Struggling with your bookkeeping? We?ve come up with five simple tips to help you get your accounts back in top shape.
1. Choose the right accounting software
Think about what your business needs and speak to a bookkeeper for their advice on the best software to use for your accounts. Choose a product like Xero ? there?s a reason it?s so popular with small businesses – which will help you keep on top of your accounts with ease.
2. Engage with a bookkeeper as soon as possible
As soon as you decide to set up a small business, you should contact a bookkeeper. They will be able to help you with setting up the basics of your business structure, such as registering your company for GST and getting you an ABN. Make sure you maintain regular contact with them so you can stay on top of what?s going on with your accounts.
3. Don?t lump your personal money with your business funds
Don?t use the same bank account for both your business and personal transactions as this can just result in headaches. It will mean your bookkeeper has a harder time going over your accounts and this can cost you extra. So ensure you open a business bank account as soon as your company is formed.
4. Make time for bookkeeping and admin
Allocate a morning each week for you to sit down and go over your accounts. Making bookkeeping part of your routine will make your accounts much easier to manage in the long term.
5. Put a system in place for your record keeping
Government record keeping?requirements mean all businesses to keep accounting data available for many years. That can mean a lot of paperwork over time, taking up large amounts of storage space. Use an app like Receipt Bank to keep things simple. It allows you to record your receipts and store them digitally, saving you loads of space. In fact, going completely paperless makes it much easier for you to find receipts and information quickly. Online bookkeeping programs are perfect for this.
And there you have it ? five simple ways to get your bookkeeping up to speed. Do you have any other tips you?d like to add?