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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