fbpx

Bookkeeping tasks to keep your business moving

Keeping it basic is acceptable: when you are learning a new skill, like bookkeeping.

We can all agree that when you have a firm grasp of the fundamentals, you can launch your business into the stratosphere of financial success – whatever that looks like for you. So, what are the basics of bookkeeping you might ask? Well, sit down, relax and let’s get into some of the tips you as female founders need to know to get your business on the trajectory to success.

Before we get to the nitty-gritty of bookkeeping, let’s talk about what bookkeeping is and why it is so important to your business. Bookkeeping is the process of recording and summarising financial transactions. It is an essential part of running a business, as it helps you track your income and expenses, identify areas where you can save money, and make informed financial decisions. Therefore, bookkeeping allows you to have a complete picture of your business and its health.

Here are some tips to help you with your bookkeeping:

  • Separate Bank Accounts– Having separate personal and business accounts helps you keep track of your expenses easily and prevent overspending. This also helps with organisation and tax compliance.
  • Maintain Records – I cannot stress enough the importance of maintaining clear and accurate records of all your financial transactions. You are required by law to keep proof of financial transactions for a minimum of 5 years. An accounting system can help you with this. There are several cloud-based systems. Some of the more common systems are Xero, MYOB and QuickBooks. Keeping good records will help you track your income and expenses, identify any problems early on, and make better financial decisions.
  • Cash Flow – Track your cash flow. Cash flow is the movement of money into and out of your business. Without cash flow, you don’t have a business. You can be making a profit but without cash, your business will fail because it is unable to pay its expenses.
  • Plan for Taxes- We might not like them, but we can plan for them. Understand your obligations. If you are GST registered, save the GST liability in a saving account until it is due at the end of the quarter. You can do this with the PAYG you withhold for your staff as well as your income tax. This eliminates the assumption that all the money in your bank account is for when it belongs to the ATO.
  • Seek Professional Help – Consider if you should get a bookkeeper to assist you. If you do, make sure you keep abreast of your financials. Have regular meetings to understand the business performance. You may also need to engage an accountant or small business CFO services like those provided by Financially Empowered.

By following these tips, you can ensure that your bookkeeping is accurate, organised, and compliant. This will help you run your business more effectively and make better financial decisions.

This blog was written by CPA Management Accountant and Founder of Financially Empowered Grace Mugabe and is a part of our WOMEN’S BUSINESS Series.

If you would like to learn more we have some up and coming workshops

The Realise Business team is adept at stepping in at all levels to meet business financial requirements. Our team has experience in managing finances for a wide range of industries. As a result, we can devise a tailored financial plan for a new business. If you would like to know more, get in touch.

Share the Post:

Find the Right Digital Solution for Your Business

Related Posts

How does your business measure up?

Our FREE Business Assessment Tool gives you a real time snapshot of exactly where your business is now.

Martin Rogers
Chief Executive Officer

Martin holds an extensive background and certification in Business, Marketing, and Strategy with over 20 years’ experience specialising in Strategic Thinking, Business Growth, Leadership and Team Development, across a number of industries. Martin utilises a collaborative leadership style and has a thirst for problem solving, understanding the latest trends and identifying the uniqueness that gives businesses their edge.

Mark McCrea
Chief Operations Officer

Mark McCrae stands out as a highly efficient Operations professional, known for his strategic oversight and management prowess within the corporate landscape. With years of experience under his belt, Mark has become synonymous with operational excellence, streamlining processes to enhance productivity and drive sustainable growth. Mark's forward-thinking approach and unwavering commitment to excellence have solidified his reputation as a cornerstone of operational success.

Razz Khan
Chief Marketing Officer

With over a decade of experience, Razz has a proven track record of driving growth and enhancing the digital footprint of various brands across multiple industries. His expertise spans across SEO, PPC, content marketing, social media strategies, and analytics. Razz is known for his innovative approaches to solving complex marketing challenges. Razz's passion for digital marketing, combined with his commitment to client success, makes him a valuable asset to any team looking to elevate their digital presence..

Greg Kay
Chief Commercial Officer

Greg has more than 25 years success in working with many for the development and implementation of growth strategies for businesses by building strong relationships through effective partnerships. Greg constantly strives for opportunities to have a positive influence in the personal and business lives of the people he works with.

Chris Wilborn
Contracts Manager And Advisor

Chris is a results-driven leader with a wealth of knowledge derived from his more than two decades in the NGO, corporate and government sectors. As a current business owner, from his prior work as a growth-minded CEO and a background working with disability organisations, Chris is deeply passionate about the NDIS, small business community and the central role they play in the fabric of our society.

Lindsay Munns
Executive

As a long term member of the Realise Business Board, Lindsay has temporarily stepped into this key role to facilitate the changeover of Chief Executive as part of our CEO succession strategy. Additionally he is busy leading the roll out of a major new Government contract that will take Realise Business up to the next level of its vital place in the NSW Small Business Advisory scene.

Marisa Barresi
Office / Client Coordinator
- Business Connect

Shanice Bangar
Events / Client Coordinator - Digital Solutions

Mona Bucog
Event Coordinator

Over the past 12 years, Mona has honed her skills in customer service, specializing in managing and addressing a wide range of customer needs. She’s dedicated to providing exceptional service and ensuring customer satisfaction. Her experiences have helped her develop skills that assist organizations in achieving their goals. Her ultimate aim is to help them focus on what they love, and she will take care of the rest!