While you’re creating a great experience for your customers, don’t let your financial paperwork become a tedious chore that ends up being ignored or avoided. By having efficient accounting practices in place, you can focus on growing your business instead of scratching your head over paperwork. Make life easier when it comes to preparing for the end of the financial year and meeting your financial compliance. Turn this stressful time around by taking these Six Accounting Practices to free up your time, manage your financial matters efficiently, and meet your financial responsibility without a whole lot of blood, sweat and tears.
- Use great accounting software. There are several accounting software systems available including Xero, MYOB, and Quickbooks Online, that you’ll find easy to use with a little training. These systems are set up to help you determine balances, categorise your expenditure and income, and maintain recurring payments.
- Hire a professional bookkeeper. If you prefer to use your time more effectively in your business, leave managing the paperwork to a professional bookkeeper. Hire someone to take care of this on a regular basis, so you manage paperwork and payments throughout the year. It eliminates frantic rush at the end of the financial year and takes the pain out of BAS and filing Tax Returns to the ATO.
- Group your paperwork. It’s easy to make mistakes if your business paperwork is not organised. Eliminate wasting time on sorting receipts and other paperwork at Tax time. As the business owner, you’re responsible for your business compliance, so create a system that is easy to use throughout the year. Keep documents in a secure place using dividers or colour-coding to make filing easier. Don’t let financial paperwork clog up your desk, simply file it straight away for future reference. You’ll know where it is when you need it.