You have already set up your business. What is next?
Firstly, keep good business records. This is not just a legal requirement. They actually help you fulfill your reporting obligations with much more ease. In general, you need to keep records explaining all transactions related to your tax affairs. At a minimum, these will include sales and expenses invoices, bank statements, cash register tapes, cheque butts etc.
Secondly, establish a good financial management system. Successfully managing your finances (such as budgeting and cash flow) means you will always have enough to pay your creditors and also have enough profits to invest into your business.
Last but not least, analyse and improve your financial situation. Figures and ratios can give you a lot of hints, leading you to have a deeper thought about your business and tell you where you can do better.
A sound accounting system is essential for the running of your business. This in turn helps ensure that your business operates more efficiently and therefore puts you in a better position to achieve the long-term growth desired.
From basic tax compliance to comprehensive financial accounting, we can HELP:
- Set up accounts in your accounting system;
- Maintain a good bookkeeping system;
- Manage Business Activity Statement;
- Prepare cashflow forecast and analysis;
- Provide concise financial reports that is easy to understand.
If you want to manage your BAS in-house you may consider lodging it via Business Portal, which gives you extra time to lodge and pay your activity statement. Lodge and pay online and you may qualify for a two week deferral of your activity statement due date.