Follow these 7 Simple Steps to Organise the Bookkeeping for your MicroBusiness:
- Send out Sales Invoices promptly once a job is completed – It is amazing how many Small Micro Business Owners don’t get around to sending out their invoices. You must get in a habit of invoicing regularly to ensure your cashflow. Your Customers are expecting an invoice once the job is completed, STRIKE WHILST THE IRON IS HOT!
- Have a system to record Customer payments against the correct Sales Invoice – You need to monitor who has paid and who owes you money. Your Accounting Software can produce an Aged Receivables report, but it is up to the Bookkeeper to ensure that the Customer Receipt is applied to the correct Customer Invoice.
- Keep Tax Invoices for all purchases, including direct debits from your business bank account – Refer to the Tax Invoices when you are entering your expenses to ensure that you record the correct amount of GST. Not all purchases incur 10% GST, for example bank fees & food are GST Free as is the Stamp duty portion of Insurance.
- Use a dedicated Business Bank Account and Credit Card – When 소액결제현금화 you commence trading make sure you open a Bank Account in the name of your Small Micro Business. Once you have this account open you should deposit all your business income and pay all your business expenses from this account. If you need to use a credit card make sure that you have one credit card that you use only for Business Purchases. You may also want to open a High Interest Bank Account to use as a provision account.
- Ensure you have copies of all Bank Statements for your Business Bank account and Credit Card -Statements will be mailed to you from your Financial Institution or you can print from your Internet banking. Make sure that you keep all statements in date order.
- Keep personal transactions from your Business Bank Account to a minimum – ideally just draw out one amount each week and transfer to a personal bank account. You can then pay all your personal expenses from that account. The less transactions you make from your Business Bank accounts the easier it is to reconcile.
- Collate all the above information in a simple filing system – This can be as simple as a Lever Arch folder with the following Tabs. Sales, Expenses, Bank Statements, Business Activity Statements, Financial Reports. For my own Micro Small Business I have a Lever Arch File for each Financial Year. If you have too much paperwork for one file, you can use a Filing Cabinet, but the principal is the same.
Because you have organised your paperwork by following steps 1-7 the time taken to enter your financial information will be greatly reduced. And we all know Time = Money!
At this point you have 2 options, you can undertake training and learn how to process your own financial data or you can engage a contract Bookkeeper. Either way I recommend you use a recognised software program such as MYOB. If you decide to engage a contract Bookkeeper the associated costs will be reduced because you are organised with your paperwork.