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The Importance Of Good Business Practices & Accounting In Perth

The Importance Of Good Business Practices & Accounting In Perth
22Oct2018

Accounting in Perth hasn’t been easy in recent years. It’s no secret that the WA economy has been suffering a bit since the end of the mining boom. Times have been tough, but the good news is that better days are just around the corner.

Accounting in Perth hasn’t been easy in recent years. It’s no secret that the WA economy has been suffering a bit since the end of the mining boom. Times have been tough, but the good news is that better days are just around the corner. With the downturn finally over and many forecasters predicting a period of strong growth over the next few years, now is the time to be maximising the efficiency of your organisation so that you’re in the best possible place to benefit when business conditions improve. 


As one of the leading experts in an accounting Perth based firm, we can assure you that those that do the work now will be in the best position to reap the rewards when the economy really starts to heat up. Check out the following list of areas to focus on to ensure that your business is performing at its absolute peak levels of performance.


Strategic Planning: this doesn’t just have to be for upper management. The more you can get your staff involved and invested in your long term strategic accounting and business plan, the more likely it will be to succeed.


Making accurate forecasts and formulating a solid strategic plan will help ensure that your business is ideally placed to thrive. In the case of the upcoming economic recovery, this might involve plans for expansion or growing your client base.


Information Sharing: they say that information is power, so the more information sharing there is between management and employees, the more likely it is that you’ll be able to take advantage of emerging opportunities.


Strategy Implementation: once your strategic planning process has formulated a strategy, it’s vital that you use good accounting practises, budgets and performance management systems to ensure that it’s implemented properly. These systems and processes should be used to monitor and manage deviations from targets and hold everyone in the organisation accountable.


Organisational Structure: every business is different, but generally speaking, flatter management structures tend to yield better results. A focus on employee autonomy and improvements to coordination across your organisation is also essential to ensure peak performance.


At the end of the day, the most important thing you can do is review your organisational structure and think seriously about how it can be improved. Doing things a certain way because “this is the way we’ve always done things” mindset is your biggest enemy in this regard.


Employee Compensation: there’s a lot of good research out there to suggest that employee performance significantly improves when part of their compensation is contingent on the achievement of targets. Incorporating some form of compensation based on short-term performance outcomes can be a great way of helping to ensure that all of your staff are performing at their peak.


Management Policies and Procedures: the behaviour of your employees has a huge impact upon your business. Employee activities and risks can be moderated through the use of clearly defined codes of conduct supported by sanctions for any breaches. 


Approvals Processes: if there’s one thing that all of our accounting experience in Perth has taught us, it’s that a misallocation of resources can quickly sink a business. A rigorous approvals process involving thorough reviews will help ensure that resources are only devoted to projects that are truly viable.


Workplace Culture and HR: when it comes to workplace values and culture, it’s vital that everyone is reading from the same song sheet. The “do as I say not as I do” mentality doesn’t work in practise. Focusing on establishing a positive workplace environment and culture and then endeavour to select employees with similar values will go a long way to helping your business succeed. It might sound trite, but your people really are your biggest asset, so take the time to make sure you’re employing the right ones. 


You might be wondering what a focus on all of these has to do with accounting in Perth? Well, at Carbon Group we’re a lot more than “just accountants”. We also offer a comprehensive business advisory service that can help provide assistance in the above areas and help get your business in the best possible position to profit from WA’s promising economic outlook.


Unlike a lot of other firms out there, we take a lot of pride in really getting to know our clients’ businesses and like to think of ourselves as a valued partner in helping them to achieve success. If you’d like to find out more about what we can do for your business, get in touch with us today.

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