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Basic bookkeeping for small business9/14/2023 ![]() ![]() To avoid missing deadlines that could leave you with a fine or disgruntled partner, set reminders for yourself. With so much on your plate, it’s easy to lose track of when you should be paying GST, payroll, and regular business invoices. You spend most of your time as a business owner running from one challenge to the next. It’s also best to have a backup of your records just in case something goes missing.Īlternatively, most cloud-based bookkeeping software can store these documents for you by scanning receipts with your phone or forward electronic bills straight to your online bookkeeping system for reconciliation and record storage. While there are easy ways to digitise your paper receipts, if you prefer to keep paper records, these should remain in a locked and secure cabinet somewhere and be organised into a simple system. Keeping track of all business records, including invoices, receipts and expenses will help you predict future opportunities for your business and maintain tax compliance in the case of an audit. Create An Easy To Follow Record Keeping SystemĮvery transaction your business makes should be recorded and organised in a way that’s easy for you to maintain and manage your cash flow. The right choice for you will be the one that makes life easier for you, and if you’re not sure which option is correct, then you can always speak with a bookkeeping expert to get clear advice.ģ. There are plenty of software options out there. Today, cloud based software does most of the hard work for you.Īccounting software can automatically send invoices to customers on the right due date, track your incoming and outgoing expenses, and generate reports on your cash flow. Software integration technology has made it possible to sort through piles of paperwork each month, check spreadsheets, and perform manual calculations. We’re lucky to live in a time where cloud based accounting software gives you as the business owner the power to access your business information whenever you need it. Automate with Cloud Based Accounting Software ![]() ![]() This separate account will make it easier for you and your bookkeeper to sort through the purchases and sales relevant to your business and save you a lot of time, effort and headaches. In many cases, a separate business bank account is compulsory, depending on your business structure. However, every business should have a separate business bank account independent of any personal bank accounts. Mixing your personal and business cash might not seem like a huge problem at first. Keep Personal and Business Accounts Separate So, before you spend another late night reviewing spreadsheets, here are 12 essential bookkeeping tips every business should know.Īnd if this is too much, you can always ask us for help! We're Melbourne Bookkeepers who can keep your business finances on track. The reality is that managing your books, staying in control of your finances and making sure your business is compliant is vital for long term success. It’s tough to find time to sort through financial spreadsheets, analyse the numbers and manage your cash flow. From managing your day-to-day business operations, working with customers, marketing strategies, networking and keeping everything running smoothly. ![]() 12 Must Know Bookkeeping Tips for BusinessesĪs a business owner, you have a lot on your plate. ![]()
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