Bookkeeping Tips for Small Business

….and why you need a bookkeeper.

Keep records for all transactions and keep them organised and comprehensible and up to date.

Never think “I will do it later”. Because you won’t.

Allocate a set time every single week for bookkeeping. If you don’t, you will get more and more behind and more and more disorganised.

Keep business and private separate and open a separate business bank account for business earnings and expenses.

Find out what your tax and compliance obligations are right from the beginning. You don’t need to get an accounting degree but you do need to know the basics. If you don’t get this right you will pay too much tax and potentially – get into a lot of trouble!

Join the 21st century and choose online accounting software that suits your business needs. It will simplify EVERYTHING and make life much easier.

Checkout MYOB, Quickbooks or (our favourite) Xero for an overview of how they can help and what they can do.

It’s not just about making bookkeeping easier but modern “cloud” accounting software can have all kinds of extras added to it. You can get plugins for Customer Relationship Management, tracking mileage, tracking deliveries, Point Of Sale software, calculating project and job management time and fees, appointment setting and much, much more.

OR………… Be sensible and get a bookkeeper (and they can set up online accounting for you).

This is what a bookkeeper can do for you.

• Organise and send out invoices and manage accounts receivable. That way, you make money.
• Makes sure you pay what you owe (the accounts payable ledger).
• Help you use your accounting software so you minimise effort but maximise results.
• Advise you on handy plugins for your online accounting software that will help your business and, potentially, increase revenue.
• Keep an eye on daily and long term cash flow. That way you know what you are really making and have warning about things that should worry you.
• Tax time! Getting the books ready for the accountant.
• Tax time! I’m repeating that because really – how much do you know about BAS, PAYGW, TPAR, PAYGI, GST, Tax offsets and the list goes on and on and on of all the tax stuff you need to consider DURING the year – not just at tax time.
• Implement proper document management, inventory control and find ways within the business to be more efficient and profitable.
• Keeps an eye on your business and makes sure you are lean, mean and efficient.