Keeping Your Small Business Organised
The key to a successful business regardless of the industry or profession, is to be organised. Paperwork can accumulate and your office space can become inundated with receipts, documents and files.
A disorganised filing system can not only hinder the growth and success of your business, but can also cost you time and money in the long run. Regular and efficient bookkeeping is crucial, especially now that the taxation office is tightening up on claims (i.e. work, laundry and clothing related claims, see here.
To help you get organised in the new tax year, we have put together an article filled with our bookkeeping tips and advice. This how-to-guide will help keep you organised and up-to-date with managing your bookkeeping.
Keep track of your Records and Documents – for everything!!
Documents you need to record
It is mandatory to retain and organise all important documents when bookkeeping. To ensure you are up to date with all records, a filling system needs to be in place. Whether you prefer a good old-fashioned filing approach, or like to use new technology, find a system that works and stick with it.
Organise all documents into each relevant financial year. Ensure you have also dated each document, to when it was received and when it was paid. We have created a helpful list of important documents you should retain when bookkeeping. See below:
- Bank Statements
- Credit Card Statements
- Sales Receipts
- Expense Invoices
- Employee Wages, Super, TFN Declarations and Employment Contracts
- Vehicle Records
- Lists of Creditors and Debtors
- Capital Asset Purchases
It is important to keep track of documents and files all year round. This will ensure maximum efficiency during tax time. Below are some more helpful bookkeeping tips.
- Keep your business and personal bookkeeping separate. It is important to distinguish your professional records and your personal records.
- Keep hard copies as well as electronic. It is easy for a file or document to go missing, so printing out an electronic copy of a document, or scanning a hardcopy document onto a computer will help avoid losing any records.
- Stay Honest. There is no point trying to hide mistakes or be dishonest when it comes to the ATO or Government.
- Keep your bookkeeping consistently up to date and if you do not have the time, hire a professional bookkeeper. To avoid accidently breaking the law, losing documents or making costly or exorbitant errors, a bookkeeper is an asset to your business!
Use Bookkeeping Tools
Not everyone finds bookkeeping easy and sometimes it can be difficult to know where to start. This is where easy to use bookkeeping tools such as Xero, MYOB and QuickBooks are of assistance.
Xero and MYOB are Australian tailored software products. They receive regular update’s regarding tax laws, so the online software is always up-to-date. Both are very simple to use. You can read more about Xero and MYOB here.
Receipt Bank is also a helpful app you can download onto your phone. Receipt bank is an efficient way to gather and record all receipts for when tax time comes around. All you need to do is scan your receipts into the app! Check it out here.
Bookkeeping and Management
It is important to keep on track and up to date with all information regarding taxation and financial management. Further, a consultation with an expert is significantly beneficial. It is important to fulfil your legal requirements as a business owner as well as stay up-to-date and informed with all aspects of your bookkeeping. We offer a personalised approach and service here at Aspect Accountants and Advisors and can tailor information and record keeping processes once we have reviewed your business.
Aspect Accountants Bookkeeping Services
- Bookkeeping support
- MYOB professional partner support
- Xero Certified Advisor support
- Management Reporting
- Full back office solutions
- Office Management
- External CFO
Book now for a consultation with one of our advisors at our West Perth office. Aspect Accountants & Advisors offer personalised and industry specific plans and softwares, to keep your business running efficiently and effectively.