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Bookkeeping tips and tricks, by bookkeepers for small businesses in Sydney Part 1

Our bookkeepers for small businesses in Sydney have some tips and tricks for you to utilise in your business. Being prepared as a business owner is one of the most important things for you to remember, going in without any idea on how to run the financial side of a business could be catastrophic.

Our bookkeeping for small business tips include:

• Always keep good records: if your records are not in shape or up to date, your business could potentially fall apart
• Always maintain an audit trail: this is as simple as keeping everything written down, it includes your invoices and checks to be in numeric order. Be sure to never skip one as it leaves an audit trail for your accountant to follow
• You are only taxed on your profits: most business owners think that all money made is taxed, but it is only money that is profited by the business that gets taxed
• Keep track of your bank statements: be sure to always request for an end of month statement, as it saves time when reconciling your records
• Keep individual storage boxes: after each year ensure that you keep individual storage boxes so that you can file away all statements and bills
• Be consistent: consistency is key for successful small business bookkeeping in Sydney

Be sure to contact our bookkeepers for small businesses in Sydney if you have any enquiries about starting up your bookkeeping! Be sure to see Part 2 of this article!