The best 6 ways to get on top of your bookkeeping

Great bookkeeping is very important for both small and big businesses. This is an aspect that you should not neglect and more especially the start-ups because you will find that you have messed with everything. According to most laws of countries, every business is supposed to ensure that it keeps and maintains accurate records and the records should be prepared on time. Bookkeepers Melbourne ensures that they maintain accurate and timely records. Here are the 6 ways in which you can get on top of your bookkeeping.

Ensure you allocate time in a week that you will devote to bookkeeping

Regular reviews of your bookkeeping are very crucial and it will help you to know whether you are making profits or losses. It is very important because it enables you to control your cash flow in the easiest way possible. It also enables you to detect errors if there are any.

Ensure you have accounting software that will suit all your needs

Nowadays most of the business activities are done online and therefore it is important for you to ensure that you have accounting software in your business. If you are not sure which software you want it is important for you to contact an accountant or a business consultant so that you can be able to purchase the right software for your business.

Ensure you have opened a bank account for business

The bank account will enable you to keep money that you will use for business earnings and expenses. Ensure you separate your business transactions from your private transactions so that it can be easier for you to monitor money that comes from your business. You can decide and take a business credit card so that it can help you in your business expenses.

Get all your compliance and tax obligations right

It is a requirement for all businesses to register for the ABN. Those with a turnover exceeding &75, 000 are required to have the GST registration. Ensure you keep your receipts well so that it can be easy for you to claim for your expenses. You are also required to have the PAYG withholding tax if you have employed in your business. This platform is used to pay the staff and the withhold money is used to pay tax.

Keep your receipts well

Business records should be kept for at least 5 years because they may be needed anytime. The main records that you should keep are invoices and receipts, all financial statements, tax return information, stock takes records, credit card statements, bank accounts statements, records of payment and many others.

You can also get a bookkeeper

Sometimes you can find that you are busy elsewhere and you don’t have time for bookkeeping then it is important for you to ensure that you hire a bookkeeper. Another instance that can make you to hire a bookkeeper is when you have expanded your business and you need assistance. When you hire a bookkeeper you get time to focus on how to grow your business.