5 Steps for Brilliant Bookkeeping (INFOGRAPHIC)

1) Open a Separate Business Bank Account

It’s vital that you keep your private transactions separate from your business ones.

2) Get the Right Software

There are software solutions out there — such as Xero and MYOB — that you can use to make your life a lot easier. You can even integrate them with your POS system if you have one.

3) Know Your Tax Compliance Obligations

Knowing your tax compliance obligations is essential to avoid financial penalties. If you’re unsure then it’s best to get help from an expert.

4) Keep Your Receipts

The ATO requires that you keep allbusiness records(including receipts, invoices and other records) for a minimum of five years. If you’re ever audited you’ll need to provide them. Again, this is where the right software can help.

5) Outsource to save time

It is important to dedicate time each week to bookkeeping, to keep tabs on how your business is performing and manage your cash flow. If your time is better spent working on something else, employing a professional bookkeeper to take care of things for you can be a great way of increasing your productivity.

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As a freelance copywriter I love the flexibility of working anywhere across the globe and all the opportunities that come with it.

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Aiden Dallas

Aiden Dallas

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As a freelance copywriter I love the flexibility of working anywhere across the globe and all the opportunities that come with it.