Real answers from entrepreneurs who've been exactly where you are right now. We've gathered the most common questions about managing business finances and actually give you straight responses.
Start simple. Grab a spreadsheet and list what you spent money on last week. That's it. You don't need fancy software on day one. Most entrepreneurs overcomplicate this step and never actually start. Once you've tracked for two weeks, patterns emerge naturally and you'll know what system you actually need.
Business budgets deal with variable income and reinvestment decisions. Your personal budget probably has predictable income. With business, some months bring $8,000, others bring $2,400. You're also deciding whether to spend profits on new equipment or take them home. The psychology shifts completely when every dollar spent could've been invested differently.
Not necessarily. If you're making under $60,000 annually and have straightforward expenses, you can manage basics yourself. But here's the thing – an accountant saves you from expensive mistakes during tax time. Consider booking a single consultation session in early 2026 to review your setup. That middle ground often works well for newer entrepreneurs.
Most folks I work with use either Xero or a customized spreadsheet. Xero integrates with Australian banks and handles GST tracking automatically. Spreadsheets give you complete control but require more manual work. There's no universal "best" option – it depends whether you value automation or flexibility more.
Weekly for tracking, monthly for adjustments, quarterly for strategy. Your weekly review takes maybe 15 minutes – just recording transactions and checking totals. Monthly reviews are where you spot trends and make small changes. Quarterly sessions are strategic – you're looking at the bigger picture and planning ahead.
Absolutely. I know entrepreneurs running six-figure businesses entirely on Google Sheets. You lose some automation but gain complete customization. The limitation isn't the spreadsheet – it's whether you'll consistently update it. Software forces discipline through bank feeds, spreadsheets require self-discipline.
Build from your lowest month, not your average. If you earned $3,200 in your worst month this year, that's your baseline budget. Everything above that goes into a buffer account until you've saved three months of expenses. Then you can start thinking about growth investments. Sounds conservative, but it prevents the panic that comes with unexpected slow periods.
Separate bank accounts. Seems obvious but half the entrepreneurs I meet haven't done this yet. Open a business transaction account this week – most Australian banks offer them free. Then pay yourself a regular "salary" from business to personal, even if it's just $500 weekly. That clear boundary makes everything simpler.
Your budget might just be unrealistic for those categories. Track without judgment for a full month to see actual spending. If marketing genuinely costs $1,800 monthly but you budgeted $1,200, adjust the budget or find specific cuts elsewhere. Budgets should reflect reality, not wishful thinking. Otherwise you're just creating guilt without gaining control.
Every business has unique challenges. What works for a retail shop doesn't always fit a consulting practice. And that's completely normal.
Our learning program starting September 2025 covers personalized budgeting scenarios. You'll work through your actual numbers with guidance, not generic examples.
These FAQs cover common ground, but sometimes you need someone to look at your specific spreadsheet and say "here's what's not working."
We offer one-on-one support sessions where you bring your actual challenges. No sales pitch, just practical guidance from people who've managed business budgets in the Australian market.