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Individuals, the October 31st tax return deadline is nearing, so if you haven't already, get in touch with your accountant to ensure you lodge on time. |
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Have you got a hold on your super? Consolidate your superannuation funds & avoid wasting your hard earned retirement money on unnessary admin fees. |
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Keep up to date on current tax rates and new ways to minimise your tax each year. Ensure you're making the most of the deductions made available to you. |
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Bookkeeping
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Basics for the Excited, Successful Entrepreneur!
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As a new entrepreneur, well versed in your field but not quite as proficient in accounting or bookkeeping, you might ask: Why do I as a responsible small business owner need to keep proper, accurate bookkeeping records? Here are a few
reasons:
* It is essential to track the cost of your products or services and monitor your markup to be sure you have priced your product properly - both for the financial health of your business and to compare with your competitors.
* You must file taxes which means you need to track all money coming in and all expenses paid out to accurately file your taxes.
* Strong business bookkeeping records help you track your cash flow.
* Should you require financing, you accurate and thorough business bookkeeping records will help your financial institution assess your business's credit worthiness.
Additionally, you may then be curious as to how you efficiently go about keeping correct bookkeeping records for my business. Here are a few suggestions:
1. If you do not have a solid basic accounting background it is vital to consult with an accountant or bookkeeper to either help you set up a good system or to train you in the basics and set up a system for you. If the cost of a bookkeeper
is less than what you can earn per hour in your business it is crucial to hire a reputable bookkeeper to help you maintain your business bookkeeping records.
2. If you have a solid basic accounting background, I suggest a good, user-friendly accounting package such as QuickBooks.
* If you are not familiar with QuickBooks there are trainers available to train you in its use or reputable bookkeepers available to help you with the task on a regular basis, say monthly or biweekly, depending on the amount of work
involved.
* The new, convenient method for accomplishing this is to have the bookkeeper work remotely - either by maintaining the records on their computers or to log in remotely to your system to complete the work.
3. Organize your receipts, and other business paperwork for easy input into an accounting package. It is certainly OK to hand your bookkeeper a box full of receipts but remember you are usually paying them by the hour. If their billable
time is less than what your business earns per hour then that is a terrific way to save yourself time. If not, perhaps organizing it yourself will save you a little money.
As you might imagine there are many intricacies to small business bookkeeping. If you are versed in basic accounting and feel confident maintaining financial records of your business yourself, terrific! If not, hiring a proficient
bookkeeping and working together as a team might be the best way to go. Good luck and may your business reap both financial and emotional rewards for you!
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