Bookkeeping is definitely one of the most important tasks for any entrepreneur. It’s no secret that professional bookkeeping services can help your business run like a well oiled machine. It might be a tedious task but its importance can never be overstated. If you run a small company, it is particularly important for you to maintain your accounts. After all, this will determine your income, profits, and your tax return for the year.
In addition to hiring professional accounting and bookkeeping services, here are some tips you can follow to make sure that your books are in perfect order.
- Do not put your bookkeeping till the end of the financial year- you might miss out on crucial details, because they slipped your mind.
- Take some time off every week, and put all the information into your books. This move will help you keep all your information in one single place. Moreover, this will enable regular reviews of your financial situation, so you can make immediate changes.
- Make sure you keep track of all official finances, with the bills and necessary documents. Put all of these away separately, so you’re not scrambling for the bills at the last minute. You will need bills, invoices for goods and services purchased, previous taxes paid, bank accounts, card statements and stock records, to name a few.
- Make sure you are aware of the taxation policies that apply to you. As an Australian business, if your annual turnover is above $75000, you will have to apply for GST registration. You will have to lodge Business Activity Statement (BAS) on a monthly or quarterly basis with ATO. All these rules will have to be complied with so you don’t get into trouble at the EOBY (end of business year).
- Get professional bookkeeping services assistance if possible- Australian tax laws can be quite complicated and losing track of your obligations will get you into a lot of difficulty.
Trusted bookkeeping services can help your business succeed, and give you great peace of mind. At DSV Partners, we are here to provide you whatever service your company needs. For more information, get in touch with us today.
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