your business and more importantly where you should be heading – and how!”
While Better Business Basics offer bookkeeping assistance, its support extends much further.
“The data entry process, whilst important is only the beginning. Once the raw data is in correctly and efficiently entered, the real fun begins and that’s where we offer real value.”
Better Business Basics also integrate industry specific software programs into accounting software so that all the data can be viewed from a financial perspective.
Assistance also extends to benchmarking, budgeting and planning, and coordinating all the key financial stakeholders in the business.
Having assisted many businesses throughout South Australia, Better Business Basics will soon provide its expert assistance across the country and show how South Australians do business!