A proper bookkeeping system is essential to any business whether big or small, in order to manage its daily functions and keep the business running successfully.
If you want to do bookkeeping yourself, we will provide you with tips to make this job easier and less stressful. Over the next couple months, we will try to cover all main points.
First on the list is:
Customize your bank accounts:
- Open the Main bank account for every day transactions (for income and expenses)
- Open second bank account for tax obligations (GST and income tax payments)
- Open third bank account for your employees’ liabilities (wages, superannuation and PAYG withholding payment)
- Calculate your expenses on monthly, weekly or daily basis
- Organize through your bank, automatic transfer from your Main bank account for calculated expenses
- Open up Business credit card account so that you can earn rewards while paying your bills
- Set up automatic monthly credit card payment from your main bank account
- As soon as you get a bill, set up future payment from your Main bank account
- Check your bank account daily and reconcile transactions at least once a week
If you need any help or more information, contact us!