Many small business owners will handle their own bookkeeping taking away valuable time from growing their business.
A dedicated professional bookkeeper plays a crucial role in helping small businesses manage their finances effectively. Here are five essential tips to ensure your finances are up to date for your small business.
- Stay Organized from Day One:
- Set up a dedicated business bank account and use this bank account solely for business purposes.
- Keep records of all transactions, including receipts and invoices.
- Master the BAS (Business Activity Statement):
- The BAS is a key compliance requirement in Australia.
- Ensure accurate reporting of GST, PAYG withholding, and other taxes.
- Cloud-Based Accounting Software:
- Cloud-based software like Xero allows real-time collaboration and easy access to financial data.
- Track Expenses and Deductions:
- Keep records of business-related costs (e.g., office supplies, travel expenses).
- Regular Financial Health Checks:
- Review your business finances monthly, quarterly, annually.
- Analyse cash flow, profit margins, and overall financial health.
A dedicated remote bookkeeper will ensure compliance and keep your small business financial data up to date by:
- Regularly reconcile bank statements to catch any discrepancies.
- Submit BAS statements on time to avoid penalties.
- Properly categorize expenses for tax purposes.
- Review your business finances and analyse your financial data to provide actionable insights to improve your business performance.
End of financial year is approaching, engage a bookkeeper to comply your business and bring your financials up to date. At EJS Accounting we can help with all aspects of bookkeeping and payroll from as low as $82.50/week. To find out more about how you can improve your business, contact EJS Accounting at info@ejsaccounting.com.au for more information!
