Behind every successful business, there’s a trusted bookkeeper. No large or small company can function well, or succeed without organization and good bookkeeping services. Many businesses have underestimated the importance of bookkeeping and accounting solutions – but you should make sure that you don’t commit that grave mistake.
Here are our five tips for small business bookkeeping
- Be organized: This is the first and the most important step towards proper bookkeeping. You need to have the right processes in place to ensure that people follow the order in which things are to be done. This will make life easier for you, as everything will already be in the right place, for future reference, or when tax season comes rolling around.
- Use technology: There is no reason for you to stick to the old days of paper and pen. Technologically advanced bookkeeping services can make your business more efficient, and ensure that you don’t lose anything, ever!
- Plan and track your expenses: Every company needs to invest a particular sum of money for its growth and expansion. For better bookkeeping, plan every expenditure and investment. This will definitely help you during tax season, in claiming all the tax deductions and help your company be more transparent in its proceedings.
- Set aside money for taxes: We all know that we have to pay income tax and GST (if GST registered). So systematically put aside money for it. Delay in lodgement and payment of BAS/IAS and Tax Returns can incur penalties and interest charges from ATO. By putting aside money each month or when each bill is settled, it will sting you less when they are due.
- Record your deposits correctly: Businesses are likely to make variety of deposits during the year, from loans, to sales, to investment by business owners. If these are not accounted for correctly, you are leaving yourself open to pay taxes on money that is not income.
All this might sound complex- and it is. However, you can choose to get the assistance of DSV Partners – one of the most trusted providers of bookkeeping services and accounting solutions in Sydney, any time you want. Get in touch with DSV Partners, with any queries or doubts you might have.