INVOICING & CASH FLOW
Send out invoices on a regular basis (weekly or fortnightly), this will ensue a consistent cash flow. Go Green and email invoices to your clients if possible. If you do not use accounting software for your bookkeeping, an example of an excel-based invoice is free to download here
The most important aspect of your business is its cash flow. To keep track of this, use a cash flow spreadsheet to identify your income and expenses, download one here.(insert copy of cash flow statement). Alternatively, come and see us and we will analyse your cash flow and assist you with budgeting and cash flow projections.
BANK ACCOUNTS & STATEMENTS
Keep your business expenditure separate from your personal expenditure. Ensure you have a separate provision account for your GST/PAYG/Superannuation and other statutory liabilities. Each week run a report for your GST or Payroll Liabilities and pay that amount into your provision account. Alternatively if you issue paper invoices, go through your bank statement and total your income, divide by 11 and transfer that amount to your provision account. The ATO app is a useful resource that will assist you with calculators and much more.
Download it here
Always check your bank statements for accuracy when they arrive. If you require clarification or more detail contact your banking institution.
Go Green and sign up to receive your bank statements online.
Always keep an off-site backup of your accounting information and data. Contact your IT provider to ensure they back-up your accounting software and organisation data daily. If you do not have an IT provider copy your information onto a USB and ensure it is kept off-site each night. UnderCtrl provides expert IT support and a reliable cloud-based daily back up. Click here for more information
KEEPING YOUR BOOKS
Be consistent with your bookkeeping. There are numerous accounting software packages available and researching the most cost-effective and suitable is a valuable exercise. Some of the more popular packages are below, click on the icon to find out more.
AccountLink is an approved provider of all of the above software packages and will tailor one of our packages to suit your specific needs.
Pay for deductible expenses, including pre-paid expenses, by the end of the financial year so you can claim them as soon as possible.
Pay all of your invoices when they are due, not before.