Whether you’re a sole trader or you’re running a growing enterprise, handling your accounting responsibilities in an efficient way is going to:
- Save your business valuable time
- Reduce the amount of errors you notice
- Generally improve financial health
Take a look at some of the easiest ways that you’re able to enhance your accounting processes here in Australia:
Automate with Accounting Software
Whether it’s Xero, MYOB, or QuickBooks, investing in accounting software is generally one of the quickest ways you can make your business more organised. If you’re unfamiliar with how these work, put simply, they simplify all your invoicing, payroll, and tax reporting while keeping all your financial data in one place.
Now that you’re actually automating these tasks, you’re able to reduce manual data entry, and all of the possibilities of human error that come with that – helping you stay compliant with the ATO.
Regular Financial Reviews
Naturally, it always helps to conduct regular financial reviews so that you’re able to guarantee you stay on top of your financial performance (most people tend to do this on a monthly or even quarterly basis).
Aside from this, staying aware of your current financial situation at any given time will definitely pay dividends during tax season or if you happen to be seeking a business loan.
Separate Business and Personal Finances
If you haven’t already separated your business and personal finances, definitely make this a priority if you’re looking to avoid confusion during tax season. Fortunately, it’s pretty easy to open a dedicated business bank account and credit card – giving you the opportunity to keep your financial records accurate as well as track expenses and calculate profits.
Stay ATO-Compliant
As you might expect, the Australian Taxation Office has some pretty strict requirements when it comes to record-keeping. So, in order to stay fully compliant with them, try to ensure that your business is adhering to these guidelines by maintaining accurate records of things like:
- Income
- Deductions
- GST obligations
Not only does this make it easier to manage your finances, but you’re, most crucially, avoiding the risk of penalties.
Partner with Glance Consultants
Still, without a solid financial background and a thorough understanding of all the ATO’s regulations and guidelines, it can be particularly difficult to stay compliant when it comes to tax filing. Fortunately, our team at Glance Consultants can help you out – we specialise in Australian tax regulations and can assist in:
- Managing tax obligations
- Implementing effective accounting systems
- Offering tailored advice on your business’s unique needs
Then, all that’s left for you is to focus on growing your business while we help ensure you’re staying financially sound.
Interested in hearing more about the range of accounting and bookkeeping services that we provide here at Glance Consultants? Don’t hesitate to get in touch with our team today for a chat.
