Accounting for small businesses is confusing and a leading cause of small business fails in Australia.
Australian Business Podcast episode #8 is now live on the Rask network: understanding the basics of accounting for small businesses.
A great accountant is worth their weight in gold but the reality is no one will ever care for your business as you do - so it’s vital you understand what’s happening with your business. Lack of understanding the finances of your business is the number-three 🥉 reason most small businesses fail.
In this episode, I -- Owen Rask, founder of The Rask Group -- dive into the following business topics (with simple accounting case studies):
Why accounting doesn't have to be a scary word
How you can save your business by knowing the basics of accounting
The difference between turnover, cash flow, profit and revenue
Bank overdrafts and how they can smooth your cash flow
What "payment terms" are and why they are so important
Multiple case studies
👋 Love the Australian Business Podcast? Let me know about it by leaving a review on Apple or Spotify. 👋
If you want to help me out with the course, right now the best thing you can do is subscribe and review this podcast in Apple or Spotify. Please use the “Ask a question” menu link on the Rask websites, or leave your questions in the Apple Reviews.
📜Podcast resources📜
Owen Rask’s free business course: bit.ly/rask-biz-course
Ask a question: bit.ly/3QtiY00
Email Owen: www.rask.com.au/about/contact/
Business Podcast show notes: bit.ly/rask-biz
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