Our top 5 accounting tips for small businesses
If you've just started a small business, here are five useful accounting tips to help you get started.
Keep your personal and business finances separate: this helps you stay organised, ensures you don't lose track of your personal and business finances, and saves you time when it comes to the end of the financial year
Tip #1: Keep your personal and business finances separate
Technology is your friend! Using software such as Xero or Smart Payroll helps you keep an accurate track record of your incomings, outgoings, taxes, and other business expenses
Tip #2: Make the most of accounting software
Allow yourself enough time to organise your finances and claims sooner rather than later for stress-free tax payment. Your future self will thank you!
Tip #3: Keep a record of tax deadlines
When planning your budget make sure to include general business expenses, tax obligations, and anticipated expenses
Tip #4: Develop a budget
it's important to know what rules apply to you and your business, so you know what type of tax you need to pay (i.e. income tax, GST, PAYE and provisional).
Tip #5: Get to know the tax rules
Our biggest piece of advice is to know your limits as a business owner. If you're in need of some help with your taxes, accounts, or general business advice then our team is happy to help.