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Start with three broad categories: essential operations, growth investments, and administrative costs. Most Australian small businesses find this approach cuts setup time by 70% while maintaining clear financial visibility. You can always refine categories as your tracking habits develop over the first quarter.
Conduct a 15-minute audit using your bank statements from the last three months. Look for recurring charges you don't recognize immediately – these are usually the first to cancel. The average business saves 0 monthly just from eliminating duplicate or forgotten subscriptions.
If your monthly business revenue exceeds ,000 or you're spending more than 8 hours weekly on financial tasks, professional guidance typically pays for itself. However, basic cost tracking and budgeting skills remain valuable regardless. Many successful business owners combine professional oversight with hands-on expense management.
