This year you can make it easier for yourself by doing some simple changes to your business. Here are quick New Year Resolution Ideas for your Small Business this 2021:
#1 Make it easier to track your receipts
Did you know that you Quickbooks or Xero software has great receipt capture features for free? Set this up for your business, get the app and take snaps of your receipts as they are handed to you. In addition, you can provide all of your suppliers with your custom receipt capture email address and they will send the receipts directly to your software. It's not only receipts, but any of your business admin documents can also be stored.
#2 Use easy to track payment methods
Give yourself the best chance to claim every deduction by using a card and not cash. Have a dedicated bank account and/or credit card for your business and have those linked to your accounting software
#3 Get a budget and work to achieve it
If you seriously want to make money in 2021, then you need to have a budget and a forecast for the year. Put one together early in January and then enter monthly review dates into your calendar for the rest of the year.
#4 Do not spend what is not yours to spend
Put aside the funds that are for GST/PAYGW/Income tax and live stress-free of ATO pressure. 2021 will be a road to recovery for the ATO. They will be recovering billions of dollars spent in 2020 and are likely to resume the very tough line approach that they for business prior to the pandemic. Set aside the GST/PAYGW/Super/Income tax and any other liability that your business is due to pay each week/month/payroll period.
It's all much easier than you might think and we can assist you to get set-up correctly and for your long term gain. Feel free to Book in a zoom call with us.