The new financial year is starting up in Australia, but proper bookkeeping is important no matter where your business is.
When it comes to organising financials for your business, we hear owners tell us all the time how they are going to become more disciplined with maintaining an order for their income and expenditures. By getting into a system of tracking and recording your transactions, you’ll save yourself time and headaches when the end of financial year arrives. You’ll already have everything you need to supply to the ATO.
Keeping your accounting in order must be an achievable goal, so we’ve highlighted a few points to get you started on getting your financials organised. What better time to start than a new financial year?
Use Dedicated Business Bank Accounts
Ensure that you set up a separate business bank account. Your personal bank account should be used purely for personal transactions. All business transactions should be made with your business account. Never mix the two. It’s a recipe for disaster.
Control Your Debtors