Account On Me Bookkeeping Service

How to start a business I asked the question this week “What are some things you wish you knew about business bookkeeping when starting up, or if new to business the things you want to know?”    I got a great response and I thought I would address some of these in a series of blog posts, so here is the first instalment.   The most popular response was what records to keep and for how long, so that’s where I’ll start. The Australian Taxation Office (ATO) advises that by law your records must explain all transactions, be in writing (electronic or paper), be in English (or a form that can be easily converted) must be kept for 5 years, but there are circumstances that you will need to keep records for longer.   The records you keep are what you use to help prepare your business activity statement (BAS), annual income tax return and to meet other tax obligations.   Listed below are the records you need to keep: Income and sales records – this is a reco...

Small business help I get asked this question quite a bit and it all depends on your own circumstances, but good financial management from the beginning is essential so that you can work efficiently and you know how your business is performing. Here are a few tips to help you: • Schedule a couple of hours each week or fortnight (depending on the size of your business) into your calendar or diary to do invoicing, pay bills, payroll (if you have any) and follow up unpaid accounts. If you are using an accounting program you could reduce that time. • At the start of the month schedule some extra time in to reconcile your bank account(s), credit card(s), process superannuation and BAS/IAS (if required monthly) and prepare your reports to see how your business is performing (eg Profit & Loss Statement, Balance Sheet). • If you report the superannuation and BAS on a quarterly basis then allow time each quarter to prepare these. • It is important to open a business bank acco...