RESOURCES

Good records just make good business sense... but this can only come about from expert bookkeeping. We have provided you with a list of our Do's and Don't's of effective Bookkeeping.

DO:

  • Decide what online bookkeeping system suits you best

  • Get organised and stay organised. Set up a filing system to help you keep records safe and easily accessible

  • Make backup copies of your records

  • Obtain the required paperwork from suppliers and customers at the time the transaction occurs

  • Make sure you have a valid tax invoice before claiming the GST credits

  • Make sure your records contain the correct information (cheque butts contain information of transaction, invoices have ABN number etc…)

  • Provide your bookkeeper with correct information to ensure records are accurate

  • Set aside money to use to pay your tax obligations and any relevant employer superannuation contributions

DON'T:

  • Mix up business and personal paperwork: have separate business account and business credit card

  • Leave record keeping until the end of the quarter or the end of financial year

  • Use designated business money for other purposes

  • Wait until your in a financial mess before contacting your accountant to seek advice

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