October is a useful time for Melbourne small-business owners to review their finances and prepare for the final quarter of the year.
As the year moves towards the busy spring and summer trading period, businesses may have changing expenses, increased customer activity and important financial obligations to manage.
A simple financial review now can help you identify issues early and plan for the months ahead.
1. Check That Your Bookkeeping Is Up to Date
Start by reviewing your business transactions and making sure your bookkeeping records are current.
Check that:
- Income has been recorded correctly
- Business expenses have been categorised
- Invoices have been issued and recorded
- Receipts and supporting documents are organised
- Bank transactions have been reconciled
Keeping your records up to date makes it easier to understand how your business is performing.
2. Review Your Cash Flow
Profit and cash flow are not the same thing.
A business may be profitable but still experience cash-flow pressure if customer payments are delayed or large expenses are due at the same time.
Review your expected income and upcoming expenses for the next few months.
Consider:
- Outstanding customer invoices
- Supplier payments
- Payroll costs
- Tax and other business obligations
- Seasonal expenses
- Planned business purchases
Understanding these numbers can help you plan ahead rather than react when cash becomes tight.
3. Follow Up Outstanding Invoices
If customers haven’t paid their invoices, October is a good time to review your accounts receivable.
Create a list of outstanding invoices and identify which payments require follow-up.
Improving payment collection can help maintain healthier cash flow and reduce the amount of money tied up in unpaid invoices.
4. Prepare for Your BAS Obligations
If your business is required to lodge a quarterly BAS, keeping your records organised throughout the quarter can make preparation easier.
Don’t leave your bookkeeping until the last minute.
Your accountant can help you understand what information is required and ensure your records are properly prepared for your reporting obligations.
5. Plan for the Melbourne Cup Period
Melbourne Cup Day falls on Tuesday, 3 November 2026 and is a public holiday across Victoria, subject to local arrangements in some non-metropolitan areas.
For businesses that trade around this period, it’s worth considering how the public holiday may affect:
- Staffing
- Payroll
- Opening hours
- Customer demand
- Supplier schedules
- Cash flow
Planning ahead can help avoid unnecessary disruption.
6. Start Thinking About Christmas Expenses
Christmas may seem a little way off, but businesses can benefit from planning early.
Depending on your business, you may need to budget for:
- Staff-related expenses
- End-of-year events
- Gifts
- Stock
- Marketing
- Temporary staff
- Reduced trading periods
The tax treatment of particular expenses can depend on the circumstances, so businesses should obtain professional advice rather than assuming every Christmas-related expense is treated the same way.
7. Review Your Business Performance
Finally, look beyond individual transactions.
Ask yourself:
How is the business actually performing?
Review your:
- Revenue
- Expenses
- Profitability
- Cash flow
- Outstanding invoices
- Major cost increases
Comparing current results with previous periods can help you identify trends and make better-informed decisions.
Final Thoughts
The final quarter of the year can become busy quickly.
For Melbourne small-business owners, taking time in October to review bookkeeping, cash flow, outstanding invoices and upcoming obligations can make the months ahead easier to manage.
You don’t need to wait until the end of the financial year to review your numbers.
Good accounting is an ongoing part of running a healthy business.
KRP Accounting supports businesses with their accounting and financial needs, helping business owners stay organised and make informed decisions.
Need help getting your business finances organised? Get in touch with KRP Accounting.
This article provides general information only and should not be considered financial or tax advice. Tax treatment and obligations depend on individual circumstances. Speak with a qualified Australian accounting or tax professional for advice specific to your business.
