We know that starting a business would require a lot of time managing things you don't usually do e.g. bookkeeping. Well. unless you have previous experience with business financials, this would've been an advantage to you. But if you haven't, no worries! We've put together five easy tips to make this thing simpler for you!
Here are 5 Simple Ways to Make Online Bookkeeping Easier
#1 Keep Business and Personal Separate
Maintaining your business bookkeeping will be challenging enough without mingling your personal stuff. We recommend you to keep your business receipts and invoices separate (within five years). By creating separate files, budgeting systems and bank accounts for your business expenses and income makes tracking and reporting much easier.
#2 Choose the Right Bookkeeping Method for You
Accounting software can be a huge help by organising your invoices, cataloguing receipts and generating the reports you need to make solid financial decisions with the click of a mouse. Cloud Safe Accounting can also automatically pulls in all of the financial data sitting in your Xero or QuickBooks Online accounts software.
#3 Keep Up and Move to the Cloud
Bookkeeping doesn't have to be a daily chore or something that you should be doing all the time. However, keep in mind to not wait until the end of each quarter to pull all that data together. At Cloud Safe Accounting, we use an award-winning Cash flow forecasting and reporting software that simplifies business processes and makes life happy!
#4 Pick the Right Time
Doing bookkeeping alone could be boring sometimes. So we'd suggest if you're most productive and creative first thing in the morning, don't use that time on your bookkeeping tasks. Determine a time of day or week when you that actually don't need optimal brain function to work. That's the time you should catch up your bookkeeping. No brainer right? But it actually works.
If you're finding this difficult, and that you are behind no matter what, it may be timely to add a professional bookkeeper to your support team! You are not just getting a Professional Bookkeeper but you also Bookkeeping Packages such as software, business tips & strategies that you can DIY. An experienced strategist can guide you within 30 mins and there is always the ability to request more time with them (or follow up support).
#5 Comply with the law
For someone starting out, some legal aspects of finances can be the most nerve-wracking and mind-numbing. The Australian Tax Office (ATO) provides tons of resources, but sorting through the guides can be time-consuming! So we advise you to apply for an ABN, registering for GST if your turnover is more than $75,000, and lodging your BAS on time.
Hope this helps. If you have comments, suggestions, or questions, please feel free to contact us. And if you find this helpful, do share it to your friends as well