10 Essential Bookkeeping Tasks Every Small Business Owner Should Know

1
10 Essential Bookkeeping Tasks Every Small
Business Owner Should Know
2
Here are some important bookkeeping tasks you
should know.

• Are you one of the small business owners? If yes,
  then it is mandatory to hire an expert bookkeeper
  in Adelaide. But it is not enough.

• There should be a demarcation between business
  and personal finances

• Do not mingle personal and business expenses and
  income.
• You should open a business bank account as soon
  as you decide to go through with your business.

3

• Use automation as much as you can

• You need cloud-based bookkeeping software to make
  your business banking online. When you do that,
  you can sync your bookkeeping software with your
  business bank account.

• Ask an expert

• You should consult your accountant to check if
  you can use off-the-shelf accounting software or
  customized software.
• An expert bookkeeper in Adelaide will be able to
  guide you and suggest software for you and tell
  you how to use it.

4

• Perform regular financial checkups

• If you ignore financial books, you end up with
  many things that are undesirable. Hence, you must
  check the books of accounts regularly.

• A quarterly review is mandatory

• When you take an in-depth look at your
  bookkeeping and accounting records every quarter,
  it gives better control over the business. You
  should talk to your accountant to understand the
  big picture.

5

• Always manage your business expenses

• You should consult your accountant for guidance
  on different types of expenses you can deduct in
  the coming financial year. You can simplify
  expense tracking by using a business credit card
  for business purchases and managing business
  expenses well.

• Log your employees working time

• You need to clock the working time of your
  employees by using good time-tracking software.
  It can be done by implementing a state-of-the-art
  system.
• Choose a bookkeeper in Adelaide that suggests
  youre the bookkeeping software.

6

• Always look into your accounts receivable

• When customers dont pay timely, the cash flow of
  the business gets impacted. Therefore, you should
  pay a close watch on your accounts receivable.

• Always follow tax deadlines

• You should always be ready with the tax planning.
  You should pay taxes timely so that you do not
  face fines. If you do not do that, then there is
  a possibility of getting caught short.

7

• Get help from a professional service provider

• Service providers can help you with all aspects
  of small bookkeeping and accounting processes for
  small businesses. They have recommended qualified
  accountants and experts. If you are not
  comfortable with accounting, then it is better to
  hire a professional service provider.

8
Contact Us

• Visit Our Website www.aqbookkeeping.com.au
• Phone [phone] 
• Address 27 Sandpiper Terrace Hallett Cove SA
  5158, Australia