MYM Accounting and Business Consultancy

Data is the source of competitive advantage in the information age, and accuracy, needless to mention, is an imperative feature of data-driven businesses. Data can help businesses in several ways which include: Revenue Data can help in evaluating the overall performance of the business and can enable the identification of revenue trends in terms of which period has better turnover and higher revenue. Such trends can determine how strategy can be formulated. For instance, companies manufacturing frozen desserts may find that some summer months have higher revenue generation and may want to formulate promotional strategies to further increase revenue. They might also introduce promotional offers for other months where sales are low to encourage customers to buy. However, businesses are complex systems, and multiple product lines are generally offered. Financial data can help businesses understand which product lines are generating higher profits, and which need to be discontinued b...

Psychological stress is a highly prevalent health problem among small business owners in Australia. Beyond Blue – a renowned mental health organization in the country reveals that one in three small business owners suffer from anxiety, with one of the leading causes of anxiety being cash flow. 1.        Stress & Anxiety Small business owners wear many hats and quite often due to limited resources, they need to manage every aspect of the business. While business owners are busy with day to day operational activities, they tend to neglect their accounting and finance functions. Quite often they don’t have the financial expertise to manage accounting tasks. This causes a lot of uncertainty in their decision making and this eventually leads to a high level of work stress and anxiety. Business owners lose the pulse on their numbers and are unable able to review the key performance indicators of their business. As your local accountant in Ryde and grea...