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 Ask a question Email Owen Business Podcast show notes Say G'day to The Australian Business Podcast partners Rask – Get Owen’s best investing research The Australian Business Podcast’s official sponsor is Rask, our very own company. We empower hundreds of thousands of investors around Australia, whether you’re new or have been investing for 40 years. You can take an investing course on Rask Education to discover how Owen carefully researches small or blue chip companies, or become a premium Rask member today to speak directly with Owen and see what he is investing in. Rumble Coffee Roasters — our first partner! Rumble Coffee Roasters is dedicated to helping you drink better coffee. Knock-out blends, world-class single origins, bold espressos and flavour-filled filter roasts. Rumble Coffee prides itself on personal relationships with producers and customers alike. They pay farmers fairly so that they can invest in their land, their employees and their communities. You can buy some beans to drink at home or in the office via rumblecoffee.com.au. Alternatively, if you’re a coffee shop owner — get in touch and discover better ways to serve your customers. Tell them Rask sent you. *** The information on this website and in our podcasts is general financial advice only. That means, the advice does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. Please read our Terms & Conditions and Financial Services Guide before using this website. Learn more about your ad choices. Visit megaphone.fm/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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