Have your books gotten into a mess? Here are our top tips for getting back on top of things:
- Simplify your bank accounts. The easiest way for books to get in a mess is by using multiple bank accounts and mixing up personal and business income and expenses. We recommend keeping business and personal transactions in separate accounts – this avoids confusion and ensures nothing is missed.
- Use good accounting software with automated bank feeds. Modern accounting software is easy to use and will save you a lot of time. Have a look at Xero, Quickbooks and MYOB cloud based accounting which can be accessed online and data easily shared with your accountant. And, it’s not expensive.
- Keep your data up to date. Five minutes with a cup of coffee every morning on your phone or tablet is much more relaxing than staying up till midnight because the BAS is due.
- Ask you accountant for help. When things seem confusing your accountant can give you assistance or advice on the best way forward.
Apart from peace of mind, you will reduce time spent on the paperwork, and be able to run regular reports to manage your business better.
If you need assistance in getting our business books back in order, give Yvonne a call on 8339 4950 for an obligation free 1 hour consultation.