Anyone who works in accounting knows what a task it is to maintain records and keep them updated as frequently as possible. Though necessary, these things need to be maintained for the betterment of the company. Proper bookkeeping also saves you a lot of trouble from tax nightmares.
Bookkeeping in Australia has grown to be very popular, with 114,000 bookkeepers working in 2020. No matter how much we rely on technology, these kinds of jobs are best operated by humans. If you’re interested in bookkeeping or would like to know some tips, here are six secrets for you!
- Go paperless
For business bookkeeping, you can pick any software available in the market. Intuit’s QuickBooks is a great account software that offers packages of different prices. So depending on your budget, you can make use of this software.
Any basic bookkeeping cloud will provide you with templates of invoices, deposit slips, and much more. If you keep uploading to your cloud, you can access these files anywhere and without carrying them around manually.
- Seek advice
An experienced professional’s help can be so useful at times. If you ask a good advisor to have a look at your bookkeeping skills at least once a month, they can give you invaluable tips and tricks.
Don’t worry if you can’t hire a big name- what matters is how much improvement you show in your work. An accounting major in your college or university can also help you out if needed.
- Keep aside money for taxes
If you have your financial records laid out neatly, you can save a lot of hassle when it comes to tax returns. Set aside a bit of money every week or month to pay the year-end taxes smoothly. This will help you to have enough money later so that you don’t have to look for a loan when the time comes for payment.
Be prepared accordingly and if needed, ask a tax or accounting services company. Taxopia tax online is one such establishment. No matter what your tax woes are, they will guide you through and let you know how to manage your taxes effectively.
- Go over your books at a specific time
Every day, set a particular time for skimming through your books. That time can be half an hour, forty-five minutes, or even an hour. But make sure that time is the same every day. For example, right before you start working, say at 9 am, go over these books and cross-check.
Make sure everything is in order and nothing is amiss. Not only will this help you to work faster and more efficiently but will also let you know early if there’s an error or not.
- Monthly check-in on accounts receivable
If you have a lot of clients who haven’t made their due payments yet, it isn’t a good thing. Having clients pay you back when the year ends isn’t the same thing as getting money added every month to the company’s account.
You should stay on top of every month’s accounts receivable so that monthly payments aren’t a problem anymore and you get paid properly.
Without proper receivables, your income will be unstable. Checking your receivables will also let you know if any pending money or due payments are stuck or not.
- Plan for major expenses
Major expenses include office supplies, inventory, repairs, and salaries. If you plan beforehand and budget for the small expenses wisely, you’ll save a lot of money in the future for the big expenses. This way, you won’t have to worry about spending large amounts of money when the time comes.
If you have any doubts or clarifications regarding tax filing, payment, or lodgements, Taxopia is your best bet. It offers two special packages for accountants and bookkeepers.
Their Basic Plan starts at $400 + GST, and the Standard one is $800 + GST. Therefore, depending on the kind of money you can spend, you can book your plan and consult Taxopia today.
Over to you…
These six simple tips for bookkeeping can prove to be extremely beneficial. Since you’ll have to deal with a lot of documents and numbers, you need to be careful and wise at all times. Follow these tips to make sure bookkeeping never bothers you again!