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Follow these 7 simple steps to organize the accounting Micro Business website
- Send out invoices in place once the job is completed – It’s amazing how many Micro Small Business Owners do not get around to sending out bills. You must get into the habit of billing regularly to ensure your cash flow. Your customers are generated account when the job is completed, STRIKE while the iron is hot!
- Have a system to record customer payments through proper sales invoice – You need to track who has paid and who owes you money. Accounting software can cause older receivables report, but it is up to the accountant to ensure that customers Quitting is applied properly customer invoice.
- Keep Tax Invoices for all purchases, including direct payments from the company bank account – refer to Tax Accounts when you enter spending to ensure that you join the right amount of GST. Not all procurement is 10% GST, for example, bank charges & food are GST free as part of the Stamp Insurance.
- Use a dedicated Business Bank Account and Credit Card – When you start a business make sure you open a bank account in the name of your Small Business Micro. When you open this account you should submit all income business and pay all your business expenses from this account. If you need to use credit cards to make sure you have one credit card that you use just for Purchases. You may also want to open a High Interest account to use as this account.
- Make sure you have copies of all bank statements of business bank account and Credit Car d-Statement will be sent to you by your financial institution or you can print from the Internet bank. Make sure you keep all statements date.
- Keep your business from your business bank account at least – preferably just pull out one amount every week and transferred to a personal bank account. You can then pay all personal expenses from that account. The smaller transactions you make from your business bank accounts because it is easier to accept.
- collect all the above information in a simple classification – This can be as simple as Lever arch folder with the following tabs. Income, expenses, bank statements, activity statements, statements. For my own Micro Small Business I 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.
Since you have organized paperwork the following steps 1-7 time taken financial information will be greatly reduced. And we all know that time = money!
At this point you have two options, you can undertake training and learn how to work their own financial information, or you can engage contract accounts. Either way, I recommend using authorized software, such as MYOB. If you decide to join the writing of books related decline because you are organized with your paperwork.
to Micro Business success!
warm
Robyn
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