In our previous article, we dived into a range of tips and tricks about bookkeeping and now our bookkeepers for small businesses in Sydney will tell you even more tips and tricks!
It is essential for new business owners to take advantage of small business bookkeeping services to get a head start, so be sure to pay attention to our tips and tricks:
• Don’t over categorise: most business owners tend to over complicate things, you can simplify it by generalising different assets in your business
• Should you use the cash or accrual method: it is all dependent on business size, cash is more suited for smaller businesses while accrual is suited for larger businesses
• Always deposit your cash immediately
• Use reminders: this is a good way for you to ensure that your employees and bills are paid on time
• Always file your paid invoices so that they are ready for the end of financial year
• Maintain daily records: while you might not have the time to do your accounts daily, be sure that a system is implemented to record activity
• Petty cash box: this is more or less your spending money for the business, it is a great way to budget the money you have and is recommended by many small business bookkeepers
We hope that our bookkeepers for small businesses in Sydney have assisted you in becoming more insightful about bookkeeping. Be sure to contact us if you have any enquiries.