Our top 5 finance tips from 2020

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2020 is almost over and you’re probably going to have a few hours to relax during the holiday season. You might also be taking stock of your accounts and figure out what you can do during the back half of the financial year. 

We know that balancing the books can be a stressful time for small business owners, so we suggest doing it when you have a bit of downtime. We talked to Jimmy Clyne from Melbourne-based accounting firm Clyne Partners to get his best tax advice for tradies.

Here are Jimmy’s top 5 financial tips from 2020:

Tip One : Keep your log books up to date
“I know, it’s a pain to do, actually writing down all your kilometres after every trip, but it is so worth it. The cash incentive you get back is quite significant.”

Tip Two : Deal with your core business first
Make sure you’re doing good work and maintaining strong relationships with existing clients. 

Tip Three : Keep control of your costs
Understand your cash flow and limit what cash goes out for the moment.

Tip Four : Use tech to make your life easier
Use helpful tech tools for accounting like Xero, MYOB or Quickbooks. They all have cash flow management tools that help you easily manage your invoices. 

Tip Five: Understand the benefits available from the government
Be knowledgeable about how your customers can apply for the HomeBuilder grant and how you can use the stimulus packages for your benefit. 

Our Finance with Jimmy segment has been a huge part of Tools Down in 2020. You can find all of the episodes and segments on our Tools Down YouTube playlist.

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