July 2023
Good bookkeeping is the foundation of a financially healthy business. Accurate, up-to-date financial records help you make better decisions, meet your tax obligations, and understand your business performance.
Open a dedicated business bank account and use it exclusively for business transactions. Mixing personal and business finances creates confusion and makes bookkeeping — and tax time — much harder.
Don't let receipts and invoices pile up. Record transactions as they occur, or at least weekly. The longer you leave it, the harder (and more time-consuming) it becomes to catch up.
Regularly reconcile your accounting software with your bank statements to catch errors, missing transactions, or fraudulent activity early.
The ATO requires businesses to keep records for at least five years. Use apps like Receipt Bank or Hubdoc to digitise and store receipts, or simply scan them into your accounting software.
PRZ Tax & Accounting provides professional bookkeeping services for Australian businesses of all sizes.