Author name: PremierOne Admin

Are you a start-up business or a small business owner who’s wondering where to begin when it comes to business bookkeeping? Managing your business finances is the core of any business and is very important in running business operations as smoothly as possible. If you’re new to small business bookkeeping, it may sound like an intimidating concept at first. That’s why keeping all records as transparent and organised as possible can help you save time and spare you from further headaches. You should also try and learn some basic bookkeeping techniques, many of which we’re outlining below. If you want to outsource your bookkeeping to a trusted, local team, choose premierone for bookkeeping in Brighton, Bayside, and anywhere across Melbourne. How do I set up bookkeeping for my small business? Setting up small business bookkeeping is easy with the help of accountants like Premierone Consider hiring bookkeeping services in Melbourne and allow expert professionals to guide you and help you regain control of your business accounts. With an accountant on your side, you can plan for a better and more profitable future. Can I teach myself bookkeeping? If you’re a small business owner, you may do what is known as single-entry bookkeeping, which is the most basic and straightforward form of record-keeping. It’s called single-entry because you use one journal or one folder to record transactions. However, as your business grows, you may need to shift to double-entry bookkeeping, which is more complex. This is when you use more than one source to collate data and historical payments. If you want a head start before seeking help from an expert bookkeeper, then here are some more ways to begin. 1. Open a business bank account Mixing business and personal finances is one common mistake that start-up business owners find themselves making when handling their finances. One way to manage your business finances is to open a separate business bank account to separate your personal finances from those of your business. Doing so will help you to grow your business and at the same time: Keep track of your business finances Simplify tax deduction monitoring Deposit business payments 2. Keep track of all your business transactions Organised and accurate expense tracking is one good foundation and a habit that small businesses owners should have when bookkeeping. How do small businesses learn bookkeeping? Tracking all business transactions allows you to monitor your business growth and at the same time, is one of the most efficient ways to manage all your business expenses. This is one simple yet effective way to start learning efficient bookkeeping. Tracking all transactions for your small business bookkeeping lets you: Organise your business’ financial statements Track all your deductible expenses Prepare tax obligations Accurately establish your documentation and receipts Keeping track of all your business transactions helps you assess where most of your funds are going and where you may consider adjusting your spend. This way, you can allocate funds and budget for business use, and your paper trail can tell you what business activities are more profitable than others. 3. Establish an effective bookkeeping system Big and small businesses need an efficient and effective bookkeeping system that will help generate positive financial growth. Since small business bookkeeping is a daily and ongoing process of recording, categorising, and reconciling financial details, business owners must know how to compile accounts and entries in an orderly manner. Some of the ways small business owners can develop their own personalised bookkeeping system are: Using cloud systems like Xero bookkeeping services and MYOB bookkeeping services Hiring an in-house bookkeeper or accountant Outsourcing to a Melbourne-based bookkeeper   4. Set up an efficient payroll system Small businesses may have any number of employees or outsourced contractors. That’s why business owners need to set up an organised and systematic payroll system that is adequate, efficient, and timely. Your payroll system should automatically withhold the correct tax and comply with Australia’s wage and super regulations. As an employer, you also need to include payment contributions to superannuation, life insurance, and health services. You may then need the help of a Melbourne bookkeeper for an efficient cloud bookkeeping service that will keep track and maintain your business’ payroll records. 5. Hire an expert bookkeeper Managing a business along with bookkeeping can be very challenging. Business owners who suffer from bookkeeping stress may feel overwhelmed by the lack of time they have to devote to bookkeeping. Small business owners can rely on professional bookkeeping services from Maximum Business for accurate and transparent record-keeping. Outsourcing a bookkeeper can help you unload the weight of doing manual bookkeeping tasks, leaving you free to concentrate on other aspects of your business. Your bookkeepers can also introduce you to faster, more modern, and time-saving bookkeeping software, including cloud-based Xero and MYOB. Bookkeepers are qualified to make your small business bookkeeping more streamlined to better align with your business tax, payroll, and accounting processes. Do you need small business bookkeeping for your new small business? Find financial support with the help of Maximum Business Solutions! Small business bookkeeping can be challenging and time-consuming. So why go through bookkeeping pains when you can outsource your small business bookkeeping with the help of a small business bookkeeper? Maximum Business Solutions provides bookkeeping services to all types of businesses across Melbourne’s South East and Bayside regions. Our team of qualified, experienced, and transparent bookkeepers provide you with a variety of bookkeeping services including: Small business record keeping Account management provisioning Payroll processing Audit preparation Cloud software implementation Invoicing services Business Activity Statements (BAS)/ Income Activity Statement (IAS)

If you’re a small business owner who’s just starting out, there are a million and one things you need to be across. While it can be tempting to see administrative functions like bookkeeping as something that can be put off, it can lead to costly and time-consuming situations.  To help you ensure that your business is in top financial form, we’ve put together this short list of tips for small business owners. Stay on top of your books and your business with the help of MP Bookkeepers.  Know the law  First things first, understand what you’re required to do. Your bookkeeping requirements are determined by a range of factors including what industry your business operates in, where it’s based, how many people it employs and what kind of employment agreements it’s party to. Even if you’re intent on doing your books yourself, taking the time to work with a professional to gain an overview of your responsibilities under payroll legislation.  Keep your documents in order  Having a complete paper trail of payments made by and to your business is absolutely essential. Not only does it provide crucial data to help inform business decisions – are we overspending on a certain service, do we need to change product suppliers, do we need more staff, etc – it also helps protect you against legal repercussions. It’s not something business owners like to think about, but should you ever be audited by the Australian Taxation Office it’s vital that you be able to account for every transaction and every dollar spent and received.  Be proactive about putting aside money for taxes Similarly, you’d be making a mistake not to be constantly preparing for your annual tax return. Always ensuring that you’re allocating the correct percentage of each dollar spent to a separate tax account is absolutely vital. If you are required to pay taxes quarterly, make sure you have a healthy amount in your bank account for when that activity statement or instalment notice arrives.  Make time every day for your finances  Bookkeeping isn’t something that can be done all at once. Good record-keeping practice – which is the majority of bookkeeping – requires constant, diligent attention, so ensure that you’re making it part of your daily practices. Checking deposits every day and carefully documenting each transaction is key to a smooth time at end of financial year. If your company is growing, stress the importance to new hires of proper reporting as part of workflows.  Budget for major expenses  When it does come time to buy that new piece of plant or equipment, or to locate to a new and more spacious office, you want to know that you can do it without hurting your bottom line. This takes planning and forethought – every major purchase must be thoroughly costed as part of the decision process and an achievable timeframe set. As part of this process, you’ll be able to figure out how much of your weekly revenue needs to be diverted to this particular purchase. 

Are you a business owner with a growing organisation? Is your product or service is selling well and your team is expanding, but you’re finding difficulty in administrating the needs of your company. What do you do? As you reach this crucial point in your business’ development, it’s important that you ensure you have the right support. Poor planning at this junction can lead to the excessive administrative tasks leading to less time for your other duties, leaving you with little time to focus and develop new products and services and do what originally drove you to found the company. Opting to outsource some or all of your financial administrative tasks to an accountant or a bookkeeper can make your job easier and give you back that time, allowing you to dedicate your growing company the attention it deserves.  This Leaves us with a question to choose between an accountant and a bookkeeper. How do you know which would be optimal for your needs?Let us see in detail about the difference between a bookkeeper and accountant for better understanding What’s the difference? In the Industry, many people use ‘bookkeeper’ and ‘accountant’ interchangeably, both are separate roles with their own utility. Though they both assist in tax returns preparation, recording the transactions, and creation of documents, they differ in some fairly significant ways. A bookkeeper’s primary job revolves around the creation and maintenance of the general ledger. This is the master document which records all financial transactions the business participates in for both sales and expenses. Their job also involves the creation of invoices and the completion of payroll – all the minute details that keeps a business running.  On the other hand, an accountant takes a broader view that encompasses the entire business and its future goals. Their role is more analytical, often involving scrutiny of the operational costs of the business to ensure optimum performance at minimal cost. They will also frequently act as an advisor, helping business-owners understand the financial costs and potential repercussions of pursuing certain courses of action.