Better Bookkeeping Tips - Improvement Tips!
There’s lots of different things you can do to improve the business bookkeeping side of things. Start with these!
● Get a professional to review and/or process your accounts for you – be it a bookkeeper or accountant. This will ensure your accounts are done correctly and prevent year end surprises. Also, try to employ or contract a bookkeeper to process your accounts for you throughout the year.
● Open a separate high interest account to transfer funds for GST, super, PAYG & other tax liabilities. This will ensure you always have funds to pay your liabilities and will also provide some small passive interest income.
● Start using the new tax tables as of July 1, 2012. They are available at: http://www.ato.gov.au/businesses/content.aspx?doc=/content/33283.htm&alias=taxtables.
● Use accounting software like Quickbooks! If online makes sense for you & your business, then go online. Just pick something, some method, because not doing anything won’t work – and if you try to wing it, you’ll wind up causing yourself way more headache and problems than the avoiding is worth!
● Set aside one morning per week to update your accounts or get a bookkeeper to do this for you. If you can do it yourself in a timely enough manner, pour yourself a cup of coffee, tea, water with lemon, find your haven and tell the office you won’t be in until mid-morning. Review accounts payable and receivable, payroll and inventory. It’s that important.
● Review your accounts reports every month with your bookkeeper, accountant or business partners and ensure you act on the outcomes. Use the data to plan ahead, make decisions and to set business goals. These may be increasing sales, reducing specific costs, employing more staff, opening more stores, expanding product lines, training staff, franchising opportunities, etc. Your books can be a wealth of knowledge and bring about some serious ‘good moves’ for your business. Don’t get so caught in the busy, day-to-day routines that are life and neglect to use your books as the valuable resource that it is!