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Bookkeeping Is Essential for Business

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Bookkeeping Is Essential for Business

I have come across a pattern where many Small Business owners are finding themselves so overwhelmed with working in their business; they are forgetting to keep up with their bookkeeping.

Some Small Business owners are neglecting to keep their receipts. Those pieces of paper are not only valuable for your expenditure claims, but they are a legal requirement of the Australian Taxation Office for your business records at tax time.

“I just don’t have the time.” 

Managing your business paperwork is not an additional piece of work, it should be holistically viewed as an integral part of running a successful Small Business.

“I am not a numbers person.” 

You do not need to be good at maths to do your paperwork and bookkeeping. There are many cloud options available online and apps on your phone to record your bookkeeping requirements with little effort.

“Where do I start?”

This is the most important question to be asking yourself. I am going to answer it for you so that you will feel empowered by the choices you have on offer to get your bookkeeping completed.

We live in amazing times where basically anything you need to do can be completed using your smartphone. But, not everyone likes to use technology.

Old school:

Keep all your receipts and invoice books in a plastic enclosed folder in your car. Remove your receipts out of your wallet at the end of every day and put them into a filing cabinet file called ‘2017-18 receipts’.

Smartphone users:

You can just take photos of the receipts on your phone, but phones get dropped into pools, toilets and run over. Download an online app like Google Drive, Dropbox, Evernote or MyDeductions from the Australian Taxation Office.

Online Savvy:

Use online accounting software such as Xero, QuickBooks online, MYOB or any number of other online programs. Use their phone apps to take photos of your business expenses, invoice your customers on the go and generally do your business reporting from anywhere.

Pay a registered, licensed and qualified bookkeeper:

If you really are not prepared to do any bookkeeping, employ a bookkeeper to come part-time to your office or find a Business Activity Statement (BAS) Agent. I state a BAS Agent, as these people have to complete training, screening and meet a legal code of conduct to be a bookkeeper. The best way to find a good BAS Agent is by asking your friends and customers who they use. Alternatively, you can google a BAS Agent from your area, then search the Tax Practitioner’s Board register.

The most important first step to take is to start doing something today. No more procrastination, excuses, complaints and denial. Bookkeeping is just as important as making money, looking after your clients and selling products.

Without up to date bookkeeping you cannot successfully loan money from a bank, plan financial goals, ensure that you are making a profit and pay your legal obligations to the tax department.

All you have to do is make a decision; keep on top of your bookkeeping yourself or pay someone else to do it for you.

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