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04 Jan 2022

8 Simple Tips for Small Business Bookkeeping

Bookkeeping in Melbourne can be overwhelming at times. These 8 simple bookkeeping tips will help you with your record keeping and accounting so your business can achieve accurate financial records. Up-to-date financial records lead to up-to-date reports, improved cash flow management and growth.

  1. Choose Bookkeeping Software for Your Business:
    Find the correct software that suits your style and budget. Software cannot easily be replaced, so it’s worth investing the time to find and implement a good accounting tool.
  2. Find a Qualified Accountant to Oversee Your Bookkeeping Activities:
    There are a number of aspects of bookkeeping where an accountant can provide invaluable assistance, such as journals, taxation related reconciliation, software set up, and advice on transactions.
  3. Update Your Clients’ & Vendors’ Records Regularly:
    This is a must for healthy record keeping. This enables an accurate performance view of your business and promotes cash flow management
  4. Do Not Underestimate the Power of Cash Flow Management:
    ‘Cash is King’. What is often forgotten in terms of receivables & payables is remembered again with Overdue reports. As your business grows or passes through peak months, a strong cash flow will ensure payment obligations will be met.
  5. Your Bookkeeping Forms a Strong Part of BAS & Tax Returns:
    For many sole trading or small businesses, tax compliance is the only reason for regular professional bookkeeping services. Unless exempted, every Australian business will have numerous tax obligations. A proactive approach is always the best option.
  6. Strong Records Will Enable Budgeting & Planning:
    A budget will help find you out what and where expenses are incurred. In addition, future expenses can be budgeted so that funds can be set aside. A budget also encourages stringent spending habits.
  7. Never Mix Your Personal & Business Expenses:
    Ensuring all business-related transactions are going through your business bank account will drastically help with accounting. Mixing the two will result in confusion and countless corrections that demand critical use of your time.
  8. Consider Outsourcing Payroll & Bookkeeping Services:
    Outsourcing these services to a local accounting or bookkeeping firm can be a cheaper and more efficient way to manage operations.


Consult with a Specialist Today

Alexander Bright provides professional bookkeeping packages  tailored to fit the needs of your small business. Get in touch with us to book a free consultation and find out how we can help you with our bookkeeping accounting services.

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