Expenses, invoicing, pays, BAS, GST… the list goes on. Every business (big and small) has to do bookkeeping to some extent, and if it is done by yourself or an employee, as long as you have the right training, software and support, you can do it successfully. Here are some key tips to help you successfully DIY your books.
Invest in your bookkeeping
Think of professional training for your bookkeeping as an investment rather than an expense. You are investing in knowledge customised to your business, which will pay in dividends over the years as you become proficient and can see insights at the click of a button to see how your business is performing, not to mention the sound knowledge that you are doing your books correctly.
Choose your training wisely
By choosing a bespoke, tailored training approach, you will walk away with the knowledge you need, customised for your business. People fall into the trap of generic bookkeeping courses, or courses offered by the software provider, however generally, they are completely overwhelming as they cover every aspect, and many of the modules will not apply to your business and you will walk away more confused than when you started.
If you are unsure, STOP!
It is a lot easier (and cheaper for you) for a professional to come in and assist you if you get stuck on something, instead of having to pay for a big clean up of errors. If something doesn’t look or feel right, stop and get some help.
Ensure you have the right software
There are many platforms on the market, however they all offer varying features (and pricing), so ensure you take the time to research several to choose the best one for your business. You may have used one platform for many years, however there could be a better product more suitable out there which could save you both time and money. I strongly suggest seeking professional, unbiased advice on choosing the right software to suit your businesses needs.
Get a health check on your books
Have an accountant or bookkeeper go over your books to ensure you are on the right track. They will be able to offer advice on improvements and you will also have the reassurance that you are doing it correctly.
Beware of the financial repercussions
As a business owner, you are responsible for your declarations to the tax office. The onus is on you to provide the correct information when it comes to your tax and BAS obligations. If your bookwork is not correct, you could either be paying too much tax or not enough, which can have disastrous consequences.
At Sum & Substance, we offer Health Checks where we go through your files, check for inconsistencies, ensure bank feeds and reconciliation are being done correctly and then meet with you online to go through the findings. If you do your own books, this is a worthwhile investment for peace of mind. Please contact us if you would like more information about our Xero Health Checks. We can be reached at (03) 9424 9447 or email@example.com. You can directly book in a time to chat by clicking here.